Browsing: Central Africa

DRC Congo, Banks in Congo, Cobalt in Congo

Central Africa emerges as the continent’s economic powerhouse

Countries
  • Central Africa’s economic performance was powered by the DRC, which grew at a jaw-dropping 8.5% in 2022.
  • Central Africa growth rate was higher than the African average, which is estimated at 3.8% in 2022, down from 4.8% in 2021.
  • The region id projected to settle at 4.9% in 2023 and 4.6% in 2024.

Central Africa achieved real GDP growth of 5.0 per cent in 2022 compared with 3.4 per cent in 2021, as the region posted the strongest performance compared to other regions in the continent.

This was in terms of growth, inflation and budget deficit, a new report by the African Development Bank (AfDB) indicates.

Central Africa oil, minerals and commodities’ wealth

The rebound in economic activity was driven by favourable prices for raw materials. Increasingly, Central Africa economies are turning out to be a net exporter of crude oil, minerals and other commodities.

In comparison, the region’s …

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Startup Funding: Central Africa, a sleeping giant with untapped potential

Entrepreneurship
  • Analysts have termed Central Africa as a sleeping Giant, yet to awaken as the region recorded the least funding for startups in 2022. 
  • In 2022, Central Africa was by far the region where start-ups raised the least funding through deals worth $100,000 and over with a total of $51 million according to the latest report by The Big Deal. 
  • While the region represented only 1.1 percent of the funding raised on the continent, Year on Year growth was commendable, as start-ups raised more than double the amount that had been raised in 2021 ($24 million). 

Analysts have termed Central Africa a sleeping giant, yet to awaken as the region recorded the least funding for startups in 2022. 

Max Cuvellier from The Big Deal says there is a huge potential in the region despite the depressed numbers. 

“This is not to say that there isn’t talent or potential in the DRC, …

East African Oil Pipeline

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

Industry and Trade
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
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The Republic of Equatorial Guinea is a nation on the African continent’s western coast. www.theexchange.africa

Equatorial Guinea: best investment sectors in the Central African nation

Investing

Trading economics’ global macro models and experts’ forecasts indicate Equatorial Guinea’s GDP could reach $12.6 billion by the end of 2022. As such, the long-term trend for the GDP of Equatorial Guinea is anticipated to be about $13 billion by 2023.

Historically, the economy of Equatorial Guinea relied on three commodities: cocoa, coffee, and lumber. However, the discovery and exploitation of petroleum and natural gas in the 1980s radically altered the country’s economic character. As a result, more than four-fifths of Equatorial Guinea’s GDP currently derives from petroleum exports. Nevertheless, the majority of people’s level of living has not changed considerably, and farming remains the predominant source of income.

Nevertheless, the Equatoguinean domestic economy is small, with an estimated population of 1.2 million, despite the country’s membership in the Central African Monetary and Economic Union (CEMAC) sub-region, which comprises more than 50 million people. Notably, the region has a central…

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www.theexchange.africa

Over 28 million people facing hunger in West, Central Africa amid conflict, economic hardships

Africa
  • The number of acutely food insecure people in West and Central Africa has risen to a record high of 28 million people
  • This is the largest number of people facing high acute food insecurity in West and Central Africa recorded since 2014

A new report has indicated that the number of acutely food insecure people in West and Central Africa has risen to a record high of 28 million people; days after Save the Children said more than 260,000 children may have died from extreme hunger or related diseases in East Africa.

According to the Food and Agriculture Organization of the United Nations (FAO) and the United Nations World Food Programme (WFP), West and Central Africa trends point toward a further deterioration if support to stem the spread of hunger is not increased.

Data by the two UN organizations indicate that in the Sahel and West Africa, 26 million people …

African Development Bank approves emergency funds

African Development Bank approves emergency funds

Countries

The African Development Bank has approved COVID-19 emergency funds to its member countries which have reached the continent’s five geographic regions.

The COVID-19 pandemic is seen to cause a drop in Africa’s gross domestic profits by between $22.1 billion and $88. Billion.

By June 12, the African Development emergency package had reached Africa’s five geographical regions.

Before the pandemic, West Africa was home to at least four of Africa’s fastest-growing economies and has felt the impact of the pandemic as borders remain cloAfrican Development emergency packageAfrican Development emergency packagesed economic distress deepens.

To bolster national health systems in response to the Pandemic, Mali, Niger and Gambia will benefit from an ECOWAS $22 million support package.

From the Emergency package, Nigeria got €288.5 million, Senegal €88 million, Côte d’Ivoire €75 million and Cabo Verde €30 million. (https://bluffsrehab.com)

Funds to this region will seek to address shortages in ventilators, personal …