Due to their heavy reliance on overseas export and agriculture as a means of livelihood, African countries are particularly affected by soaring food, fertilizers and fuel prices, trade disruption and macroeconomic instability caused by the war in Ukraine, jeopardizing the continent’s recovery from the devastating socioeconomic fallout of the COVID-19 pandemic. The long-term consequences of the new global crisis are likely to transcend beyond economic and social outcomes, posing greater risks to peace and stability efforts on the continent, at a time when Sub-Saharan Africa accounts for nearly half of global deaths caused by terrorism and witnessed a record number of coups.

 As the war affects inflation and economic activity, global interest rates are likely to rise. This could worsen Africa’s debt position and create a domino effect of defaults, particularly in countries whose debt repayments are due in 2022 and 2023. Moreover, an increase in domestic interest rates will have a negative effect on both domestic debt service payments and the capacity of Small and Medium Sized Enterprises (SMEs) to borrow.

The briefing will also touch upon the position of Africa's hydrocarbon exporters, as the increase in oil prices presents both a gain and a loss and will explore solutions to the multifaceted crisis.

Please let me know if you wish to attend virtually and I will send you the link to access. Unfortunately the briefer will be in English only due to technical limitation. For those of you who already reached out, please note your registration is confirmed.