Since 2020, African countries have been striving to address the effects of the coronavirus disease (COVID-19) pandemic and rebuild their economies, with varying degrees of success. The situation has become more complex to manage with the fallout from the crisis in Ukraine, which has already generated gains and losses for countries around the world, depending on their specific situations. For instance, the crisis has led to a rise in oil and gas prices, which will benefit oil- and gas-producing countries. In that context, it would be prudent for such countries to consider creating or reviving sovereign wealth funds to ensure that those gains are used effectively over time. However, higher oil prices also provide an incentive to develop alternative sources of energy. Food-importing countries, meanwhile, will be hurt by the increase in agricultural prices, which will have deleterious effects on the poor. The anticipated knock-on effects must be addressed through appropriate policy responses to ensure that financial resources are managed sustainably and to minimize costs. What will be the social, economic and environmental effects of the crisis in African countries and how should they respond? What are the expected gains and losses for oil-producing and nonoil-producing countries? How will the crisis affect the COVID-19 recovery strategies of African countries, including their financing strategies?