With a focus on several industries to drive its economy, such as agriculture (cotton, coffee), forestry and mining (diamond, gold, uranium), the Central African Republic remains an economy vulnerable to external shocks due to its difficult political situation. The Central African Republic continues to invest in several sectors to boost its economy such as infrastructure, timber and agriculture, all with the aim to contribute to an upturn in employment and household consumption.
Many companies growing their international footprint are on the lookout for specialists who focus on handling the various HR outsourcing processes, taking into consideration complexities associated with legislation, cultural norms and labour law requirements, amongst others. Our Central African Republic HR and employment outsourcing services at Africa HR Solutions, which include services such as Professional Employer Organisation (PEO), Employer of Record, payroll as well as other ancillary support services, cover everything you need to support your growth strategy, regardless of whether or not you have a representative office in the Central African Republic.
Country Profile - Central African Republic
Population: 4.7 million
Gross Domestic Product (GDP): $1.8 bn
GDP Growth: 4.3 %
Inflation : 5.3 %
Foreign Direct Investment (% of GDP): 0.8 %
Unemployment Rate: 6.5 %
Currency: Central African CFA franc
Languages: French, Sangho
Central African Republic's Economy
The Central African Republic boasts a traditional economic framework, focused on agriculture, with forestry as a leading source of income. The Central African Republic forms part of the Economic Community of Central African States (ECCAS). The country’s political and security environment is perilous due to the civil war that ended in 2016. A new agreement was signed between the state and rebel groups to maintain peace, which has, in turn, contributed to a decline in violence. However, the situation is still quite difficult from a security perspective. Due to the impact of the COVID-19 pandemic, the agricultural sector faces uncertainty, compounded by unforeseen weather conditions. The Central African Republic continues to invest in the timber industry to boost exports as well as in infrastructure to rebuild the economy destroyed by the civil war.
Interesing Facts About Central African Republic
The Central African Republic is the 43rd largest country in the world in terms of land area.
The country has a diverse sphere of flora and fauna, wildlife, and boasts various endemic species such as the Oubangui Mouse, the Skink, the Sangha Forest Robin, and the Sternfield River Frog.
It is the country least affected by light pollution, together with Madagascar.
There are over 80 ethnic groups and each of them has a unique language.
Kanda is a popular dish in the country, which is a tasty meatball recipe with ingredients such as ground beef and pumpkin seeds.
Public Holidays in Central African Republic
Commemoration of Boganda
Investiture Ceremony Day
National Payer Day
Assumption of Mary
All Saints’ Eve
Employment in Central African Republic
The Central African Republic economy is mainly led by agriculture, forestry, timber, and mining (diamond, gold, uranium). The employment to population ratio was 67.5 % in 2020. The country has a minimum wage of 35,000 CFA francs monthly. Employees in the Central African Republic are entitled to vacation, sick, and parental leave. All employers are advised to provide notice before terminating any employee, unless if the termination is related to misconduct.
When recruiting locals or hiring expatriates in the Central African Republic, understanding local labour laws is important to help de-risk an organisation’s investment. By partnering with Africa HR Solutions, our specialists help you overcome the various challenges in-country through the delivery of a tailored and legally compliant HR outsourcing solution, including the design and procurement of a competitive employee benefits scheme, to ensure your organisation attracts and retains top talent.
Central African Republic
Democratic Republic of Congo
Republic of Congo
Sao Tome and Principe