Africa's economic stability faces severe pressure from the ongoing Middle-East conflict, which is disrupting global energy, food, and fertiliser markets, regional leaders warned in a joint statement issued Friday following a meeting on the sidelines of the UN Economic Commission for Africa's 58th session in Tangier, Morocco. The alert came from top officials of the African Development Bank (AfDB), African Union Commission (AUC), UN Development Programme (UNDP), and the UN Economic Commission for Africa (ECA), who cited rising oil prices, currency depreciation, and supply chain disruptions as critical threats. Oil prices have climbed more than 50 per cent since late March, and 29 African currencies have weakened, increasing import costs and debt servicing burdens. Mahmoud Ali Youssouf, AU Commission Chairperson, stated that continued escalation in the Middle East deepens global instability, with direct consequences for African energy markets and food security. The leaders stressed that African economies, especially import-dependent and low-income nations, have little time to adjust as shocks spread rapidly through concentrated global supply channels. Claver Gatete of the ECA noted Africa has suffered repeated external shocks beyond its control and called for forward-looking policies to strengthen domestic financing and reduce reliance on foreign capital. Ahunna Eziakonwa of UNDP emphasized inclusive growth strategies and political will to protect vulnerable populations. Immediate measures recommended include targeted subsidies, strategic food and fertiliser reserves, and emergency financing, while medium-term plans focus on boosting regional trade under AfCFTA, expanding social protection, and improving infrastructure. Long-term goals include establishing the proposed African Financing Stability Mechanism to create stronger financial safety nets. AfDB President Sidi Ould Tah called for coordinated institutional action, saying Africa's response must evolve amid multiplying global crises.
The surge in oil prices and weakening of 29 African currencies since March expose the continent's persistent vulnerability to external shocks despite repeated warnings over the past decade. While leaders call for domestic financing and regional solutions, the continued reliance on emergency measures reveals a gap between rhetoric and structural reform. Africa's economic resilience will not improve through statements alone, but through binding commitments to reduce import dependency and deepen intra-African trade. The real test lies in whether institutions follow through on long-promised mechanisms like the African Financing Stability Mechanism or let them gather dust.
