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<p>In spite of the recent partial reopening of the Gisenyi-Goma border post, the cost of COVID-19 testing has slowed down a quick return to trade at what is termed as the busiest border crossing in Africa in terms of human traffic. CNBC Africa spoke to Economic Analyst, Ted Kaberuka for more.</p>


Trade at Gisenyi-Goma border slows down due to COVID-19 testing

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<p>The Democratic Republic of Congo’s President Felix Tshisekedi has hosted the long-awaited meeting for the regional heads of state to address peace and security concerns as well as economic cooperation. Ivan R. Mugisha, Journalist with The East African joins CNBC Africa for more.</p>


DRC hosts regional meeting on peace & security


<p>(Reuters) &#8211; Democratic Republic of Congo’s central bank said on Monday it expected the economy to contract -1.7% in 2020, improving on an earlier forecast of a -2.4% contraction due to higher mining receipts.</p>



<p>The mining sector has performed better than anticipated because of the success of confinement measures introduced to combat the coronavirus, paired with a rise in the global price of copper, one of Congo’s key exports, the central bank said in a statement.</p>


congo franc

Congo central bank raises 2020 GDP forecast to -1.7%


<p>DAKAR (Reuters) &#8211; The central bank of Democratic Republic of Congo has raised the main interest rate to 18.5% from 7.5%, central bank official Plante Kibadhi said on Saturday.</p>



<p>The regulator had lowered the rate from 9% in March in order to cushion the economy from the impact of the coronavirus crisis, following similar actions by African central banks as the virus spread across the continent.</p>



<p>The latest rate hike was carried out to re-anchor inflation expectations, the International Monetary Fund said.</p>



<p>Year-on-year inflation in Congo stood at over 14% as of end-July, around 10 percentage points higher than at the same point last year, according to central bank figures.</p>



<p>The central bank has previously said it expects the economy to contract 2.4% this year compared with growth of over 4% in 2019 partly due to coronavirus-linked disruptions to mining, which accounts for a third of national output.</p>



<p>The pandemic has also dampened global demand for metals and other raw materials.</p>


1280px-Flag_of_the_Democratic_Republic_of_the_Congo.svg

Congo’s central bank makes huge rate hike to 18.5%

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<p>The Democratic Republic of Congo lifted the nationwide state of emergency that was declared in March to curb the spread of COVID-19, after seeing a slowdown in the number of new infections and deaths.  The pandemic is expected to trigger an economic recession, projected at negative 2.2 per cent in 2020, stemming from weaker exports caused by the global economic downturn. Economic Analyst, Al Kitenge joins CNBC Africa for more.</p>


COVID-19: How the pandemic has impacted the DRC’s growth outlook

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<p>In an effort to bolster the country&#8217;s revenue, the Democratic Republic of Congo is suspending the value-added tax exemption on imports by mining companies. Congo, Africa’s top copper producer, had exempted mining companies from paying VAT on imports since 2016 to help them during a commodity price downturn. Yves Kabongo, Vice Chairman at Makutano Foundation joins CNBC Africa for more.</p>


DRC to suspend value added tax exemption for mining imports


<p>KINSHASA (Reuters) &#8211; The Democratic Republic of Congo’s Justice Minister Celestin Tunda tendered his resignation on Saturday in the wake of a dispute with the president over proposed laws that would give politicians more control over criminal prosecutions.</p>



<p>In a televised statement, Tunda did not give a reason for his resignation.</p>


South African court rules in favour of insurer Liberty in row with Discovery

South African court rules in favour of insurer Liberty in row with Discovery. shutterstock_140867215

Congo justice minister resigns after judicial reform dispute


<p>JOHANNESBURG (Reuters) &#8211; Democratic Republic of Congo mines minister Willy Kitobo Samsoni plans to meet with mining companies to agree a moratorium on confining workers to mine sites due to the coronavirus.</p>



<p>Civil society groups last month demanded an end to mandatory mine-site confinement policies put in place by copper and cobalt mining companies to avoid coronavirus outbreaks.</p>



<p>Samsoni said in a statement released on Sunday that he would engage with mining companies and deliver a moratorium to them in order to end confinement while taking into account their individual needs.</p>



<p>All mining firms must find “appropriate solutions in order to protect both the economy, and the workers who have been separated from their families for a long time,” Samsoni said.</p>



