Angola and Mozambique may have very different economies but their current economic problems have the same two root causes: low energy prices and economic mismanagement.
Low oil prices have slashed Angolan revenues and slowed the development of gas and coal projects in Mozambique. At the same time, Maputo’s borrowing resulted in default in January, while Luanda’s continued opacity and state control has not created an economy sufficiently robust to weather the period of low oil prices more comfortably.
Most forecasters have become more pessimistic about the two countries’ prospects. The World Bank has downgraded its forecasts for Mozambican growth in 2017 and 2018 by 2.5% [...]
Africa CEO Forum will look at revitalising investment flows into the continent and comes at a time when commodity prices are showing signs of recovery
About 20 South African CEOs are expected to attend the Africa CEO Forum, which, is taking place in Geneva, Switzerland, later in March.
The fifth edition of the forum is due to focus on international investments in Africa. It is running from March 20–21.
The forum will look at revitalising investment flows into Africa and comes when commodity prices are showing signs of recovery.
The forum is expected to host 1,000 key decision makers in industry, finance and politics from across the globe.
Some of [...]
Luanda – Angolan President Jose Eduardo dos Santos confirmed on Friday he would step down ahead of elections due in August, signalling the end to his 37-year long reign, and naming Joao Lourenco as the candidate to run in his place.
The autocratic Dos Santos, 74, became president in September 1979, making him Africa’s second-longest serving leader – one month short of Equatorial Guinea’s Teodoro Obiang Nguema.
His reign has seen the end of civil war and an investment boom, but has also been criticised as secretive and corrupt with Angola’s citizens suffering dire poverty as his family became hugely wealthy.
Dos Santos told a meeting [...]