With its currency batteredand government revenue down to historic lows, Angola, Africa’s largest oil producer, must now address the fundamental causes of its macroeconomic imbalances.
Riding the commodities boom, Angola’s economy seemed invincible against recent global shocks. But the current slump in oil prices is forcing the country to rethink its dependence on oil.
José Pedro de Morais, governor of Banco Nacional de Angola, spoke with Global Finance about the central bank’s efforts to restore order and build confidence in the country’s financial system.
Country Report | Angola
Up until 2013, Angola's GDP, buoyed by booming oil revenues, grew by an average rate of 10.7%, reaching an all-time high of 23.2% in 2007. Now, as economic growth slows and the country’s financial coffers move from surplus to deficit, Angola is rethinking its dependence on “black gold.”