Oil price decline hits Angolan economy


The global decline in the price of oil has hit the Angolan economy.

In Angola, most hospitals are running low on basic resources including basic medicines.

There are food shortages in the North, as well as heavy drought in the South.

The situation is no better on the macro-economic scale where double-digit inflation is taking a toll on a not-so-well economy.

According to the National Institute of Statistics, inflation in the capital, Luanda did some 1.4% between September and October 2015.

In the first quarter of 2016, the Kwanza currency has been devalued by 26%.

Angola, situated in southern Africa has the least diversified economy in the world after Iraq.


About Author

Bontle Moeng is the Founder and Managing Director of BizNis Africa. Moeng has spent 16 years working in the digital and online media industry across Africa. She applied her trade at True Love magazine prior to discovering her passion for Investment news in key sectors across Africa. Moeng previously worked for ITWeb, Starfish Mobile Technologies, ITNewsAfrica, AVATAR Agency, eNitiate, Global Interface Consulting and Havas Johannesburg. Her primary focus is to provide solid and valuable content on investment opportunities for the ICT, Energy and Mining sectors across Africa. In addition, the online news publication assists global companies to expand their presence in Africa. Email: news@biznisafrica.co.za

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