A new joint assessment by the African Development Bank, the African Union Commission, the United Nations Development Programme, and the United Nations Economic Commission for Africa (ECA) indicates that 29 African currencies have weakened due to the ongoing Middle East conflict. According to the report, the depreciation has inflated the cost of servicing external debt and importing essential commodities—namely food, fuel, and fertilizer—placing African economies under significant pressure.
The report notes that current shocks are spreading faster and through more concentrated channels than previous global disruptions, leaving governments with limited time to respond. Disruptions in Gulf energy supplies are also constraining access to key agricultural inputs like ammonia and urea during the critical March–May planting season, raising concerns about reduced crop yields and worsening food insecurity—particularly in low-income and import-dependent countries.
The findings were discussed on the sidelines of the 58th Session of the Economic Commission for Africa in Tangier, Morocco, where leaders of the four institutions outlined urgent measures to address the crisis and strengthen long-term resilience.
According to the report, global oil prices have surged by more than 50 percent as of late March, triggering widespread economic strain across the continent.
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Describing the situation as both a test and a turning point, Claver Gatete, UN Under- Secretary-General and Executive Secretary of the United Nations Economic Commission for Africa, emphasized the need for decisive action to protect vulnerable populations while advancing long-term goals such as energy security, food sovereignty, and financial independence.
Similarly, Ahunna Eziakonwa, UN Assistant Secretary-General and Director of UNDP’s Regional Bureau for Africa, stressed that strong leadership and coordinated policy responses are essential for Africa to withstand the shock and emerge more self-reliant.
Sidi Ould Tah, President of the African Development Bank Group, underscored the urgency of acting collectively, noting that Africa must move beyond crisis management toward building resilience. He added that stronger regional integration and investment in energy, agriculture, and trade systems will be critical to reducing vulnerability to future shocks.
The institutions have called for coordinated action across three key fronts: immediate measures to stabilize food, fuel, and fertilizer supplies; medium-term reforms to strengthen energy security and regional trade under the African Continental Free Trade Area; and long-term structural reforms to boost domestic resource mobilization and establish African financial safety nets.
