By World Bank
As soon as one of many world's biggest staple meals manufacturers, Angola is referred to now as a tremendous oil exporter - the second one biggest manufacturer in sub-Saharan Africa. Angola can be the world's fourth greatest manufacturer of tough diamonds by way of worth, with the aptitude to develop into one of many prime international diamond manufacturers. as well as oil and diamonds, the rustic is easily endowed with agricultural assets which stay normally untapped. notwithstanding, regardless of the country's major average wealth, a protracted civil struggle, the fast improvement of the oil area, and the guidelines pursued after Independence in 1975 have left the Angolan financial system in a special state of affairs, characterised by way of very asymmetric signs of improvement. The Angolan economic climate is now experiencing huge oil providence profits which are anticipated to final through the subsequent decade. in view that oil rents are to a wide half centred within the public zone, the query of ways the oil profit can be spent and dispensed throughout current and destiny generations turns into key to any fiscal improvement method. This research identifies six middle components the place a strategic strategy for the improvement of a broad-based progress technique is needed: (i) the unfinished transition to a industry economic system; (ii) macroeconomic administration; (iii) governance and transparency within the administration of the mineral wealth; (iv) the enterprise setting; (v) agriculture; and (vi) public carrier supply to the negative.
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Additional info for Angola: Oil, Broad-based Growth, and Equity
Sound governance and xxxv xxxvi Executive Summary transparency principles should guide the establishment of any natural resource management strategy in Angola. Issues and options on this area are discussed in detail in Chapters 3 and 4. ■ Fourth, and related to the point above, there is a real urgency to improve the business environment and the investment climate in Angola. The business environment in the country is one of the least favorable in the world. If the authorities want to promote a broad-based economic recovery of the country, with more jobs and higher incomes for the average Angolan, then pro-business measures that can enable companies to compete more effectively in an open economy need to be implemented fast and social programs targeting the most vulnerable population and insulating them from adjustment costs should be put in place.
4 In terms of education, primary school enrollment is very low at 56 percent, and suffers from late entries into school and high repetition and drop out rates. Some 33 percent of the population is currently illiterate, though in rural areas this climbs to as many as 50 percent. A Challenging Business Environment The business environment in Angola is challenging. According to the 2006 Doing Business survey of the World Bank, establishing a company in Angola takes an average of 146 days, more than twice the regional average.
The ﬁnancial statements of companies in the Sonangol group were audited comprehensively for the ﬁrst time, by Ernst & Young, in 2003. The 2004 audit was recently completed. The auditors’ reports, however, have yet to be published. ■ Recent audits have followed acceptable accounting rules. The audits mentioned above applied Angola’s recently issued accounting legislation where appropriate, and IAS rules where the new legislation does not apply. By end-2006 Sonangol expects to have moved fully to IAS standards.
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