News (421)
Truckers in the Democratic Republic of Congo (DRC) recently ended a three-week strike following intense negotiations between unions, the central and Kinshasa provincial governments, and the Federation of Enterprises of Congo (FEC). The decision was officially announced on June 13 by the Ministry of National Economy via its X (formerly Twitter) account.
According to the source, truckers have agreed to comply with revised traffic rules issued on June 12 by Economy Minister Daniel Mukoko, on behalf of the Minister of Transport.
Under the new measures, all trucks, regardless of size or load, may circulate and deliver goods freely within Kinshasa, as long as they respect the national traffic code; truck entry into the city is only permitted between 10 p.m. and 5 a.m.; and parking on public roads remains strictly prohibited.
The breakthrough paves the way for the resumption of freight deliveries to the capital. According to the Ministry, 1,814 trucks that had been stranded in Lukala, Kongo Central province, are now cleared to proceed to Kinshasa.
Background: Dispute Over Daytime Truck Ban
The strike was sparked by a Kinshasa provincial government ban on daytime movement of trucks over 20 tons, aimed at reducing traffic congestion. Despite a partial relaxation of the measure on June 2, truckers maintained the strike, citing operational challenges and economic losses.
FEC Urged De-escalation
On June 11, the FEC urged transport unions to end the strike, warning of the severe economic toll on the country. The employers’ federation emphasized that a resolution had already been reached in a multi-party meeting chaired by the Deputy Prime Minister for the Economy. FEC also opposed extending the protest to other provinces.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
The Democratic Republic of Congo (DRC) and Cameroon are advancing efforts to operationalize the Kribi–Zongo trade corridor—a proposed logistics route connecting the deepwater port of Kribi, through the Central African Republic (CAR), to northern DRC. The plan aims to ease freight transport to and from one of the DRC’s most isolated regions.
On June 11, 2025, Congolese Ambassador to Cameroon Pierre Kashadile Bukasa Muteba met with Auguste Mbappé Penda, Director General of Cameroon’s National Shippers’ Council (CNCC), in Yaoundé to discuss the project’s next steps.
“We are committed to mobilizing all relevant authorities in both countries to ensure this major project comes to fruition,” said Ambassador Muteba, according to sources familiar with the discussions.
This diplomatic meeting builds on the technical groundwork initiated in May. On May 12, a delegation from the DRC’s Multimodal Freight Management Office (Ogefrem), led by Consulting Director Francis Bedy Makhubu, visited the CNCC in Douala to gather logistical data necessary to activate the corridor. The mission continued with a field visit to Kribi on May 13–14.
The Kribi–Zongo corridor is designed to address the long-standing transport bottlenecks facing businesses in northern DRC, where access to the country’s main port in Matadi—located in the southwest—is both geographically and economically challenging.
For Cameroon, the corridor also presents economic benefits through increased transit revenues from Congolese trade flows.
This article was initially published in French by PM (Business in Cameroon)
Edited in English by Ola Schad Akinocho
A new Pepsi bottling plant is being built in in the Kiswishi Special Economic Zone (SEZ) near Lubumbashi. Varun Beverages RDC SAS, the Congolese subsidiary of India’s Varun Beverages Limited, officially launched the project on June 12, 2025. The Indian group is one of PepsiCo’s largest bottling partners outside the United States.
Announced in September 2024, the project spans 15 hectares and represents a $50 million investment. Strategically located along National Road No. 1 (RN1), the plant is expected to serve Lubumbashi and the broader Haut-Katanga province. A completion date has not yet been disclosed.
According to Varun Beverages, the factory is set to generate thousands of jobs and strengthen PepsiCo’s footprint in the Democratic Republic of Congo (DRC)—a market the group describes as highly promising.
Strong Results Fuel Expansion
The new Kiswishi plant will complement the company’s existing production site in Maluku, near Kinshasa. Operational since August 2024, that factory produces up to 1.2 million bottles daily. With six products in its portfolio, the Maluku plant posted impressive results in 2024, generating 104.9 billion Congolese francs (approximately $36.8 million USD) in revenue, and a net profit of 2.17 billion francs (about $761,800 USD), based on the group’s annual report.
Pepsi and Mirinda led the company’s performance, accounting for the bulk of sales. Over 5.7 million bottles of Pepsi were sold, worth 49.6 billion francs, while Mirinda reached 5.3 million bottles and 46.2 billion francs in sales.
