The Impact of The Covid-19 Pandemic on The Selected Countries in Sub-Saharan Africa in Terms of GDP, Inflation and Balance of Payment (BPM6)

Abstract

This study examines the impact of the COVID-19 pandemic on selected Sub-Saharan African countries in terms of GDP, Inflation, and Balance of Payment (BPM6) The paper addresses a significant knowledge gap regarding the pandemic's influence on emerging financial markets in Africa. A longitudinal research design was adopted, analyzing data from Ghana, Kenya, Nigeria, and South Africa between 2017 and 2022. The study utilized GDP per capita growth, Inflation, and Balance of Payment as dependent variables, employing a repeated measure of ANOVA for analysis. The use of the 6th edition of the Balance of Payments Manual (BPM6) is an important macro-economic indicator significant in determining the performance of any country with the rest of the world. The results indicate substantial shifts in BPM6, GDP, and inflation rates before and after the pandemic. Specifically, there was a decrease in BPM6 deficits, an increase in inflation rates, and a slowdown in GDP growth post-pandemic, highlighting COVID-19's significant economic impact. The study recommends implementing policies to stabilize the economy, focusing on fiscal stimuli to boost GDP, controlling inflation, and managing external debts to improve the balance of payments. This research provides valuable insights for policymakers, investors, and stakeholders to effectively navigate financial market dynamics in Africa during and beyond the pandemic era.