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In a bid to normalize ties between Rwanda and Uganda, through the fourth Quadripartite Heads of State Summit both President Paul Kagame and Yoweri Museveni met at Gatuna border. They were joined by Angolan President João Lourenço and his Congolese counterpart Félix Tshisekedi. The agenda of the meeting includes review and discussion of feedback from Uganda following a Note Verbale from Kigali dispatched on February 15. Joining CNBC Africa to speak on economic integration between countries in the region is Journalist Gonzaga Mugwana.

Heads of state meet to discuss economic integration of Rwanda

Heads of state meet to discuss economic integration of Rwanda, Uganda and Congo

JOHANNESBURG, Aug 21 (Reuters) &#8211; The International Monetary Fund (IMF) said on Tuesday it would begin talks with Angola over providing financial support after the oil producing country’s economic growth was weaker than expected this year.
Africa’s second-largest oil producer has been hit by lower oil prices, which have caused a dollar liquidity squeeze that has made it difficult for foreign companies to repatriate profits and discouraged many from investing.
Angola’s Finance Ministry said on Monday it had sought financial support from the IMF but did not provide further detail on how much money was involved.
“We expect to initiate programme discussions with the Angolan authorities as soon as feasible,” Deputy Managing Director of the IMF Tao Zhang said in a statement which confirmed the Fund had received a letter from the Angolan authorities to start talks.
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“The IMF stands ready to help the authorities address Angola’s economic challenges by supporting their economic policies and reforms based on the government’s macroeconomic stabilisation programme and in the national development plan for 2018–22,” Zhang said.
Angola’s economy has struggled due to lower oil prices, a situation made worse by declining production. Output is expected to fall to 1.5 million barrels per day in 2018, down from 1.6 million last year and 1.9 million a decade ago.
The IMF expects the country’s economy to grow 2.2 percent this year, well below an original government forecast of 4.9 percent.
President João Lourenço, who took over last September after 38 years of rule by José Eduardo dos Santos, has said he wants to bring about an economic miracle in Angola by opening up to foreign investment and diversifying away from oil. (Reporting by Tanisha Heiberg. Editing by Jane Merriman)

Angola talks for IMF funding to begin

LUANDA, May 11 (Reuters) &#8211; Angola plans to privatise 74 state companies over the next few years, predominantly those in the industrial sector, according to the prospectus sent to investors as part of the country’s Eurobond issuance.
Africa’s second-largest crude producer has been battered by a fall in the price of oil over the past four years and President João Lourenço, who took office in September, has pledged to reduce state interference in the economy, which remains centrally controlled after years of civil war and Soviet influenced state building following independence from Portugal in 1975.
“Generally, the government intends to sell its entire interest in these companies, the majority of which operate in the industrial sector,” the prospectus, a copy of which was seen by Reuters, said.
The prospectus does not list the companies or say how much the privatisations could raise, but a government source told Reuters that Angola’s ports, national carrier TAAG, BCI bank, and insurer Ensa were all being considered for full or partial privatisation.
“The government’s long-term policy is that companies which, in the government’s view, are not required to remain under public ownership as a matter of policy should eventually be privatised,” the prospectus added.
Lourenço aims to revive growth by opening the economy to foreign investors and diversifying away from oil, which currently accounts for 95 percent of exports.
Angola is in the process of raising $3 billion through two Eurobond issues, launching $1.75 billion in 10-year notes at 8.25 percent and a $1.25 billion 30-year tranche at 9.375 percent.
In the prospectus, Angola also said it saw its total debt – excluding that held by state oil firm Sonangol – reaching $77.3 billion, or 70.8 percent of GDP, by the end of 2018. (Reporting by Stephen Eisenhammer Editing by Ed Stoddard and Susan Fenton)

