Africa to spend $9 billion on Covid-19 vaccine.

The African continent would need about $9 billion as funding to purchase enough Covid-19 vaccines to curb the spread of the pandemic in the continent.

An African Export-Import Bank (Afreximbank) official said on Wednesday, that the continent is faced with a bigger problem of having access to the supply of vaccines amid the global race for doses.

 Afreximbank Chief Economist, Hippolyte Fofack, on Wednesday, December 23, 2020, said this during a media chat.

Fofack said that the Cairo-based bank and other development finance institutions are collaborating with the Africa Centres for Disease Control and Prevention (CDC) to obtain vaccines for the novel coronavirus

He said that African nations cannot compete with wealthier and more developed economies that have already secured huge supplies of doses from the Covid-19 vaccine developers. Fofack said,

If the supply of COVID-19 vaccines is left to (the) market, many developing countries will be essentially rationed out of it, Africa included. The key constraint is the supply of vaccines. Even if Africa had 100 billion dollars, we will not be able to access enough doses.”

The Afreximbank Chief had disclosed that African countries will need to ask wealthy governments for excess vaccines.

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