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
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
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
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
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
The Government of Botswana and the Kimberley Process Secretariat today signed Host Country Agreement, an important instrument formalising the terms on which the Kimberley Process Secretariat will be based in Botswana. The signing follows Botswana successfully competing against other bidders, being Austria, China, the Russian Federation and the United States of America. The Kimberley Process is an international and multi-stakeholder arrangement comprising governments, the diamond industry and civil society. It’s aim is to increase ethical
Global oil major Shell has confirmed the presence of oil deposits at the Enigma-1X well offshore Namibia. In late February 2024, Shell commenced drilling operations using Northern Ocean’s Deepsea Bollsta drilling rig as part of the firm’s Petroleum Exploration Licence 39 in Namibia. This discovery represents Shell’s fifth in the region, adding to previous successes including the Graff-1X, La Rona, Jonker-1X, and Lesedi-1X discoveries. “As part of our multi-well campaign in Namibia, Shell and its joint
Driven on the back of road transportation, petrochemicals and aviation, global oil demand is projected to increase by more than 16 million barrels per day – rising to 116 million barrels per day – in 2045, retaining the largest share of the global energy mix at 29.5%. As such, according to OPEC’s 2023 World Oil Outlook 2045 publication, downstream investment is poised to play a significant role in meeting Africa’s energy demands and resource monetization strategies, with
Portuguese energy company Galp Energia has concluded appraisal activities at its Mopane 1-X and 2X discoveries offshore Namibia, uncovering a potential oil reserve of at least 10 billion barrels. Testing at Mopane-1X was finalized in January, while testing at Mopane-2X took place from early March to early April this year. “The flows achieved during the well test have reached the maximum allowed limits of 14,000 barrels of oil equivalent per day, potentially positioning Mopane as an important commercial
The African Refiners and Distributors Association (ARDA) is set to launch a database of sustainable energy projects across the continent on April 24. The database will serve as part of an actionable downstream plan for the association to bring to COP29 in Azerbaijan this year. Dedicated to the development of sustainable pan-African energy infrastructure projects, ARDA aims to address the economic, environmental and social challenges related to energy security on the continent. “Our association’s goal