<p>Samsoni, speaking in the heart of Congo’s copper belt, also touched on the difficulties the pandemic has caused for the mining sector, a critical part of the economy which generated 32% of GDP and 95% of export revenue in 2018.</p>



<p>“Coronavirus has dealt a fatal blow to mining activities, with the impossibility of repatriating capital, importations of products for the industry coming to a halt, the dizzying drop in metals prices on global markets in March,” he said.</p>


open-pit-mining-3559203_960_720

Congo mines minister to meet with firms on confinement moratorium


<p>GOMA (Reuters) &#8211; For decades, eastern Congo’s underground riches such as gold and coltan have sustained cycles of deadly violence in the area.</p>



<p>But before the country fell apart in the 1990s, North Kivu province exported overground riches too, like coffee and cocoa.</p>



<p>“People have that ignorance of looking at chocolate like it’s something from abroad, that can’t be made in Africa,” Kalinda said, stirring the pot. “We decided to break that rule.”</p>



<p>Boosted by increased consumer interest in the provenance of ingredients, cocoa and coffee are experiencing a renaissance in Congo, said Kevin Wilkins, a cocoa specialist from ELAN DRC, a UK Aid-funded private sector development programme.</p>



<p>Thriving in the rich volcanic soils, the beans have attracted interest from brands like coffee-chain Starbucks and specialty chocolatier Theo Chocolate.</p>



<p>Exports surged to 11,000 tonnes in 2016, up from 600 tonnes in 2000, government data shows.</p>



<p>But while the big brands provide jobs and valuable export earnings for the country, Congolese chocoholics have for many years been deprived the pleasure of gorging on their own supply.</p>



<p>In 2014 Kalinda’s grandfather, Kalinda Salumu, had a dream of turning plantations abandoned after Congo’s independence into productive cooperatives that could export beans abroad.</p>



<p>In 2018 his first harvest of 200 kg (441 lb) was not enough to reach the legal minimum to export so he sent his son to Kampala, Uganda’s capital, to train as a chocolatier.</p>



<p>“We have cocoa, even the best cocoa of all the cocoa in the world,” Salumu boasts happily.</p>



<p>Last year the family established the Lowa factory, named after the river near where the beans are grown, 150 km (93 miles) west of provincial capital Goma.</p>



<p>Lacking sophisticated modern equipment, their output is meagre, only 2 kg (4.40 lb) per day, but the bars have found a devoted following in Goma.</p>



<p>At a local supermarket Baritegera Nikuse Gloria grabbed a $5 bar. She likes it because it’s local, and organic.</p>



<p>“Since I tasted this chocolate, I haven’t been able to put it down.”</p>


chocolate

The Congo chocolate factory hits the sweet spot making money in its African melting pot

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<p>The Ministry of Health of the Democratic Republic of Congo officially declared the eleventh Ebola outbreak in the country on the first of June this year. This means that the DRC is now fighting to curtail the spread of three major health outbreaks – the Ebola Virus Disease, Measles and the COVID-19 pandemic simultaneously. Niniola Williams, Managing Director of Drasa Health Trust joins CNBC Africa more.</p>


DRC faces triple threat of coronavirus

DRC faces triple threat of coronavirus, Ebola & measles


<h3 class="wp-block-heading">KEY POINTS</h3>



<ul><li>Economic activity collapsed in Sub-Saharan Africa in the first half of the year.</li><li>Nigeria&#8217;s economy expected to shrink by 3.2% this year.</li><li>South Africa’s output is forecast to contract 7.1% this year, the deepest contraction in a century.</li><li><a>Angola, DRC &amp; Ghana are having to cope with weaker external demand &amp; lower prices for oil &nbsp;&amp; metals</a>.</li><li>Agricultural commodity exporters, Côte d’Ivoire, Ethiopia &amp; Kenya, have suffered from a collapse in demand.</li><li><a>Economic activity in Sub-Saharan Africa on course to contract by 2.8% in 2020, the deepest on record</a>. Growth could resume to 3.1% in 2021</li><li>COVID-19 pandemic likely to push millions in the region back into extreme poverty.</li></ul>



<p></p>



<h2 class="wp-block-heading"><strong><em>Recent developments:</em></strong><em> </em></h2>



