Journal of African Business Issue 5

COUNTRY PROFILE
ANGOLA
A major oil producer is trying to diversify its economy.
TThe death in 2022 of former president José Eduardo dos Santos brought to an
Photos: Pixabay
end the era of a particular kind of anti-colonial politics in Angola. Although
he gave up the presidency in 2017, the legacy of dos Santos and the influence
of his children on national politics and economics sparked increasingly
heated debate.
His anointed successor, President João Lourenço, did not act as though
he was beholden to dos Santos, despite the latter having held on to power
for 38 years. Among the people fired by the new president were the former
president’s daughter, Isabel dos Santos, who had been the chief of Sonangol,
the state oil company. She moved to Spain.
MPLA won just 51% of the vote in the country’s fourth post-war elections
held in 2022, with long-time rivals (and former civil war opponents) UNITA
gaining 44%. The civil war started soon after Angola gained independence
from Portugal in 1975 and lasted 27 years. The MPLA had the support of
Cuba while UNITA were backed by South Africa, who eventually invaded
Angola in an attempt to defeat MPLA and defend their occupation of
Namibia (then known as South West Africa).
Photo: Mustafa Omar on Unsplash
Capital: Luanda. Other towns/cities: Huambo, Lobito, Lubango. Population: 34.7-million (2022).
Real GDP (PPP): $203.71-billion (2020). Real GDP per capita: $6 200 (2020). Currency: Kwanza.
Regional Economic Community: Southern African Development Community (SADC), Community
of Portuguese Language Countries (CPLP). Land mass: 1.25-million km 2 . Coastline: 1 600km.
Resources: Bauxite, copper, diamonds, feldspar, gold, iron ore, petroleum, uranium, bananas,
cassava, citrus, maize, pineapples, potatoes, sugar cane, sweet potatoes. Main economic sectors:
Oil contributes 50% of GDP, more than 90% of the country’s exports and more than 70% of revenue
collected by the government. Angola belongs to OPEC. Other sectors: Agriculture, mining, cement,
basic metal products, fish and food processing, brewing, tobacco products, sugar, textiles.
New sectors for investment: Fintech (laws relating to payments and telecommunications have been
tightened), ICT. Key projects: The World Bank is supporting a Growth and Inclusion Development
Policy Financing Project for Angola, with the aims of supporting the government of Angola to achieve
more sustainable and inclusive growth, through a macro-financial and institutional environment
that is conducive to private-sector-led growth and financial and social inclusion. Chief exports:
Crude petroleum, diamonds, natural gas, refined petroleum, ships. Top export destinations:
China, India, UAE, Portugal, Spain. Top import sources: China, Portugal, Nigeria, Belgium, US,
South Africa, Brazil. Main imports: Refined petroleum, scrap vessels, meat, rice, palm oil.
Infrastructure: Airports 32 (paved); railways 2 852km (2014); roadways 26 000km, of which
13 600km paved (2018). Major seaports: Cabinda, Lobito, Luanda, Namibe. LNG export terminal:
Angola Soyo. Merchant marine: 54 (cargo 13, oil tanker 8, other 33, (2021). Pipelines: 352km gas,
85km liquid petroleum gas, 1 065km oil, 5km oil/gas/water (2013). ICT: Mobile subscriptions per 100
inhabitants: 45 (2020). Internet percentage of population: 36% (2020). ICT Development Index
2017 (ITU) ranking: 160 in world. Climate: North varies between dry, cool season (May to October)
and hot, rainy season (November to April). South is semi-arid along the coast north to Luanda,
which is part of a narrow coastal plain. The country shares two major rivers with its neighbours,
the Zambezi and the Okavango. The province of Cabinda, a major oil-producing area, is an enclave
separated from the rest of the country by a part of the Democratic Republic of the Congo.
Religion: Mostly Christian with a small majority Roman Catholic.
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