## Congo Partners with AfDB to Modernize Economic Statistics
The Government of the Republic of Congo has taken a significant step toward the modernization of its economic landscape by signing a grant agreement with the African Development Bank Group (AfDB) for $602,000. This funding is aimed at rebasing the nation’s national accounts, a crucial process that will enhance the accuracy and transparency of the country’s fiscal statistics.
### Key Agreement Details
On August 4, 2023, the agreement was formalized in Brazzaville, with the Minister of the Economy, Planning and Regional Integration, Ludovic Ngatse, signing on behalf of the Republic of Congo. He also serves as the Bank’s Governor for Congo. The AfDB’s Director General for Central Africa, Leandre Bassole, represented the Bank in this collaboration. The grant is sourced from the AfDB’s Middle-Income Countries Technical Assistance Fund, emphasizing the institution’s commitment to supporting financial integrity in developing nations.
### Updating National Indicators
A primary objective of this initiative is to update the base year for calculating Congo’s national economic indicators from 2005 to a more relevant timeframe. The project will adopt the 2008 System of National Accounts (SNA 2008), aligning Congo’s practices with international standards and preparing for the SNA 2025 framework recently endorsed by the United Nations. This upgrade is especially pertinent for Congo, a country rich in resources, as the new system integrates advanced metrics that account for environmental goods and services.
### Addressing Underrepresented Sectors
The rebasing process will also help capture a broader spectrum of sectors that have been historically underrepresented. This includes areas such as digital services, telecommunications, the informal economy, and non-profit institutions, as well as innovations in digital financial services. By documenting these sectors more accurately, the updated national accounts will provide a more comprehensive view of Congo’s economy.
### Fostering Economic Growth and Transparency
Minister Ngatse emphasized the importance of this project, stating, “This project aims to ensure that Congo’s GDP reflects its true value.” With more accurate economic indicators, there is potential for a significant reduction in the country’s debt ratio, which may enhance its credibility with financial partners. The rebasing offers a powerful tool for improving Congo’s risk profile and streamlining resource mobilization for development initiatives.
### Enhancing Fiscal Responsibility
A notable outcome expected from the upgrade is a substantial upward revision of Congo’s nominal GDP. This adjustment could lead to a decline in both the debt-to-GDP and deficit-to-GDP ratios—critical metrics for evaluating the sustainability of a nation’s debt. Improved risk assessments could open up avenues for Congo to access financing under more favorable conditions on the international market.
Bassole underscored the necessity for reliable economic data, saying, “Credible economic data is essential for steering and implementing effective public policies.” This recalibration will help anchor Congo’s economic decisions in a reality-based framework, thereby strengthening governance and increasing the visibility of the country in global markets.
### Commitment to Sustainable Development
The implementation of this project will unfold over the next 18 months and is part of Congo’s National Statistics Development Strategy (SNDS II 2022-2026). This strategy aims to generate reliable, timely, and disaggregated data to better inform public policy, ensuring that development efforts are both equitable and inclusive.
This grant reinforces the African Development Bank’s dedication to enhancing statistical systems as foundational elements of economic governance and budgetary transparency. It aligns with the broader goals of monitoring the Sustainable Development Goals, in line with the AfDB’s Ten-Year Strategy for 2024-2033, and resonates with the African Union’s Agenda 2063.
### About the African Development Bank Group
The African Development Bank Group stands as Africa’s leading development finance institution, consisting of distinct entities including the AfDB, the African Development Fund (ADF), and the Nigeria Trust Fund (NTF). With representation in 41 African nations and an external office in Japan, the Bank is deeply committed to fostering economic development and social progress across its 54 regional member countries. For more information, visit [www.AfDB.org](http://www.AfDB.org).
