TITLE:
The Present Value of Human Life Losses Associated with Coronavirus Disease in Africa
AUTHORS:
Joses Muthuri Kirigia, Rose Nabi Deborah Karimi Muthuri, Lenity Honesty Kainyu Nkanata, Newton Gitonga Muthuri
KEYWORDS:
Coronavirus, COVID-19, Gross Domestic Product, Value of Human Life
JOURNAL NAME:
Open Journal of Business and Management,
Vol.8 No.6,
October
30,
2020
ABSTRACT: The coronavirus disease (COVID-19) continues to ravage human lives,
social systems, and economies around the world. The objective of this study was
to estimate the total present value (TPVAFC) of human life losses
associated with COVID-19 in Africa continent as of 1 August 2020. A human capital
approach model was used to estimate the TPVAFC of the 19,682 human
lives lost due to COVID-19 in Africa continent (excluding 44 deaths in Sahrawi
Arab Democratic Republic and territories of Mayotte and Reunion). The average
life expectancy for 54 countries with data and a 3% discount rate were used. A
sensitivity analysis was conducted at 5% and 10% discount rates. The human
lives lost due to COVID-19 had a TPVAFC of Int$1,721,030,766, and
average TPVAFC of Int$87,442 per human life lost. About 81.3% of TPVAFC accrued to persons below 60 years. The TPVAFC of human life losses
from COVID-19 will continue growing until the pandemic is eradicated.