Albert Yuma rails against “tax harassment” and “foreign interference”

A poisonous business environment, gloomy and opaque, fiscal harassment… These were some of the words used by Albert Yuma, the president of the Congo Business Federation (FEC), in his acerbic attack on government policy. He also railed against “foreign interference” in mining issues.

“No government should ever promise what it is not sure to deliver. It is a question of credibility and accountability of public action to the governed,” he said.

Yuma is currently at the Centre of a judicial investigation opened by the Kinshasa public prosecutor’s office into Gécamines’ debt of 128 million euro ($143 million). He is president of the company, but on 29 February, during a traditional ceremony for the employers’ organisation at the Pullman Hotel, it was in his capacity as president of the Federation of Enterprises of Congo (FEC) that he slammed his fist on the table, denouncing government policy.

A close associate of Joseph Kabila — who tried to impose him on the premiership in April 2019 — he called on the new government to initiate major reforms to improve the business climate and establish an efficient tax system in the DRC. Reforms that would allow the state, he said, to boost investment and public

His call comes a few days after the end of the IMF interim programme evaluation mission, whose report reflects similar concerns.

Economic growth in decline                                      

The latest statistics published by the Central Bank of Congo indicate that economic growth in the DRC declined in 2019 compared to 2018, dropping to 4.6% from 5.8%.

“Although this growth rate is higher than the average for sub-Saharan countries, the DRC’s economic growth remains fragile and not very inclusive because it is driven by the mining sector, which is highly capital-intensive but provides few jobs,” said Yuma.

Source: The Africa Report