Africa-Press – Angola. The Angolan Finance Minister stated that reform of the state business sector is urgent, given the chronic dependence of some companies, which is “unsustainable.”
Vera Daves de Sousa spoke at the end of the Annual Meeting of the Public Business Sector (SEP), where global data from approximately 80 companies was presented.
The minister highlighted that, throughout Angola’s 50th anniversary of independence, which is about to be celebrated, the public business sector has played a decisive role in supporting the country’s development, but has also accumulated errors, flaws, and liabilities that today weigh heavily.
“In many phases of our history, the State has assumed the role of primary provider of goods and services. This was a necessary solution, but one that has led to inefficiencies, complacencies, and dependencies, which today are struggling with the economy and compromising the quality of public services,” the minister emphasized.
Vera Daves considered financial sustainability and rationalization “a national goal,” emphasizing that the data presented reveals that companies “with innovation and discipline” have overcome adversity and achieved decent results, while others remain dependent on capitalization and government subsidies, draining resources that should be channeled into education and health.
“This chronic dependence is not sustainable. It cannot be accepted. Reform of the public business sector is, therefore, urgent. This is not a bureaucratic exercise or a passing fad,” emphasized the Finance Minister.
Companies in the Angolan state-owned business universe recorded, in 2024, a turnover of 12.8 billion kwanzas (around 11.8 billion euros, up 15.9% compared to 2023), while net profit fell 13%, to 788.4 billion kwanzas (around 726 million euros).
The minister emphasized the need to ensure that every company under state supervision has a clear purpose, an efficient business model, and responsible management. “It’s about ensuring that the efforts of all Angolans, expressed in the taxes they pay, translate into solid companies capable of generating value and innovation for the benefit of society,” she emphasized.
According to Vera Daves, the paths for reform are clear: streamline, eliminate redundancies and focus on objectives, and privatize whenever this is the most effective way to ensure investment, efficiency, and sustainability.
“It doesn’t have to be all at once. One step at a time. The State cannot continue to be the lender of last resort,” he insisted, emphasizing that the State must be a firm regulator, a responsible shareholder, and an investor in strategic sectors, “but not a permanent firefighter for unviable companies,” as it “also deserves and needs the dividend.”
The minister stressed that “reform requires courage, disciplined execution, and an epic commitment to concrete results,” declaring that the Ministry of Finance will continue to lead the process with vigor and transparency.
He also called for the next business meeting to present “not just diagnoses, but more evidence of change,” celebrating “less budgetary dependence, more efficiency, more innovation.”
“The business sector we want for Angola is a robust, competitive, and sustainable sector, capable of self-financing, providing decent employment, and supporting the diversification of our economy. A sector that stops being seen as a problem and starts being recognized as sustainable,” he concluded.
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