(Business in Cameroon) - After an expected economic growth rate of 3.6% in the Cemac in 2024, its highest level for 10 years, the rate is forecasted to increase slightly between 2025 and 2027. According to projections by Beac, the central bank of the Cemac states, this indicator will reach 3.7% over the period, driven by the expected dynamism of the mining sector.

“Since 2020, the global economy has been facing a series of increasingly recurrent economic shocks, but CEMAC's current export base, which is not very diversified, considerably weakens its resilience to external shocks. In response to this limitation, several countries in the sub-region are looking to capitalize on their mining potential and secure their economic growth over the medium to long term. In addition to additional tax revenues, the economic dynamism targeted by this option translates into the creation of new businesses, the development of secondary economic activities revolving around the mining sector (transport, catering, caretaking, and secondary processing), and the opportunities offered by the infrastructure dedicated to this sector (road, rail, and electric power),” Beac said in its latest monetary policy report.

Specifically, the central bank points to five iron ore mining projects in Gabon and Cameroon expected to commence production by the end of 2024. These include projects in Lobé, Kribi, Grand Zambi, Mbalam in Cameroon, and the Belinga and Baniaka iron ore deposits in Gabon.

Additionally, the BEAC mentions new gas projects in the region, as Europe aims to diversify gas suppliers. Significant new gas projects are expected in Congo, Cameroon, and Gabon.