<p>Sub-Saharan Africa has been ravaged by the COVID-19 pandemic, and economic activity collapsed in the first half of this year. The pandemic has taken a heavy human and economic toll, causing the most serious disruption to region-wide economic activity on record. Sub-Saharan Africa has suffered as a result of the impact of the pandemic on its key trading partners, the disruption to global travel and supply chains, and the collapse in global commodity prices, particularly for oil and industrial metals. These shocks have heightened risk aversion among investors and prompted unprecedented capital outflows.</p>



<p>In Nigeria and South Africa, activity has fallen precipitously in the first half of the year. <a>Several industrial commodity exporters, such as Angola, the Democratic Republic of Congo, and Ghana, have had to cope with weaker external demand and lower prices for oil and metals</a>, in addition to domestic disruptions. Agricultural commodity exporters, including Côte d’Ivoire, Ethiopia and Kenya, have suffered from a collapse in demand as well as disruptions to supply chains. The fall in global travel as a result of the pandemic has hit hard on countries with substantial exposure to travel and tourism, such as Cabo Verde, Ethiopia, Mauritius, Seychelles.</p>



<p>Inflation has crept up in the region, reflecting currency depreciations and supply chain upheaval. While many countries have announced fiscal support measures, in many instances these involve reprioritizing existing budgets given fiscal constraints. International institutions have called on bilateral creditors to suspend some debt payments.</p>



<h2 class="wp-block-heading"><strong><em>Outlook:</em></strong> </h2>



<p class="has-text-color has-very-dark-gray-color"><a>Economic activity in the region is on course to contract by 2.8% in 2020, the deepest on record. Per capita GDP is anticipated to fall even more sharply, likely pushing millions in the region back into extreme poverty. </a>Growth could resume to 3.1% in 2021 assuming the pandemic fades in the second half of the year, that domestic outbreaks of the virus follow a similar path, and that growth in major trading partners rebounds. Sub-Saharan Africa faces daunting hurdles to contain COVID-19 given weak health care capacity, lack of access to basic sanitation, and the prevalence of informal economic activity across much of the region.</p>



<p class="has-text-color has-very-dark-gray-color"><a>The economy of Nigeria is expected to shrink by 3.2% this year, given the collapse in oil prices, which represent 80% of the country’s exports, about a third of banking sector credit, and half of government revenues. South Africa’s output is forecast to contract 7.1% this year, the deepest contraction in a century, as stringent but necessary containment measures curtail economic activity.</a></p>



<p class="has-text-color has-very-dark-gray-color"><a>Economic activity among commodity importing economies is anticipated to shrink this year despite lower oil prices, as international travel restrictions weigh on tourist visits. Industrial commodity exporters’ GDP is similarly anticipated to contract in 2020 as domestic disruptions are compounded by low prices for oil and metals. Agricultural commodity exporters are also expected to experience a collapse in economic activity this year despite being somewhat insulated from commodity price declines, as foreign direct investment and tighter financial conditions delay investment.</a></p>



<h2 class="wp-block-heading"><strong><em>Risks: </em></strong></h2>



<p>Risks are tilted firmly to the downside. A longer lasting and more severe pandemic would trigger an even deeper recession in the region and have devastating effects on the health and well-being of the region’s population. The effects of the pandemic are expected to markedly increase the region’s vulnerability to debt distress, and these strains will be compounded by the increased borrowing necessary to fund larger deficits. Severely constrained government resources could lead to a curtailment of critical public services during the pandemic and further weigh on activity.</p>



<p>There are also growing concerns that the pandemic may cause a food security crisis in the region as border closures and trade restrictions disrupt trading in food and agricultural products. The region’s large numbers of displaced people could complicate efforts to prevent the spread of COVID-19. In addition, there is the risk of social unrest as governments prioritize efforts to thwart the virus and peacekeeping efforts lose momentum. Rising unemployment, falling incomes, and potential shortages of essential items could lead to instability and weigh on activity well after the pandemic has faded.</p>



<p><a href="https://openknowledge.worldbank.org/bitstream/handle/10986/33748/9781464815539.pdf">Download <em>Global Economic Prospects</em></a></p>



<h2 class="wp-block-heading"><strong>World Bank Group COVID-19 Response</strong></h2>



