Central African Nations Moving to Rescue Flagging Economies

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Ministers from Central African nations - Cameroon, Central African Republic, Chad, Congo Republic - Brazzaville, DR Republic of Congo, Equatorial Guinea, Gabon, São Tomé & Principe and Angola - are meeting today, March 17, 2023 to look at new investment opportunities to shake up their respective economies. In 2022, the Central African ministers agreed to merge two regional blocs in a move to boost trade and growth. The 11-member Economic Community of Central African States (ECCAS) joined with the six-member Economic and Monetary Community of Central Africa (CEMAC). The deal aimed to eliminate rivalry that has helped to make central Africa the poorest region among Africa's economic groups. Central Africa's lull in economic growth has largely been caused by natural disasters, armed conflicts, and the fallout from Russia's invasion of Ukraine. The central African region is also looking for investments in the energy sector.