M&B 66 : The Tree That Hides the Forest
According to IMF projections, the DRC’s overall GDP could soon surpass that of Ethiopia. At first glance, this is flattering news. But behind this performance lies a far less encouraging reality.
Indeed, another indicator tells a very different story: GDP per capita. While Ethiopia stands at around USD 1,100, the DRC still lags behind at USD 700. This gap is far from insignificant. It reveals a structural truth: the wealth produced in the DRC does not spread sufficiently into the real economy.
The difference is almost stark: Ethiopia produces, the DRC extracts.
On one side, there is an economy gradually diversifying, oriented toward processing and value creation. On the other, growth remains largely dependent on raw materials and therefore exposed to their volatility. It is an extractive form of growth, fragile by nature, struggling to become inclusive and sustainable.
What is lacking today is neither the wealth beneath the soil nor the energy of entrepreneurs. It is the will to reform. The State is not moving forward, or often does so inconsistently.
One example? In some public companies, the wage bill exceeds 85% of turnover — a symptom of management, and of a system, at the end of its rope. Roads and infrastructure are in a deplorable state, while persistent dysfunctions and corruption within financial administrations continue to weigh heavily on competitiveness. The candid interview granted to us by the Director of ENA confirms this.
However, the DRC is not condemned to a medieval model. That is precisely why we continue to believe in it.
Through our commitment alongside major events such as KBM and DRC Mining Week, we aim to shine a light on those who are already embodying change. Because Congo’s transformation will come above all from its private sector.
This 66th issue is dedicated to those entrepreneurs who take risks, innovate, invest, and build. To those actors who, every day, help structure an economy that is more resilient and more capable of creating value.
It is in this spirit that we have chosen once again to feature EquityBCDC on the cover — a symbol of a financial sector undergoing profound transformation and now indispensable to the Congolese economic landscape.
Olivier Delafoy
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