The Monetary Value of Human Life Losses Associated with COVID-19 in Africa: A Human Capital Approach

Abstract

Background: By 30 June 2021, the 54 African sovereign nations had reported 5,465,790 laboratory-confirmed COVID-19 cases (including 142,171 deaths). This study aimed to estimate the monetary value of human life losses, indirect and direct costs, and the potential cost reductions due to vaccinations for advocacy use by Ministries of Health in Africa. Methods: We employed both the human capital approach to value human lives lost and an abridged total cost-of-illness methodology to estimate the indirect and direct costs of COVID-19 across 54 African countries. The secondary data analyzed was from different sources. Results: The 142,171 human lives lost had an estimated discounted total monetary value of Int$6,684,101,196, i.e., Int$47,015 per life loss and Int$4.88 per person in the population. The estimated total cost of the actual reported 5,514,709 COVID-19 cases was Int$7,155,473,174, which comprised a total direct cost of Int$3,981,927,049 (55.6%) and an indirect cost of Int$3,173,546,125 (44.4%). We projected that vaccination of all the eligible people in the population would potentially save the African continent approximately Int$41,624,735,824. The average total saving per person is approximately Int$30.4. Conclusions: The COVID-19 pandemic resulted in substantial monetary value of human life losses and indirect and direct costs.