The Democratic Republic of Congo has launched an ambitious plan to reclaim monetary control by reversing decades of deep-rooted dollar dependence.
Newly appointed Central Bank Governor André Wameso has placed restoring confidence in the Congolese franc (CDF) at the heart of his mandate. Today,nearly 90% of Congo’s transactions — from mineral exports to daily purchases — are conducted in U.S. dollars. Even government salaries paid in francs are often quickly exchanged. Wameso warns this undermines monetary sovereignty: “We need the population to trust its money again.” To shift course,the central bank sold $50 million in mid-August to stabilize the exchange rate,signaling an end to passive management. The broader strategy relies on three pillars: stabilizing the franc,building demand for CDF-denominated assets,and making franc usage seamless in everyday life.
New regulations now require electronic payments to be processed only in francs. Simultaneously,reforms are underway to promote franc-backed securities and housing loans,while collaboration with the U.S. Treasury aims to reduce transaction delays caused by foreign banking intermediaries. Though risky — abrupt changes could spark parallel market growth and destabilize banks — Wameso’s plan could redefine Congo’s economic trajectory. But “Congo’s experiment carries significance that transcends its borders,” says an analysis in African Leadership Magazine. “Wameson’s mission is not just about saving a currrency — it is about redefining the economic sovereignty of a resource-rich African nation and setting an example for others.”
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