Weekly Economic Analysis – Week Ending 30 October 2026
Following our previous analysis for the week ending 16 October 2026, the economic environment in the Democratic Republic of the Congo continues to benefit from several supportive factors, although recent developments call for increased vigilance. Economic growth remains positive, the Congolese franc has maintained relative stability on the official foreign exchange market, and copper prices remain at elevated levels. However, rising prices, higher oil costs, declining international reserves and continued pressure on public finances remain areas of concern.
Against a global backdrop marked by commodity price volatility and energy market uncertainty, the DRC must also address structural challenges, including economic diversification, infrastructure development, stronger domestic production and reduced dependence on imports.
At ONYX PROJECT RDC, our assessment this week focuses on productive investment opportunities and the need to transform the country's natural resources into sustainable drivers of economic development.
1. Macroeconomics: Growth Remains Positive, but the Outlook Needs to Be Consolidated
Available projections for 2026 continue to point to relatively strong economic growth in the DRC. The Commission for Statistics and National Accounts Studies (CESCN) estimates real GDP growth at 5.4%, while the International Monetary Fund (IMF) forecasts 5.2%. Both estimates remain below the 5.7% growth recorded in 2025.
The extractive sector is expected to grow by 6.4%, while non-extractive activities are projected to expand by 5.1%, supported in particular by services. This confirms the central role of mining in the Congolese economy, while also highlighting the growing importance of non-extractive sectors.
Mining performance nevertheless remains exposed to energy and logistical constraints, operating conditions and changes in international demand. Economic diversification therefore remains essential to reducing the country's dependence on commodities.
Our Expert Insight: Investors should look beyond the performance of the mining sector alone. Some of the most attractive opportunities lie in activities that support the mining industry, including power generation, infrastructure, transport, logistics, industrial maintenance, business services and local processing. Developing domestic value chains will be essential to consolidating economic growth.
2. Inflation: Rising Prices Continue to Put Pressure on the Economy
During the final week of October 2026, national weekly inflation stood at 0.162%. Cumulative inflation since the beginning of the year reached approximately 7.873%, while the annualised rate was close to 9.8%. Year-on-year inflation stood at around 8.9%.
These figures should be interpreted carefully, as the year-on-year rate remains influenced in particular by a base effect linked to price movements recorded during the previous year. It is therefore important to distinguish recent price increases from changes measured over a twelve-month period.
Food and non-alcoholic beverages continue to make a significant contribution to weekly inflation. Transport costs, supply constraints and dependence on certain imported products also maintain pressure on household purchasing power and business operating costs.
Our Expert Insight: Businesses should continue to closely monitor operating costs, particularly procurement, transport, energy and supply chains. For investors, incorporating inflation scenarios into financial forecasts and cash-flow planning is increasingly important to protect project profitability.
3. Foreign Exchange Market: The Congolese Franc Remains Relatively Stable
As of 30 October 2026, the official exchange rate published by the Central Bank of the Congo (BCC) stood at CDF 2,261.56 per USD 1. The EUR/CDF rate was CDF 2,519.34, while the CNY/CDF rate stood at CDF 339.25.
Compared with 16 October, when the US dollar traded at CDF 2,265.50, the Congolese franc recorded a slight appreciation on the official market. This reflects relative exchange-rate stability during the second half of the month.
A gap nevertheless remains between the official and parallel markets. This difference highlights the fact that stability on the official market does not necessarily reflect all the conditions businesses face when accessing foreign currency.
Relative exchange-rate stability improves cost visibility for companies importing equipment or conducting transactions in foreign currencies. However, it does not eliminate risks associated with the actual availability of foreign currency or payment delays.
Our Expert Insight: Businesses should maintain disciplined foreign-currency management, incorporate appropriate safety margins into their budgets and secure payment terms in their contracts. For investors, exchange-rate stability is a positive factor, but it must be assessed alongside market liquidity and the actual conditions for accessing foreign currency.
4. Mining and Commodities: Copper Remains High, While Cobalt Continues to Be Volatile
The latest available quotations at the end of October indicate a copper price of approximately USD 14,359 per tonne, a cobalt price of USD 33,510 per tonne, and a gold price of around USD 4,000 per ounce.
Copper therefore remains at an elevated level, supporting export revenues and mining-related activities. Cobalt, by contrast, continues to experience greater volatility, highlighting the sector's sensitivity to changes in global supply, industrial demand and export regulatory mechanisms.
In the energy market, Brent crude reached approximately USD 110.80 per barrel, increasing uncertainty surrounding production and transport costs.
Strong copper prices provide support to the Congolese economy. However, the broader economic benefits also depend on production volumes, energy capacity, transport infrastructure, local processing and the share of value added retained within the country.
Our Expert Insight: The most strategic investment opportunities are not limited to mineral extraction. They also include mineral processing, energy infrastructure, industrial services, maintenance, logistics and the development of local suppliers. Creating greater domestic value added should progressively become a central pillar of the DRC's economic strategy.
5. Agriculture and Energy: External Dependence Remains a Source of Vulnerability
International cereal markets continue to show mixed trends. Wheat, maize and rice prices remain subject to changes in global supply, weather conditions, transport costs and international demand.
For the DRC, which still relies heavily on imports for part of its food supply, these fluctuations represent a risk to import costs and, indirectly, domestic market prices. However, international benchmarks should be distinguished from actual prices observed in Congolese markets.
The energy situation also remains a concern. Elevated oil prices, with Brent at around USD 110.80 per barrel, may increase transport, production, logistics and distribution costs. These pressures could eventually feed through into the prices of goods and services.
In this context, developing domestic agricultural and energy capacity is an economic priority. Reliable energy supplies, better infrastructure and more efficient supply chains remain essential conditions for improving business competitiveness.
Our Expert Insight: These developments strengthen the case for investment in local agricultural production, storage, irrigation, food processing and transport infrastructure. In the energy sector, expanding generation capacity and developing reliable supply solutions are also essential to improving business competitiveness and reducing external dependence.
