Since taking office, João Lourenço has made a name for himself by implementing decisive measures in the fight against corruption and leading significant reforms in the financial sector. His leadership has been marked by a bold commitment to transforming Angola, placing transparency and economic efficiency at the heart of his government’s agenda.
The battle against corruption has been one of the central pillars of João Lourenço’s administration. From the outset, the President made it clear that impunity would have no place in Angola’s new political landscape. “No one is too rich to be punished, and no one is too poor to be protected,” he has declared on numerous occasions, emphasizing his commitment to justice and equity.
As part of this effort, the Law on Repatriation of Capital was introduced, aiming to recover stolen assets. Angolan authorities have stepped up investigations, and as a result, millions of dollars have been recovered and redirected to social programs and economic development projects.
Moreover, Lourenço has moved to remove several high-profile figures connected to the former regime, replacing them with technically competent leaders committed to good governance. The restructuring of Sonangol, the state oil company, is a prime example, where new management has focused on transparency and operational efficiency.
Financial sector reforms, stability and investor confidence
Angola’s financial sector has undergone a significant overhaul in recent years. With João Lourenço at the helm, the government, in partnership with the National Bank of Angola (BNA), has implemented a series of reforms that have helped stabilize the economy and create a more attractive environment for foreign investment.
One of the most notable reforms was the liberalization of the exchange rate regime, allowing the Kwanza to float according to market forces.
This brought greater transparency to the financial system and enabled more effective monetary policies to control inflation. Additionally, stricter banking supervision measures, aligned with international best practices, have bolstered the credibility of Angola’s banking system.
The government has also initiated a debt restructuring process, aimed at reducing the financial burden on the country and freeing up resources for critical areas such as education, health, and infrastructure. This strategy has shown positive results, with Angola’s international reserves growing to over $14 billion by 2024.
Tangible results and impact on daily life
The effects of these reforms are already being felt in the daily lives of Angolans. Inflation, which exceeded 25% in 2020, has been brought down to 11% in 2024, providing much-needed economic stability and relief from the high cost of living. Economic growth is also showing signs of recovery, with GDP projected to grow by 4.1% in 2024, driven by efforts to diversify the economy.
These financial reforms have also significantly boosted investor confidence. Angola, which faced severe economic challenges just a few years ago, is now attracting new investments, particularly in energy, agriculture, and infrastructure sectors.
The creation of special economic zones and tax incentives for investors has been a key part of this strategy, further reinforcing Angola’s appeal as an investment destination.
Angola on the Global Stage
In addition to improving the domestic economic environment, João Lourenço’s reforms have elevated Angola’s standing on the international stage.
The country has emerged as a trusted partner in multilateral forums and maintains active dialogue with institutions like the International Monetary Fund (IMF) and the World Bank. These partnerships have been instrumental in providing the technical and financial support necessary to implement structural reforms.
A promising future for Angola
João Lourenço is undoubtedly leaving a lasting mark on the recent history of Angola. His commitment to fighting corruption and implementing financial sector reforms is transforming the nation, laying the groundwork for a more prosperous and equitable future. While challenges remain, the progress made thus far is proof that Angola is on the right path.
Lourenço’s firm approach and his determination to push through tough, but necessary, reforms inspire confidence that Angola will continue on its trajectory of growth and stability. As the President himself stated: “We are committed to building an Angola where justice prevails, and the economy is diversified for the well-being of all.”
This is a new chapter for Angola, one where optimism for the future is matched by tangible results in the present. With strong leadership, a stable financial system, and a clear vision for the future, Angola is positioned to thrive on the global stage.
