Category: Economy

The Entrepreneurship Guarantee Fund in Congo (FOGEC) supports Congolese entrepreneurs by providing them with crucial financing for their projects. With a total amount of funding of 1.8 million US dollars distributed among 90 projects, FOGEC plays a key role in the development of entrepreneurship in the DRC. The check presentation ceremony marked an important step in achieving this goal. Beneficiary entrepreneurs were congratulated and encouraged to grow their businesses. FOGEC aims to fund even more projects in the future, with the goal of reaching US$5 million in funding by the end of the year. By supporting the key sectors of the Congolese economy, FOGEC contributes to their development and stimulates job creation. This initiative is applauded by observers and experts in entrepreneurship in the DRC, and represents a valuable opportunity for Congolese entrepreneurs to realize their ambitions and contribute to the country’s economic growth.

During the first half of 2023, an amount of 475.5 billion Congolese Francs was retroceded to financial rules in the DRC. These retrocessions aim to mobilize public revenue and are intended for the country’s financial authorities. For the whole year, the Congolese government plans to disburse more than 1,256.9 billion Congolese Francs. These funds are essential to finance various projects and initiatives in sectors such as education and health. However, it is important to ensure responsible and efficient use of these funds, strengthening controls to fight corruption and tax evasion.

The fall in the exchange rate on the parallel market in Goma, Democratic Republic of Congo, is attracting the attention of local economists. The current exchange rate is around 2300 Congolese francs for 1 US dollar, but economic operators want it to fall further. However, the decline is not uniform across all economic sectors and has yet to have a significant impact on the prices of basic necessities. The inhabitants of Goma hope that this drop will translate into lower prices and are asking for exchange rate stability to avoid disparities. It is important to follow developments closely and work together to ensure stability and fair prices for all.

The depreciation of the Congolese franc against foreign currencies is a major concern in the DRC. The government has taken urgent measures to limit this situation, such as vigorous interventions by the Central Bank of Congo in the foreign exchange market and the strengthening of foreign exchange repatriation measures. The rigorous management of public finances is also highlighted, with a limitation of public expenditure to essential priorities. Although these measures have allowed a slight improvement in the value of the Congolese franc, it remains essential to remain vigilant and to maintain the stabilization measures to restore the national currency to its former value.

In the Democratic Republic of Congo, women traders play a crucial role in the local economy. The government has identified Small and Medium Enterprises (SMEs) as strategic for job creation and poverty reduction. Several civil society organizations, supported by UN Women, have carried out awareness-raising and capacity-building activities with women traders. Despite the challenges encountered in obtaining the necessary legal documents, women traders express their gratitude for these actions and wish to continue to be supported to develop their business. It is essential to promote their development and their positive impact on Congolese society.

Notables from the Ikobo, Kisimba and Lusala groupement are asking the provincial government to temporarily suspend tax collection in their region, which has been ravaged by armed conflict. They believe that this period of reconstruction and return of populations does not lend itself to fiscal imposition. Local traders have lost everything in the wars and need support and peace rather than tax burdens. The suspension of taxes would facilitate their restoration and contribute to the economic recovery of the region. This call raises the challenges faced by economic actors in post-conflict areas in the DRC and highlights the importance of a tailored approach to foster social and economic stability.

The first Economic Forum between the DRC and Angola marks an important step in strengthening economic cooperation between the two countries. Historical, cultural ties and abundant natural resources offer promising prospects for sustainable economic development. This forum paves the way for regional economic integration and the creation of a free trade area in Central Africa.

The Democratic Republic of Congo (DRC) is preparing to acquire a fleet of industrial fishing boats with the aim of strengthening local fish production and reducing dependence on massive imports. The Congolese government plans to acquire fifteen boats which will be spread over different sites, including the coast of the Atlantic Ocean and Lakes Albert and Tanganyika. This initiative aims to increase local productivity, ensure food security and promote the sustainability of fisheries resources in the region. President Félix Tshisekedi stressed the importance of this project and instructed the ministries concerned to ensure its successful implementation. This major advance in the fishing sector in the DRC will contribute to the economic development of the country and will allow the population to access local and quality seafood products.

The Governor of the Central Bank of Congo (BCC) presents an inventory of the economic situation in the Democratic Republic of Congo during the Council of Ministers. Despite a significant drop in inflation and an appreciation of the Congolese franc on the foreign exchange market, challenges persist such as pressures on public spending and exchange rate volatility. Stabilization measures have been put in place and structural reforms are needed to ensure the country’s economic stability and growth.

Recent economic developments in the DRC were presented by the Deputy Prime Minister, Vital Kamerhe, during the Council of Ministers. The measures taken include the strengthening of the supply of petroleum products, economic control, the operationalization of FOREC and the limitation of the slippage of the exchange rate. This aims to guarantee the supply of essential products, discourage illicit practices, stabilize prices and promote sustainable development.