Face masks: Africa’s economy could benefit from at least $1.5bn yearly

Face masks: Africa’s economy could benefit from at least $1.5bn yearly

- Research has shown that Africa could earn about $1.5 billion annually from the production of face masks

- Details available prove that it would be possible if 50% of the population makes use of the masks

- It has been estimated that the production of face masks could bring in about $23.81 billion in seven years

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Available research shows that the commercial production of face masks could give the African continent about $1.5 billion every year.

A 27 June 2020 report by MarketWatch shows that the mass production of face masks could reach $23.81 billion in seven years.

Briefly.co.za learnt that on Africa, the outbreak of the coronavirus has led to a growing need for the use of personal protective equipment (PPEs).

Facemasks: Africa’s economy could benefit from at least $1.5bn yearly

Source: africa-newsroom.com
Source: UGC

Governments across the continent have directed the compulsory use of face masks at all times, especially in public places.

Per a report by thebftonline.com, the constant use of the masks has opened up opportunities at the local level for production and supply.

A report released by Grand View Research shows that a global compound annual growth rate of 53% is expected over the forecast period.

It, therefore, lends credence to the belief that Ghana’s textile industry, as well as small and medium-sized enterprises, could tap into the developing trend.

Statistics pulled from the World Population Review show that Africa’s population currently stands at 1.1 billion. The face masks market could rake in about $1.55 billion if 50% of that population makes use of the masks.

This is because, with demand coming from about 550 million people, each of them purchasing an average of three masks, with each priced at about $1, puts the total estimated demand at $1.55 billion.

It was earlier reported that an expert in supply chain, logistics, and industrialisation, Professor Douglas Boateng, has predicted Ghana could earn about GHc300 million from the production of face masks.

According to him, the outbreak of the coronavirus has led to a booming industry that could generate income for Ghanaian entrepreneurs.

He added that there is an increased demand for personal protective equipment (PPEs), and with the instruction from the government for everyone in Ghana to wear a mask it could be an avenue to be explored.

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Source: Briefly.co.za

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