By AfricaHeadline – June 2025
Since 2017, Angola has embarked on a bold institutional restructuring aimed at curbing systemic corruption, a phenomenon that for years weakened public finances, eroded investor confidence, and undermined governance.
AfricaHeadline Reports Team
editorial@africaheadline.com
Through coordinated efforts involving the Ministry of Justice, the Attorney General’s Office, and the General Inspectorate of State Administration (IGAE), the government launched a new era of accountability.
Authorities have successfully recovered more than $15 billion in assets, including offshore accounts, real estate portfolios, and corporate holdings previously shielded from public scrutiny.
These recoveries have not only replenished state funds but also signalled a clear political commitment to integrity and financial rectitude.
The introduction of stronger internal audit systems, the expansion of the Court of Auditors’ jurisdiction, and the implementation of a Single Treasury Account have curtailed malpractices such as double contracting and inflated invoicing.
Transparency has become a fundamental principle guiding public sector management.
As a direct result, Angola has improved its position in Transparency International’s Corruption Perceptions Indexand regained the confidence of key development partners. In 2024, for instance, the World Bank resumed direct budget support, a move widely interpreted as a vote of confidence in the country’s anti-corruption architecture.
Against the backdrop of oil market volatility, Angola adopted a more sustainable fiscal policy framework focused on discipline, predictability, and long-term planning.
The country reduced its fiscal deficit from over 6% of GDP in 2016 to 1.9% in 2024, maintaining primary budget surpluses in two of the last three fiscal years.
The phasing out of generalized fuel subsidies, once considered politically untouchable, released more than $1.5 billion annually, which has since been redirected to infrastructure and social programmes. The state budget has gradually evolved into a more effective tool for redistributive development and public investment.
The central bank, Banco Nacional de Angola (BNA), moved to a more flexible exchange rate regime, anchored in transparent forex auctions and market-aligned pricing. This reform helped stabilize the national currency, while international reserves rose to $14.2 billion, strengthening Angola’s external resilience.
Monetary policy has been guided by prudence and data-driven calibration. Benchmark interest rates were adjusted with precision to contain inflation, which dropped from 25.7% in 2017 to 10.5% in 2024, without choking economic recovery. Credit rating agencies have acknowledged these gains, with Angola’s outlook now described as “stable.”
Angola’s financial system has undergone a comprehensive clean-up, with regulators intervening in institutions deemed unviable and enforcing stricter prudential standards. Several undercapitalized banks were closed, while others were recapitalized under new regulatory frameworks that prioritise solvency and risk management.
The BNA introduced a set of updated supervisory guidelines, including a minimum solvency ratio of 15%, alongside tighter internal controls and governance codes.
These reforms aligned Angola’s financial system with international standards, including Basel II and III protocols, and restored credibility in banking.
Technological upgrades have played a vital role in advancing financial inclusion. The implementation of the Real-Time Transfer Payment System (SPTR) enabled more than 8 million Angolans to access digital banking platforms.
Between 2020 and 2024, digital transactions surged by 230%, reflecting growing public confidence and efficiency in the financial ecosystem.
Credit to the real economy has begun to expand. While still modest, Angola’s credit-to-GDP ratio currently stands at 19.6%, with increased lending directed to agriculture, manufacturing, and housing. The banking sector, once a point of systemic weakness, now plays a stabilizing and catalytic role in national development.
Efforts to attract investment have been bolstered by significant legal and administrative reforms. The 2018 Private Investment Law removed burdensome requirements such as mandatory local partnerships and guaranteed investors’ rights to profit repatriation. Legal certainty has improved markedly.
Institutions like the AIPEX (Investment and Export Promotion Agency) and the One-Stop Investor Window were established to centralize and accelerate investment procedures. As a result, the average time to register a business fell from 70 to 26 days, according to the Ministry of Economy. Digitization of public services has cut red tape and streamlined approval processes.
The stabilised macroeconomic framework, coupled with legal clarity, led to a 62% increase in registered private investment between 2021 and 2024. Priority sectors such as agro-industry, fisheries, construction, and tourism have seen a rise in approved projects, many benefiting from fiscal incentives and public-private partnership models.
Internationally, Angola has stepped up its visibility by participating in global investment forums, including Expo Dubai 2020, the U.S.-Africa Business Summit, and the Russia-Africa Economic Forum, showcasing its renewed commitment to competitiveness, rule of law, and regional integration.
Angola’s long-standing goal of economic diversification is gradually shifting from rhetoric to implementation. Programmes such as PRODESI and the Agricultural Acceleration Plan (PAC) have been rolled out with measurable targets and dedicated funding. Between 2021 and 2024, local production of essential food items grew by over 30%, contributing to a 15% reduction in food imports.
Credit guarantees issued by the Credit Guarantee Fund (FGC) and the FADA (Agrarian Development Support Fund) helped finance hundreds of new SMEs across the provinces, particularly in underdeveloped agricultural zones.
The government identified 14 key value chains, including rice, maize, beans, poultry, and cement, to focus industrial and logistical support.
The number of officially registered cooperatives doubled within three years, particularly in provinces such as Bié, Huambo, and Malanje. These cooperatives gained access to subsidized inputs, agronomic training, and modern storage solutions, which improved yields and reduced post-harvest losses.
Infrastructure development has complemented production gains. The establishment of regional logistics hubs and interprovincial supply corridors has reduced food waste, lowered distribution costs, and brought locally produced goods to urban markets.
While Angola remains far from self-sufficiency, the real economy is gaining traction and direction.
Angola’s reform programme is now recognised by international observers as one of Africa’s most structured and disciplined transitions from oil dependency to diversified growth.
The country has restored fiscal integrity, improved monetary credibility, and begun rebuilding public trust through transparent institutions.
Nevertheless, structural obstacles remain. Access to productive credit is still limited, administrative hurdles persist at the provincial level, and social inequality demands more inclusive policy solutions. Angola’s gains will only be sustainable if reforms are not only maintained but deepened through consistent implementation and institutional maturity.
“The foundation has been laid. Now we must build the house, brick by brick, with discipline, resilience, and responsibility.”
– Economic analyst, speaking to AfricaHeadline
Angola’s progress is not accidental, it is the result of tough decisions, steady leadership, and growing technical capacity. The challenge ahead is to consolidate these achievements into a growth model that delivers prosperity, stability, and sovereignty for all Angolans. The roadmap exists. What remains is to follow it with determination.