This is what Angola is telling investors to get them to invest in its Eurobonds

By Gary van Staden, Senior Political Analyst, NKC African Economics 
The unceremonious dismissal of yet more of former President Eduardo Dos Santos’ loyalists by President Joao Lourenco, including top brass in the military and intelligence, suggests the new president has been emboldened by his successes so far and the lack of resistance within the old Dos Santos empire and that more heads are going to roll.
While the actions taken against the Dos Santos family – daughter <a href="http://cnbc.africa/news/political/2017/11/16/angola-dos-santos-removal-sonangol-political-strategic-move/">Isabel Dos Santos was removed as head of the State-run oil company Sonangol</a> and his son, <a href="http://cnbc.africa/news/southern-africa/2018/03/26/angola-charges-son-ex-president-dos-santos-fraud/">José Filomeno Dos Santos, was charged with fraud</a> – raised little resistance, it was assumed that the old president had shored up his support in the military and dismantling that power base would be significantly more difficult. That was not the case.
Reuters reported this week (Monday April 23) that Lourenco had sacked the chief of staff of the armed forces, General Geraldo Sachipengo Nunda, and the head of the foreign intelligence agency, André de Oliveira Sango, in what was described as the latest moves against officials tainted by graft allegations or links to his predecessor.
Reuters stated that General Nunda had been named by prosecutors last month as a suspect in an investigation into allegations of fraud. Mr De Oliveira Sango, a Dos Santos loyalist, had been head of foreign intelligence for over a decade.
The next and most obvious goal for the new regime would be to remove Dos Santos from his position as leader of the ruling People&#8217;s Movement for the Liberation of Angola (MPLA), but that may prove more difficult and we expect Lourenco to further dismantle the old president’s power base outside of the ruling party before making that final assault.
But it does appear to be inevitable that at some point his leadership role in the ruling party is going to come under attack.
While we remain uncertain of his ultimate agenda, the new president can be expected to continue to mobilise against the Dos Santos empire on all fronts using allegations of graft, corruption and fraud as weapons of choice as well as the politics of renewal and improved governance.
While significant economic or political reforms have yet to make an appearance, it is likely that such reforms would have been hindered by the continued presence of Dos Santos power structures and that it probably makes sense that those be tackled first.
The new broom has yet to make any fundamental policy shifts that would likely improve the lot of ordinary Angolans, but there is for the first time in many years the prospect of such improvement – time will tell.
We do not expect any significant resistance to the sweeping changes and consequently no deterioration in the country’s overall political stability.

Op:Ed: Why Angola’s President Lourenco is likely to intensify purge of Dos Santos loyalists

LUANDA (Reuters) &#8211; Angola’s finance ministry said it had requested non-financial assistance from the International Monetary Fund to help it implement economic reforms, as Africa’s second-largest crude producer continues to suffer from a lower oil price.
The agreement, known as a Policy Coordination Instrument, “will help to improve the external credibility of our country with positive impact on the ability to attract Foreign Direct Investment,” the finance ministry said in a statement late on Tuesday.
The ministry said it wanted help in implementing the Macroeconomic Stabilisation Plan, which is effectively the economic policy of the new Angolan government, but did not say what form this should take.
President João Lourenço, who took over last September after 38 years of rule by José Eduardo dos Santos, has said he wants to bring about an economic miracle in Angola by opening up to foreign investment and diversifying away from oil which accounts for over 90 percent of exports.
Lourenço is trying to resolve a dollar liquidity squeeze that has made it difficult for foreign companies to repatriate profits and discouraged many from investing in sub-Saharan Africa’s third-largest economy. On the streets of Luanda, a dollar goes for nearly twice the official rate.
A devaluation of around 30 percent to the dollar this year has gone some way to closing the gap with the street rate.
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Angola has been trying to persuade international banks to rekindle dollar correspondent relationships with the country, which were cut over the past few years due to perceived compliance risks in doing business there.
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Reporting by Stephen Eisenhammer; Editing by Alexander Winning and David Stamp
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In search of an ‘economic miracle’ Angola taps into the IMF

LUANDA, Jan 10 (Reuters) &#8211; Angolan President Joao Lourenço removed the son of his long-serving predecessor Jose Eduardo dos Santos as head of the country’s $5 billion sovereign wealth fund on Wednesday, the latest in a series of moves that sidelined dos Santos allies.
Lourenço, who took office in September when dos Santos stepped down after nearly four decades in power, has swiftly wrested control of key areas of the state by pushing aside powerful figures associated with his predecessor.
He announced on Wednesday that he was replacing the board of the fund, including its head Jose Filomeno dos Santos, after an external inquiry into the fund’s performance and governance.
READ: <a href="http://cnbc.africa/news/southern-africa/2017/11/15/angola-president-dismisses-sonangol-chair-isabel-dos-santos/">Angola president dismisses Sonangol chair Isabel dos Santos</a>
The new board chairman was named as Carlos Alberto Lopes, a former finance minister.
Last month Lourenço dismissed the former president’s daughter Isabel dos Santos as chairwoman of the state oil company Sonangol, replacing her with Carlos Saturnino, an oil industry veteran.
Lourenço has also appointed allies and former prime ministers Lopo Fortunato Ferreira do Nascimento and José Carlos Marcolino Moco as non-executive directors of Sonangol, further solidifying his power within the company.
Oil accounts for a third of Angola’s gross domestic product and more than 95 percent of its exports, according to the World Bank, making the leadership of Sonangol one of the most important and powerful jobs in the southwest African country. (Reporting by Herculano Coroado; Writing by Tanisha Heiberg; Editing by Peter Graff)

