• S&P revised the outlook to positive while affirming B- sovereign ratings
• Growth above 5% is expected, driven by mining and export gains
• The move comes as the country prepares a $750 million debut Eurobond

S&P Global Ratings said on January 23 it has revised the Democratic Republic of Congo’s sovereign outlook to positive from stable, while affirming its long-term foreign and local currency ratings at B- and its short-term local currency rating at B. The decision reflects progress by Congolese authorities in fiscal management, foreign exchange reserve accumulation, and tax reforms, despite a still fragile security situation in the eastern part of the country.

The rating agency expects economic growth to exceed 5% a year between 2026 and 2028, supported by the mining sector. The Democratic Republic of Congo, which holds some of the world’s largest copper and cobalt reserves, is benefiting from rising demand linked to the global energy transition, urbanization, and the expansion of digital technologies. Copper output is expected to reach 3.3 million tons in 2025, three times the level recorded a decade earlier.

S&P also pointed to the strengthening of foreign exchange reserves. Reserves stood at $7.9 billion at the end of 2025, equivalent to three months of imports, compared with less than one month in 2021. The current account deficit, which reached 5% of GDP in 2023, is expected to narrow gradually to about 3.1% by 2028, supported by higher export volumes and foreign direct investment.

A positive signal for investors

In a statement dated Saturday, January 24, 2026, the Congolese government welcomed S&P Global Ratings’ decision, describing it as a sign of the economy’s resilience. Authorities highlighted progress made in restoring macroeconomic balances.

The outlook revision comes as part of ongoing economic reforms aimed at reducing fiscal vulnerabilities, stabilizing the macroeconomic framework, and creating conditions for sustained growth, with mining remaining a central driver of the economy.

The move also comes as the country prepares to access international debt markets. The government plans to raise $750 million in April through its first Eurobond issuance, intended to finance infrastructure projects. In this context, the confirmation of the B- rating with a positive outlook is likely to support investor interest in the planned operation.

“The affirmation of our sovereign rating and the revision of the outlook to positive are important steps to strengthen investor confidence as we prepare to access international financial markets this year,” Finance Minister Doudou Fwamba Likunde said in a statement.

Despite the improved outlook, S&P cautioned that risks remain. A deterioration in security conditions in the east or a sharp drop in commodity prices could lead to the outlook being revised back to stable.

Sandrine Gaingne