Browsing: Central African Republic

East African Oil Pipeline
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

The Central African Republic was the 186th largest exporter in the world in 2020 with a total export value of US$127 million. The country's exports decreased by US$26.1 million over the past five reported years, from US$153 million in 2015 to US$127 million in 2020.

Rough wood which contributed US$51.9 million in export earnings, gold (US$34.7 million), diamonds (US$14.7 million), sawn wood (US$9.55 million) and refined copper (US$6.66 million) are the most recent export leaders. China (US$50.8 million), the United Arab Emirates (US$37.3 million), Italy (US$12.2 million), Belgium (US$6.84 million), and France (US$4.5 million) are the Central African Republic's top export markets.…

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African countries’ attempts to form a common regional currency have proven futile precisely because of all the frameworks of laws that need to be revised and harmonized in the different countries. For example, the eco in West Africa and the shilling in East Africa.

Ghana and Nigeria have even gone ahead to create their central bank digital currencies, indicating their lack of belief in the workability of the eco.

What does this mean? In the next 100 years or more, Africa cannot create a common currency acceptable throughout the continent.…

The legal tender title of bitcoin in the country implies the acceptance of cryptocurrencies as a legal means of payment in any transaction through specific rules and regulations. This means that no vendor, trader or organisation can deny service payment through bitcoin as illegal.

This move comes after several countries in the continent have restricted trading in bitcoin, and most of them are lukewarm about the market.

The legalisation of bitcoin in the first African country will transform the country’s infrastructure and facilitate the blockchain technology and web3 applications to thrive. With legalising cryptocurrencies, the Central African Republic is moving towards a new path of technological development and economic performance. This dynamic field is popular among investors worldwide and ever-present as full-fledged assets in the portfolios of the world’s largest financial players such as Microsoft, Meta and Amazon.…

As usual, it is the scramble for Africa. This continues with the AU not condemning the anarchy by financiers of the chaos who are mostly not African.
Africa’s underground riches have for decades been driving a cabal of selfish dictators, in collaboration with their Western masters, to doing the unthinkable. Mali is the latest casualty.

Mali is rich in every sense.

The West African nation is the continent's fourth-largest gold producer after Ghana, South Africa, and Sudan with the country's natural resources industry dominated by gold. The country's primary export is gold which accounted for more than 80 per cent of Mali's total exports in 2020.…

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