6. International Reserves: Declining Levels Require Close Monitoring
The latest available data from the Central Bank of the Congo show a decline in international reserves, which stood at approximately USD 7.38 billion. Their coverage of imports of goods and services is estimated at 2.82 months.
This development points to a reduction in the external buffer available to the Congolese economy, at a time when export revenues remain heavily dependent on commodities. Maintaining adequate reserve levels is important to supporting confidence in the national currency and preserving the country's ability to meet its external obligations.
Import coverage below three months deserves particular attention, given the DRC's exposure to international commodity price fluctuations and changes in export revenues.
Our Expert Insight: Strengthening international reserves will require greater export diversification, increased domestic production and the development of sectors capable of generating sustainable foreign-currency revenues. In the medium term, reducing dependence on mining revenues alone remains an important objective for macroeconomic stability.
7. Business Climate and Public Finances: Mixed Signals
The BCC's business confidence survey recorded an overall business sentiment balance of +44.1% in September 2026, compared with +44.3% in August. This slight decline suggests that confidence has stabilised at a relatively high level rather than experiencing a significant deterioration.
This remains an encouraging signal for economic operators. However, it does not mean that the challenges facing businesses have disappeared. Energy costs, supply difficulties, access to financing and administrative constraints continue to affect the operating environment.
Regarding public finances, the latest available provisional data indicate a gap between revenue collection and expenditure execution, resulting in a Treasury deficit. This situation highlights the importance of monitoring budget execution, revenue mobilisation and public spending discipline.
The government's ability to preserve investment in infrastructure, energy and essential public services remains critical to supporting economic activity and improving the country's attractiveness to investors.
Our Expert Insight: The business climate remains supportive of investment, but confidence must be reinforced through improvements in the operating environment. Administrative predictability, legal certainty, infrastructure quality, reliable energy supplies and timely public payments remain essential conditions for successful project implementation.
💡 ONYX PROJECT RDC's Conclusion
As of 30 October 2026, the DRC retains several economic fundamentals capable of supporting investment: positive economic growth, a Congolese franc that remains relatively stable on the official market, elevated copper prices and a business climate that remains favourable according to the latest available surveys.
Nevertheless, several indicators call for caution. Cumulative inflation continues to rise, international reserves are declining and import coverage remains below the three-month reference threshold. Elevated oil prices increase the risk of higher operating costs, while commodity market volatility highlights the Congolese economy's exposure to international developments. Finally, pressure on public finances underlines the importance of disciplined government financial management.
Our assessment is that the DRC continues to offer a genuine window of opportunity for attracting productive investment, provided that the economy moves beyond an approach based primarily on the export of raw materials. The most strategic sectors lie at the intersection of mining, energy, infrastructure, agriculture, logistics, industrial services and local processing.
For investors, the challenge is to identify projects that address the structural needs of the Congolese market, create local added value and fit into a long-term development strategy.
The priority must be to transform natural resources and current economic growth into a more diversified, productive and resilient economy, better equipped to withstand external shocks.
Methodological Note: This analysis is based on economic and statistical information available as of 30 October 2026. Data are not all published at the same frequency: exchange rates and certain commodity quotations are available daily, while indicators relating to international reserves, public finances, inflation and business confidence are released periodically. Where series had not been updated by the cut-off date, the analysis focuses on the observed trend rather than using extrapolated figures. International commodity and cereal benchmarks do not necessarily correspond to physical market prices in the DRC. Growth projections are presented separately according to CESCN and IMF estimates.
Main Sources: Central Bank of the Congo (BCC), economic situation reports, exchange-rate statistics and commodity price data; National Institute of Statistics (INS); International Monetary Fund (IMF).
Weekly Economic Analysis – Week Ending 16 October 2026
ONYX PROJECT DRC | Review of economic and financial conditions and investment opportunities in the Democratic Republic of the Congo
Following our analysis as of 2 October 2026, the Congolese economy continues to benefit from several supportive factors, but the latest available data call for a more nuanced assessment. Growth remains positive, the Congolese franc is relatively stable on the official market, and copper prices remain high. At the same time, rising cumulative prices, higher oil and imported cereal costs, a decline in international reserves over the latest measured week, and continued dependence on commodities are factors to monitor.
At ONYX PROJECT DRC, our weekly assessment focuses on distinguishing short-term market opportunities from the structural changes needed to strengthen the economy’s resilience.
1. Macroeconomics: growth remains positive, but forecasts have been revised
The Central Bank of the Congo’s economic report published on 9 October gives a 2026 real GDP growth forecast of 5.4% according to the Commission for Statistical Studies and National Accounts (CESCN), compared with 5.7% in 2025. The IMF, for its part, projects growth of 5.2% in 2026. These updated estimates should be distinguished from earlier forecasts of 5.7% cited in previous publications.
The expected slowdown is mainly associated with weaker growth in the extractive sector, while non-mining activities are expected to grow by 5.1%, supported in particular by services. Mining remains essential, but the outlook highlights the growing importance of economic diversification and the ability of other sectors to contribute more strongly to growth.
Our expert view: investors should prioritize projects that benefit from mining-related demand while also developing local productive activity in energy, infrastructure, logistics, industrial maintenance, business services, agriculture and processing.
2. Inflation: the weekly pace remains moderate, but cumulative inflation is rising
In its 9 October report, the BCC recorded weekly inflation of 0.15% for the period under review, compared with 0.13% the previous week. Cumulative inflation since the beginning of the year reached approximately 7.6%. Year-on-year inflation rose to 5.1%, compared with 3.7% the previous week.
The BCC explains that the increase in year-on-year inflation is mainly due to a base effect linked to price declines observed in October 2025; by itself, it does not indicate an equivalent acceleration in the current pace of price increases. The four-week average weekly inflation rate is around 0.14%, equivalent to an indicative annualized pace of approximately 7.3%.