The new plant benefits from both the fiscal incentives of the SEZ and government policies aimed at protecting domestic manufacturers. On June 26, 2024, the Ministry of External Trade imposed a 12-month temporary ban on soft drink imports to shield the local industry from foreign competition.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
Armed fighters from the M23 rebel group looted the Lemera tea factory in South Kivu’s Kalehe territory on June 6, in the latest blow to the region’s fragile agricultural economy. Backed by the Rwandan army, the group reportedly stole all production equipment, including agricultural and industrial machinery, according to Radio Okapi. The factory has since suspended all operations.
The Lemera plant, a remnant of the colonial era, had served as a key economic driver in the Kalehe and Kabare-Kabamba areas. It processed raw tea leaves for both domestic consumption and export, supporting nearly 100 families and offering stable income to smallholder growers. The factory also maintained specialized equipment for plantation upkeep—now lost to looting.
The shutdown adds to a broader crisis plaguing the tea industry in both North and South Kivu, where persistent insecurity has halted production at several facilities. In North Kivu, the once-thriving Ngeri Tea Gardens (JTN), spanning 450 hectares, are now abandoned. The site, which used to produce around 240 tonnes of tea annually, has also ceased operations due to repeated conflict-related disruptions.
This collapse comes at a critical moment for the Democratic Republic of Congo, which risks missing out on a projected boom in demand for eco-friendly tea. A 2024 report by the International Institute for Sustainable Development (IISD) forecasts that U.S. and European demand for sustainably grown tea will rise by 8.4% and 6.6%, respectively, by 2026.
The DRC produced roughly 2,000 tonnes of tea in 2020, placing it 11th among African producers, according to the latest FAO data. However, without urgent measures to restore stability in its key agricultural zones, the country’s tea sector may be unable to seize this growing export opportunity.
This article was initially produced in French by Ronsard Luabeya, (intern)
Edited in English by Ola Schad Akinocho
Ivanhoe Mines has lowered its 2025 copper production forecast for the Kamoa-Kakula project to between 370,000 and 420,000 tonnes, following a seismic incident in May that temporarily halted underground operations at the Kakula mine. The updated estimate was released in a company note dated June 11.
The new projection marks a nearly 30% reduction from the company’s initial guidance of 520,000 to 580,000 tonnes. Even the upper limit of the revised forecast falls short of 2024’s output of 437,061 tonnes—representing a 4% year-on-year decline.
While operations have resumed in the western wing of the Kakula mine, concentrators 1 and 2 are still running at just 50% of their combined processing capacity. Only the Kamoa mine and concentrator 3 remain fully operational.
The revised outlook undercuts Ivanhoe’s previous trajectory for the project, which had seen a 12% production increase in 2024. The company has also withdrawn its 2026 target of reaching 600,000 tonnes, citing the need for a broader operational reassessment.
Ivanhoe said restart efforts are underway in the eastern section of Kakula, but warned that the situation remains unstable. The company emphasized that it is still too early to "predict precisely the potential disruption caused by unexpected new seismic activity, the integrity of underground infrastructure, the ability to accelerate operations, the completion of dewatering work or the time required to access new mining areas".
The Kamoa-Kakula project is jointly owned by Ivanhoe Mines and Zijin Mining (each holding 39.6%), with the Congolese state retaining a 20% stake. The project remains one of the largest copper developments on the continent, but the recent incident has cast uncertainty over its near-term performance.
This article was initially published in French by Pierre Mukoko (Ecofin Agency)
Edited in English by Ola Schad Akinocho
The Democratic Republic of Congo produced 1.74 million carats between January and March 2025—a 26% decline from the 2.35 million carats produced during the same period last year. The drop continues a multi-year downward trend driven by structural issues and global market pressures. It was determined by the Ministry of Mines' Technical Cell for Mining Coordination and Planning (CTCPM).
The source indicates that artisanal mining is still the country’s dominant source of diamond production, accounting for over 80% of total output in Q1 2025, or roughly 1.39 million carats. The Kasaï Oriental province alone contributed an overwhelming 93.7% of artisanal output, followed by Kasaï Central. Other regions, including Sankuru, Kwango, Ituri, and Nord-Ubangi, made only marginal contributions.
On the industrial side, production reached 344,049 carats—about 19.7% of the total. The sector is heavily reliant on SACIM (Société Anhui-Congo d’investissement minier), which produced 97% of the country’s industrial diamonds this quarter. The once-dominant state-owned MIBA contributed just 3%, hampered by outdated equipment and chronic operational difficulties. Monthly figures revealed a steep decline: only 52,305 carats were produced in March, compared to 155,241 in January.
