ANGOLA: Making a clean sweep
For the new president’s economic and finance reforms to succeed, and for the country’s economy to grow, Angola needs to attract more foreign direct investment
When João Lourenço was sworn in as Angola’s president on September 26, he came into office promising sweeping reforms. Just over 100 days on, his progress has astounded sceptics. Lourenço’s first move was to rid Angola of the legacy of former president José Eduardo dos Santos, who in his 38 years in office had taken nepotism to new heights and led the country down the path of corruption. Out went the former president’s daughter, Isabel dos Santos, as head of state oil company Sonangol. Her brother, José Filomeno dos Santos, got the boot as head of Angola’s US$5bn sovereign wealth fund. They joined dozens of other Dos Santos loyalists who were axed, including the central bank governor, intelligence agency head and police chief. Lourenço is now turning his attention to economic reform through a macroeconomic stability programme. It is vital for the oil-dependent economy (oil accounts for about 90% of Angola’s exports and government revenue). Since the collapse of the oil price in 2015...
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