Food and non-alcoholic beverages were the largest contributors to the weekly increase in prices, followed by transport. Supply and distribution difficulties, transport costs and more expensive imported cereals continue to put pressure on households and businesses.
Our expert view: businesses should continue to closely monitor purchasing costs, transport, supply lead times and cash flow. Investors should stress-test projects for changes in operating costs and food and energy prices.
3. Foreign exchange market: the Congolese franc remains relatively stable
As of 16 October 2026, the average rate published by the BCC stood at 2,265.50 CDF per USD. The published average rates were 2,519.87 CDF per EUR and 338.35 CDF per CNY. On the parallel market, the latest detailed observation available in the BCC’s weekly report, dated 9 October, was 2,336.95 CDF/USD, an estimated spread of 3.2% against the official indicative rate on that date.
Relative stability in the official market improves cost visibility for companies importing equipment or entering into foreign-currency commitments. However, it does not eliminate foreign-exchange risk, particularly where revenues and expenses are denominated in different currencies.
Our expert view: businesses should actively manage foreign-currency flows, build safety margins into budgets and specify payment terms in contracts. For investors, exchange-rate stability is a positive factor, but it should be assessed alongside the actual availability of foreign currency and payment delays.
4. Mining and commodities: copper remains supportive, while volatility persists
The latest prices available on the BCC dashboard as of 13 October 2026 put copper at approximately USD 14,581/t, cobalt at USD 39,345/t, and gold at around USD 4,149/oz. Brent crude stood at approximately USD 105.69/barrel. These figures are not all dated 16 October; they correspond to the latest published observations available for each series.
The BCC’s 9 October weekly report highlighted a rise in copper prices over the week, while cobalt remained below its end-2025 level. Gold also declined during the week observed. These divergent movements underscore the exposure of mining prospects to changes in international markets.
High copper prices remain supportive of export revenues and mining-related activity. However, the overall economic impact also depends on production volumes, energy and logistics constraints, local processing, and the share of value added retained in the Congolese economy.
Our expert view: the most strategic opportunities extend beyond extraction to mineral processing, industrial services, energy infrastructure, maintenance, logistics, equipment and the development of local suppliers.
5. Agriculture and energy: imported costs require close monitoring
In the 9 October economic report, international benchmarks as of 8 October were approximately USD 251/t for wheat, USD 184/t for corn and USD 372/t for rice. Weekly movements were mixed: wheat and rice rose, while corn edged down. These are international benchmarks and do not represent physical prices delivered to the Congolese market.
Brent crude reached approximately USD 104.3/barrel on 8 October, up 1.2% over the week and 71.2% since the end of 2025. The BCC quotation on 13 October was higher still, at USD 105.69/barrel. For the DRC, a net importer of refined petroleum products, persistently high prices can feed through to transport, production, procurement and distribution costs.
Our expert view: these pressures strengthen the investment case for local agricultural production, storage, irrigation, food processing, transport infrastructure and energy solutions. Such activities can help reduce costs and dependence on external markets.
6. International reserves: a level to monitor
According to the BCC, international reserves stood at approximately USD 7.61 billion on 8 October 2026, down by USD 48.22 million over the week, or 0.6%. They covered approximately 2.90 months of imports of goods and services. Despite the weekly decline, reserves remained 2.5% above their level a year earlier.
Import cover close to three months is an important indicator for an economy exposed to commodity-price movements and external shocks. Reserve movements depend, among other factors, on the timing of export receipts and external payments.
Our expert view: maintaining an adequate level of reserves is important for investor confidence and external stability. Over the medium term, export diversification and the development of foreign-exchange-earning sectors beyond mining remain essential levers.
7. Business climate and public finances: mixed signals
The BCC business sentiment survey recorded an overall business leaders’ opinion balance of +44.1% in September 2026, compared with +44.3% in August. The decline was limited and the indicator remained firmly positive, pointing to broadly favorable confidence despite pressure from imported inputs and international uncertainty.
On public finances, revenue collected in September reached 90.6% of projections, while expenditure amounted to 91.2% of projections. The gap between revenue and expenditure of the revenue-collecting agencies was approximately -CDF 280.8 billion for the month. The BCC also reported that the Treasury drew on its deposits at the beginning of October. These provisional figures warrant close monitoring of budget execution, public cash management and the ability to maintain investment spending.
Our expert view: the business climate remains supportive, but investment decisions should account for the quality of public-sector execution, infrastructure availability, energy costs, access to finance, legal certainty and administrative predictability.
💡 ONYX PROJECT DRC conclusion
As of 16 October 2026, the DRC retains important economic strengths: positive growth, a Congolese franc that is relatively stable on the official market, high copper prices and a business climate that remains favorable according to the BCC survey.
The picture is nevertheless more mixed than it appeared in earlier publications. Growth forecasts have been revised down, cumulative inflation continues to rise, oil and some imported cereals remain expensive, and international reserves declined over the latest observed week.
Our assessment is that the DRC still has an opportunity to attract productive investment, provided it moves beyond an approach centered on raw-material exports. The most strategic sectors lie at the intersection of mining, energy, infrastructure, agriculture, logistics, industrial services and local processing.
The challenge is to turn natural resources and current growth into a more diversified, productive economy that is more resilient to external shocks. For investors, this means prioritizing projects that meet structural needs, create value in the DRC and fit into a long-term strategy.
Methodological note
This analysis is dated 16 October 2026 and is based on the latest official observations available as of that date. The latest BCC weekly economic report identified for this period is dated 9 October 2026 and mainly covers 2–9 October. USD/CDF, EUR/CDF and CNY/CDF exchange rates are those published by the BCC on 16 October. Commodity prices come from the latest BCC quotations displayed on 13 October, while cereal benchmarks and some reserve and public-finance data come from the 9 October report. Growth forecasts differ by institution: the BCC report presents 5.4% according to CESCN and 5.2% according to the IMF. International benchmarks do not represent delivery prices in the Congolese market.