Semi-industrial output remains negligible, with just 485 carats recorded, representing 0.03% of total national production.
Over the past five years, the DRC’s diamond industry has seen continued volatility. Since peaking at 3.15 million carats in Q1 2022, output has steadily declined—now nearly halved. Analysts attribute the drop to aging industrial infrastructure, limited investment, and growing reliance on artisanal extraction.
Exports are also falling. The DRC exported 1.91 million carats in Q1 2025, down 3% from the previous year. The United Arab Emirates remains the primary destination, receiving nearly 1.68 million carats (87.7%) worth around $8 million. Belgium and India followed with 11.7% and 0.6% of export volumes, respectively.
Globally, the diamond market faces a crisis of confidence. Natural diamonds are under pressure from the rapid rise of synthetic alternatives—seen as more affordable and environmentally friendly. Prices have dropped significantly, from $12.5 per carat in 2022 to $9.6 in 2024, a 23.2% decline that continues to weigh on producers across the value chain.
This article was initially published in French by Ronsard Luabeya (intern)
Edited in English by Ola Schad Akinocho
Launched in December 2024, the 53.6 km Kolwezi–Sakabinda road project in the Democratic Republic of Congo (DRC) is expected to be completed by 2027 at an estimated cost of $159 million. This was disclosed in the report of the visit to the site by the Congolese Minister of Infrastructure on June 10.
Executed through a public-private partnership (PPP) with Toha Investment and Bulongo Logistique, the project aims to enhance Congolese mineral exports and regional trade. It has an estimated cost of $159 million, or nearly $3 million per kilometer. The exact scope of the work, the duration of the contract, and the procedures for selecting the winning companies have not been made public.
The road upgrade is part of a larger bilateral initiative between the DRC and Zambia aimed at establishing a 140 km regional corridor linking Kolwezi to Lumwana, Zambia. The goal is to ease the transport of minerals from the Lualaba province to international markets via the border post at Sakabinda.
Zambia, on its end, began work on its 85 km stretch of the route in December 2024. That portion is being handled by the Sandstone consortium, also under a PPP framework. Both countries are coordinating efforts under a 2024 memorandum of understanding signed in Kolwezi, which also outlines the construction of a one-stop border post between Sakabinda (DRC) and Kambimba (Zambia).
Strategically, the new route will plug Kolwezi into major continental trade corridors—specifically the trans-African highways TH3 (Cape Town–Tripoli) and TH4 (Cairo–Durban). According to the Congolese Ministry of Infrastructure, this will streamline the export of copper, cobalt, and other critical minerals via regional ports such as Walvis Bay (Namibia), Durban (South Africa), and Dar es-Salaam (Tanzania).
The Kolwezi–Sakabinda corridor is also expected to relieve pressure on existing, congested border crossings like Sakania, Kasumbalesa, and Mokambo. For mining operators in Lualaba, the new route offers a promising alternative—reducing export costs, cutting delays, and opening new logistical pathways across Southern Africa.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
At the 46th meeting of the Council of Ministers, President Félix-Antoine Tshisekedi instructed government members to draft a law establishing a sovereign wealth fund for the Republic of the Democratic Republic of Congo (DRC). According to the meeting minutes, the fund will finance major national projects and support entrepreneurship, with the overarching goal of reducing the country’s reliance on foreign aid and mining revenues.
"It will be a structuring lever to consolidate our economic independence, drive long-term development and build, today, the legacy of future generations," the President declared.
A sovereign wealth fund is a public financial instrument typically funded by revenues from natural resources or budget surpluses. It can be used to invest in strategic projects or to accumulate savings for future generations. In the DRC’s case, the future fund would be mainly financed by the Mining Fund for Future Generations (FOMIN), along with other public resource structures, as presented to the Council of Ministers.
Other African countries already have a similar fund. Gabon, for example, created its sovereign fund in 2012 to co-finance major infrastructure projects, particularly in the energy sector. The Gabonese fund also supports startup development and the marketing of carbon credits.
However, despite these objectives, such funds often face governance and efficiency challenges. In Gabon's case, the sovereign wealth fund has yet to fully resolve the country’s financing issues, illustrating the complexities involved in managing these instruments effectively.
Timothée Manoke (intern)
In the Democratic Republic of Congo (DRC), local media reported that on June 10, 2025, the Tshopo Public Prosecutor's Office in Kisangani closed several cement depots for failing to comply with the official price ceiling of $16 per bag, set by provincial Minister of Economy Sénold Tandia Akomboyo.
