WASHINGTON--(EON: Enhanced Online News)--The economy of Angola is rapidly becoming one of the most vibrant in all of Africa, according to Angolan National Bank Governor Jose de Lima Massano. Speaking today in Washington D.C., Governor Massano delivered remarks on Angola’s emergence as a stable sub-Saharan economy primed for international investment at a meeting hosted by Banco Privado Atlantico (ATLANTICO). The program focused on the challenges and opportunities facing Angola’s economy in the 21st Century.
“Angola is a country in the making. Much has been done to create macroeconomic stability and promote growth”
“Angola is a country in the making. Much has been done to create macroeconomic stability and promote growth,” said Governor Massano. “We have made significant monetary and structural reforms that position our economy for international investment and economic development. We still face challenges but we are determined to turn those challenges into opportunities for our nation. The time is now and the place is Angola.”
Angola’s economy is one of the most buoyant in Africa with a nominal GDP of 118.7 billion USD. Annual growth rates have eclipsed China, averaging nine percent between 2003 and 2012. Economic expansion beyond Angola’s established oil sector into transportation and agriculture related industries have led to increased diversification, with the non-oil sector growing ten percent faster than the oil sector for the past five years. This has resulted in a greater level of optimism among the Angolan people and an improved standard of living for a burgeoning African middle class within the country.
These favorable economic conditions are directly connected to fiscal and monetary reforms now overseen by Governor Massano as well as political changes being made by the Angolan National Assembly. Such reforms have stabilized Angola’s currency and placed it on a deflationary track. These actions, along with the creation of a Financial Intelligence Unit, heightened compliance regulation, the approval of the Anti-Money Laundering Law by the Angolan National Assembly, and ratification of the UN Convention on Organized Crime, have earned Angola a stable BB- rating by Fitch and a Ba3 by Moody’s.
Joining Governor Massano at this morning’s event was Jim O’Neill, former Chairman of Goldman Sachs Asset Management (GSAM). Mr. O’Neill spoke to the attendees about the current state of emerging markets across the world, the shifting relationship between China and the United States and what it means for Africa. O’Neill noted that Angola has shown greater economic improvement than its African competitors and is poised to continue its growth and establish its position as a leading economy due to the continued expansion in the non-oil market.