Congo Archives - Economy Watch

The Congo and the Cold War

During World War II the US sought to secure all the uranium from the Shinkolobwe mine in present-day Democratic Republic of Congo for its atomic bomb project. The ore was the richest in the world. The US, determined to prevent any of it reaching Nazi Germany or later falling into the hands of the Soviet Union, took every precaution – including dispatching spies – to secure the supply of uranium. The story of this race for the ore is told in a newly published book, Spies in the Congo.

DRC President Considers Staying Beyond Official Mandate

Senior official, Henri Mova Sakani, stated that a constitutional referendum is up for consideration allowing President Joseph Kabila to run for a third term in the Democratic Republic of Congo. The referendum is part of a larger trend in Africa, as some leaders change the constitutions of their homelands to remain in power, but he would face stronger opposition from political opponents. Kabila has ruled since 2001, but is set to exit this year as the presidential election begins in November.

Questions Surround Congo President’s Re-election: Violence Continues

Republic of Congo (ROC) President Denis Sassou Nguesso won re-election in 2016, but activists and political opponents have contested his legitimacy through the court system, and the government actively targets opposition members through violence and arrest, according to The Washington Post.

DRC Suffers from Violence and Waning Copper Production

A report from the Chamber of Mines highlights that copper production in the Democratic Republic of Congo dropped to its lowest level in six years in 2015, and, according to Reuters, 2016 could yield lackluster results. The Central African country relies on mining for 20 percent of GDP, with such minerals as cobalt and copper comprising over 70 percent of exports alone. The government expects the economy to improve in the coming years as new mining operations come online.

Congo’s Civil War and…the SEC?

A civil war has raged in the Democratic Republic of Congo for more than 15 years, resulting in the deaths of millions and displacing millions more.

Congo Cuts 2015 Forecast amid Commodities Downturn

Mining and copper production plummets as the Democratic Republic of Congo contends with a low-price commodity market, forcing authorities to cut 2015 growth anticipation from 8.4 to 7.7 percent, according to Reuters. Congo also suffered from a lacking demand from China, and Swiss firm Glencore suspended mining operations in the southeast. Congo serves as a commodity-based economy, with cobalt and copper comprising 79 percent of exports in the first part of 2015.

Low Commodity Prices Threaten the Congo

Many African countries have in recent years, shown phenomenal economic growth. However, recent developments on global markets – including the drop in prices of commodities such as oil, copper, and cobalt – have raised questions about the sustainability of Africa’s economic growth.

The instability of global market has lowered investors’ confidence, and led to questions about the health of the global market. There is a feeling of uncertainty and fears of financial global crises, especially due to a slowdown in China’s economy.

Congo Economy Looks Poised to Undergo Growth Surge in 2015

According to data from the International Monetary Fund, the Democratic Republic of Congo’s economy could grow 9.2 percent in 2015. Congo’s growth is mainly attributed to copper and gold mining.

The government is more optimistic than data from the IMF, expecting the economy to grow 10.3 percent in 2015, and data from Moody’s suggests that Congo could undergo the second fastest growth rate in the world throughout 2015 and 2016, growing at around 10 percent. Congo is one of the wealthiest regions in Africa, containing gold, diamonds, zinc and other precious minerals.

Congolese Militia Smuggle $500 Million In Gold A Year: Report

M23 militants in eastern Congo have infiltrated several lucrative gold mines in order to bankroll their rebellion by smuggling out nearly $500 million of the precious metal a year, claimed a Washington-based human rights group on Thursday, accusing four African gold exporters for enabling the militia group, which has had a history of human rights violations.

Category: Congo