Republic of Congo Debt Rises to 92% of GDP After Eurobond Issuance

AFRICAN BUSINESS AND ECONOMYMarch 17, 2026 at 7:37 AM UTC

TLDR

Republic of Congo's public debt rose to 8,943.97 billion FCFA at the end of 2025, reaching 92.46% of GDP, with a notable increase from the previous year.
Debt composition shifted towards more external borrowing, reflecting Congo's return to global capital markets through Eurobond transactions totaling $930 million.
Congo's debt level exceeding 92% of GDP highlights reliance on mixed domestic and external financing, with a focus on managing fiscal needs and seeking diversified funding sources for stability and growth.

Republic of Congo’s public debt rose to 8,943.97 billion FCFA at the end of 2025, equivalent to 92.46% of GDP, according to data from the Caisse Congolaise d'Amortissement.

The increase reflects a rise from 8,535.77 billion FCFA at the end of 2024, when debt stood at 92.31% of GDP. Over 12 months, the debt stock expanded by about 408 billion FCFA. The pace of accumulation accelerated toward the end of the year, with debt increasing by 6.16% between September and December 2025, according to quarterly data.

Domestic borrowing remains the main component of the country’s debt profile. Domestic debt totaled 5,334.07 billion FCFA, accounting for 59.64% of the total. External debt reached 3,609.90 billion FCFA, or 40.36% of the portfolio, reflecting a growing share of foreign borrowing.

The composition of debt shifted in the final quarter of the year. External debt rose from 36.86% of the total at the end of the third quarter to 40.36% by December, according to the CCA. The change signals a rebalancing toward international financing sources.

The shift is linked to Congo’s return to global capital markets. In November and December 2025, the government issued and re-tendered Eurobonds totaling $930 million, or about 524.74 billion FCFA. The transactions increased the share of external debt in the overall portfolio.

Key Takeaways

The rise in Congo’s debt level highlights the country’s reliance on both domestic and external financing to manage fiscal needs. Debt exceeding 92% of GDP places the country among the higher-debt sovereigns in sub-Saharan Africa. The increase in external borrowing reflects renewed access to international capital markets after periods of constrained financing. Eurobond issuance allows governments to raise larger volumes of capital in foreign currency, but it also introduces exposure to exchange rate risk and refinancing pressure. Congo’s debt structure remains weighted toward domestic instruments, which reduces currency risk but can limit liquidity in local financial markets and increase borrowing costs. The shift toward external debt suggests the government is seeking diversified funding sources and longer maturities. However, higher external exposure requires stable export revenues, often linked to oil production, which remains a key driver of the economy. Changes in global interest rates and commodity prices will influence debt sustainability. Investors will focus on the government’s ability to manage refinancing risks, maintain fiscal discipline and stabilize the debt-to-GDP ratio over the medium term.

Republic of Congo