Ver Angola


Government predicts economic growth of 3.5 percent over the next five years

The Government anticipates economic growth of 3.5 percent between 2023 and 2027, driven by economic diversification, especially agribusiness, which will receive funding of 3 billion dollars.


The figures were revealed by the Minister of Economy and Planning, Mário Caetano João, who was speaking on the sidelines of the event "The Angolan Development Roundtable" attended by company leaders and heads of the Angolan executive and public institutions.

"We are forecasting growth of at least 4.6% in the non-oil sector and between 0.5 per cent and 1 por cent in the oil sector", he indicated, adding that this does not mean a slowdown in investments in the oil sector, but rather an "acceleration of diversification".

The minister underlined that the driving force for the coming years will be investment in agribusiness, through financing lines from the Development Bank of Angola.

The Planagrão (National Promotion Plan for Grain Production) has already been approved, with around 500 million dollars per year and an equivalent amount for infrastructure and access to the production areas, and the Planapescas (National Plan for the Promotion of Fisheries), for which the executive will channel 300 million dollars.

The Government is also working on a plan for livestock that will also feature US$300 million over the next three years to support animal production and derivatives, announced Mário Caetano João.

In total there are more than US$3 billion, including public infrastructure, which the executive led by João Loureço wants to pass on to the private sector in order to position Angola among the main African agricultural producers.

"We have never had a massive investment like this in agribusiness", he highlighted, adding that the plans were not designed just taking into account the different sectors, but with a transversal approach.

The minister hopes that the plans will help to place Angola at the top of agricultural production in Africa, as the country has several comparative advantages such as low population density and abundance of water resources.

"We believe that in five years we can be among the main producers of grains (corn, soy, wheat and rice), with corn and soy making up 95 percent of the ingredients for animal feed", also boosting livestock and fisheries, stressed the person in charge.

As for complaints from entrepreneurs about the difficulties in accessing banking, he considered that "it was necessary to create procedures to safeguard the good use of resources" so as not to repeat past mistakes, as well as working with the private sector that demonstrates "little maturity" in its projects .

"We are helping to transform emotional projects into rational projects", declared Mário Caetano João.

The minister stressed that the current contribution of the oil sector to the Angolan economy is 27 percent, representing two thirds of revenues and about 95 percent of exports, which is why it continues to be an important driver of the balance of payments, but it is expected that the relative weight decreases in the coming years due to the effect of increased activity in the non-oil sector.


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