Cyril Ramaphosa, President of South Africa, says the escalating conflict in the Middle East is already putting pressure on supply chains across Africa and driving up energy prices.
Speaking at the Africa Energy Indaba conference in Cape Town, Ramaphosa noted that volatility in global energy markets has intensified following military strikes involving Israel, the United States, and Iran.
The tensions have led to disruptions in oil and gas production and shipping, particularly around the strategic Strait of Hormuz, causing global oil and gas prices to surge.
Ramaphosa warned that Africa’s heavy reliance on imports makes many economies vulnerable to geopolitical shocks, similar to the impacts experienced during the COVID-19 pandemic and the Russia-Ukraine War.