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The Democratic Republic of Congo boosted its credit rating from 5.1 to 5.5 between 2022 and 2023, according to Bloomfield, the Pan -Africa Credit Rating Agency. The sub-Saharan country has one of the highest growth rates in the region. The DRC gained 40 basis points in the space of a year which is helping to boost the nation’s economic profile
The Democratic Republic of Congo boosted its credit rating from 5.1 to 5.5 between 2022 and 2023, according to Bloomfield, the Pan -Africa Credit Rating Agency. The sub-Saharan country has one of the highest growth rates in the region. The DRC gained 40 basis points in the space of a year which is helping to boost the nation’s economic profile.
The second edition of the Congolese Country Risk Conference took place in Kinshasa on 28 June; an event designed to attract more investment and make the DRC a lasting success. The DRC continues to face real challenges, including inadequate infrastructure, arbitrary taxes and insecurity in the east of the country.
Since 1996, six million people have died in eastern DRC, the epicenter of ethnic tensions in the country and the fight over vital natural resources. A climate of instability is bad news for potential investors.
In recent years, the government has stepped up reforms and placed an emphasis on macroeconomic performance, responsible management of public finances, and stabilizing the financial system. These three factors are necessary to cement the country’s credibility, particularly in the eyes of private investors and to ensure that social issues, job creation, and wealth creation are not relegated.
The DRC has vast mineral deposits. It is now looking to diversify its economy. For the banks to support these ambitions for diversification and growth, they must advocate an effective and clear policy. A new financial centre will come up in Kinshasa in December with help from Turkey. Also on the anvil are five towers and a conference centre spanning 90,000 m2. It is coming up at a cost of US$ 300 million (€275 million).
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But challenges still remain. With more than 80 million hectares of fertile land and favorable conditions for year-round farming, the country’s production is too low. Over 80% of consumer food products are imported, entailing a huge bill.
