Central Africa’s bright future: how the economy will fair over 2023

0

One of the few spoken regional trade blocs of Africa is the Economic Community of Central African States (ECCAS). Despite such little being spoken of this resource rich area, it is home to some of Africa's richest countries, yet it has for decades encountered various obstacles that have stunted social and economic progress. Human capital development is a major issue in the region, along with armed conflicts, natural disasters, and health crises. As a result, the region's economy have not been able to flourish despite their abundance of natural resources. Oil in Central Africa Roughly 30% of Africa's crude oil is located in the ECCAS region. Angola, located there, just surpassed Nigeria as Africa's largest oil producer, pumping out about1.16 million barrels per day. Chad, the Congo, Equatorial Guinea, Gabon, and Cameroon are some of the other oil-producing countries in the area. Yet the resource has not contributed as much as projected to economic growth. Experts believe these oil reserves have the potential to provide considerable government revenues, create jobs, contribute to economic growth, and ultimately reduce poverty if the appropriate policies and institutional capability are in place. Central Africa's sluggish economic growth and development are largely to blame for

Subscribe to unlock this article

Login to read this article for free and get 3 free premium articles. Subscribe today for unlimited premium articles and more.

Digital Subscription – Monthly

Monthly renewing
You can cancel anytime.

$5 /Monthly

Digital Subscription – Annually

Monthly renewing
You can cancel anytime.

$40 /Annually

Martin Mwita is a business reporter based in Kenya. He covers equities, capital markets, trade and the East African Cooperation markets.

We hope you enjoyed your last Free Premium Article

Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access.

ACCESS YOUR
INSIGHT
INTO AFRICA

We hope you enjoyed your third Free Premium Article

Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access.

3 OUT OF 3
FREE ARTICLES FOR THIS MONTH

We hope you enjoyed your second Free Premium Article

Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access.

2 OUT OF 3
FREE ARTICLES FOR THIS MONTH

We hope you enjoyed your first Free Premium Article

Support Quality African Journalism and subscribe for less than $4.00 per month for unlimited access.

1 OUT OF 3
FREE ARTICLES FOR THIS MONTH