The President of the Angola–United States Chamber of Commerce, Pedro Godinho, has called for an urgent revision of Angola’s current Foreign Exchange Law for the oil sector to prevent further corporate insolvency.
Speaking to the press on Thursday in Luanda, following a meeting with the Vice President of the Republic, Esperança da Costa, Godinho emphasized that fiscal instability is hindering the creation of a favorable business environment for both local and foreign investment.
According to Godinho, the current law—Foreign Exchange Law 2/12—has contributed to the collapse of numerous companies operating across various sectors in Angola.
He acknowledged that while the law may have been effective during the initial efforts to de-dollarize the national economy, it is now outdated and needs to be adapted to present-day economic conditions.
“Multinational and national companies have U.S. dollars in commercial banks, but when they need to purchase basic supplies or pay salaries, they are required to convert those dollars locally,” he said.
Godinho warned that the scarcity of foreign currency is eroding corporate profits, leading many companies—including NGOs—to shut down operations or abandon their offices entirely, often leaving behind equipment and infrastructure.
He further revealed that some multinational service providers have resorted to signing tripartite agreements with companies outside the country to access the U.S. dollars they need, a workaround that he says is draining Angola’s economic potential.
“This situation means that dollars generated from Angola’s natural resources are boosting foreign economies instead of benefiting the Angolan people,” he stated.
Given this context, Godinho urged the Angolan government to show greater flexibility and responsiveness to the needs of multinational corporations, operators, and citizens.
“Reforming the current law will allow the country to capture more U.S. dollars, easing the persistent foreign exchange shortage we face daily,” he concluded.
