Middle East Conflict: 29 African Currencies Under Pressure

A joint document from the African Development Bank, the African Union Commission, the United Nations Development Programme, and the ECA warns of the weakening of 29 African currencies due to tensions in the Middle East. This leads to increased costs for external debt and essential imports, as global oil prices rose by over 50% by the end of March. Disruptions in fertilizer supply could also impact agricultural production, worsening food insecurity across the continent.