Angola has been ranked second in the 2019 Africa Investment Risk Report by EXX Africa.
The business risk intelligence organization believes that Angola is a “prime target” for oil sector opportunities for the year, according to Africa Oil & Power. Because the International Monetary Fund (IMF) provided Angola with an aid program, which will provide a total of $3.7 billion over three years, EXX Africa believes that Angola’s economy will grow this year.
While EXX Africa believes the oil sector will flourish, it also says the banking sector and the debt levels of Sonangol, an oil company, are at risk. Angolan National Bank shut down several smaller banks at the beginning of the year for not complying with new rules, according to Africa Oil & Power.
The report notes an anti-corruption campaign by President João Lourenço and economic reforms as a reason for short-term risks for several projects for revision or cancelation, according to Africa Oil & Power.