Since May, the price of cement in Kisangani had surged to $22 per bag, up from the usual $14, with traders citing the war in the east and high transport costs from Kinshasa as reasons for the increase.
Minister Tandia, however, attributed the spike to unjustified speculation. “According to the data in our possession, there is no justification for the increase in cement prices. Some operators are taking advantage of the war and the modernization drive to reap illicit profits. This is unacceptable,” he stated after meeting with major distributors including Cimenterie de Lukala (Cilu), PPC Barnet RDC, and Afri Food.
After this meeting, the price was provisionally capped at $16, but inspections later revealed widespread non-compliance, with some merchants expressing concern over supply logistics while others matched the legal price
PPC Barnet director Patrick Kahasha announced on June 7 the imminent arrival of over 120,000 bags of cement from Kinshasa via the Congo River, acknowledging that recent scarcity had fueled speculation.
This article was previously published in French by Timothée Manoke (intern)
Edited in English byOla Schad Akinocho
At the May 30, 2025 Council of Ministers meeting, the government of the Democratic Republic of Congo (DRC) reviewed a note from Portfolio Minister, Jean Lucien Bussa, regarding the resumption of activities at Triomf RDC SA, a mixed-economy company that manufactures chemical fertilizers.
According to meeting minutes, Bussa emphasized the need to secure adequate financing for investment, working capital, and cash flow to ensure a reliable supply chain and sustainable business relaunch. The Ministry of Agriculture and Food Security is currently studying these financing options.
Triomf RDC was established in October 2013 through a public-private partnership between the Congolese state (30% stake) and South African company Africom Commodities Ltd (70%). The goal was to produce fertilizers locally to support the Congolese agricultural sector. The plant, located in Boma, Kongo Central province, was inaugurated in April 2017. When fully operational, it had an annual production capacity of 25,000 tonnes and employed around 2,000 people, with initial investments totaling US$50 million.
Despite a promising start, Triomf RDC faced challenges that led the firm to cease operations. A 2021 assessment by the Fonds de promotion de l'industrie (FPI) revealed a lack of funds to purchase essential inputs, forcing the company to produce fertilizers abroad for the Congolese market. The FPI recommended recapitalizing the investment to revitalize the project.
The Congolese government has since taken steps to relaunch Triomf’s activities. At the July 14, 2023 Council of Ministers meeting, President Félix Tshisekedi directed the Portfolio Minister to collaborate with other government members to develop a revival plan. In September 2024, Minister Bussa discussed the possibility of increasing the company's capital and amending its articles of association with a company delegation.
This article was initially published in French by Boaz Kabeya (intern)
Edited in English by Ola Schad Akinocho
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Work to rehabilitate and extend the runway at Mbuji-Mayi National Airport has made significant progress, according to a press release from the African Development Bank (AfDB). “Approximately 85% of the planned 320-meter extension is complete,” the pan-African Bank said, emphasizing that the project aims to lengthen the runway from 2,000 to 2,320 meters.
This update was confirmed during a joint mission in May 2025 by the Democratic Republic of Congo government and the AfDB to assess the impact of AfDB-funded projects.
In January, Romain Tshinyama, commander of the Régie des voies aériennes (RVA), reported that the runway extension was finished and noted that President Félix Tshisekedi is considering a further extension to 3,000 meters. “The studies have already been carried out... the dossier is just waiting for funding from the Congolese government,” he had said then.
The mission report states that the new tarmac is 95% complete, while runway end safety areas (RESA) are 70-75% finalized. Other key infrastructure—including the control tower, electrical systems, fire station, and lighting—is nearing completion.
Originally scheduled for February 2025, the project faced delays due to the late demolition of approximately 800 homes built on airport land, known as Bipemba, and financial difficulties encountered by the Chinese contractor China Jiangxi International Corporation (CJIC). The provincial government of Kasaï-Oriental carried out the demolitions in October 2024 after residents resisted eviction orders issued earlier that year.
La modernisation de l’aéroport de Mbuji-Mayi s’inscrit dans la deuxième phase du Projet prioritaire de sécurité aérienne (PPSA2).
The Mbuji-Mayi airport upgrade is part of the second phase of the Priority Air Safety Project (PPSA2). Under the same program, Bangoka Airport in Kisangani has undergone full rehabilitation of aircraft movement areas, taxiways, and tarmac, with two turnarounds installed. Additionally, radio navigation systems have been installed at airports in Luano (Lubumbashi), Kindu, Kinshasa, Mbandaka, and Goma to enhance domestic flight safety.
