• Congo debt falls to 93.5% of GDP, World Bank says
• External debt drops on oil revenue; domestic debt rises sharply
• Growth modest at 2.6% in 2024, outlook slightly improving
  

The Republic of Congo’s total debt has continued its decline, falling to 93.5% of Gross Domestic Product (GDP) in 2024, down from 96% in 2023, according to World Bank data published on Tuesday, September 23, 2025. This marks a decrease of 9.5 percentage points since 2020, when debt was estimated at 103% of GDP. The reduction is primarily due to substantial debt repayments, specifically of external obligations.

The Central African nation’s external debt saw a significant drop over the period studied, falling from 61% to 35% of GDP, largely fueled by rising oil prices, which account for about 80% of its exports. However, the country’s domestic debt simultaneously increased from 43% to 59%, mainly due to the inclusion of unpaid commercial arrears and the issuance of new Treasury bonds to finance state needs.

The World Bank further noted that in the second half of 2024, the country faced significant liquidity pressures, with debt service on the regional market consuming about half of its tax revenues. This situation created severe cash flow problems, resulting in the accumulation of external and internal arrears and hindering some crucial public expenditures.

Reform Efforts Yielding Results

In recent years, Brazzaville has committed to improving its debt and treasury management through several reforms. Since 2021, the government has published annual reports and restricted external borrowing to concessional loans. Between 2022 and 2023, progress was made in repaying domestic debt arrears, supported by a strategic plan adopted in September 2023.

Despite these measures, the country remains in a state of debt distress. It is one of the countries in the Central African Economic and Monetary Community (CEMAC) whose debt level still exceeds the regional convergence criterion of 70% of GDP. Nevertheless, World Bank projections indicate the debt-to-GDP ratio should continue its downward trend.

The bank forecasts debt will fall to 89.6% of GDP in 2025, thanks to fiscal consolidation measures, and then average 81.8% across 2026 and 2027.

Regarding its economic situation, the Republic of Congo’s growth is estimated to have risen slightly to 2.6% in 2024, compared to negative growth of -6.3% in 2020 and 1.9% in 2023. This expansion is attributed mainly to performance in the oil sector, alongside modest gains in agriculture, manufacturing, and services.

The country’s growth is expected to see another modest increase to 2.8% in 2025, with an average growth rate of 3% across 2026 and 2027.

Lydie Mobio