Welcome to Africanews

Please select your experience

Watch Live



Angolans still waiting for economic revamp


One year after the election of President Joao Lourenco, Angola is still waiting for the economic miracle he promised on the campaign trail.

Small businesses are yet to reap from the benefits of the long awaited change in the oil rich nation.

“He (Angolan President Joao Lourenço) has been in power for a year. He has made some reforms. He has done more politically. On the economic side, we see some small changes in the fight against corruption. But even with that, we don’t feel the effects of his measures,” said Joao Domingos a market vendor.

Lourenco’s package of reforms to aid rebound the stagnating economy and attract foreign investment have so far been slow to bear fruit.

“Here in Angola you have to create so many opportunities for the foreigners because so many countries without the foreigners they can’t live. You still have to create much opportunities for them so that they will invest in your country,” said an illegal immigrant from Nigeria.

The government has promised a return to economic growth next year, but that will largely depend on a rise in oil prices.

40 percent of Angolans live below the poverty line and unemployment is widespread.


View more