(Ecofin Agency) - Central Africa boasts one of the world's most significant mineral resource potentials, attracting many multinational corporations due to its rich deposits. 

The CEMAC's average annual economic growth rate is projected to reach 3.6% in 2024, the highest in a decade. According to the BEAC, which made the forecast, this growth is expected to increase slightly to 3.7% between 2025 and 2027, primarily due to the mining sector.

The BEAC's latest monetary policy report highlights the region's undiversified export base, which weakens its resilience to external shocks. To address this limitation, several countries in the sub-region aim to capitalize on their mining potential and ensure medium and long-term economic growth. The mining sector's economic dynamism is expected to generate additional fiscal revenues, establish new enterprises, and develop secondary economic activities such as transportation, catering, security, and downstream processing.

In the report, the BEAC states, "Since 2020, the global economy has been facing increasingly recurrent economic shocks, yet the current export base of the CEMAC, being very undiversified, significantly weakens its resilience to external shocks. In response to this limitation, several countries in the sub-region aim to capitalize on their mining potential and ensure their medium and long-term economic growth."

“Five iron ore exploitation projects are at an advanced stage and expected to commence production by the end of 2024, notably in Gabon and Cameroon”. The BEAC specifically mentions the Gabonese iron projects of Baniaka and Belinga, as well as the Cameroonian projects of Lobé, Mbalam, and Grand Zambi.

"Considering Europe's strategy to diversify gas suppliers, several significant new gas projects are expected to enter the production phase in Congo, Cameroon, and Gabon", Business in Cameroon reports.