"The growth of the Congolese economy would be 3.1% in 2024 compared to 1.5% in 2023", is one of the conclusions made public by the National Economic and Financial Committee (CNEF) of Congo, at the end of its 3rd ordinary meeting of the current year, in person and by videoconference.

This meeting was chaired on Monday, November 25, 2024, in the meeting room of the National Directorate of the Bank of Central African States (BEAC) in Brazzaville, by Mr. Jean-Baptiste ONDAYE, Congolese Minister of Economy and Finance. He was accompanied by two of his colleagues from the Government, namely Mrs. Ingrid Olga Ghislaine EBOUKA-BABACKAS, Minister of Planning, Statistics and Regional Integration, and Mr. Ludovic NGATSE, Minister of Budget, Public Accounts and Public Portfolio. Mr. Serge Dino Daniel GASSACKYS, National Director of BEAC-Congo, Secretary General of CNEF, and Michel DZOMBALA, Vice-Governor of this sub-regional bank, also took part in this face-to-face meeting.

Of the six items on the agenda of these meetings, the participants notably debated three notes, presented respectively on "the national economic, monetary and financial situation"; "the financing of the Congolese economy"; and "the framing of the study on the national import-substitution strategy". Before examining the economic, monetary and financial situation, at the sub-regional (CEMAC) and international levels.

Analyzing the national economic, monetary and financial situation, the Committee noted an improvement in economic activity in the second quarter of 2024 (April, May, June), driven by most activities in the non-oil sector, despite the underperformance recorded in the oil sector.

However, thanks to continued investment in the oil sector, the growth of the Congolese economy would reach 3.1% in 2024 compared to 1.5% in 2023. On the price front, the average annual inflation rate would stand at 3.8% in 2024, compared to 4.3% in 2023, linked to the decline in the prices of certain imported food products, due to the gradual normalization of supply chains at the international level.

In perspective, the real gross domestic product (GDP) growth rate is expected to be 2.9% in 2025, before rising to 4.8% in 2026 and 5.5% in 2027.

With regard to the various methods of financing the Congolese economy, the Committee noted that as of August 31, 2024, the banking system recorded a 5.7% increase in gross credits to the economy to 1,540.6 billion CFA francs and a 7.8% increase in non-performing loans to 266.6 billion CFA francs. The Treasury Securities market posted an outstanding amount of 2,372.7 billion CFA francs at the end of August 2024, up 22.58% year-on-year. This outstanding amount is composed of 81.72% of Assimilated Treasury Bonds (OTA) and 18.28% of Assimilable Treasury Bills (BTA).

At the sub-regional level, the BEAC expects an increase in economic activity of 2.9% in 2024, compared to 2.2% in 2023, driven mainly by the non-oil sector (3.5% compared to 2.9% in 2023), and a decrease in inflation which would return to 4.4% in 2024 compared to 5.0% in 2023.

At the international level, the Committee noted that the global economic situation remains mainly marked by the improvement in demand as well as the easing of monetary policies of the main central banks. In this context, the International Monetary Fund (IMF) has forecast a global GDP growth rate of 3.2% at the end of 2024 compared to 3.3% in 2023.

It should be noted that this 3rd and last ordinary meeting of the CNEF-Congo of the year 2024 by videoconference was attended by Messrs. Yvon SANA BANGUI, Governor of the BEAC; Marcel ONDELE, Secretary General of the Central African Banking Commission (COBAC) and Mrs. Jacqueline ADIABA NKEMBE, President of the Central African Financial Market Supervisory Commission (COSUMAF).

The Communication Unit of the Ministry of Economy and Finance

Photo credit: B2B Communication