Angola: Latest News
Staff, 5:08 am
Southern African Development Community (SADC) and European Union (EU) signed the operationalisation of phase one of the two parties’ Economic Partnership Agreement (EPA) in Kasane town in north-eastern Botswana on June 10. There have been concerns that the conclusion of negotiations, which lasted for almost a decade, could result in EU’s advanced industries crowding out the infant industries in the region, especially those in the agricultural sector.
Dana Sanchez, 2:15 pm
Isabel’s appointment could make it more difficult for international banks to do business with Sonangol and still be in compliance, given the perception of nepotism, a senior Johannesburg-based banker said. The news that global consulting firms will be assisting with the Angola’s reform strategy of Sonangol “is at least a step in the right direction,” an analyst said.
Kevin Mwanza, 7:27 am
Increased currency restrictions by African central bankers are hurting airlines operating on the continent by making it difficult to move their funds in and out of a number of countries, including Nigeria and Angola. Already two international airlines, U.S.-based United Airlines and Spain-based Iberia, have halted operations in Nigeria or cut flights as they struggle to access revenue they’ve made in the West African nation
Julia Austin, 9:04 am AFKI Original
The Angolan diamond industry barely existed during the 1975-2002 civil war, but Angola caught up. The industry is on track to be worth $7.5 billion by 2018. Angola is trying to attract international investment. The CEO of the government-owned diamond company Endiama says 90 percent of Angola’s diamonds have yet to be discovered. Diamonds are a vital source of foreign exchange for cash-strapped African countries.
Dana Sanchez, 8:50 pm
Ghana is the world’s No. 2 cocoa producer. The country issued its first Eurobond in 2007, successfully raising $750 million at a coupon rate 8.5 percent. Now the government needs the cash to retire it — it matures in 2017. A second Eurobond followed with another $750 million in 2013, while 2014 and 2015 each saw another $1 billion added to the debt. “Ghana is already in the market…So we have to think about the way to pay for the debts,” the finance minister said.
Dana Sanchez, 12:09 pm
The entrepreneurs running African firms tend to have longer planning horizons than foreign owned companies for kick-starting industries that don’t rely on extractives. This is pivotal to economic diversification in Africa. Often indigenous, they’re physically and psychologically vested in their operating environments. They have risk mitigation strategies which often elude their foreign counterparts.
Staff, 4:33 am
Angola’s President Jose Eduardo dos Santos has appointed his daughter as head of the state oil company Sonangol. Isabel dos Santos, named by Forbes magazine as Africa’s richest woman, worth an estimated $3.3bn (£2.3bn), takes on the job after the entire board was sacked by her father in April. Angola and Nigeria are Africa’s largest oil producers. Critics accuse President dos Santos, who has ruled since 1979, of being increasingly authoritarian.
Kevin Mwanza, 6:39 am
Over the last decade many African economies have posted world beating growth rates mainly on the back of a commodity-led boom, but a new report shows that the Africa rising narative did little to improve the prosperity of people living on the continent. The report by London-based think-tank Legatum Institute ranks African countries according to both wealth and wellbeing, which it calls “prosperity”. It defines prosperity according to a combination of 89 variables spanning eight categories, from entrepreneurship to health and education.
Julia Austin, 5:36 pm AFKI Original
South Africa has just under 56 million people and is home to the largest European-descended population in Africa. Of the white population, 61 percent speaks Afrikaans and over 30 percent speaks English. The country was under Dutch and British colonization. South Africa’s white population isn’t all affluent. More than 400,000 white South Africans are thought to live in poverty and the country has around 80 white squatter townships for Afrikaans-speaking whites.
Dana Sanchez, 4:17 pm
South Africa lost its spot as No. 1 economy in Africa to Nigeria in 2014, and its No. 2 spot to Egypt in 2016. So who has best shot next at bypassing the South African economy? These are 21 of the International Monetary Fund’s top performing economies in Africa based on gross domestic product. You’ll be surprised who’s absent from this list: Rwanda.
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