Angola Kwanza Rises by 20% Following Surging Barrel Prices 

Crude Oil Barrels

The Central African oil producer is forecast to experience economic growth of +2.9% in 2022, following five years of recession.

With prices reaching $116 per barrel as of March 23, oil-dependent countries like Angola, which generates 90% of its export revenue from crude oil, have seen their national currencies soar.

The Angolan kwanza has risen by 20% in 2022 alone, owing to a combination of robustbarrel prices, forecast positive economic growth, and rising interest rates from the Central Bank that reached a record 20% last July.

In addition, Angola’s credit rating has been upgraded several times in the last year, following its completion of a three-year, $4.5-billion program with the IMF aimed at stabilizing the economy, controlling inflation and safeguarding financial stability.

“We have been witnessing an increase in confidence in the currency, generating considerable gains for the kwanza,” stated Jose de Lima Massano, Governor of the National Bank of Angola. “International reserves are solid, covering about 11 months of imports, the balance of payments shows surpluses and we are beginning to see a gradual reduction in the monthly rate of inflation.”

Angola Oil & Gas 2022

Representing the country’s official energy event, AOG 2022, in partnership with the Ministry of Petroleum and Mineral Resources of Angola, will take place in Luanda on 29-30 of November and December 1st, 2022.

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Grace Goodrich

Grace Goodrich

Grace Goodrich is a Publications Editor at Energy Capital & Power, where she writes about the intersection of energy, policy and global finance in sub-Saharan Africa's fastest-growing economies. Grace produces our Africa Energy Series investment reports in Angola and Equatorial Guinea (2019), as well as co-authored African Energy Chamber: Road to Recovery (2021).

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