The latest CEMAC Economic Barometer report, released in the spring of 2025, outlines the economic status and challenges facing the Central African Economic and Monetary Community (CEMAC). The report provides an analysis of the region's current economic conditions and individual country performances.
In 2024, economic activity within CEMAC saw moderate growth. However, this expansion was insufficient to significantly reduce poverty or generate enough jobs for the region's youth. Cameroon and Chad showed strong growth driven by cocoa and cotton exports and non-oil sector expansion. Gabon increased its oil production while the Republic of Congo experienced modest growth through non-oil sectors despite a decline in oil production. The Central African Republic and Equatorial Guinea had lower growth rates with modest recoveries across various sectors. The regional growth rate is projected at 2.9% for 2025-2027, which lags behind that of West African Economic and Monetary Union (WAEMU). The economic outlook remains uncertain due to global risks.
CEMAC's fiscal position weakened in 2024 because of declining oil prices, reduced commodity revenues, and heightened spending pressures. The fiscal balance shifted from a surplus of 0.6% in 2023 to a deficit of 1.5% of GDP in 2024. Public spending rose to 19.7% of GDP while total revenues fell to 18.2%. The debt-to-GDP ratio is notably high in Congo and Gabon, exceeding CEMAC's ceiling of 70%.
The trade balance remained stable but decreased slightly from 8.9% to 8.6% of GDP between 2023 and 2024 due to fluctuating commodity prices affecting trade positions.
Debt levels have risen sharply across the region reflecting increased financing needs amid external shocks, failed debt auctions, and refinancing risks. Debt service costs have limited fiscal space for essential services such as health and education. Congo and Gabon have conducted domestic debt reprofiling operations recently to manage their commitments effectively amidst transparency issues complicating debt management.
Besides debt pressures, CEMAC countries face other challenges like reliance on foreign aid, commodity exports, social fragilities, tightening financing conditions, reduced foreign aid risk exposure due to these vulnerabilities necessitates strategies for resilience enhancement through economic diversification job-based growth governance improvement.
Creating quality jobs is crucial for reducing poverty strengthening social cohesion given reliance on capital-intensive sectors like oil generating few jobs leaving many unemployed particularly youth unemployment stands at approximately four times higher than WAEMU area more than two-thirds employment informal low-productivity services investment infrastructure business conditions labor skills human capital needed enabling firm growth hire expand into more sectors increase resilience boost long-term economic prospects.