Main sources: Central Bank of the Congo (BCC), economic report dated 9 October 2026, exchange rates dated 16 October 2026, and commodity statistics dated 13 October 2026.
Weekly Economic Analysis – Week ending 2 October 2026
Following our analysis dated 18 September 2026, the economic situation in the Democratic Republic of Congo remains broadly favorable, with solid economic growth, relative stability of the Congolese franc and a significant level of international reserves. However, the external environment remains demanding, marked by commodity price volatility, persistently high oil prices and continued cumulative inflation.
At ONYX PROJECT RDC, we identify an interesting combination this week: continued economic growth, relative CDF stability, significant international reserves and elevated prices for several commodities, while the cumulative increase in prices and uncertainties in international markets call for increased vigilance.
1. Macroeconomics: growth remains solid
Real GDP growth is still estimated at 5.7% in 2026. The latest data from the Central Bank of Congo confirm this level, with constant GDP estimated at approximately CDF 19,561 billion and current GDP at USD 122.69 billion.
The Congolese economy therefore continues to show favorable momentum. Growth continues to benefit from the strong performance of extractive activities, as well as from the gradual development of investment and non-mining activities.
However, this growth remains exposed to international commodity price volatility and to the significant contribution of the extractive sector to national economic activity.
Our Expert View : the current period remains an important window of opportunity to accelerate investment in infrastructure, energy, logistics, industry, agriculture and local processing.
The challenge is now to transform current growth into sustainable productive capacity, employment and greater value creation directly within the DRC.
2. Inflation: cumulative price growth remains under close watch
The latest available national data show weekly inflation of 0.148% for the fourth week of September 2026, while year-on-year inflation stood at 3.436%. Monthly inflation for September reached 0.560%.
Cumulative inflation since the beginning of the year has now reached approximately 7.250%.
Annual inflation remains relatively contained, but the accumulation of price increases since January remains a factor requiring close attention from both businesses and households.
The relative stability of the Congolese franc continues to limit part of the impact of imported inflation. However, high oil prices and firm international agricultural markets may continue to put pressure on transportation, supply-chain and food costs.
Our Expert View : for businesses, priority should remain on controlling procurement costs, margins and cash flow.
Companies with significant exposure to imports should continue to incorporate different cost scenarios into their financial planning and investment decisions.
3. Foreign exchange market: the CDF remains relatively stable
The Congolese franc remains relatively stable against the US dollar. The reference exchange rate published by the Central Bank of Congo on 2 October 2026 stood at approximately CDF 2,265 per USD 1. The euro stood at CDF 2,558.58, while the British pound reached CDF 2,996.06.
This confirms the relative stability of the Congolese franc observed over recent weeks.
The foreign exchange market therefore remains a positive factor for financial visibility among importers, investors and companies with foreign-currency commitments.
Nevertheless, this stability should be viewed with caution, as future exchange-rate developments will depend in particular on foreign-currency flows generated by mining exports, public expenditure, imports and international market conditions.
Our Expert View : CDF stability currently represents an important macroeconomic asset that should be preserved.
For businesses, foreign-currency flow management and exchange-rate risk anticipation remain essential, particularly for imports, investments and projects requiring dollar-denominated financing.
4. Mining: high levels remain, but trends are increasingly divergent
The mining sector remains at the heart of the Congolese economic dynamic. International markets remain favorable for several strategic resources, although price trends are becoming increasingly differentiated between commodities.
As of 1 October 2026, copper stood at approximately USD 14,271.78/t, following a 1.30% daily decline. Cobalt remained at USD 39,140/t, while gold reached approximately USD 4,166.67/oz.
These levels remain particularly favorable for a country whose export revenues are heavily dependent on mineral products.
However, the recent decline in copper and stabilization of cobalt demonstrate that commodity prices can move rapidly even when underlying market fundamentals remain favorable.
Our Expert View : the strategic question is no longer simply how to benefit from high commodity prices.
The priority must be to create greater value around mineral resources through local processing, Congolese subcontracting, infrastructure, energy, logistics and specialized services.
For the DRC, developing local value chains would also gradually reduce vulnerability to international commodity price fluctuations while increasing the domestic economic benefits generated by the mining sector.
5. Agriculture and energy: pressure factors to monitor
International agricultural markets remain relatively firm. As of 2 October 2026, the main international benchmarks stood at approximately USD 251/t for wheat, USD 196/t for corn and USD 361/t for rice, after conversion of international quotations into comparable units.
These levels may influence food supply costs and production costs, particularly in a country that remains dependent on imports for part of its food requirements.
International data published at the beginning of October also indicate a significant increase in global food prices in September, particularly for cereals, representing an additional factor of concern for import-dependent economies.
The oil market nevertheless remains a particularly important pressure factor. Brent was trading at around USD 103/barrel on 1 October, following an increase of more than 5% over one day.
For the DRC, persistently high oil prices may feed through into transportation, logistics, agricultural costs and a wide range of imported goods.
Our Expert View : this situation reinforces the strategic importance of investing in local agricultural production, storage, irrigation, agro-processing, energy and logistics.
Reducing dependence on international markets should become a major pillar of the Congolese economic strategy.
6. International reserves: an important external buffer
International reserves remain an essential component of macroeconomic stability.
According to Central Bank of Congo data, gross international reserves stood at USD 8.936 billion at the end of August 2026, compared with USD 9.200 billion at the end of July. Net reserves stood at USD 7.533 billion.
These levels remain significant and contribute to supporting external stability and confidence in the national currency.
At the end of June 2026, the Central Bank also reported coverage equivalent to 3.12 months of imports of goods and services.
This position provides the Central Bank with significant capacity to manage potential pressures on the foreign exchange market.
Our Expert View : maintaining a comfortable level of reserves remains essential to preserving investor confidence and limiting risks associated with external shocks.
