2020 was a difficult year. COVID-19 and the various government-enforced lockdowns impacted every business sector. This led to mixed bag effects on Africa’s tech innovation and investment landscape.
In Sub-Saharan Africa, GDP output contracted by an estimated 3.7% and per
capita income declined by 6.1%. Foreign Direct Investment into Africa recorded a decline of about 18% to around $38bn from $46bn in 2019.
Similarly, VC investment into the continent declined by 29% to $1.43bn in 2020, according to a report by Partech.
However, on the plus side, the number of total deals on the continent increased significantly, by 44%. The deals were also spread better across sectors and market on the continent