Luanda: Portuguese and Portuguese-Angolan managers were optimistic about Angola’s economic growth in the near future, despite the current international financial and economic context. This sentiment is reflected in the report of the ‘Managers Barometer 2024′, presented today in the Angolan capital by the Portugal-Angola Chamber of Commerce and Industry (CCIPA), in partnership with PwC and AICEP. The report aims to gauge managers’ expectations about the country’s business development.
According to Angola Press News Agency, Pwc Portugal’s partner, José Bizarro, mentioned that while some managers, among the 43 respondents, exhibited cautious optimism about Angola’s economic growth, others expressed pessimism due to the global economic uncertainties. Bizarro identified key areas of concern, including exchange rates, interest rates, inflation, and the qualifications of human capital, as factors contributing to the pessimism among some managers. He emphasized that the development of human capital is crucial for th
e country’s economic progress, particularly given its young population.
Portuguese ambassador to Angola, Francisco Duarte, noted that the report’s findings align with statistics received from investors. He highlighted the mature and stable relationship between Portugal and Angola, characterized by a shared commitment to fostering cooperation at all levels. Duarte also mentioned that there are over 1,250 Portuguese and mixed-capital companies in Angola, providing employment to thousands of people. The ambassador expressed the goal of increasing the credit line under the Portugal-Angola Convention by one billion euros over two years, aiming for a total of 2.5 billion euros.
The ambassador also pointed out the challenges faced by entrepreneurs in Angola, such as capital repatriation, import license acquisition, legal predictability issues, and a lack of reciprocity in social security terms. These challenges are key considerations for businesses operating in the country.
The ‘Managers Barometer 2024’ report, b
ased on a survey conducted from April to June 2024, reflects the views of 43 companies in various non-oil investment sectors. The study reveals a mixed outlook, with 72% of managers expressing pessimism about Angola’s economic growth, while 42 showed cautious optimism. The report highlights that 93% of managers face difficulties accessing currency in the country, which impacts investment decisions. Despite an anticipated revenue increase of 43%, 63% of managers reported having no future investment plans in Angola, raising concerns about competitiveness and export capabilities.