The priority should be to continue strengthening reserves while diversifying the economy's sources of foreign currency.
7. Business climate: turning reforms into tangible results
The business climate remains a central issue in transforming economic growth into sustainable private investment.
Dialogue between the Government and the private sector continued throughout September around taxation, business competitiveness and the simplification of administrative procedures.
The Federation of Enterprises of Congo (FEC) has notably participated in preparatory discussions concerning structural reform of the Congolese tax system. The proposed orientations aim in particular to strengthen investment attractiveness, business competitiveness, lower tax compliance costs and tax equity.
The FEC has also continued to emphasize legal certainty, local content and improved competitiveness for Congolese companies.
Our Expert View : for investors, improvements in the business climate should no longer be assessed solely through reform announcements.
They should be measured through concrete indicators: administrative processing times, taxation, legal certainty, access to energy, infrastructure, financing, investment protection and the ability to repatriate revenues.
The ability to turn announced reforms into measurable results will be a decisive factor in accelerating private investment.
💡 ONYX PROJECT RDC Conclusion
As of 2 October 2026, the DRC continues to offer a broadly favorable economic environment: growth of around 5.7%, a relatively stable currency, significant international reserves and elevated levels for several commodities.
However, the economic environment is gradually becoming more demanding.
The increase in cumulative inflation, volatility in mining prices, high oil prices, firmness in international food prices and the need to continue improving the business climate are now the main factors requiring close attention.
Our analysis is that the DRC still has an important window of opportunity to accelerate its economic transformation, but this opportunity must be supported by investments capable of generating greater local value.
At ONYX PROJECT RDC, we believe that the sectors offering particularly strong strategic potential lie at the intersection of mining, energy, infrastructure, agriculture, logistics, industry and local processing.
The objective should no longer be limited to benefiting from mining-sector growth or high commodity prices.
The challenge for the coming years will be to transform current growth into a more diversified, more productive economy, more resilient to external shocks and increasingly capable of creating value within the DRC.
For investors, this means looking beyond resource extraction alone and identifying projects capable of positioning themselves within value chains, infrastructure and the structural needs of the Congolese economy.
Weekly Economic Analysis – Week ending 18 September 2026
Following our analysis for the week ending 28 August 2026, the Congolese economic environment remains broadly favorable, although the international environment is now presenting additional risk factors. At ONYX PROJECT RDC, we identify this week an interesting combination: continued solid growth, relative stability of the Congolese franc, comfortable international reserves and still elevated commodity prices, while rising cumulative inflation, corrections in some mining prices and very high oil prices require closer monitoring.
1. Macroeconomy: Growth remains solid
Real GDP growth remains around 5.7% in 2026. Data from the Central Bank of the Congo confirm this level, while the latest IMF projections also place Congolese growth above 5% for 2026.
The economic momentum therefore remains favorable. It is supported in particular by strong mining activity, but also by investment and the development of non-extractive activities.
However, growth remains exposed to international commodity price volatility and to the economy's continued significant dependence on the extractive sector.
Our Expert View: the current period represents a window of opportunity to accelerate investment in infrastructure, energy, logistics, industry, agriculture and local processing. The challenge is now to transform current growth into sustainable productive capacity and greater value creation within the DRC.
2. Inflation: Cumulative price growth remains under close watch
The latest national data available as of 12 September 2026 show weekly inflation of 0.136%. Cumulative inflation since the beginning of the year has reached 6.974%, while year-on-year inflation remains contained at 3.363%.
The weekly pace has slowed compared with previous weeks, but the cumulative increase in prices since January remains a point of attention for businesses and households.
The relative stability of the Congolese franc continues to limit part of the impact of imported inflation. However, high energy prices and movements in international agricultural markets may put additional pressure on transportation, procurement and food costs.
Our Expert View: for businesses, the priority should remain the management of procurement costs, margins and cash flow. In this environment, companies with significant exposure to imports should continue to incorporate cost-evolution scenarios into their financial planning.
3. Foreign Exchange Market: The CDF maintains relative stability
The Congolese franc remains relatively stable against the US dollar. The indicative exchange rate published for 18 September 2026 stood at approximately CDF 2,268.20 per USD 1. The official exchange rate therefore remains within the relatively stable range observed over recent weeks.
In the recent period, however, the Congolese franc has experienced some daily fluctuations. On 17 September, the indicative rate stood at CDF 2,278.75 per US dollar before moving back to CDF 2,268.20 on 18 September.
This relative stability remains favorable for the financial visibility of importers, investors and companies with foreign-currency commitments.
Our Expert View: the stability of the CDF currently represents an important macroeconomic advantage that should be preserved. For businesses, however, foreign-currency flow management and exchange-rate risk monitoring remain essential, particularly for imports, investments and projects requiring dollar-denominated financing.
4. Mining: Prices remain elevated, but trends are diverging
The mining sector remains at the heart of the Congolese economic outlook. International markets remain favorable for copper, while some other metals are experiencing significant corrections.
Copper is trading at around USD 14,400/t, following a particularly strong period of gains. However, the market recorded a correction during the week of 14–18 September.
Cobalt has experienced a much more contrasting trend. After reaching very high levels, its international price has undergone a significant correction and stood at around USD 40,000/t according to market data available on 18 September.
Gold also remains at historically high levels, at around USD 4,350/oz.
These developments show that the outlook for the mining sector remains favorable, but price volatility must be incorporated into investment strategies and revenue projections.
Our Expert View: the strategic question is no longer simply how to benefit from high commodity prices. The priority should be to create greater value around mineral resources through local processing, Congolese subcontracting, infrastructure, energy, logistics and specialized services.
For the DRC, diversifying mining value chains would also gradually reduce vulnerability to international commodity price fluctuations.
5. Agriculture and Energy: Pressure factors to monitor
International agricultural markets remain relatively firm. The main benchmarks available around 18 September stood at approximately USD 262/t for wheat, USD 208/t for corn and USD 362/t for rice.
