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The Democratic Republic of Congo and Angola are strengthening their collaboration in the field of hydrocarbons thanks to an agreement on a maritime zone of common interest. During the recent meeting of the Council of Ministers, the Minister of Hydrocarbons presented the progress of this agreement. The two countries are working on finalizing the agreement on the governance and management of the area, paving the way for the concrete exploitation of oil resources. This cooperation testifies to the desire of both countries to benefit equitably from the income generated by this exploitation, while respecting natural resources.
The Governor of the Central Bank of Congo, Malangu Kabedi Mbuyi, announced that despite some tensions on the goods and services market, economic news in the DRC remains stable. Inflation increased slightly to 0.59% for the last week of June 2023, mainly due to food and housing prices. The Congolese currency exchange rate also showed a downward trend against the US dollar. To cope with these inflationary pressures and the depreciation of the currency, measures have been taken, such as raising the key rate and the compulsory reserve coefficient on deposits in Congolese francs. The Governor also underlined the importance of complying with the regulations of the Central Bank in terms of foreign exchange offices and dealers. It recommended the coordination of budgetary and monetary policies, as well as the maintenance of the stability pact to avoid the monetary financing of the State deficit. It is essential to put in place measures to stabilize the exchange rate and promote local production in order to strengthen the country’s economy.
The Democratic Republic of Congo (DRC) and Angola have reached an oil production sharing agreement in their common maritime area, after 16 years of discussions. This agreement opens up new economic prospects for the DRC by diversifying its economy and improving its fiscal space through the equitable distribution of income. It will also strengthen diplomatic and economic relations between the two countries and attract new investments in the oil sector. The DRC can now hope to become an oil-producing country in Africa and pave the way for future cooperation projects with Angola.
During a meeting of the Council of Ministers, the governor of the Central Bank of Congo gave an update on the country’s economic situation. Despite a slight rise in inflation and a depreciation of the exchange rate, the Congolese economy remains broadly stable. The central bank has taken measures to stabilize the situation, in particular by raising the key rate and increasing the reserve requirement on deposits in Franc Congolais. It is also crucial to promote domestic production and reduce import dependency. The Governor stressed the need to fight against speculation and manipulation of exchange rates. Despite the challenges, the Congolese economy remains resilient and the government continues to work to ensure sustainable and inclusive growth for the benefit of all.
President Cyril Ramaphosa of South Africa has arrived in the Democratic Republic of Congo (DRC) for a two-day official visit to strengthen economic cooperation between the two countries. The leaders discussed areas of economic and trade cooperation, as well as the African Union’s Agenda 2063. This visit aims to strengthen bilateral relations and promote regional economic integration. Cooperation between South Africa and the DRC is crucial to boosting trade, attracting investment and promoting socio-economic development in both countries. This is an important opportunity to consolidate the ties between the two nations and contribute to the development of the region.
The Democratic Republic of the Congo and Angola have finally reached an oil production sharing agreement in the common maritime area. After many years of negotiations, the two countries will share revenues equally, opening up new economic opportunities for the DRC. This agreement marks a crucial step in the collaboration between the two countries and strengthens bilateral relations. The signing of the contract is scheduled for July 13, 2023 in Kinshasa. This will allow the DRC to diversify its economy and increase its income through oil exploitation. In addition, this agreement testifies to the desire for cooperation between neighboring nations in Africa and shows that constructive dialogue can lead to mutually beneficial solutions.
The Democratic Republic of Congo is facing a depreciation of the Congolese Franc and an increase in the prices of basic necessities, which directly affects the purchasing power of citizens and the economic situation of the country. Local businesses face higher costs as they have to source foreign currency to import products, which affects selling prices. Faced with this crisis, the government must review monetary policies, manage exchange rate fluctuations and support local production to reduce dependence on imports. Rapid and effective action is needed to relieve the population and guarantee its access to basic necessities at affordable prices.
In this article, we explore the causes of the rising prices of basic necessities in the Democratic Republic of Congo (DRC). The Public Expenditure Observatory attributes this situation to the perpetuation of the neo-colonial system, which allows foreign companies to take advantage of the country’s resources without really benefiting the population. Moreover, inappropriate economic policies and the complicity of the ruling classes with imperialism also contribute to this rise in prices. Finally, endemic corruption and embezzlement of public funds further aggravate this situation. To improve the living conditions of the Congolese, it is essential to put in place fairer economic and governance policies, as well as effective measures to fight corruption.
The Democratic Republic of the Congo has managed to maintain a certain economic stability despite some tensions in the market for goods and services. Inflation rose due to food and service prices, and the Congolese currency depreciated against the US dollar. To cope with these pressures, the Central Bank of Congo has taken measures, such as increasing its key rate and the coefficient of the compulsory reserve. The government is also encouraged to support domestic production and reduce import dependency. The Congolese authorities are thus working to stabilize the economy and reduce inflationary pressures.