"I’m honoured to have been asked to write this short piece regarding COVID-19".

Africa was the last region to witness significant spread of the COVID-19. Nonetheless, it was expected that the continent would be hardest hit due to the fragility of its health and social infrastructure as well as the vulnerability of its economies. While the rates of infection and death were initially relatively low and contained economically, the continent has nonetheless been very hard hit. Cameroon has been no exception to this and as we have suffered severely and continue to, whilst in the middle of this so-called "second wave", we have every reason to be concerned. 

The COVID-19 pandemic is first and foremost a health calamity and a human tragedy, but it also has far-reaching economic ramifications. Cuts in credit and trade services by international  banks, along with a decline in export earnings, Slowdown in investment hence job losses, For oil  exporters, revenue losses of up to USD 65 billion, Unanticipated increases in Health Spending of  up to USD 10.6 billion, tourism receipts, and inward remittances, have severely constrained the  ability of African countries to finance imports of essential goods and to service maturing debt  obligations, the slowdown in global economic activity and mounting uncertainty on global markets  is affecting African countries, including Cameroon. This economic shock arising from cuts in financial flows, disruptions in supply chains due to lockdowns, sharp declines in commodity prices, etc. have had serious impact on economies in Africa with a recession forecast for 2021, the first in 25 years. 

But in my short analysis today, I would look at this issue from a more positive prism: in the midst of predicted doom and calamity, I choose to look at the glass as half full rather than otherwise. I’d explain why. Where there are undoubted challenges, I choose to see opportunities. Let’s take the case of Cameroon, as Charity begins at home. 

1)The overwhelming majority of our countries population (about 75%) was born after 1982, meaning they have known only one President in their lifetime. 

2)The average age of the Cameroonian population is less than 19 years. 

3)We have almost 80% of our population below the age of 30 years. 

Surprising? May be, but the reality. This means that we should be looking at opportunities created by this deadly pandemic, as opposed to sitting and lamenting for ourselves. With such youthful, energetic and educated population, we should focus of these opportunities and encourage our people to position themselves appropriately. I will focus only on two areas: 

Transition towards a digital world:  

If there’s one thing that COVID-19 and the lockdown has thought all of us is the rise of everything  that’s digital and virtual, ranging from Zoom calls, Microsoft teams to financial services, health care delivered via virtual channels. Yes, everything is going digital and that’s where the future lies. 

As early as yesterday, I was reading an article by world famous Nigerian Professor and Entrepreneur, Ndubuisi Ekekwe, who said that by 2030, 80% of richest Nigerians would have made their money out of this digital transformation wave and information technology. Why should this assertion be any different when it comes to Cameroon? Everything is moving digital. Recently, Nigerian start-ups have raised hundreds of millions of USDs, in order to develop digital payment plate-forms. Everything ranging from payments, banking, insurance, education, healthcare, Government services etc. are being transformed. The digital economy of the future is being built, all as a result of this pandemic. Big opportunities. Massive moments. We must read it carefully.  Internet, big data management, data-centers, massive digital infrastructure, internet fibre infrastructure, block chain, the digital currency space. Everything is up for grabbing. We must tell our youths and highlight these opportunities. 

Global Economic transformation to Zero-Carbon: 

This is the second silent revolution taking place. The transformation to a net carbon zero economy.  All financing and money around the world post-Covid would be focused on this area. The 20th and part 21st centuries were dominated by oil as the main energy sources powering the world. But the later part of this century and the future would be dominated by the battery and hydrogen economies.  Oil, Gas is all history. We are seeing the tail end of the oil dominated economies and everything is moving towards batteries and renewables. I personally spent most of my professional life doing Consulting and deals with respect to Oil and Gas, but I’m very happy to pronounce the terminal decline of Oil and by the year 2050, Oil as a main Energy resource will be history. It’s not me that’s saying this, we just need to take a look at the chief Oil polluters and Oil Majors: BP, Total, Shell, and Exxon. All of them have pledged to move away from oil and be carbon zero by 2050. 

The Green economy is now center stage. In recent months, local, national and regional governments across developed countries have widely adopted ambitious plans  to accelerate the transition to renewable energy as a key part of stimulus packages to reinvigorate  their economies. Leading the charge, the European Union recently made an unprecedented climate pledge and committed a record EUR 550 billion towards the union’s green recovery. Same applies for the US, Canada, China and all other economies and economic blocks.

 ELIAS PUNGONG