Africa-Press – Angola. The Angolan Secretary of State for Planning acknowledged today in Luanda that it is not enough for Angola to experience economic growth, but that the results must translate into “less poverty and more employment, especially for the younger population.”
Luís Epalanga opened the “World Bank Academy” event today, presenting three analytical papers from the World Bank Group on Angola’s economic situation and prospects, which took place as part of a delegation’s visit to the country this week.
The World Bank presented the first edition of the Angola Economic Report, the Country Economic Memorandum and the Private Sector Diagnostic.
The Angolan leader considered these reports “strategic tools for transformation” because they strengthen the government’s institutional capacity to formulate evidence-based policies with greater impact and greater allocation of resources.
“They offer strategic information to the national and international private sector by accurately identifying obstacles and challenges, but fundamentally, by pointing out investment opportunities in sectors such as agriculture, manufacturing, energy, infrastructure, and financial and digital services,” he said.
According to Luís Epalanga, these instruments also contribute to increasing transparency and predictability in the economic environment, essential elements for consolidating the confidence of investors, multilateral partners, and citizens, while promoting “an open dialogue with civil society, encouraging stimulus, public scrutiny, and the shared responsibility of all actors in building sustainable solutions.”
The Secretary of State for Planning emphasized that, in recent years, the Angolan Government has implemented several ambitious reforms to stabilize the macroeconomic situation, diversify sources of economic growth, improve the business environment, and, most importantly, promote greater social and financial inclusion.
The results achieved so far compel Angola to continue with these reforms in a determined manner, highlighted Luís Epalanga, highlighting that in the first quarter of this year the Gross Domestic Product grew by around 4%, after having grown by 4% in 2024, driven essentially by the performance of the non-oil sector, with growth of 5.4%, of which the subsectors of agriculture (5.7%), commerce (2%) and manufacturing industry (2%) stand out.
According to the Angolan leader, inflation has been on a downward trajectory, “a reflection of prudent monetary policies and exchange rate stabilization and the increase, albeit insufficient, in domestic food production levels,” also highlighting the reduction in the unemployment rate from 32% in the first quarter of 2024 to 29.4% in the same period this year.
“Despite the progress of recent years, structural challenges persist, which still limit the full potential of our economy, notably the high dependence on the oil sector, which continues to represent more than 80% of exports, more than 30% of tax revenues and just under 20% of Gross Domestic Product, making the economy vulnerable to fluctuations in events arising from the international context, and sometimes from the domestic context,” he highlighted.
Among the members of the World Bank Group delegation is the recently appointed regional vice president for eastern and southern Africa, Ndiamé Diop, who, like the Group’s senior managing director, Axel Van Trotsenburg, is visiting Angola for the first time.
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