Angola Economics and Business

According to cheeroutdoor, Angola is a country located in the southwestern region of Africa and is bordered by Namibia, Zambia, and the Democratic Republic of Congo. It is the second-largest oil producer in sub-Saharan Africa and has a population of approximately 30 million people. The country’s economy is heavily reliant on its oil industry, with oil accounting for over 95% of exports and more than half of government revenue.

The economy was severely affected by the civil war which ran from 1975 to 2002, resulting in a collapse in economic activity and infrastructure damage. Since 2002, Angola has seen strong economic growth due to increased foreign investment into its oil industry as well as other sectors such as agriculture, telecommunications, banking and finance, construction, retail and tourism.

Oil production accounts for the majority of exports with crude oil being exported to countries such as China, India and the United States. Oil production has increased significantly since 2000 thanks to increased foreign investment into exploration activities which has allowed Angola to become one of Africa’s top producers. In addition to crude oil exports Angola also produces refined petroleum products such as gasoline and diesel fuel which are used domestically or exported abroad.

Agriculture is another important sector in Angola’s economy with crops such as cassava, maize, beans and peanuts being grown for domestic consumption or export abroad. Livestock farming also plays an important role with cattle being raised for meat production or milk production while poultry farming provides eggs for both local consumption or export abroad. Fishing is another important industry with marine resources such as shrimp being caught for domestic consumption or export abroad while freshwater resources provide fish for local markets.

The banking sector also plays an important role in the Angolan economy with numerous banks operating within its borders offering services such as wealth management, investment funds and private banking services. Financial services also generate significant revenue for the country through taxation on profits earned by foreign companies operating within its borders or foreign investors taking advantage of low taxes when investing in local businesses or property markets.

Construction is another key industry which generates employment opportunities as well as contributing significantly to GDP due to continued investment into infrastructure projects such as roads or modernizing existing buildings throughout the country. Manufacturing also plays a role with products such as electronics or medical equipment being produced within its borders or imported from abroad for sale locally or export abroad.

In recent years, Angola has made great strides towards achieving economic stability through increased foreign investment into sectors such as tourism or financial services which have created employment opportunities or increased disposable incomes through taxation revenues generated by these industries. The government has also implemented policies aimed at reducing poverty levels throughout the country by increasing access to healthcare services, education, housing, water supply, sanitation systems etc. These efforts have helped reduce poverty levels significantly over recent years.

Despite the peace agreement, talks continued. The UN and even Washington – his old allies – put pressure on Savimbi to make him comply with the agreement and halt the attacks. Some senior members of UNITA – especially those who had obtained government posts – showed signs of willingness to reach final peace. According to COUNTRYAAH, Savimbi had 4 ministers, 7 deputy ministers and 77 members in the People’s Assembly. At the same time, the assessment was that a partisan revolt facing better-equipped military forces than the previous years would give UNITA the leader few chances of victory. But developments in the fighting in the Democratic Republic of Congo reduced UNITA’s opportunities. The Government of Angola supported Kabila in the Congo and at the same time was able to recapture territories previously under UNITA control.

Angola GDP (Nominal, $USD) 2003-2017

In April 1999, the government announced that it had decided to join a regional “self-defense front” made up of Zimbabwe, Namibia and you. Rep. Congo. This development reflected that regional conflicts were no longer within the boundaries of the former colonial rulers. At the end of 1999, the government believed it could see the end of the armed conflict in the country. The background was the government’s streak of victories in previous months, which included made it possible to occupy UNITA’s main cities, Andulo and Bailundo.

However, after a period of relative calm, the fighting between the government and UNITA resumed in 2000. In light of the ongoing armed conflict, the UN Security Council decided to extend its peace mission in the country, which since 1995 had worked to mediate between the government and UNITA.

On February 22, 2002 UNITA leader Jonas Savimbi fell in battle in the province of Moxico in the central part of the country. His place was taken over by the organization’s Vice President, Antonio Dembo. Even before Savimbi’s death, the government had called for an end to the fighting, and President dos Santos now declared that Savimbi’s death had paved the way for the election, but that it was necessary to create safe conditions and he had therefore contacted Dembo.

In April 2002, the government and UNITA signed a formal ceasefire agreement, and four months later UNITA finally disbanded its armed branch, prompting the defense minister to declare: “the war is over”. The civil war in Angola – the longest lasting on the African continent – had lasted 27 years.

In February 2003, the UN launched an operation to monitor the peace process. UNITA, now transformed into a political party, in June elected Isaias Samakuva as new chairman.

Abbreviated as AGO by, the country of Angola faces major challenges in the reconstruction process. Many roads and railways need to be rebuilt. Before the war – in 1973 – it had a road network of 37,000 km, but during the war it was almost impossible to use the road network unless you were driving in armed convoys. Many bridges were blown into the air and bus operation between the cities set. Before independence, agriculture had flourished, but it was decaying as a result of the destruction of infrastructure, uncertainty and customs duties on export goods. Less than 10% of the country’s land can be used for food production. It is due to poor soil conditions and lack of water.

Note: the capital city of Angola is Luanda with a population of 6,400,000 (2014 census). Other major cities include Lubango with a population of 732,000, Huambo with a population of 666,000, Cabinda with a population of 598,000, Benguela with a population of 513,000 (2014 Census).

In January 2004, Human Rights Watch reported that the latest estimates showed that $ 4 billion had disappeared. US $ of Angola’s oil revenue. This corresponds to almost 10% of the country’s GDP and to the value of all social programs implemented in the period 1997-2002. The report laid the responsibility for the many billions of disappearance on corruption and bad governance. After Nigeria, Angola is the largest sub-Saharan oil exporter.

In April, intelligence and security chiefs from 20 African countries met in Luanda to find ways to control mercenary activities in Africa . The meeting took place the day after Zimbabwe President Robert Mugabe and Angolas’ dos Santos discussed the possible extradition of 70 mercenaries from the US, Britain and Spain. They were arrested in March at the airport in Zimbabwe’s capital Harare.

Angola Economics and Business

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