TANGIER/Morocco: African leaders and multilateral institutions have raised alarm over the growing impact of global economic shocks on the continent, warning that escalating geopolitical tensions—particularly in the Middle East—are driving up energy, food and fertilizer prices, with severe consequences for African economies.
At a high-level engagement on the sidelines of the 58th Session of the United Nations Economic Commission for Africa in Tangier, Morocco, the African Development Bank (AfDB), African Union Commission (AUC), United Nations Development Programme (UNDP), and the UN Economic Commission for Africa (UNECA) outlined urgent measures to mitigate the crisis and strengthen Africa’s economic resilience.
The institutions, in a forthcoming joint report, noted that the current wave of global disruptions is spreading faster and more intensely than previous shocks, leaving African countries with limited time to respond. The effects are already being felt across economies and households, necessitating swift and coordinated policy interventions.
Chairperson of the African Union Commission, Mahmoud Ali Youssouf, warned that continued escalation of the conflict could further destabilize global markets. “Continued escalation of the conflict worsens global instability, with serious implications for energy markets, food security, and economic resilience, particularly in Africa where economic pressures remain acute,” he said.
The report revealed that global oil prices have surged by over 50 percent as of late March, while 29 African currencies have weakened, significantly increasing the cost of debt servicing and imports, including food, fuel and fertilizers. Disruptions in Gulf energy supplies have also constrained access to key agricultural inputs such as ammonia and urea during the critical planting season, raising concerns over declining agricultural output and worsening food insecurity, especially among low-income populations.
Describing the situation as both a test and a turning point, Claver Gatete, UN Under-Secretary-General and Executive Secretary of UNECA, said Africa must move beyond reactive responses. “Africa has been hit by too many external shocks not of its making. This moment calls for decisive action—not only to protect lives now but to accelerate the continent’s push towards energy security, food sovereignty, and financial self-reliance,” he stated.
Ahunna Eziakonwa, UN Assistant Secretary-General and Director of UNDP’s Regional Bureau for Africa, emphasized the need for strong leadership and coordinated action. She noted that with the right policy mix and political will, African countries could weather the current crisis and emerge more resilient and self-reliant.
The joint brief recommends a three-pronged approach, including immediate measures to stabilize fuel, food and fertilizer supply and cushion vulnerable households, medium-term reforms to strengthen energy security and social protection systems while advancing regional trade under the African Continental Free Trade Area (AfCFTA), and long-term structural reforms aimed at boosting domestic resource mobilization and establishing robust African financial safety nets.
President of the African Development Bank Group, Sidi Ould Tah, stressed the need for a strategic shift in Africa’s response to global shocks. “As global crises multiply, Africa’s response must evolve from managing shocks to fostering resilience. Institutions and partners must act swiftly and collaboratively to address immediate challenges while laying the groundwork for long-term stability,” he said.
The institutions concluded that by deepening regional integration, accelerating African-led financial solutions, and investing in energy, agriculture and trade systems, the continent can transition from vulnerability to preparedness in the face of future global disruptions.
