During the one hundred and eighteenth meeting of the Council of Ministers, which was held on Friday, November 3, the governor of the Central Bank of Congo, Malangu Kabedi Mbuyi, presented a detailed report on the recent developments in the economic situation in the Democratic Republic of Congo.
According to the governor, despite the relative stability of the macroeconomic framework, the country faces challenges linked to the end of the year. The growth of the real Gross Domestic Product (GDP) of the Congolese economy is estimated at 6.2% in 2023, compared to an achievement of 8.9% in 2022. The Central Bank of Congo forecasts growth of 6.4% in 2024.
As for the national market, it is influenced by the global situation, marked by concerns about economic development and short-term recovery. The main export products of the Congolese economy have seen a slight increase over the past week. Copper prices increased by 1.06% and cobalt prices by 0.03%. On the other hand, the price of oil recorded a drop of 3.37% compared to the previous week.
This development led to an acceleration in weekly inflation, which stood at 0.25% during the week in question. The recent increase in the price of fuel at the pump partly explains this situation.
Regarding the foreign exchange market, the national currency experienced a slight depreciation of 1.8% compared to the indicator, after an appreciation of 1.6% the previous week. On the parallel market, the Congolese franc appreciated slightly by 0.04%, after a depreciation of 1.3% the previous week.
These data demonstrate the challenges facing the Congolese economy, but also the opportunities for growth and development. It is crucial that authorities continue to develop strategies to stimulate the economy, attract investment and create jobs. Macroeconomic stability and prudent resource management are key elements to guarantee the resilience of the Congolese economy in the face of global market turbulence.
In conclusion, the governor of the Central Bank of Congo stressed the importance of closely monitoring the evolution of the economic situation and putting in place adequate policies to ensure the stability and sustainable development of the country. The Democratic Republic of Congo has enormous resources and considerable economic potential, but their efficient and sustainable exploitation requires solid economic and financial governance.