Top 10 African Economies with high foreign Currency Reserves

According to the AfDB report released in June 2020, only 15 African countries have foreign currency reserves that cover their import for over five months. These countries either have oil resource or they have small import proportion. The African average is 3.2 months. ‘Countries with low foreign currency reserve will have less room to import medical equipment under the covid19 era’, according to the report. Ethiopia stood fifth from the last, out of the 54 countries, with reserves covering 2.5 months import bill. Although Ethiopia is among African countries that pursued industrialization policies for the last two decades, export covers only 16Pct of imports. EBR


9th Year • August 1 – 15 2020 • No. 89

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