Four leading African and global development institutions have issued a stark joint warning that the escalating Middle East conflict is transmitting economic shocks to Africa faster and more intensely than previous global disruptions, potentially shaving at least 0.2 percentage points off the continent’s GDP growth in 2026 if the crisis lasts beyond six months.

The African Development Bank Group (AfDB), African Union Commission (AUC), United Nations Development Programme (UNDP), and United Nations Economic Commission for Africa (UNECA) released the policy brief on April 2, 2026, on the sidelines of the 58th Session of the Economic Commission for Africa.

The brief highlights surging fuel and food prices, higher shipping and insurance costs, exchange rate pressures, and tightening fiscal space as the main transmission channels.

Oil prices have already risen by 50% since the conflict intensified, while disruptions to the Strait of Hormuz — which handles about 20% of global oil exports — have drastically reduced traffic. The Middle East accounts for 15.8% of Africa’s imports and 10.9% of its exports.

The brief identifies fertilizer supply disruptions as potentially even more damaging than the oil shock for some countries, as reduced Gulf LNG supply affects ammonia and urea production during the critical planting season. Currencies in 29 African countries have already depreciated, raising debt servicing costs and making imports more expensive.

Particularly vulnerable nations include Senegal, Sudan, Cabo Verde, South Sudan, and The Gambia. However, some countries may see limited gains: Nigeria from higher oil prices and refined exports via the Dangote Refinery, Mozambique from LNG opportunities, and ports in South Africa, Namibia, Mauritius, and Kenya from rerouted shipping.

The institutions called for immediate coordinated action, including pooled fuel procurement, emergency food corridors, diversified fertilizer sourcing, and targeted social protection.

In the medium to long term, they urged accelerated renewable energy deployment, deeper AfCFTA integration, and the creation of a Continental Crisis and Resilience Compact focused on energy and food security, financial safety nets, and greater strategic autonomy.

This coordinated alert from Africa’s premier development bodies underscores the urgent need for the continent to move beyond reactive measures toward structural solutions that build long-term resilience against global shocks.

Accra, Ghana – Ghana has limited the tender process for the takeover of Gold Fields Ltd.’s Damang gold mine to companies that are 100% owned by Ghanaian citizens, as the government prepares to assume full control of the asset in April 2026.

The decision, outlined in a notice dated March 24 and signed by Lands and Natural Resources Minister Emmanuel Armah-Kofi Buah, reflects the country’s broader push to increase local ownership and participation in its mining sector. The deadline for submitting offers is Tuesday, March 31, 2026.

Gold Fields, which has operated Damang for nearly 30 years, saw its mining lease expire last year. The government granted a 12-month extension to ensure a smooth transition, during which the company restarted mining activities and submitted a detailed feasibility study to extend the mine’s operational life. Damang produced 88,000 ounces of gold last year.

Under the tender requirements, the successful bidder must have proven experience in open-pit gold mining, the capacity to operate the mine for at least another decade, and access to more than $500 million in funding for project development. The eventual owner will take over the asset on April 18.

This move aligns with a continental trend of African governments seeking greater control and revenue shares from their natural resources. In Ghana, major mines are still largely owned by multinational companies such as AngloGold Ashanti, Newmont, and China’s Zijin Mining. The Damang transition is being watched closely as a test case for increasing indigenous involvement in the sector.

Gold Fields is also negotiating a lease extension for its larger Tarkwa operation. Since 2000, the company has invested approximately $5 billion in its Ghanaian operations and contributed around $2.9 billion to the state through taxes, royalties, and dividends. It currently employs more than 7,000 people in the country, 99% of whom are Ghanaian nationals.

Ghana’s Ambassador to the United States, Victor Emmanuel Smith, has issued a clarion call to the Ghanaian diaspora, urging them to partner with American investors to drive development and create jobs back home.

Speaking at the seventh Investment Roundtable held at Orrick’s New York office in New York City, Ambassador Smith reaffirmed that Ghana has strategically positioned itself to enhance private-sector participation, manage external debt prudently, and exit the International Monetary Fund (IMF) stabilization program with both confidence and credibility.

The Ambassador highlighted the transformative investment opportunities emerging in Ghana, noting that significant hurdles have been overcome to stabilize the economy under President John Dramani Mahama. He reiterated that Ghana is open for business and ready to receive strategic partnerships.

“Ghana has laid the groundwork for sustainable growth. We are inviting our diaspora and their American counterparts to join us in building an economy that works for all,” Ambassador Smith said.

The roundtable, which forms part of the Embassy’s ongoing focus on expanding access and driving impactful investment, also featured remarks from Abdul Razak, Deputy CEO of the Ghana Investment Promotion Corporation (GIPC). Razak outlined the investment opportunities and incentives available under the GIPC Act, designed to support priority sectors for industrial transformation under the Mahama administration.

The event marked the latest in a series of strategic engagements aimed at fostering direct investment into Ghana, with a particular focus on job creation and long-term development.