Angola: Latest News
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.
Julia Austin, 10:37 am AFKI Original
Bob and Don Manonga star in “Rich Kids,” a reality TV series aired on Vuzu, a South African youth-oriented TV channel produced by M-Net for sister pay TV platform DStv. The brothers live in a 14-bedroom mansion with their prominent familiy in Pretoria and were some of the first to drive the Merceds A45 AMG. The boys also have access to the family’s four Bentleys and four Ferraris.
Staff, 1:23 am
As you read this in the spring of 2016, the International Monetary Fund and the government of Angola are engaged in talks for a three-year extended loan program. The IMF financing, known as the Extended Fund Facility program, could be as high as $1.5 billion annually with a cumulative total of about $4.5 billion. Many news stories have called the IMF funding a “bailout” to cushion the impact of the steep drop in oil prices on the Angolan economy.
Julia Austin, 3:05 pm AFKI Original
The late former president of Libya flew an A340 that had a bedroom, showers, DVD players, and kitchen so he had a place to live for several months should chaos hit his country. He bought it from Prince al-Waleed Aziz Al-Saud–one of the richest people in the world. They have state-of-the-art technology, safety and luxury, often becoming lightning rods for public opinion: 8 expensive planes flown by African presidents.
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