Finance

DR Congo: Slump in prices of commodities could impair funding of elections

Friday, 05 February 2016 14:30

On February 2, head of government of DRC Augustin Matata Ponyo said the fall in prices of commodities could compromise funding of upcoming elections, the presidential included. This implies that the fall could allow actual President Joseph Kabila to remain in power beyond December 2016 where elections are to take place.

If the price of copper falls to $2600 per ton and barrel of oil to $10, and also if all mining companies close (…) we won’t finance the elections with the population’s money,” Matata Ponyo told a press conference. The head of government also said these prices would “drop further” in 2016 as a result of weakening demand which will have“direct impact” on the country’s revenues.

According to the electoral commission, the revision of electoral register should cost $1.2 billion.

Regarding the staying in power of actual President Kabila, it should be recalled that subsequent to his re-election in 2011, a wave of killings arose in 2015 following protests by the population against the implementation of a legislation which would have allowed the president to extend his mandate by postponing the elections in 2016.

Joseph Kabila came into power in 2001 after the assassination of his father, Laurent-Désiré Kabila, during Congo’s second war before being elected for his first mandate in 2006. Re-elected for a second mandate in 2011, opposition contested elections saying they were fraudulent thus the current crisis it experiences.  

On the same topic
Moniepoint acquires restaurant software platform Orda Africa Deal expands integrated services across payments, operations, analytics Targets...
Ghana’s stock market gained nearly 20% since late February, leading globally Bank stocks drove the rally, alongside oil-linked gains Stronger economic...
BOA Niger will not pay dividends for 2025 after profits fell 91.8% Earnings dropped sharply amid weaker income, higher costs, and a tough...
The BCEAO now allows UEMOA citizens abroad to open CFA franc accounts under the same conditions as residents. The move aims to capture diaspora...
Most Read
01

Telecel Ghana to boost network investment by 150% in 2026 Expansion targets capacity, reliabi...

Telecel Ghana plans 150% investment increase in MTN-dominated market
02

Togo parliament adopts WAEMU law against currency counterfeiting Bill defines offences including ...

Togo Passes Law to Criminalize Counterfeiting of West African CFA Franc
03

Namibia and Russia agreed to expand cooperation across energy, mining, and agriculture. Both coun...

Namibia and Russia Expand Economic Cooperation Across Key Sectors
04

Cameroon signs MoUs for $1.5 billion waste-to-energy projects Plans target waste treat...

Cameroon Signs $1.5 Billion Waste-to-Energy MoUs Amid Urban Sanitation Strain
05

CCR-UEMOA presents mid-term review of private sector competitiveness efforts Reforms, AfCFTA trai...

Strengthening the Business Climate in WAEMU Countries: CCR-UEMOA Reviews Its Midterm Record
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.