"The economic crisis and the violent protests it has led to will increase pressure on the Angolan government to mitigate the reforms defined with the International Monetary Fund (IMF) and the austerity measures," said Robert Besseling when asked by Lusa whether the crisis favors or hinders the implementation of reforms.
"The recent cases of corruption, the lack of commitment to transparency, and the lack of reforms in the banking sector will damage relations with the IMF and delay the implementation of the reformist agenda," he added, in the week marking 45 years of the country's independence.
In statements to Lusa, the director of this Johannesburg-based consultancy considered that the privatization of non-oil assets is "stalled due to lack of investor interest" and warned that this "hampers economic diversification".
Private investments, he noted, "are mainly directed at the oil sector, such as the 920 million dollars for the Cabinda oil refinery, which is being financed in an opaque manner by Gemcorp at a time when the price of oil is still below break-even".
Asked about the evolution of Angola's economy in the coming years, where most analysts predict a return to positive economic growth after five years of recession, Robert Besseling recalled the recent EXX Africa survey, which shows that 60 percent of Angolans are pessimistic about the country.
"Although the IMF predicts a modest economic recovery next year, Angolans are pessimistic; high inflation and massive unemployment are the main concerns for many Angolans at a time when the government's privatisation agenda is stalled by the pandemic and remains vulnerable to political interference, which is keeping foreign investors reluctant to invest in Angolan assets," the analyst concluded.
The government marks 45 years of independence since Tuesday with a tribute at the Presidential Palace and several inaugurations, including the Intercontinental Hotel, nationalized last month.
On Wednesday 11th, the date when the 45th anniversary of "Dipanda" is celebrated, the ceremonies begin at 7am with the hoisting of the flag in the Central Museum of the Angolan Armed Forces, followed by 9am with the deposition of a wreath at the memorial Dr. António Agostinho Neto, first president of Angola, who proclaimed independence in Luanda, at 00h00 on November 11th 1975.
At 10am is scheduled the inauguration of the Hotel Intercontinental, nationalized by the President, João Lourenço, on 28 October, the shares will belong entirely to the state oil company Sonangol.
