Putin’s war in Ukraine enriches some Africans: Miners of rare metals will score but the soaring oil price will result in various cost-of-living increases
In Ethiopia, the state is involved in a civil war in which it has been implicated in multiple massacres of civilians and other major human rights abuses. Increased profits from mining will keep funding that war.
Besides, profits from individual commodities are unlikely to offset the general economic pain caused by a world in crisis. Even before the Ukraine war, the World Bank estimated that theThe rising oil prices caused by President Vladimir Putin’s war will make petrol more expensive, even in Nigeria, which still imports all of its refined petroleum.
“While revenue from crude exports may give some support to local currencies, the cost of importing refined petroleum is likely to put pressure on Africa’s forex markets in the near term, with the biggest net importers — such as Kenya — suffering the most.”. Russia and Ukraine together export 29% of the world’s wheat, and all of that is under threat. That has led to a spike in the price of grain, amid fears of a global shortage.
Expect the cost of bread to rise substantially in African countries that import wheat — Egypt, Ghana and Kenya among them. All of this will make the cost of living significantly more expensive — unless you happen to own your own nickel mine.
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