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East Africa bloc becomes $250bn market as Congo joins

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The Democratic Republic of Congo joined the East African Community, bringing the regional trading bloc’s market size to a quarter of the continent’s population and providing it with access to the Atlantic Ocean. Moneyweb AfricaNews

The Democratic Republic of Congo joined the East African Community, bringing the regional trading bloc’s market size to a quarter of the continent’s population and providing it with access to the Atlantic Ocean. The mineral-rich nation became the EAC’s seventh member after heads of state agreed to its request to join the $193.7 billion group.

The world’s largest source of cobalt and Africa’s biggest miner of copper, Congo has a population of about 90 million people and a GDP of $54.8 billion. Congo is led by Felix Tshisekedi since 2019 when he succeeded Joseph Kabila, who had been in power for nearly two decades, the mineral-rich country’s first-ever peaceful transfer of power. The central African nation’s economy is expected to grow 5.6% this year from an estimated 5.7% in 2021, according to the International Monetary Fund.

 

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