Petrolstate
Known as the “Kuwait of Africa,” Angola has vast natural resources reserves, and its economy was among the fastest growing in the world a decade ago.
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Implications
However, potential for economic growth is hindered by the economy’s high dependence on one export — oil. This makes Angola’s economy and currency completely dependent on the fluctuations of oil prices. According to the World Bank, between mid-May and end-June 2023, the kwanza depreciated around 40 percent against the US dollar due to lower government supply of foreign currency resulting from lower oil revenues and larger external debt servicing as debt relief deals expired.
Angola’s Exports
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Angola’s Imports
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Let’s look more closely at food stuffs
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Wheat, poultry, and rice make up 3.8% of total imports
Prospects
Angola has the potential to become one of Africa’s main agricultural producers; however, the country is not utilizing the arable land that it has at its disposal. Currently Angola only uses about 10 percent of its 35 million hectares of arable land to cultivate crops. With 1,025 miles of shore line, Angola’s ocean floor has oil deposits, but at the same time, many consider the waters in Angola to be one of the most lucrative fishing areas in the world.
