Angola Oil Reserves |

Angola Joins Long List of Oil Nations in Ditching Dollar Peg

LUANDA (Capital Markets in Africa) – Angola is poised to become the latest emerging nation to abandon its currency peg as it seeks to rescue an economy still reeling from the oil-price crash four years ago. The southern African nation, an OPEC member, said this week it would let the kwanza trade within a new band. The rate at which it’s been fixed against the dollar since April 2016 “does not reflect the truth,” according to Jose Massano, who…

Angolan Sonangol’s Fired Boss Said She Leaves $2 Billion in Reserves

Posted on by The Editorial Team

LUANDA (Capital Markets in Africa) – Isabel dos Santos, Africa’s richest woman, said Sonangol will be left with a financial reserve of $2 billion after she leaves as chair of Angola’s state-owned oil company. Her firing Wednesday marks the first time Angolan President Joao Lourenco has directly targeted the family of his predecessor, Jose Eduardo dos Santos, who ruled Africa’s second-biggest oil producer for 38 years and appointed his eldest daughter to the helm of Sonangol last year. She was relieved…

Angolan Economy – An uphill struggle in 2015 says Chief Economist, Tiago Dionisio

Posted on by The Editorial Team

Tiago Dionisio, Chief Economist with Eaglestone Securities Lower oil prices hit 2014 GDP growth and fiscal accounts Angola is Sub-Saharan Africa’s second largest oil producer after Nigeria and its economy remains highly dependent on the oil sector. Official figures show that the oil sector accounted for nearly 37% of the country’s GDP, 98% of its total exports and more than two-thirds of government revenues in 2014. As a result, it is…