Something is happening in Angola, but not many people around the world are familiar with this dynamic. However, those with an interest in the country have already noticed the measures taken to strengthen and expand the private sector during recent years, as policy continues to focus on reducing Angola’s dependence on the oil and gas sector and diversifying its economy. Evidence of this is revealed by Transparency International’s Corruption Perceptions Index for 2022 – since 2016 Angola has risen by 46 places in the ranking.

This result is based on a series of actions. For example, even if there is still a long way to go, measures have been adopted to strengthen the rights of investors, to offer attractive investment incentives (in particular tax-related ones) and to liberalise the regime for cross-border payments, one of the main constraints felt by those who wish to invest in the country.

We see this reflected in many new statutes, including the private investment law and the amended foreign exchange regulations. Liberalisation of the foreign exchange market has recently had tangible effects in the mining sector, notably through greater flexibility to make payments from bank accounts in foreign currency, permission for investors to keep their revenues in foreign bank accounts and the end of the requirement to obtain a licence from the central bank for foreign credit.