According to the AfDB, these improvements have reduced air accidents in the DRC from an average of ten per year to just one.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
In Kenya, Equity Group Holdings (EGH) has laid off 1,200 employees after a sweeping internal investigation into suspected fraud, including misuse of personal accounts and M-Pesa wallets. EGH CEO James Mwangi, who announced the news, noted that the probe was launched in April 2025.
The executive emphasized that the operation, uncovered losses of 2 billion Kenyan shillings (about $15.4 million) over two years, linked to unauthorized transfers—some to offshore accounts in Abu Dhabi—and collusion between staff and fraudsters across multiple departments.
The investigation will now extend to EGH’s other subsidiaries, including EquityBCDC in the Democratic Republic of Congo (DRC), where the group controls 27% of the banking market—the largest share among its regional operations00.
The crackdown comes as EquityBCDC’s customer base in the DRC has more than doubled since 2020, reaching 1.86 million by October 2024. However, this episode could complicate EGH’s efforts to sell its 35% stake in EquityBCDC, a requirement from the Central Bank of Congo (BCC) that must be fulfilled by July 4, 2026.
The group’s decisive response to internal fraud highlights both the scale of the challenge and its commitment to restoring trust and strengthening controls across all its markets.
This article was initially published in French by Boaz Kabeya (intern)
Edited in English by Ola Schad Akinocho
Advans Congo microfinance wants to double its loan disbursements in 2025, targeting over $100 million in new loans, up from just over $50 millinaging Director Jean-Luc Nzoubou in an interview with Bankable in Kinshasa.
By the end of May 2025, Advans had already granted nearly $30 million in loans, and management is confident of meeting—or even surpassing—the annual target, noting that 70% of loans are typically granted between July and December.
At the end of 2024, the institution opened two new branches in Greater Katanga (Lubumbashi and Kolwezi), bringing its network to 11 locations nationwide, including five in Kinshasa. These new branches already account for 30% of loan disbursements this year, prompting plans for two more branches in the region.
Advans has also implemented a streamlined loan processing system, allowing new customers to receive loans within seven days, and even faster for existing clients.
According to its website, loan amounts range from $100 to $200,000, with monthly interest rates capped at 5%. The focus is on micro and small businesses with at least one year of activity, and repayment terms are tailored to business needs, “ranging from 6 to 18 months for working capital and up to 36 months for investment needs,” according to Jean-Luc Nzoubou.
Advans closed 2024—a year CEO Nzoubou described as one of “strong growth”—with gross loans outstanding of 114.2 billion Congolese francs ($41 million), up 49.4% from 2023. This expansion was achieved with solid risk control, as gross disputed loans rose only moderately from CF8.3 to CF8.8 billion.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho
Central bank governors from the East African Community (EAC) met in May 2025 in Mombasa to approve a roadmap for a unified cross-border payment system, set to launch by 2030. According to the source, a press release published on the EAC’s website, this “regional switch” aims to streamline, accelerate, and reduce the cost of financial transactions among the eight EAC member states: Burundi, Kenya, Uganda, Rwanda, DRC, Somalia, Tanzania, and South Sudan.
The new system will allow, for example, a cocoa producer in North Kivu, DRC, to receive payments directly to a mobile money or bank account from a buyer in Kenya, without the current hurdles of currency exchange or long transfer times. These transactions are currently slow and expensive, with mobile money transfers costing up to 16.4% between some countries and bank transfers taking two to three days.
According to the World Bank, in 2024, sending $200 between Tanzania and Kenya via mobile money cost 16.4%, split between a 1.03% sending fee and a 15.37% margin on the exchange rate, often applied by intermediaries.
A roadmap
To address these constraints, member states are planning a harmonized approach to accepting and exchanging local currencies. "This initiative will reduce exchange-related costs, accelerate transaction speed and improve price transparency, thus fostering a smoother and more cost-effective cross-border payments ecosystem," the roadmap states.
The roadmap outlines four stages: harmonizing national payment regulations, establishing national switches to link banks and mobile money operators, interconnecting these switches by 2028, and launching a single regional switch by 2030. In the DRC, Prime Minister Judith Suminwa Tuluka announced on May 2, 2025, the imminent launch of the Mosolo national electronic payment switch, which will integrate all players in the national payment system.
This article was initially published in French by Timothée Manoke (intern)
Edited in English by Ola Schad Akinocho