Luanda:The Minister of State for Economic Coordination in Angola, José de Lima Massano, has called for stronger cooperation among African financial institutions. Speaking in Luanda at the 6th African Financial Industry Summit, he emphasized the need to boost market confidence and create a more integrated and competitive economy across the continent.
According to Angola Press News Agency, the minister highlighted the importance of the coming decades in determining Africa's position in the global economy. He stressed that Africa must finance its industrialization, accelerate economic integration, develop infrastructure, and create opportunities for its citizens. Despite geopolitical uncertainties and financial volatility, Massano pointed out the continent's advantages, including a young population and strategic natural resources.
The minister noted that banking revenues in Africa surpassed USD 100 billion in 2024, reaching levels comparable to major emerging markets. However, he mentioned that private-sector credit is still limited in many economies, particularly affecting agriculture, manufacturing, and SMEs. Massano proposed digitalizing financial services and using artificial intelligence to reduce costs and expand access to financial services.
Furthermore, Massano discussed Angola's economic transformation, focusing on diversification and private enterprise. He cited IMF projections placing Angola as the sixth-largest economy in Africa and highlighted the significant role of agriculture, manufacturing, and services in the country's GDP. The non-oil economy now accounts for about 85% of Angola's GDP, with substantial growth reported in recent years.
