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.