On Monday, July 14, 2025, in Brazzaville (Republic of Congo), Christian Yoka, Congolese Minister of Finance, Budget and Public Portfolio, chaired the 2nd ordinary meeting of the National Economic and Financial Committee (CNEF)-Congo for the current year, held at the headquarters of the Bank of Central African States (BEAC).

Among other items on the agenda, participants reviewed the evolution of the national, sub-regional, and international economic situation in the first quarter of the current year, as well as the outlook for 2025. They also examined the evolution of the various financing methods for the Congolese economy and, at the same time, reviewed the draft Study Report on the National Import Substitution Strategy and the draft Survey Report on Textile Imports in Congo.

Regarding the national economic situation, the Committee noted an improvement in the macroeconomic situation in the first quarter of 2025, driven by continued investment in the oil sector and the strong performance of non-oil activities. According to the Committee, this development is reflected in a surplus in the overall budget balance, on a commitment basis excluding grants, and an increase in the money supply. Consequently, economic activity is expected to strengthen in 2025, with real Gross Domestic Product (GDP) growth projected by the BEAC to reach 1.8%, compared to 1.5% in 2024.

On the price front, inflation is expected to increase, rising above community demand to an average of 3.5% annually, compared to 3.1% in 2024, due to price increases for certain imported goods and disruptions in the electricity supply.

Examining the various financing methods of the Congolese economy, the Committee noted a 3.3% increase in outstanding gross loans granted by banks to customers, reaching 1,647 billion CFA francs as of March 31, 2025, and a 1.3% decrease in non-performing loans to 274.2 billion CFA francs.

The Congolese Treasury Securities Market (MVT), for its part, showed a 22.37% decrease in demand and an outstanding balance of 2,528.014 billion CFA francs at the end of April 2025, representing a 6.90% year-on-year increase. In this regard, the Committee welcomed the establishment of the Public Treasury Consultation Framework with its network of Primary Dealers and encouraged the Congolese government to maintain its commitment to dialogue in order to promote the proper functioning of the national economy.

Regarding the Study Report on the Implementation of the National Import Substitution Strategy, the Committee recommended further collaboration with all stakeholders.

Concerning the Investigation Report on Textile Imports in Congo, the Committee encouraged the Government to implement the recommendations made therein. The objective is, in particular, to improve public revenue mobilization and preserve the external stability of the currency by ensuring appropriate oversight of the actors and operations involved in the importation of goods and services.

Regarding the economic situation in the Central African Economic and Monetary Community (CEMAC), according to the BEAC (Bank of Central African States), the composite index of economic activity increased by 8.5% in the first quarter of 2025, after 6.1% a year earlier, in the first quarter of 2024. The inflation rate averaged 4% annually in the first quarter of 2025, after 4.9% in 2024. For the year 2025, the GDP growth rate is projected to reach 2.4%, compared to 2.9% in 2024. The inflation rate is expected to return to around 2.8%, compared to 4.1% in 2024.

As for the international economic situation, the members of the CNEF (National Economic and Financial Committee) noted that the global economic situation was less dynamic in the first quarter of 2025, primarily due to tariff measures adopted by the government. American, and retaliatory measures taken by its main trading partners. Thus, the International Monetary Fund (IMF), in its World Economic Outlook published in April 2025, revised its forecast for the global economic growth rate in 2025 to 2.8%, compared to the initially projected 3.3%. In 2026, this growth rate is expected to reach 3%.

It should be noted that this CNEF-Congo meeting, held both in person and via videoconference, was attended by Ministers Bruno Jean-Richard Itoua (Hydrocarbons) and Ludovic Ngatsé (Economy, Planning and Regional Integration); the Secretary General of the Banking Commission of Central Africa (COBAC), Marcel Ondélé; the Governor of the BEAC, Yvon Sana Bangui; the Vice-Governor, Michel Dzombala; the President of the Financial Market Supervisory Commission of Central Africa (COSUMAF), Jacqueline Adiaba-Nkembe; the Director General of the Central African Stock Exchange (BVMAC), Louis Banga-Ntolo; and the Secretary General of the CNEF/National Director of the BEAC-Congo, Serge Dino Daniel Gassakys.

The Communication Unit of the Ministry of Finance, Budget and Public Portfolio