These levels may continue to influence food procurement and production costs, particularly in a country that remains dependent on imports for part of its food requirements.
The oil market, however, represents the main new source of pressure. Brent crude closed at USD 104.87/barrel on 18 September, remaining above the USD 100/barrel threshold.
For the DRC, persistently high oil prices can feed through into transportation, logistics, agricultural costs and a broad range of imported goods.
Our Expert View: this situation reinforces the strategic importance of investing in local agricultural production, storage, irrigation, agro-processing, energy and logistics.
Gradually reducing dependence on international markets should become a major pillar of the country's economic strategy.
6. International Reserves: A significant external buffer remains in place
International reserves remain an important element of macroeconomic stability. According to BCC data, gross international reserves stood at approximately USD 8.936 billion at the end of August 2026, compared with USD 9.200 billion at the end of July. Net reserves stood at approximately USD 7.533 billion.
These levels remain significant and contribute to supporting the country's external stability.
This position also provides the Central Bank with greater capacity to manage potential pressures on the foreign-exchange market.
Our Expert View: maintaining a comfortable level of reserves remains essential to preserving investor confidence and limiting risks arising from external shocks. The priority should be to continue strengthening these reserves while diversifying the economy's sources of foreign currency.
7. Business Climate: Moving from reforms to results
The business climate remains a central issue in turning economic growth into private-sector investment.
During the 17 September 2026 FEC back-to-business session, discussions between public authorities and the private sector focused in particular on the need to turn commitments and reforms into concrete results for businesses.
The FEC highlighted that several concerns remain unresolved, particularly regarding administrative procedures and constraints affecting business competitiveness. The Government, for its part, proposed a "results pact" approach between the State and the private sector, with more concrete monitoring of reforms.
Our Expert View: for investors, improvements in the business climate should no longer be assessed solely through reform announcements. They should be measured through concrete indicators: administrative processing times, taxation, legal certainty, access to energy, infrastructure, financing and the ability to repatriate revenues.
The ability to translate announced reforms into measurable results will be a decisive factor in accelerating private investment.
💡 ONYX PROJECT RDC Conclusion
As of 18 September 2026, the DRC continues to offer a broadly favorable economic environment: growth of around 5.7%, a relatively stable Congolese franc, significant international reserves and still elevated prices for several commodities.
However, the environment is becoming more demanding.
Rising cumulative inflation, corrections in some mining prices, very high oil prices and the need to deliver tangible improvements in the business climate are now the main areas requiring attention.
Our analysis is that the DRC still has an important window of opportunity to accelerate its economic transformation, but this opportunity must be supported by investments capable of generating greater value locally.
At ONYX PROJECT RDC, we consider that sectors of particular strategic interest lie at the intersection of mining, energy, infrastructure, agriculture, logistics, industry and local processing.
The objective should no longer be simply to benefit from mining-sector growth or high commodity prices.
The challenge over the coming years will be to transform current growth into a more diversified, productive and resilient economy, less exposed to external shocks and increasingly capable of creating value within the DRC.
For investors, this means looking beyond the extraction of resources alone and identifying projects capable of positioning themselves within value chains, infrastructure and the structural needs of the Congolese economy.
Weekly Economic Analysis – Week Ending August 28, 2026
Following our analysis for the week ending August 21, 2026, the Congolese economy remains broadly favorable, although several signals require closer attention. At ONYX PROJECT RDC, we particularly note an interesting combination of relative stability of the Congolese franc, resilient economic growth and elevated commodity prices, while the continued rise in cumulative inflation and higher cereal prices remain key areas to monitor.
1. Macroeconomy: Growth Remains Strong
The real GDP growth forecast remains around 5.7% in 2026, mainly supported by mining activity and investment. The overall momentum remains favorable and confirms the ability of the Congolese economy to maintain a solid growth rate. However, growth remains highly dependent on the extractive sector, which continues to limit the diversification of the economy.
Our Expert View: the current environment represents a genuine window of opportunity to accelerate investment in infrastructure, energy, logistics, industry and local processing. The objective should now be to transform mining-led growth into a more diversified and value-creating growth model.
2. Inflation: Pressure Remains Under Monitoring
The latest available publication shows weekly inflation at 0.192%, while cumulative inflation since the beginning of the year has reached approximately 6.47%. Year-on-year inflation remains relatively contained at 3.33%. The situation therefore remains broadly under control in the short term, but the cumulative increase in prices remains a point of concern. Recent increases in some international agricultural markets could also contribute to additional pressure on food prices in the coming months.
Our Expert View: the relative stability of the Congolese franc currently provides an important buffer against imported inflation. Nevertheless, businesses should continue to anticipate changes in input costs, margins and cash-flow requirements, particularly in sectors highly dependent on imports.
3. Foreign Exchange Market: The CDF Maintains Relative Stability
The Congolese franc remains relatively stable against the US dollar. The latest indicative exchange rate published by the Central Bank of Congo stands at approximately CDF 2,264.64 per USD 1 as of August 27, 2026. This stability remains a positive factor for importers, businesses and investors, improving visibility over costs and financial flows.
Our Expert View: the stability of the CDF is currently an important macroeconomic advantage that should be preserved. For businesses, however, managing foreign-currency flows and anticipating exchange-rate risk remain essential, particularly for import-intensive activities and investments requiring dollar-denominated financing.
4. Mining: Commodity Prices Remain Exceptionally Favorable
The mining sector remains the main driver of the Congolese economic outlook. Copper is trading at around USD 14,470/t, while cobalt remains close to USD 56,280/t. Gold is also holding at a high level, at around USD 4,455/oz. These price levels strengthen prospects for export revenues, foreign-exchange generation and investment in the extractive sector.
Our Expert View: the strategic question is no longer simply how to benefit from high commodity prices. The priority should be to create greater value around the country's mineral resources through local processing, stronger domestic subcontracting, infrastructure, energy and specialized services. The current market environment provides the DRC with an important opportunity to accelerate this transformation.
