Day: May 22, 2023

Angola said it needs to mobilise about US$1 billion to launch the Long-Term Strategy (ELP – Angola 2050).

The intention was announced by minister of Economy and Planning Mário Caetano João on Monday in Luanda.

The minister was speaking to the press on the sidelines of a consultation of International Organisations, Development Agencies and Diplomatic Missions, on ELP – Angola 2050.

He mentioned human capital (education, health and others), infrastructure (production, transport and distribution of electricity) and diversification as priority for the country’s new dimension of economic growth.

Caetano João said the amount will be needed to ensure progress by 2050, and added that such value should be mobilised via foreign direct investment, citizens’ resources and commercial banks.

As for the strategy, the minister said the education should have an impact on the other areas, stating that human capital is crucial for a more participative governance.

In his speech, the official spoke of the need to boost pre-school education, “from zero to five years old. “We have to work on nutrition by allowing proper formation of the cognitive organs and enabling the capacity to absorb the necessary information to occur without interruptions”, he said.

Mário Caetano said that the Government will strengthen the financial products available to the market, micro-credit, PAC, Planagrão, so that it contributes to the natural exodus of those who are in urban areas, towards rural areas, with a focus on agri-business.

He stressed that the objective was to unblock Angola’s economic growth, building a resilient economy that would benefit all citizens, and that it was necessary to invest in infrastructure, as a driving factor for inclusive economic growth, productivity and social development.

The Long-Term Strategy is the basic tool for drafting the National Development Plan (PDN), which presents the country’s long term strategic development options and is worked out based on scenario analysis for national, sector and territorial levels.

The document under discussion predicts that the non-oil Gross Domestic Product (GDP-NP) will grow 3.3 times, from US$84 billion to US$275 billion, by 2050, with an estimated population of 70 million.

The ELP – Angola 2050 also plans that non-oil GDP per capita will rise 1.2 times, from US$3.67 billion to US$4.215 billion, supported by non-oil exports that are expected to grow 13 times more, from US$5 billion to US$64 billion.

GDP, currently at US$122 billion, is expected to reach US$286 billion, which will represent a growth of 2.4 times more and Public Debt will see a reduction of 6 percent, from 66 to 60 percent of GDP.

Estimates show that under Angola 2050, in the next 27 years the life expectancy of Angolans will rise six years, from 62 to 68 years of age.

The mortality rate, between the ages of five, will fall from 56 percent to 19 percent. Unemployment is expected to fall 10 percent from 30 to 20 percent.

Source: Angola Press News Agency (APNA)

Debate on the issues such as visa facilitation, use of credit cards and investment in foreign languages aimed to attract more investors were held Monday in Luanda.

The main contributions were presented by the International Organisations, Development Agencies and Diplomatic Missions for the Long-Term Strategy (ELP – Angola 2050).

In order to ensure enhanced visibility in the economy the ambassador and head of the European Union (EU) delegation in Angola, Jeannette Seppen defended investment in foreign languages such as English and French to attract more investors.

Seppen was speaking to journalists on the sidelines of the meeting organised by the government.

The ambassador also spoke of the need to focus on environment in order to increase the circular economy, which also contributes to economic and commercial growth.

She also said that the strategy is aligned with the EU programme that supports economic diversification, as well as governance and human capital development issues.

The EU official pointed the country’s population growth for 2050 about reaching 70 million inhabitants as, “on one hand, beneficial, but on the other hand, it can be challenging”.

The representative of the United Nations Children’s Organization (UNICEF), Louise Moreira, on the other hand, said she is pleased with the ELP and is committed to continue to provide assistance to reduce poverty at the national level.

Meanwhile, the Swedish ambassador, Lennart Larsson, said that he will promote Angola abroad, as part of relations and “invite Swedish businessmen to invest in the country, mainly in the southern region.

The Long-Term Strategy (ELP) Angola 2050 aims to obtain the contribution of major public and private, collective and individual players with a high level of experience and knowledge in the different sectors.

According to the Government, the strategy may bring a global vision for Angola and the role at international level in the next 30 years.

Source: Angola Press News Agency (APNA)

The Minister of State at the Finance Ministry, Dr Mohammed Amin Adam, has lauded the contribution of the Afreximbank to the economy of Ghana over the years.

He said the Bank had been a worthy partner supporting many development projects in the country and cited the bank’s provision of $750 million during the COVID-19 pandemic.

Dr Adam lauded the board of directors and management of the bank for working to grow the assets of the bank from $5 billion to about $27 billion as of September 2022.

He expressed the hope the annual meeting in Accra would outline solutions to address the economic challenges facing Africa, adding Ghana was proud to host the Annual General Meeting in Accra.

Speaking at a media launch of the meeting in Accra, the President and Chairman of the Board of Directors of the Afreximbank, Professor Benedict Oramah, said the meeting in Accra would, among, discuss issues finance, energy, and transportation.

‘The meeting will discuss challenges facing Africa and proffer solutions to address them,’ he stated.

Prof Oramah said the choice of the overarching theme ‘Delivering the Vision: Building

Prosperity for Africans’ was informed by the critical role that Afreximbank had played over the last three decades in the promotion of economic integration in Africa through support for intra-African trade and investment, diversification of sources of growth and exports for inclusive growth and shared prosperity.

‘At the same time, the event provides the opportunity to confront challenges and re-energise Africans towards the attainment of the Pan-African Vision of an Integrated, prosperous, and peaceful Africa, driven by its citizens, representing a dynamic force in the international arena, ‘Prof Oramah stated.

He stated the 30th Anniversary celebration will be the first gathering of Global Africa, where the African participating states would welcome the new participating States from the Caribbean.

‘It is a gathering of Africans from all walks of life, with stakeholders traversing Africa, the Caribbean, Europe, Latin America, and Asia.

We are also expecting strong participation from the Caribbean Community, including Prime Ministers, government officials and corporate leaders, as well as members of the Diaspora Community from other parts of the world.

Also, the African Union (AU) and its agencies, including the AfCFTA Secretariat, as well as the academic community, experts, and leaders from other regions of the world as well as senior representatives and officials from multilateral and international organisations will participate in the meeting, Prof Oramah stated.

He commended the government for the decision to host the programme in Accra.

‘The choice of Ghana as host of Afreximbank’s 30th Anniversary wasn’t a difficult one.

First, Ghana is the birthplace of Pan-Africanism, and its pioneer and successive leaders have shown unwavering

commitment to the Pan-African ideals. Also, the recent successful Year of Return ushered in a new sense of belonging and oneness irrespective of geographic boundaries,’ Prof Oramah stated.

The Governor of the Bank of Ghana, Dr Ernest Addison, said Afreximbank had been one of the great partners of Ghana.

He said when other development partners shied away from Ghana because of the current financial crisis the country was facing, Afreximbank came to the aid of the country.

He wished Afreximbank well for a successful conference in Ghana.

Source: Ghana News Agency