Angola: Latest News
Kevin Mwanza, 3:33 am
Mauritius, an Indian Ocean island in sub-Saharan Africa, is the fastest growing wealth market on the continent with 3,200 millionaires, according to a report by the New World Wealth Investment Review. The average person on the island is worth $ 21,700, which is more than second-placed South Africa, Africa’s biggest economy where the average person is worth about $10,300.
Dana Sanchez, 2:22 pm
In June 2016, Angolan President José Eduardo dos Santos controversially appointed his billionaire daughter Isabel head of the state-owned oil company Sonangol. The collapse of oil prices is nothing new, but the nature of Angolan politics and the stranglehold of the dos Santos family are threatening economic collapse. Under Isabel’s watch, Sonangol can’t afford to pay for toilet paper, never mind repay $1.135 billion in debt. Soon after Isabel became CEO of Sonangol, Angola pulled out of discussions with the IMF for a $4.5 billion loan. Isabel’s banking monopoly is the reason, an analyst said. The richest woman in Africa, Isabel owns stakes in five of the largest Angolan banks.
Kevin Mwanza, 8:45 am
Kenya will go on with plans to construct its first ever nuclear plant to fill its power deficit, defying calls from Italian and German experts who urged the nation to instead focus on developing its renewable energy. East Africa’s biggest economy identified possible sites near Lake Turkana, Lake Victoria and the Indian Ocean, targeting to use the vast water resources to cool off the reactors once they start generating power.
Dana Sanchez, 12:11 pm
Oil-importing African countries are showing an improved business environment as the continent endures its slowest growth in more than two decades. In contrast, countries that export commodities are under economic pressure due to low oil prices including three of Africa’s largest economies. Some countries that are doing better are predicted to grow at more than 6 percent. IMF predicts average growth will fall to 1.4 percent in 2016, less than half of 2015 growth.
Staff, 4:03 pm
The Africa Energy Forum isn’t happening in Africa but 75 percent of Africa’s energy regulators, utilities bosses and ministers will be there, according to event organizers. The 19th annual conference is scheduled for June 7–9, 2017, in Copenhagen, Denmark. Participants travel from Africa to Europe to meet and do business with power investors from around the world. The goal? To capitalize on the wealth of Scandinavian companies investing in Africa’s power sector.
Kevin Mwanza, 11:39 am
From Ecobank Research via How We Made It In Africa Ghana’s oil output has been boosted with the start of production from the Tweneboa, Enyenra & Ntomme (TEN) project in August. The oilfield, which is expected to peak at about 80,000 bpd in 2018 has produced its first barrel, and is expected to maintain a […]
Kevin Mwanza, 9:27 am AFKI Original
Nigeria, the second largest economy in Africa, has a population of 167 million people making it the most populous country on the continent. The West African nation is also the second-top producer of oil in Africa, after Angola. It has been in an economic crisis since 2014 and slipped into a recession this year. Below are 10 things to know about the economic recession in Nigeria.
Kurt Davis Jr., 1:34 pm AFKI Original
African private equity deals fell to $2.5 billion in 2015, compared with $8.1 billion in 2014. Fundraising and transactions are expected to be down further in 2016. It is time to buy for 2017. Market expectations are low in some places, so asset prices are low. Logistics and financial services – going against the past market movement – are huge opportunities if you can buy in at low asset prices and ride the unavoidable African rebound in the next year and beyond.
Derek Dias, 9:47 am
From 1549 until 1875, Jolof or Wolof, was a powerful kingdom in what is now Senegal and Gambia. In 1875, the theocratic Imamate of Futa Jallon brought jihad upon its neighbor. The kingdom never recovered and the French took over soon after. C’est la vie. The next time you eat Jollof rice, you can thank this kingdom. Not enough people besides history buffs know about the great empires, kingdoms, and sultanates of Africa. Here are some of the great African empires you may never have heard of.
Kurt Davis Jr., 3:21 pm AFKI Original
Fund managers have struggled in 2016 to raise capital for sub-Saharan Africa-focused natural resource funds. Here’s where having a $1 billion sub-Saharan Africa natural resources fund really helps. In 2017, expect more assets on the market at more reasonable prices. The focus will be on capital management. Expect a buyer’s market. Low M&A value will persist but expect a recovery in volume of deals. Transaction structures will become more complicated. Expect contingencies as buyers and sellers attempt to manage exposure to commodity price volatility.
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