Zimbabwe, plunged into a serious economic crisis over the last 20 years, announced last week the adoption of a new currency called “ZiG” Zimbawe Gold (Zimbabwe Gold) and the replacement of the current Zimbabwe Dollar, to try to combat hyperinflation and stabilize the economy from the country. With inflation officially hovering around 55% after this rate reached triple digits last year, the governor of the Central Bank of Zimbabwe, John Mushayavanhu, announced last Friday the
Angola’s Gross Domestic Product (GDP) expanded by 1.4% year-on-year in the fourth quarter of 2023 compared to the same period in 2022, according to data from the National Statistics Institute (INE). However, there was a 0.3% decrease in the economy from the third quarter to the fourth quarter of 2023, after seasonal adjustments. For the entire year of 2023, the Angolan economy grew by 0.9% compared to 2022. Key contributors to this growth were the
Angola’s robust history in oil production, dating back to its first commercial discovery in 1955, has played a pivotal role in its economic development, with the sector contributing 75% of the government’s revenue. As one of the continent’s leading producers, Angola is poised to maintain production at 1.1 million barrels per day (bpd) beyond 2027. Building on this foundation, Angola is actively attracting new investments to sustain oil production and expedite the development of new
Dubai Investments Park (DIP) Angola, an expansive integrated residential, commercial, and industrial project situated in Barra do Dande, has selected China Harbor Engineering Company (CHEC) to spearhead its infrastructure construction, as revealed in a contract announcement on Monday, reported by Jornal de Angola. The Emirati-owned DIP Angola disclosed that the contract with CHEC pertains to Phase 1A Infrastructure Development, a crucial component of the integrated center, which stands as a unique venture in Angola. Under
A Visa Application Center has been opened, on Tuesday, 2, in the Nigerian city of Port Harcourt to eliminate trips to Abuja and Lagos, as part of activities commemorating the 4th of April, Day of Peace and National Reconciliation in Angola . The Center, a partnership between the Embassy of Angola in Nigeria and the company Akwa Helmes International Limited – AHIL, has capabilities for applying visas, boosting investment attraction, supporting the oil and gas
Botswana officials have voiced apprehension over the Group of Seven’s (G7) planned restrictions on Russian diamonds, warning of potential negative impacts on the country’s diamond trade and economic progress. Lefoko Moagi, Botswana’s minister of mineral resources, green technology, and energy security, emphasized that the proposed requirement to channel all diamonds through Antwerp for verification poses logistical challenges and could hinder Botswana’s beneficiation efforts. The government is advocating for verification processes to occur in producer countries
Lucapa announced Thursday the recovery of its recent diamond discovery, marking the fifth-largest find at the Lulo mine in its 12 years of operation. The miner retrieved the diamond from processing run-of-mine stockpiled ore already on site. This discovery also marks the third diamond weighing over 100 carats found by Lucapa this year alone. In the preceding month, the miner unearthed two type IIa stones, weighing 162.42 and 116.14 carats, respectively, on consecutive days. The
President His Highness Sheikh Mohamed bin Zayed Al Nahyan received His Excellency João Manuel Gonçalves Lourenço, President of the Republic of Angola. During the meeting at Qasr Al Bateen in Abu Dhabi, His Highness welcomed the visit of the President of Angola, who congratulated His Highness on the occasion of the holy month of Ramadan and expressed his wish for it to be a month of goodness, mercy, and peace for people around the world.
ACREP (Exploração Petrolífero SA), positioning itself as Angola’s second-largest private oil company with onshore operations, achieved a significant milestone with its recent public offering for sale (OPV) of shares on the stock exchange, securing a revenue exceeding 5.409 million kwanzas. The demand for shares reached 24.04 percent of the total supply, showcasing investor interest in the company. The Angolan Debt and Securities Exchange (Bodiva) announced the results of the OPV, revealing that 72,121 of the
Rough resources at Lucapa Diamond Company’s Lulo deposit in Angola increased 48% in 2023 as the miner identified new material that will add an extra eight years to the deposit’s production. The figure, which refers to the volume of diamonds with a reasonable prospect of being extracted economically, climbed to 228,000 carats as of December 31, from 153,870 carats a year earlier, the company said Monday. The miner had the asset independently estimated by South
