2023-12-02
Félix Tshisekedi, president of the Democratic Republic of Congo (DRC), is in the middle of the electoral campaign for the elections which will take place on December 20. Its objective: to make the DRC “the Germany of Africa” by creating more jobs. His first term was marked by notable economic growth, but also by high inflation and massive unemployment.
Since coming to power in 2019, Tshisekedi has taken steps to attract foreign investors, notably during his visit to Berlin where he promised to transform the DRC into an industrial power. Five years later, the World Bank estimates the country’s economic growth at 6.8% for 2023.
“This indicates considerable progress,” says Nicolas Kazadi, Minister of Finance. Foreign exchange reserves have increased from around $1 billion in 2019 to almost $5 billion. The annual budget is also on the rise, reaching around $16 billion this year, driven mainly by the mining sector. Indeed, the DRC is the leading producer of copper in Africa and the largest producer of cobalt in the world.
However, despite this economic growth, the majority of the Congolese population does not benefit from this wealth. Two thirds of the 100 million inhabitants live below the poverty line, working mainly in the informal sector. Unemployment is one of the major problems of the electoral campaign, with Tshisekedi promising to create 6.4 million jobs.
However, some experts believe that current economic growth does not meet the needs of the population. Albert Malukisa, professor of economics at the Catholic University of Congo, points out that the Congolese economy faces many problems, such as lack of infrastructure, employment and inflation. According to him, corruption remains the main obstacle to attracting serious investors.
The DRC is ranked 166th out of 180 countries in Transparency International’s Corruption Perception Index. Despite efforts, embezzlement remains common, resulting in unpaid civil servants and rising inflation. The depreciation of the Congolese franc against the dollar worsens the situation for many Congolese.
Overall, Félix Tshisekedi is campaigning by highlighting the economic progress made during his first term. However, many challenges remain to achieve real prosperity for the Congolese population. The fight against corruption and the diversification of the economy remain priorities for the country in order to guarantee sustainable and inclusive development.
Source: [insert link to original article]