![]() ![]() In addition to pressures from fluctuations in exchange rates, and high commodities prices, inflation reached double digits in 40 per cent of African countries. These high costs for natural gas have come down significantly by February 2023, to less than $100 per megawatt-hour, owing to relatively warm winter temperatures in the northern hemisphere.Įuropean governments largely shielded their citizens from these price shocks by spending over $640 billion on energy subsidies, regulating retail prices, and supporting businesses. African governments, on the other hand, did not have the fiscal space to protect consumers with such wide-scale, much-needed measures to counter rising energy prices. This strain comes as African economies are still trying to emerge from the impacts of the COVID-19 pandemic, for which they did not have enough resources to cushion themselves.īy mid- 2022, global energy prices soared to a three-decade high, and natural gas price costs edged over 300 Euros per megawatt-hour. The 2022 World Economic Outlook paints a stark picture of the state of global energy, stating that it is “ delivering a shock of unprecedented breadth and complexity.” ![]()
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