5. Agriculture and Energy: Two Emerging Areas of Concern
This week, international agricultural markets recorded notable increases in the prices of major cereals. International benchmarks stand at approximately USD 287/t for wheat, USD 211/t for maize and USD 343/t for rice. The oil market also remains volatile. Brent crude closed at around USD 88.29 per barrel on August 28, after trading at higher levels during previous weeks.
For the DRC, these developments may affect transportation costs, food prices, logistics costs and, more broadly, imported inflation.
Our Expert View: this situation reinforces the strategic importance of investing in local agricultural production, storage, irrigation, agro-processing and logistics. Reducing dependence on international markets should progressively become a major economic policy objective.
💡 ONYX PROJECT RDC – Our Conclusion
As of August 28, 2026, the DRC continues to offer a broadly attractive economic environment: solid growth, a relatively stable currency, comfortable international reserves and commodity prices at particularly favorable levels.
However, this positive environment should not obscure the main challenges: rising cumulative inflation, dependence on commodities, higher cereal prices and volatility in international energy markets. Our view is that the DRC currently has an exceptional window of opportunity to transform mining-sector performance into structural investment and economic diversification.
At ONYX PROJECT RDC, we believe that the most compelling opportunities currently lie at the intersection of mining, energy, infrastructure, agriculture, logistics and local processing.
The challenge in the years ahead will no longer be simply to maintain 5.7% growth, but to transform this growth into a more diversified, productive and value-creating economy in the DRC.
Weekly Economic Analysis – Week Ending August 21, 2026
Following our previous analysis as of August 14, 2026, the Congolese economy continues to show a broadly favorable outlook, although several areas require close monitoring. At ONYX PROJECT RDC, we see an interesting combination of economic growth, relative currency stability and strong commodity prices, alongside continued inflationary pressures.
1. Macroeconomy: resilient growth
Real GDP growth is still projected at around 5.7% in 2026, supported mainly by mining activity and investment. This remains a favorable environment, although growth continues to be highly dependent on the extractive sector.
Our expert view:the key challenge for investors is now to convert mining-driven growth into opportunities in infrastructure, logistics, energy and local processing.
2. Inflation: moderate, but requiring attention
Short-term inflation remains relatively contained, while cumulative inflation since the beginning of the year has reached approximately 6.3%. Year-on-year inflation remains comparatively moderate, at around 3.3%.
Our expert view: exchange-rate stability is helping contain imported inflation. However, the continued rise in cumulative prices makes careful cost and cash-flow management increasingly important for businesses.
3. Foreign exchange: relative stability of the CDF
The Congolese franc remains relatively stable, at around CDF 2,265 per USD according to the latest available Central Bank data.
Our expert view: this stability is a positive factor for importers and investors. Nevertheless, managing foreign-currency flows and anticipating exchange-rate risks remain essential for companies operating in the DRC.
4. Mining: a highly favorable environment
Copper and cobalt prices remain at high levels, supporting the DRC's export revenues and overall economic activity.
Our expert view: the real opportunity now lies in creating value around the country's mineral resources through processing, local suppliers, infrastructure, energy and specialized services.
5. Agriculture & energy: emerging areas of concern
International prices for wheat, maize and rice, together with oil-market volatility, may continue to put pressure on transportation costs and food prices.
Our expert view: this reinforces the strategic case for investment in local agricultural production, storage, agro-processing and logistics, helping reduce exposure to international market fluctuations.
💡 ONYX PROJECT RDC – Our Expert Conclusion
As of August 21, 2026, the DRC continues to offer an attractive economic environment: solid growth, relative currency stability and favorable commodity prices.
Our view, however, is that the next phase should not focus solely on benefiting from economic growth, but on positioning capital in sectors capable of diversifying and sustainably transforming the Congolese economy.
At ONYX PROJECT RDC, we believe the most compelling opportunities currently lie at the intersection of mining, energy, infrastructure, agriculture, logistics and local processing.
Central Bank of the Congo – Statistics
Weekly Economic Analysis – Week Ending August 14, 2026
Following our analysis as of August 7, 2026, the latest developments confirm the resilience of the DRC economy, while highlighting a more strategic phase for monetary stability, natural-resource management and economic diversification.
1. Macroeconomy: resilient growth
The DRC's 2026 real GDP growth forecast remains around 5.7%, supported primarily by mining activity and related investment.
Our expert view: Growth remains solid, but its quality is becoming increasingly important. The key challenge for the DRC is now to convert mining performance into local value creation, employment and stronger domestic supply chains.
2. Currency & inflation: stability to be consolidated
The Congolese franc remains relatively stable against the US dollar, while inflationary pressures continue to require monitoring. The BCC's policy rate remains at 12.50%, reflecting the monetary easing initiated in previous weeks.
Cumulative inflation has nevertheless exceeded 6% since the beginning of the year, showing that price pressures remain a key issue despite exchange-rate stability.
Our expert view:Exchange-rate stability is a positive signal for investors, but it must be supported by disciplined liquidity management and stronger fiscal coordination.
3. Mining: a major strategic shift
The DRC's decision to restrict exports of copper and cobalt concentrates marks a significant step toward greater domestic processing and value creation. The measure has also contributed to increased sensitivity in international copper markets.
Our expert view: This represents a structural opportunity. For investors, value creation is progressively moving beyond extraction toward processing, refining, logistics, energy and industrial services.
4. International markets: a favorable but volatile environment
Copper prices remain exceptionally high, although the market has shown increased volatility following the DRC's new export policy.
This environment remains favorable for the country's export revenues, but it also reinforces the need to diversify the economic base.
Our expert view: The current commodity cycle should be used as a window of opportunity to accelerate diversification rather than reinforce long-term dependence on raw-material exports.
5. Public finances: discipline remains essential
Public finances remain an important area to monitor. The combination of significant public spending requirements and the need to finance development priorities makes fiscal efficiency increasingly important.
