Congo: Economic growth of 2.6% expected in 2024

An economy reforming under the aegis of the IMF

Since January 2022, the Republic of Congo has been engaged in an economic reform program supervised by the International Monetary Fund (IMF) . This program aims to strengthen the resilience of the Congolese economy through a series of budget consolidation measures and structural reforms.

Following the 6th review of the financial program under the Extended Credit Facility (ECF), the IMF estimated that the country’s economic growth could reach 2.6% in 2024 .

Moderate recovery, but favorable outlook

In a statement released on November 7, the IMF described this growth forecast as “moderate,” due to ongoing difficulties in the oil sector , a key pillar of the Congolese economy. However, the institution emphasizes that non-oil sectors continue to perform well, auguring an acceleration of growth in the medium term .

The current programme has made significant progress, particularly in:

• Budget consolidation ;
• Implementation of structural reforms;
• Improving transparency and governance.

Proactive debt management and social support

To ease the pressure on its public finances, Congo recently launched a voluntary reorganization initiative of 2,314 billion FCFA (about USD 3.8 billion) of Treasury bonds. This measure is part of a broader strategy of proactive debt management, aimed at stabilizing the economy and ensuring adequate execution of social and investment spending.

The Congolese government also remains committed to actions to:

• Improving public finance management;
• Strengthening economic diversification;
• Support social spending and essential investments.

An IMF support program for inclusive growth

Launched in January 2022, this 36-month economic program under the ECF aims to reduce economic vulnerabilities and steer the country toward more inclusive and resilient growth . Through this agreement, Congo could benefit from a loan of approximately USD 455 million , supporting its reform efforts.

Conclusion

With a growth forecast of 2.6% in 2024 , the Republic of Congo is showing signs of economic recovery despite the challenges. The reforms undertaken, combined with increased economic diversification and rigorous management of public finances, could position the country on a sustainable trajectory. Progress in governance and transparency is also a key lever to restore confidence and attract more investment.