Angola President Urges Bold Steps to Revitalize Economy
Angolan President João Lourenço has called for greater determination and risk-taking in efforts to boost the country’s economy. Speaking at a meeting with the Economic and Social Council, President Lourenço acknowledged that the government had already implemented policies to create a favorable business environment for foreign direct private investment. However, the results have been modest, prompting the need for entrepreneurs to embrace the inherent risks of business ventures.
President Lourenço highlighted the government’s support for family farming, which has led to increased local food production across the country. He emphasized the importance of small and medium-sized enterprises in boosting food production, particularly in grain cultivation, poultry farming, and livestock rearing. To facilitate this, the government has established funding lines to promote the production of grains, meat, fish, and other seafood products, encouraging the involvement of the private sector.
Furthermore, the government is committed to enhancing water and energy supply for both the population and businesses, while driving the growth of national industries. President Lourenço announced plans to construct thousands of kilometers of energy transportation lines from hydroelectric dams, ensuring reliable nationwide energy supply. He stressed the urgency of diversifying the economy, increasing the production of goods and services, and exploring more sources of foreign currency to counter the current challenges.
President Lourenço emphasized the need to expand Angola’s range of export products, particularly those with added value that can fetch better prices, thereby supporting local employment, especially for the youth. Angola cannot continue to rely heavily on crude oil exports as its sole revenue source after almost five decades of independence, he stressed.
The president’s address highlighted the government’s determination to create a more robust and resilient economy, capable of withstanding various challenges. By encouraging entrepreneurship, supporting agriculture and industry, and seeking to diversify the nation’s export base, Angola aims to embark on a path of sustainable economic growth and greater self-sufficiency.
As Angola seeks to attract foreign investment and build a more prosperous future, the government’s commitment to economic diversification and increased productivity is evident. The president’s call for bolder moves underscores the need for all stakeholders, including entrepreneurs and the private sector, to seize opportunities, take calculated risks, and contribute to Angola’s economic transformation.
