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Little Room to Maneuver for Africa As Food & Fuel Cost Rise - IMF

War in Ukraine is the latest in a series of economic shocks that leave African governments with little room to maneuver, the IMF says in the latest Regional Economic Outlook (REO) for Sub-Saharan Africa. The report - one of a semi-annual series on each region and the world - spotlights the numerous challenges Africa is facing and forecasts a slowdown in growth amid rising prices for food and fuel. The war comes at a time when the continent is already reeling from the ongoing impact of the pandemic, very low vaccination rates and damage caused by the climate crisis as well as political instability and conflict in several areas. In an interview with AllAfrica, the IMF African Department director, Abebe Aemro Selassie, discussed the REO findings and defended the level of support the Fund is mobilizing to help African countries navigate challenges and restore the pre-pandemic growth.

 

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Petrol scarcity has worsened across Nigeria, sparked in part by the government's announcement in 2021 of an end to fuel subsidies. Rising prices worldwide are causing greater problems for consumers, like these queuing in Abuja - even though the country is the largest oil producer in Africa.

IMF

Abebe Aemro Selassie, Director of the African Department at the IMF

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