Ver Angola


Forty per cent of national public enterprises did not submit 2019 accounts, including Sonangol and TAAG

Only 50 of the 80 entities belonging to the public business sector in Angola submitted their reports on the 2019 accounts to the Institute for the Management of Assets and State Participation (IGAPE) by the end of June.


The compliance batch includes companies such as the diamond company Endiama and entities in the banking and insurance sector, such as Banco de Desenvolvimento Angola (BDA), Banco de Poupança e Crédito (BPC) or the insurance company ENSA, but the "heavyweights" such as the oil company Sonangol or the airline TAAG were left out.

Given the negative economic and financial effects of the covid-19 pandemic, IGAPE had relaxed the deadline for reporting for 2019, which was extended to 30 June.

According to information published on IGAPE's website, a preliminary analysis of the documents revealed that, although the number of reports submitted represented 63 per cent of the total number of companies, several showed non-conformities, the most frequent being the failure to present the External Auditor's Report and/or the respective Letter of Recommendations.

In 2019, the Angolan public business sector was composed of 86 companies, of which 68 were public, 12 were in the public domain and six had minority interests.

From this universe, 80 companies have the duty to report their accounts, 50 of which have fulfilled this obligation, IGAPE stresses, which will "in the coming weeks" present the compilation and analysis of the accounts for the production of the Aggregated Report of the Public Enterprise Sector regarding last year's accounts.

Companies in the public business sector operate predominantly in the Energy and Water sectors (21), Transport (16), Finance (8), Agriculture and Fisheries (9) and Telecommunications and Media (7).

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