Nicolas Kazadi, Finance Minister for the Democratic Republic of Congo (DRC), recently outlined the Congolese government’s ambitious plans to turn the country into an African industrial hub with the launch of a far-reaching reform agenda. Indeed, for all its vast mineral wealth—Congo is one of the richest countries in the world in terms of important resources like cobalt and diamonds—the DRC remains one of the poorest countries on the planet. The nation has, nevertheless, made progress since Tshisekedi was elected three years ago, earning praise from the chief of the IMF. It will now fall to Tshisekedi, Kazadi and the rest of the Congolese government to use the DRC’s ample resources to diversify its economy and bolster its industrial capabilities in a variety of sectors. It’s a familiar scenario across much of Africa, too, with many countries targeting greater long-term growth and more stable revenues through a like-minded approach. The economic diversification targeted by the DRC is something that countries across Africa also aspire to. According to the United Nations Conference on Trade and Development (UNCTAD), 45 of the continent’s 54 nations are still too heavily reliant on exporting commodities for their economic stability. The volatility of commodity prices (especially during times of global pandemics and international conflicts) can create macroeconomic instability, which is why diversifying into new sectors is so crucial to long-term fiscal security.
SOURCE: VENTURES AFRICA
Tinubu Hits the Ground Running
Russian Minister Makes a Quick Stop in Nairobi
Four Men Absolved of Drug Trafficking in Liberia Disappear
Governments in Sub-Saharan Africa Struggle to Regulate the Mass Expansion of Online Gambling
Why Returns from European Countries are Hugely Unpopular in Most African Countries
A $3 billion IMF Bailout Will Not Instantly Solve Ghana’s Economic Problems
Can Kenya Successfully Establish Efficient and Affordable Smartphone Manufacturing?
How to Be a Female Politician in Africa
Egyptian Firm Unveils IoT-enabled Smartwatch
Women at the Forefront of Africa’s Peace Efforts
With ‘Banel & Adama,’ Ramata-Toulaye Sy Takes Her Place Among Cannes’ Top Names
The Lion Sleeps Tonight: One Song’s Journey from 1930s South Africa to Disney Money-Spinner