International Monetary Fund (IMF) economist Thibault Lemaire, who coordinated the report on sub-Saharan Africa, said that Angola’s growth in 2023 has been revised upwards, from 0.5% to 0.9% of Gross Domestic Product (GDP). “Angola’s real GDP growth last year was 0.9%,” said Thibault Lemaire, quoted by Lusa, adding that the slowdown compared to 2022 was motivated by the decline in oil production and prices. Asked about the difference between the 0.5% for 2023, presented in
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The economist at the International Monetary Fund (IMF), who coordinated the report on sub-Saharan Africa, Thibault Lemaire, considered, this Monday, that Angola’s growth this year is supported by the non-oil sector and predicts high inflation. “The Angolan economy remained resilient last year; after recovery in 2021 and 2022, in 2023 it was hit hard by a decline in oil production and prices, coinciding with the end of the moratorium on debt payments, following of the
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The Kwanza appreciated against the Euro, in the period from 7 to 21, 1.6 percent, reducing from 901.5 per note to 887.5, respectively. When compared to the intermediate week (the 14th), the appreciation of the Angolan currency is even greater, as on that date each Euro note cost 885.2 kwanzas. In relation to the US Dollar, the national currency lost slightly, rising from the previous 832.00 kwanzas to 833.00 kwanzas. In week 14, there was
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Gold exploration in Angola has seen significant progress, occupying 4.9 percent of the national territory and generating over $10 million in revenue from 2021 to 2023, according to data from the Department of Standardization and Good Practices of the Regulation and Markets Directorate of the National Mineral Resources Agency. Jornal de Economia & Finances reported that 38 mining titles have been issued for gold prospecting in provinces including Huambo, Huíla, and Cabinda, with 11 mining
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Around 40 Zambian businesspeople showed interest in investing in Cuando Cubango, in the sectors of agriculture, exploration of mineral resources, health, education, tourism, construction of hotel infrastructure, among other areas that constitute business opportunities. The intention was expressed, last wednesday, by the consul general of Zambia in the provinces of Lunda Sul, Moxico and Cuando Cubango, Boniface Musumali, at the end of a meeting, which he held with the deputy governor for the Political, Economic
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Lucapa Diamond Company has successfully completed the sale of three remarkable diamonds recovered from its Lulo mine in Angola, fetching a total of $10.5 million at tender. Conducted by Sodiam in Luanda, the tender concluded on April 19, showcasing three Type IIa white diamonds weighing 203 carats, 116 carats, and 43 carats. This marked Lucapa’s first tender of Lulo diamonds for the year. The combined weight of the diamonds amounted to 361 carats, achieving an
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The construction of the Gold Refinery in Luanda, spearheaded by GeoAngol, a subsidiary of Endiama, received significant attention on Thursday, highlighted as a priority action by the Angolan Executive for the Mining Sector, as declared by Minister of Mineral Resources, Oil, and Gas, Diamantino Azevedo. Speaking at the opening of a seminar on “Mineral Resources and the Gold Mineral Value Chain in Angola” in Huambo, Azevedo emphasized the importance of refining gold locally to add
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The Gold Refinery project in the municipality of Viana, Luanda, is on track for completion, with expectations of inauguration in the first half of 2025, announced Domingos Baptista, the general director of Geoangol. Speaking at the Workshop on Mineral Resources and the Gold Value Chain in Huambo province, Baptista stated that the construction progress stands at 50%, with anticipation for completion by the end of the year. Baptista emphasized that the refinery project involves 23
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The Geological Institute of Angola (IGEO) is set to enhance its geological studies across the country, thanks to a generous non-refundable financial aid of three million dollars from Japan. The announcement was made by the Secretary of State for International Cooperation and Angolan Communities during the signing ceremony of the Exchange of Notes on the Implementation of the Economic and Social Development Program in Mineral Resources. The aid, part of the Cooperation Protocol between IGEO
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The National Diamond Trading Company of Angola (SODIAM) raised, this Friday 19th April, 17 million dollars with the sale of 636.28 carats (auction of 20 special stones). According to a press release, these are rough diamond productions from the Mining Companies of LULO SOMILUANA, CHITOTOLO, UARI and KAIXEPA. The evaluation sessions took place from the 11th to the 18th of this month, at SODIAM’s facilities in Luanda, with bids being submitted electronically on the online
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