- The government of Angola has announced its plans to fast-track the planned opening of its Stock Exchange. Angola is one of the few countries in the Southern African region that still does not have its own stock market, despite the fact that the country is turning into one of the main economies of the region. The bourse is expected to boost investments in the country.
The Angolan Stock Exchange (BVA) will likely be launched in the third trimester of this year with ten listed companies and an initial capitalisation of more than US$ 6 billion, according to the Angolan Industry Ministry's coordinator of the Centre for Capital Markets, António Cruz Lima. The BVA will be located in Luanda, the political and economic capital of Angola.
According to Mr Cruz Lima, the Luanda government can expect to collect about US$ 940 million in taxes from stock market activities. Collecting Angola's main companies on the Luanda bourse will also give the international finance market improved possibilities of investing in Angola.
Of the 14 countries that comprise the Southern African Development Community (SADC) Angola is one of only three countries that does not have an institutionalised stock market. The other two SADC countries without a stock exchange are Tanzania and Congo Kinshasa (DRC), both minor economies compared to Angola.
While Angola is a deeply impoverished country following 27 years of civil war, its economy is rapidly growing powerful. Angola is sub-Saharan Africa's second largest oil producer - after Nigeria - and international and Angolan oil companies are currently scrambling for the rich undiscovered oil reserves offshore and in the Cabinda province. Further, Angola is very rich on diamonds and many other minerals and metals.
The southern African country is therefore mostly receiving in its mining and energy sectors. However, the improving investment climate in Angola has also led to the slow establishment of a manufacturing industry in the country. Earlier this year, Volkswagen announced its plans to build cars in Angola together with an Angolan company.
Further, large-scale investments in Angola are mainly focusing on infrastructure, including the telecom sector. Angola is still in a process of reconstruction and resettling large numbers of refugees after the long and brutal civil war. The reconstruction work is however increasingly counting on private and corporate investments.
afrol News / Africa Renewal - Ethiopia's ambitious plan to build a US$ 4.2 billion dam in the Benishangul-Gumuz region, 40 km from its border with Sudan, is expected to provide 6,000 megawatts of electricity, enough for its population plus some excess it can sell to neighbouring countries.
afrol News - As Malawi faces its worst-ever corruption scandals, donors are now freezing their aid. But Charles Mkula, head of Malawi's journalists, told afrol News that this will only victimise the extremely poor country and create political chaos.
afrol News - Four hangings have already been executed and a fifth is in preparation in Nigeria. The country had imposed a moratorium on state executions in 2006, but governors are now rushed to sign death warrants as President Goodluck Jonathan lifted the ban.
afrol News - In Madagascar, "a largely uncontrolled locust plague" is in development, which by September is expected to infest two-thirds of the large island. If not checked, the locusts will finish off the entire crops of more than half of the population.
afrol News - Despite massive pressure to stop the prosecution of Kenya's recently elected President, Uhuru Kenyatta, the International Criminal Court (ICC) today set a new date for the trial against the state leader. Mr Kenyatta is accused of crimes against humanity.