Africa already showed some resilience during the pandemic as its economic contraction was less severe than in the rest of the world, shrinking by two percent compared to 3.3 percent globally in 2020.
“We haven’t been the biggest victims of the pandemic, and we won’t be the biggest victims of the collateral consequences of the war in Ukraine”, added Zinsou. Of 190 business owners in Africa who were questioned, 78 percent voiced confidence about their development prospects — compared to 61 percent before the Covid crisis, according to a report by the Deloitte accountancy firm.The fallout from the war in Ukraine, however, remains a threat as it has driven up prices for wheat and other key agricultural products, sparking fears of famine in some countries.
“The situation remains particularly difficult with inflation which disproportionally affects the poorest populations,” he added.“We lose a good part of our crops each year due to lack of electricity and cold chain,” said Zinsou, referring to the transport of goods that need to be kept cool across the supply chain.For Diop, “every crisis is an opportunity to transform the situation structurally.
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