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Central Bank of Congo: The challenges awaiting the new governor

08/07/2021
Categories: Sectors

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President Félix Tshisekedi on Monday appointed Malangu Kabedi Mbuyi, Governor of the Central Bank to replace Deogratias Mutombo. Primary objective, the strengthening of the credibility of the Central Bank of Congo (BCC) vis-à-vis its partners, to restore the image.

The new boss has her work cut out when the Bank was at the heart of several financial scandals, pinned down, for example, for not playing its role as regulator of the banking sector in the context of the embezzlement of funds from President Félix's 100-day program Tshisekedi or on the alleged laundering of millions of dollars at Afriland First Bank. She was even accused of having directly paid tens of millions to Egal, a reputable company close to former President Joseph Kabila. The most recent episode that hit the headlines is the provision of credit cards to former dignitaries. Badly managed public revenues, fraudulent disbursements, non-compliance with the public expenditure circuit, are not the rest. Faced with this situation, the new boss must be very careful about compliance with the texts. Malangu Kabedi Mbuyi will also have to restore order in the banking sector.

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