October 2025 Central Africa Macro Outlook

Executive summary

In September, the macroeconomic environment in central Africa was relatively stable and positive. Angola’s inflation fell for the 13th consecutive month in August to 18.88% due to base effects. The DRC’s inflation was relatively stable at approximately 7.8% between August and September, as the franc’s appreciation tempered importation costs. Meanwhile, Cameroon’s inflation remains contained, supported by the high interest rate environment. Monetary policy in the region was relatively hawkish, with real interest rates favourable and attractive to short-term investors. Notably, the Angolan central bank cut its benchmark rate for the first time since March 2023 by 50 basis points to support growth from non-oil sectors.
Currency dynamics were mixed. The Angolan kwanza remained stable due to central bank interventions, while the Congolese franc appreciated due to the high-interest-rate environment. However, risks persist across the board. In