<p>“The&nbsp;<a href="https://www.worldbank.org/">World Bank Group</a>, one of the largest sources of funding and knowledge for developing countries, is taking&nbsp;<a href="https://www.worldbank.org/en/who-we-are/news/coronavirus-covid19">broad, fast action</a>&nbsp;to help developing countries strengthen their pandemic response. We are supporting public health interventions, working to ensure the flow of critical supplies and equipment, and helping the private sector continue to operate and sustain jobs. We will be deploying up to $160 billion in financial support over 15 months to help more than 100 countries protect the poor and vulnerable, support businesses, and bolster economic recovery.&nbsp; This includes $50 billion of new IDA resources through grants and highly concessional loans.”</p>



<figure class="wp-block-table"><table><tbody><tr><td></td></tr><tr><td></td><td><img loading="lazy" decoding="async" width="424" height="812" src=""></td></tr></tbody></table></figure>



<p><a href="http://www.worldbank.org/en/publication/global-economic-prospects">Download this data</a></p>


International travel for South Africans is now allowed, this is how it will work

This is how badly COVID-19 has ravaged Sub-Saharan Africa

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<p>The Democratic Republic of Congo Mining Week was slated to be held in June; now because of the global pandemic, the date has been postponed to a hopeful October 7th, 2020.</p>


Covid-19 takes a dig at DRC mining plans

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<p>CNBC Africa is joined by the CEO of Eurasian Resources Group and the Co-Chair of the Global Battery Alliance, Benedikt Sobotka to speak on the COVID-19 impact on the business as well as how the demand for battery metals has fared during global lock-downs due to the COVID-19 pandemic.</p>


Eurasian Resources CEO speaks on COVID-19 impact on business & demand for battery metals amid global lock-downs

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<p>Reports from Kinshasa confirm 235 cases of COVID-19 in the country, with 17 recoveries and 20 deaths. As ground zero of one of the most recent Ebola outbreaks, is the country prepared to take on yet another health crisis? And what is the government doing to protect the population and the economy from the impact thereof? Journalist Fanfan Nsumpi CNBC Africa for more.</p>


DRC battles new Ebola cases amid COVID-19 crisis

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Copper production in the Democratic Republic of Congo (DRC) increased by 17 per cent year-on-year to 1.433 million tons in 2019. It is projected that by 2027, demand for copper will surge by 900 per cent. How is DRC positioning itself to increase supply and satisfy this demand? Still in DRC, Barrick Gold announced that it would not approve Congolese parastatal, Société Minière de Kilo-Moto’s (SOKIMO) intended sale of its 10 per cent interest in the Kibali Gold Mine to AJN Resources. Yves Kabongo, Vice Chairman of Makutano Foundation joins CNBC Africa for more.</p>


Here’s what makes DRC mining sector a strategic economic driver for the country

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One of Africa’s biggest gatherings wrapped up last night at the Sandton Convention Centre in Johannesburg. Meetings Africa is a growing networking event that brought investors to Africa mainly to sell the continent as a tourist destination.</p>


#MeetingsAfrica2020: Meetings Africa 2020  attracts top exhibitors


<p><em>By Mansoor
Hamayun, CEO and Co-Founder of Bboxx </em><strong></strong></p>



<p>After many years working across the African continent, we have seen the enormity of the solar opportunity grow alongside rapid population expansion. The investment potential is currently estimated at $24bn by a report unveiled recently at the UK&#8217;s African Investment Forum.</p>



<p>The Forum saw government
representatives, investors and private companies come together in a hive of
activity resulting in multiple deals, all with the aim of furthering the
development of the African continent. </p>



<p>Recognising that
traditional grid infrastructure is not a viable solution in rural and
peri-urban areas, it was very encouraging to hear the Democratic Republic of Congo’s
ambitious vision to use the latest technology to improve the country’s energy
access and to drive economic growth. </p>



<p>In a signing with
Eustache Muhanzi Mubembe, DRC’s Minister of Hydraulic Resources and Electricity,
we have pledged to bring affordable, reliable and clean electricity to 10
million citizens – the equivalent to 10% of the population – in the DRC by
2024. In turn, we will be helping to improve the country’s electrification rate
from 9% to 30% during President Tshisekedi’s tenure. </p>



<p>So how can we
create the urgency that will drive more global private-public partnerships and help
deliver electricity to the 600 million people living without it across the
continent? </p>



