LUANDA: The Angolan government has announced a significant financial initiative to bolster the country’s agricultural sector, pledging a credit line of 15 billion kwanzas set for release in 2025. The initiative includes a package of sovereign guarantees amounting to 1.46 billion kwanzas, aimed at supporting private projects deemed strategically important for the nation.
According to Angola Press News Agency, Minister of State for Economic Coordination José de Lima Massano detailed the government’s commitment to executing its economic agenda effectively. The agenda focuses on sustainable and inclusive development, aiming to enhance the quality of life for Angolans. The proposed credit line and sovereign guarantees are intended to facilitate economic diversification with a particular focus on food security.
The government envisions these measures as a way to encourage the production of essential goods for domestic consumption across the country’s provinces, thereby reducing reliance on imports. Products such
as rice, sugar, chicken, cooking oil, and powdered milk are among those targeted for increased domestic production.
Massano emphasized that while Angola continues to depend heavily on its oil sector for foreign exchange earnings, the real objective is to achieve substantial growth in the non-oil sector. This shift is already underway, as evidenced by a 5.5 percent year-on-year increase in the Gross Domestic Product (GDP) for the third quarter of 2024, driven by a 6.3 percent growth in the non-oil sector.
Looking ahead to 2025, the minister projects GDP growth of over 4 percent, bolstered by a 5.15 percent increase in the non-oil sector. Inflation rates have recently slowed, and the government believes that boosting domestic production will continue to alleviate inflationary pressures and promote economic growth.
Despite these advancements, Massano acknowledged the ongoing challenges in fully meeting the aspirations of Angolans. He reiterated the government’s strong commitment to economic transformation, wi
th a particular focus on employment, especially for young people. The establishment of the Angolan National Employment Fund (FUNEA) in 2024 is part of this effort, aimed at integrating graduates and unemployed citizens into the labor market.
The minister also stressed the importance of maintaining dialogue with business associations, professionals, and other civil society actors to develop policies that meet the population’s needs. This collaborative approach, he noted, not only builds trust but also ensures that decisions are more inclusive and representative.
The government’s economic agenda encompasses 24 measures aimed at stimulating the economy, increasing national production, facilitating access to finance for businesses, simplifying taxes, and improving the overall business environment.