Angola: Oil, Broad-based Growth, and Equity by World Bank

By World Bank

As soon as one of many world's biggest staple foodstuff manufacturers, Angola is referred to now as a tremendous oil exporter - the second one greatest manufacturer in sub-Saharan Africa. Angola is additionally 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 definitely endowed with agricultural assets which stay quite often untapped. notwithstanding, regardless of the country's major usual wealth, a protracted civil warfare, the quick improvement of the oil zone, and the regulations pursued after Independence in 1975 have left the Angolan economic climate in a distinct scenario, characterised by means of very asymmetric signs of improvement. The Angolan economic climate is now experiencing large oil providence profits which are anticipated to final during the subsequent decade. when you consider that oil rents are to a wide half targeted within the public region, the query of ways the oil profit will be spent and dispensed throughout current and destiny generations turns into key to any financial improvement technique. This learn identifies six center parts the place a strategic strategy for the advance of a broad-based development method is needed: (i) the unfinished transition to a marketplace economic system; (ii) macroeconomic administration; (iii) governance and transparency within the administration of the mineral wealth; (iv) the company setting; (v) agriculture; and (vi) public carrier supply to the terrible.

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Sample text

The most important areas where improvements are called for include: (i) predictable and transparent legal framework that adequately defines investors’ rights and obligations; (ii) a fiscal package that is competitive and at the same time equitable for the concerned stakeholders; (iii) security of tenure of mining permits; (iv) strengthened capacity of the Government to monitor and regulate the sector; and (v) a firm commitment towards marketing liberalization. Whatever the strategy selected by the authorities to promote the diamond sector, an integrative approach should be pursued.

In the area of marketing and distribution the government is still in the business of setting wholesale and retail margins. Government controls have demonstrated in Angola and elsewhere that they result in a poorly developed trading network and poorly serviced farmers. Improve the effectiveness of MINADER. In order to function properly and effectively contribute to the development of the agricultural sector, MINADER needs to undergo performanceenhancing changes. To increase its effectiveness, the Ministry would benefit from measures aimed at: (i) identifying redundant and unproductive positions with a view to eliminate them; (ii) reforming its structure to strengthen its extension and research services; (iii) creating a high level policy analysis unit; and (iv) strengthening the ministry’s existing statistical unit.

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. Licensing is a time-consuming and costly procedure. The time to comply with all licensing and permit requirements is estimated at 326 days — almost one year.

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