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Category: Economy

International Economy Gold Oil

Ghana Suspends Gold-for-Oil Program as New Central Bank Governor Focuses on Currency Stability

Ghana’s new central bank governor, Johnson Asiama, has suspended the country’s gold-for-oil program and expressed confidence that the cedi will stabilize after last year’s volatility. Asiama, who was sworn into office by President John Mahama on February 25, emphasized the importance of maintaining a balanced monetary policy to support exchange rate stability. “We intend to maintain an appropriate monetary policy stance,” he stated, adding that fiscal discipline under Mahama’s administration should help stabilize foreign exchange

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Oil Economy Local News

Angola’s Oil Production Surges in January Exceeding Expectations

Angola’s oil production in January reached 32.6 million barrels, averaging 1.0 million barrels per day (BOPD)—a 2.8% increase compared to the previous month. According to the National Agency for Petroleum, Gas, and Biofuels (ANPG), which released its monthly report on Wednesday, associated gas production during the same period amounted to 85.476 billion cubic feet, with a daily average of 2.757 billion cubic feet (MMSCFD). Of this daily output: The report highlights that barrel of oil

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International Economy News

Namibia Braces for Economic Impact Amid U.S.-South Africa Tensions

Namibia’s central bank governor, Johannes !Gawaxab, has warned that rising tensions between the United States and South Africa could destabilize Namibia’s economy. Given Namibia’s strong economic ties with both nations and its currency peg to the South African rand, any volatility in the rand could have direct repercussions, Bloomberg reported. On February 7, former U.S. President Donald Trump issued an executive order freezing all U.S. aid to South Africa, citing alleged human rights violations linked

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Local Economy News

Angola and Turkey Strengthen Bilateral Ties Ahead of Joint Economic Commission Session

Angola’s Minister of Mineral Resources, Oil and Gas, Diamantino Azevedo, met with Ufuk Akici, the Ambassador of Turkey to Angola, to discuss preparations for the 3rd session of the Joint Economic Commission of Angola-Turkey. The upcoming session will focus on key issues aimed at enhancing collaboration in sectors such as mining and petroleum. Ambassador Akici emphasized the significance of the upcoming session, viewing it as a crucial step in advancing negotiations and strengthening bilateral ties

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Local Economy Oil

Angola’s Oil Production Expected to Stagnate Amid Global Challenges

Angola’s oil production is projected to remain steady at 1.173 million barrels per day in 2025, following a 3.6% increase to 1.170 million barrels per day in 2024, according to a report by Oxford Economics. The British consultancy highlighted that Angola achieved its government-set production targets in November, with a slight rise in crude oil output. Analysts forecast a modest growth in production from 2024 to 2025, marking continued stability in the sector. Oxford Economics’

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Diamonds Economy Local News

Angola Contributes 9% to Global Kimberley Process Diamond Trade in 2024

Angola accounted for 9% of the diamonds traded globally by countries participating in the Kimberley Process during the 2024 fiscal year, according to the National Commission’s (CNPK) Balance of Actions and Perspectives Report for the 2023/2024 Sector Development Plan. The report indicates that Angola sold 9,754,309.81 carats during the period, valued at $1.5 billion, with an average price of $157.06 per carat. The CNPK’s data shows that total global production for the same period reached

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Local Economy News Oil

Angola Exceeds Oil Production Targets with 33.8 Million Barrels in November

In November, Angola produced over 33.8 million barrels of oil, averaging approximately 1.1 million barrels per day, according to the National Agency for Oil, Gas, and Biofuels (ANPG). The official monthly report on oil production, accessed by VerAngola, revealed that the country achieved a total of 33,841,872 barrels during the month. “Angola’s oil production for November was 33,841,872 barrels, which corresponds to a daily average of 1,128,062 barrels per day (BOPD), surpassing the projected 1,073,910

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Local Economy Partnerships

Angola and South Africa Strengthen Economic Ties During President Lourenço’s Visit

Angolan President João Lourenço visited South Africa last week to strengthen economic ties and explore strategic partnerships between the two nations. The visit aimed to enhance bilateral trade and investment, focusing on key sectors such as energy, mining, infrastructure, and logistics. Discussions centered on maximizing the benefits of the African Continental Free Trade Agreement, advancing mineral beneficiation strategies, and leveraging Angola’s Lobito Trans-Africa Corridor as a model for regional integration. Both countries also explored cross-border

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Local Economy News

Angola and U.S. Forge Partnership to Boost Trade and Investment

Angola’s Ministry of Commerce and the U.S. Department of Commerce have signed a Memorandum of Understanding (MoU) to establish the U.S.-Angola Commercial and Investment Partnership (CIP). This landmark agreement seeks to foster private sector collaboration and identify opportunities in agricultural technology, infrastructure, and other key sectors. “Through the CIP, the Department and Ministry plan to engage with private sector stakeholders to promote equitable, private sector-led economic growth,” stated the U.S. Department of Commerce. The agreement

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Local Economy News Oil

Angola to Focus on Stabilizing Oil Production Amid Challenges

Angola is intensifying efforts to address imbalances in oil production, a challenge the country is progressively overcoming, according to Diamantino Azevedo, Minister of Mineral Resources, Oil, and Gas. Speaking at the 10th Advisory Council Meeting of the Ministry, held under the theme “Mineral Resources, Oil and Gas: Challenges and Solutions,” the minister emphasized ongoing strategies to stabilize oil production above one million barrels per day. Minister Azevedo underscored the ministry’s focus on increasing the replacement

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