While the world economy was still reeling from the impacts of the COVID-19 pandemic, countries had to gear up once again in the face of additional risks to economic, financial, and political stability arising from the Russian invasion of Ukraine. In the months following the conflict, surging commodity prices and exchange rate volatility were two of the immediate impacts observed across the globe, with the risks of endangering food security, heightening the incidence of poverty, and stalling economic growth. Months later, the conflict remains unresolved with the UK Foreign Security speculating that the war could last as long as a decade.
As the war endures, it is speculated that 1 out of every 2 people in Sub-Saharan Africa is exposed to risks emerging from the three dimensions of the crisis namely food, energy, and finance. Millions of people have been pushed into further risk of undernourishment and energy poverty in Africa. Moreover, the war also risks triggering debt crises and recessions in many countries across the continent.
Our CEO, Paul Baker and Policy Researcher, Zahraa Beeharry, discuss the implications of the war for Africa. Please find the full article here.