General Information

The Congolese economy remains dominated by oil, which represents around 55% of GDP, 70% of budget revenues and 85% of exports. The recent upward trend in oil prices should benefit the economy. France is the 1st supplier and the 9th customer of Congo, the first customer being China. Around 70 French subsidiaries are listed in Congo to which are added an equivalent number of Congolese companies with French interests. The French presence is particularly strong in the oil and oil services sector, but also in logistics and transport, agri-food, construction, banking, distribution, etc.

Means of Payment & Banking Specificities

The fall in oil prices and the COVID 19 pandemic have had the effect of slowing down the pace of commercial imports due to the lack of foreign currency resources to pay for them. Inflation does not spare the country.

We recommend the use of confirmed documentary credit, with payment on sight or within 30 days maximum. Delays are very common if operations are not secured by a bank guarantee. These delays are most often due to cash flow problems of Congolese companies due to lack of banking support and due to currency problems (non-availability at the time of transfer). Note also, a tightening of the conditions for foreign currency transfers abroad with the obligation for commercial banks to ensure that importers are up to date with all previous operations which could be pending (BEAC circular of May 24, 2021 for the attention of commercial banks).

Sources: MOCI – COFACE – Business France – EULER HERMES – les Echos data