Our expert view: Higher mining and tax revenues should be accompanied by stronger prioritization of productive expenditure, infrastructure and projects capable of generating sustainable economic returns.
💡 Our Experts' Conclusion – Onyx Project RDC
As of August 14, 2026, the DRC remains on a favorable economic trajectory, but the country is entering a more strategic phase.
Currency stability, monetary easing and strong copper and cobalt prices provide a supportive environment. However, the next phase of growth will depend increasingly on the country's ability to create value locally rather than simply export natural resources.
At Onyx Project RDC, we believe that mining transformation, infrastructure, energy, agriculture, logistics and digital services represent some of the most strategic opportunities for investors seeking long-term exposure to the DRC.
Weekly Economic Analysis – Week Ending August 7, 2026
Following our economic assessment for the week ending July 31, 2026, the Democratic Republic of Congo continues to show resilient fundamentals, supported by strong mining activity and favorable commodity prices. At the same time, exchange-rate dynamics and public finances remain areas requiring close attention.
1. Economic Growth: resilience confirmed
The 2026 real GDP growth outlook remains at around 5.7%, with mining continuing to provide the main contribution to economic activity.
Our expert view: The resilience of growth confirms the attractiveness of the Congolese market. However, the next challenge is to transform mineral-driven growth into broader economic development through local processing, infrastructure and industrial integration.
2. Inflation & Monetary Policy: a more supportive stance
Inflation remains relatively contained, while the BCC policy rate is now 12.50%, reflecting a gradual easing of monetary conditions.
Our expert view: This shift can support credit and economic activity. Nevertheless, monetary easing must remain compatible with exchange-rate stability and inflation control.
3. Foreign Exchange: a gap that remains significant
As of August 7, the official exchange rate stands at approximately 2,275 CDF/USD, compared with around 2,333 CDF/USD on the parallel market.
Our expert view: The persistent gap between the two markets remains an important operational issue for investors and companies. Managing currency exposure and structuring cash flows in foreign currency remain essential.
4. Strategic Minerals: the DRC's competitive advantage
Copper prices have continued to strengthen, reaching approximately USD 14,370 per tonne, while cobalt remains at a high level and gold continues to benefit from strong international demand.
Our expert view: This environment reinforces the DRC's strategic position in global mineral supply chains. The greatest opportunity lies in moving from extraction towards processing, industrial partnerships and local value creation.
5. Business Climate & Diversification
The business climate remains oriented positively, while agriculture, infrastructure, telecommunications and other non-mining sectors continue to offer significant development potential.
Our expert view: The DRC's long-term attractiveness will increasingly depend on diversification. Investors who position themselves today in sectors capable of supporting this transformation can benefit from the country's next phase of economic development.
💡 Onyx Project RDC – Our Conclusion
As of August 7, 2026, the DRC maintains a favorable economic trajectory, supported by resilient growth, strategic mineral resources and improving monetary conditions.
For Onyx Project RDC, the key message remains clear: the opportunity is not simply to invest in the DRC, but to participate in its transformation.
Local value creation, industrial development, infrastructure and economic diversification will be the foundations of sustainable investment opportunities in the years ahead.
Weekly Economic Analysis Week Ending July 31, 2026
Following our economic review for the week ending 24 July 2026, our team continues to monitor the Democratic Republic of the Congo's key economic indicators and strategic investment opportunities.
This week's analysis confirms the resilience of the Congolese economy, driven primarily by the mining sector. However, the country's greatest challenge remains transforming its abundant natural resources into sustainable local value creation.
1. Economic Growth: Strong Momentum Confirmed
Economic prospects remain robust, with real GDP growth forecast at 5.7% in 2026, supported mainly by the country's copper and cobalt production.
Our Expert Insight
The strength of the mining sector remains one of the DRC's greatest competitive advantages. However, the country's long-term economic success will depend on its ability to develop local processing industries, strengthen manufacturing, create skilled employment, and build national expertise.
2. Monetary Stability: Continued Vigilance Required
The foreign exchange market remains relatively stable, with the official exchange rate holding at around CDF 2,270 per US dollar, while the gap between the official and parallel markets continues to warrant close monitoring.
Our Expert Insight
Managing foreign exchange risk remains a key priority for investors. Secure financial flows, sound transaction structuring, and effective risk management are essential factors for successful investment in the DRC.
3. Strategic Mining Resources: A Global Competitive Advantage
Copper and cobalt continue to reinforce the Democratic Republic of the Congo's international attractiveness, particularly due to their critical role in the global energy transition.
Our Expert Insight
The next strategic milestone is to move beyond the export of raw materials by developing local value chains through mineral processing, industrial subcontracting, infrastructure development, and long-term industrial partnerships.
4. Economic Diversification: Agriculture as a Strategic Growth Driver
The DRC possesses exceptional agricultural potential, supported by vast arable land, abundant freshwater resources, and one of the richest biodiversities in the world.
Our Expert Insight
Commercial agriculture, agro-processing, and export corridors represent significant opportunities to diversify the economy and reduce dependence on the mining sector.
5. Business Environment: Expanding Opportunities
The business climate continues to improve gradually, strengthening investor confidence across key sectors including mining, energy, infrastructure, and agriculture.
Our Expert Insight
Success in the DRC requires a structured approach based on a thorough understanding of the local market, reliable local partnerships, and strong strategic support.
Onyx Project D.R.C. – Expert Conclusion
One week after our previous analysis of 24 July 2026, the Democratic Republic of the Congo continues to demonstrate its outstanding economic potential.
The country possesses exceptional strategic assets. However, sustainable value creation will depend on accelerating local industrial transformation, diversifying the economy, and promoting well-structured, long-term investment.
At Onyx Project D.R.C., we remain committed to providing independent analysis and strategic insights to help businesses and investors identify opportunities and make informed decisions in one of Africa's most promising markets.
