Africa Energy and Economy: 2023 Review and 2024 Outlook

Last year marked a period of recovery for Africa from COVID-19 restrictions and disruptions due to the Russia-Ukraine war, although those effects still linger. While African debt loads and geopolitical instability encumber the efforts of national governments to develop domestic energy sectors and catalyze growth, African producers seek to position themselves as preferred hydrocarbon suppliers in reconfigured export markets. At the same time, Africa continues to be an exceptional destination for frontier exploration and production opportunities, but environmental considerations that limit the availability of finance for fossil fuel-based projects loom large, even as the "Global South" gains its voice and garners increasing international acceptance of multiple pathways and timelines for achieving decarbonization goals. Enabling affordable energy security, sustainability and access remains a "Gordian Knot" made up of regulatory, technological and financial threads that has yet to be untangled or cut through.

In assessing Africa's continued quest to achieve equilibrium and growth in a disjointed world, this report marks the highlights of 2023 and provides an outlook for 2024.

Download the Full Report

Posted 7 February 2024

This article was published by S&P Global Commodity Insights and not by S&P Global Ratings, which is a separately managed division of S&P Global.