<p>Here, I explore
the key question: <strong><em>What is the opportunity in real terms?</em></strong></p>



<ul><li><strong>Economic
growth: </strong>Access to electricity is an important
trigger for turbocharging socio-economic growth, while helping to drive forward
the United Nation’s Sustainable Development Goals (SDGs). In concrete terms, by
delivering reliable, affordable energy (SDG 7), we will drive the creation of
100,000 jobs in the DRC and promote sustained, inclusive and sustainable economic
growth (SDG 8).</li></ul>



<ul><li><strong>Digital inclusion: </strong>The provision of affordable financing combined with technology is making the ‘unbankable’ bankable and bringing more people into the digital economy. Bboxx Pulse™, our online comprehensive management platform, is using the Internet of Things technology to remotely monitor our solar home systems. This enables us to track over 6 million mobile payments we’ve generated to date and ensures we are best serving our customers. </li></ul>



<ul><li><strong>Climate action: </strong>Clean solar energy is integral to moving the dial on SDG 13: combatting climate change. In the DRC, we will offset substantial CO2e emissions. Solar home systems represent a step up the energy ladder for the majority of customers from a torch or flashlight, kerosene lamp, or candle.</li></ul>



<ul><li><strong>Driving
demand: </strong>Closing the energy gap creates demand in
other areas including – gas, water, finance and internet. Our Bboxx Pulse™ collects
over one billion data points per day, giving us a full picture of our customer
needs and how to best meet them. </li></ul>



<p>What drives our mission is the human impact access to electricity will bring. However, we recognise that we cannot move the dial alone. What’s needed is more partnerships with heads of state who are prepared to meet the practical challenges of electrification goals, large utilities who bring scale and global investors who can share new thinking and technologies. </p>



<p>This is how we
will create sustainable change, unlock the potential of underserved communities
and ensure a successful socio-economic impact on the African continent. </p>


DRC

Trade at Gisenyi-Goma border slows down due to COVID-19 testing

DRC hosts regional meeting on peace & security

Congo central bank raises 2020 GDP forecast to -1.7%

Congo’s central bank makes huge rate hike to 18.5%

COVID-19: How the pandemic has impacted the DRC’s growth outlook

DRC to suspend value added tax exemption for mining imports

Congo justice minister resigns after judicial reform dispute

Congo mines minister to meet with firms on confinement moratorium

The Congo chocolate factory hits the sweet spot making money in its African melting pot

DRC faces triple threat of coronavirus, Ebola & measles

This is how badly COVID-19 has ravaged Sub-Saharan Africa

Covid-19 takes a dig at DRC mining plans

Eurasian Resources CEO speaks on COVID-19 impact on business & demand for battery metals amid global lock-downs

DRC battles new Ebola cases amid COVID-19 crisis

Here’s what makes DRC mining sector a strategic economic driver for the country

#MeetingsAfrica2020: Meetings Africa 2020 attracts top exhibitors

Op-Ed: How Africa can seize the billion-dollar solar opportunity & unlock the potential of underserved communities

News Tips

Advertise With Us

DRC

Trade at Gisenyi-Goma border slows down due to COVID-19 testing

DRC hosts regional meeting on peace & security

Congo central bank raises 2020 GDP forecast to -1.7%

Congo’s central bank makes huge rate hike to 18.5%

COVID-19: How the pandemic has impacted the DRC’s growth outlook

DRC to suspend value added tax exemption for mining imports

Congo justice minister resigns after judicial reform dispute

Congo mines minister to meet with firms on confinement moratorium

The Congo chocolate factory hits the sweet spot making money in its African melting pot

DRC faces triple threat of coronavirus, Ebola & measles

This is how badly COVID-19 has ravaged Sub-Saharan Africa

Covid-19 takes a dig at DRC mining plans

Eurasian Resources CEO speaks on COVID-19 impact on business & demand for battery metals amid global lock-downs

DRC battles new Ebola cases amid COVID-19 crisis

Here’s what makes DRC mining sector a strategic economic driver for the country

#MeetingsAfrica2020: Meetings Africa 2020 attracts top exhibitors

Op-Ed: How Africa can seize the billion-dollar solar opportunity & unlock the potential of underserved communities

News Tips

Advertise With Us

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