Democratic Republic of the Congo Banking

Access Bank - dba - Banque Privée Du Congo (BPC)

The Congo's mineral wealth is the mainstay of the economy, but the development of the mining industry has occurred at the expense of commercial agriculture. The economy's growth spurted under Belgian control in the 1950s, slowed considerably during the country's postindependence troubles in the early 1960s, accelerated again in the late 1960s when political stability returned, and has generally declined since the 1970s, when the nationalization of major industries resulted in a reduction of private investment. Since the early 1990s much of the economy has been in a state of collapse.

Although only 3% of the nation's land area is arable, a substantial part of the labor force is engaged as subsistence farmers. The principal food crops are cassava, yams, corn, rice, peanuts, plantains, and pulses. Rubber, coffee, cotton, tea, sugarcane, and palm products are produced commercially, primarily for export. Although agricultural production satisfied domestic demands before independence, the Congo has become dependent on food imports. Goats, sheep, and cattle are raised.

Mining is centered in Katanga province; products include copper, cobalt, zinc, manganese, uranium, cassiterite (tin ore), coal, gold, and silver. Diamonds are mined in Kasai. There are major deposits of petroleum offshore near the mouth of the Congo River. About 75% of the Congo is covered with forest containing ebony and teak as well as less valuable woods.

Kinshasa and Lubumbashi are the country's most important industrial centers. Manufacturing includes processed copper, zinc, and cassiterite; refined petroleum; basic consumer goods such as processed food, beverages, clothing, and footwear; and cement. The numerous rivers of the Congo give it an immense potential for producing hydroelectricity, a small but significant percentage of which has been realized. The chief hydroelectric facilities are situated in Katanga and produce power for the mining industry; another major project is located at Inga, on the Congo River near Kinshasa.

Rivers form the backbone of the country's transportation network; unnavigable parts of the Congo (e.g., Kinshasa-Matadi and Kisangani-Ubundi) are bridged by rail lines, but the rail and road network in the Congo is in disrepair was a result of the civil war. Matadi, Boma, and Banana can handle oceangoing vessels. The E Congo is linked (via Lake Tanganyika) by rail with the seaport of Dar-es-Salaam, Tanzania.

The country's export earnings come almost entirely from sales of primary products, which are vulnerable to sudden changes in world prices. Since 1994 diamonds have become the country's leading export following a decline in the production of copper (once the leading mineral product in terms of value). The country produces much of the world's small industrial diamonds. Petroleum also accounts for a substantial portion of export earnings. Other important exports are cobalt, coffee, palm products, and rubber. The leading imports are consumer goods, machinery, transport equipment, and foodstuffs. The country's principal trade partners are Belgium, the United States, France, Germany, and South Africa. The Congo is a member of the Southern African Development Community.