News
African supply chains under strain from Middle East conflict—Ramaphosa
South Africa’s President Cyril Ramaphosa said the escalating conflict in the Middle East was already straining the African continent’s supply chains and driving up energy prices.
Mr Ramaphosa made the comments on Wednesday at an African energy conference in Cape Town, which is taking place amid extreme volatility in global energy markets.
Oil and gas prices have surged following Israeli and U.S. strikes on Iran and retaliation by Tehran that forced shutdowns of oil and gas facilities across the region and disrupted shipping in the crucial Strait of Hormuz.
“Africa is already experiencing the impact of the escalating conflict in the Middle East, with strains on supply chains and higher energy prices,’’ Mr Ramaphosa told the Africa Energy Indaba conference.
“As we have seen with Russia-Ukraine and during the COVID-19 pandemic, shifting geopolitical sands underscore the vulnerabilities of import-dependent economies across Africa,” Mr Ramaphosa added.
(Reuters/NAN)
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