Angola president sacks Dos Santos son as head of sovereign wealth fund

LUANDA, Jan 8 (Reuters) &#8211; Angola’s President Joao Lourenco said on Monday he may change the leadership of the country’s $5 billion sovereign wealth fund, depending on the results of an external inquiry into its performance and governance due to be completed in coming days.
The fund is run by Jose Filomeno dos Santos, son of former President Jose Eduardo dos Santos, who was succeeded by Lourenco last year. (Reporting by Herculano Coroado; Writing by Joe Brock)

Angola’s President mulls new leadership for $5bln sovereign wealth fund

LUANDA, Jan 8 (Reuters) &#8211; Angola’s President Joao Lourenco said on Monday that there could be no economic recovery without austerity measures, ruling out salary increases for civil servants for now.
“When the economy is a little better, it’s only right that it should move the national salary, but now it would not be very advisable,” Lourenco told reporters at a media event to mark 100 days in office. Lourenco took over last year from Jose Eduardo dos Santos, who stood down after 38 years. (Reporting by Herculano Coroado; Writing by Joe Brock; Editing by Peter Graff)

Angola’s President hints at austerity

Angola’s President João Lourenço has told Angolans to repatriate funds illegally held abroad in coming months or risk prosecution, in a bid to spur domestic investment and combat corruption.
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The announcement marks one of Lourenço’s boldest policy moves since he took power in September and suggests he intends to try and draw a line under years of endemic corruption and impunity.
Central bank Governor José Massano told state news agency Angop that at least $30 billion of Angolan money is held abroad, though that figure includes legal deposits.
Lourenço has surprised analysts and diplomats by the speed at which he has sought to take on some of the entrenched vested interests that control sub-Saharan Africa’s third largest economy and second biggest oil exporter.
Speaking on Wednesday at the end of a ruling party conference on corruption, Lourenço said a grace period would be announced early next year during which money could be repatriated and invested in the Angolan economy without questions being asked.
During the grace period, citizens “will not be hassled, will not be questioned as to the reasons why this money was held abroad, will not be prosecuted,” Lourenço said.
But once that window, the dates of which have not yet been announced, passes: “the Angolan state will consider itself justified in regarding the money as belonging to Angola and Angolans and as such, together with the authorities of the countries where the money is held, act to bring it back into its possession.”
After nearly 30 years of civil war came to an end in 2002, Angola’s economy grew at a rapid pace thanks to an oil boom which drove GDP to multiply ten times by 2014.
But rife corruption and mismanagement meant gaping inequality persists, and a collapse in the price of oil lead to an economic crisis from which the country is still wrestling to emerge.
In November, he dismissed Isabel dos Santos, daughter of the former president José Eduardo dos Santos, as chair of state oil company Sonangol. He also cancelled lucrative state contracts with a media company owned by another of dos Santos’ daughters.
“The expectations of Angolans are high and they cannot continue to be defrauded,” Lourenço said.
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Reporting by Stephen Eisenhammer, Editing by William Maclean
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Angola’s Lourenço offers ultimatum for repatriation of funds

On Oct. 6, with the dust still settling on Angola’s first change of power in 38 years, new President João Lourenço sat down with international oil majors at the presidential palace in Luanda.
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The top executives in Angola of Chevron (<a href="https://www.reuters.com/finance/stocks/overview/CVX.N">CVX.N</a>), Total (<a href="https://www.reuters.com/finance/stocks/overview/TOTF.PA">TOTF.PA</a>), BP (<a href="https://www.reuters.com/finance/stocks/overview/BP.L">BP.L</a>), Eni (<a href="https://www.reuters.com/finance/stocks/overview/ENI.MI">ENI.MI</a>) and Exxon (<a href="https://www.reuters.com/finance/stocks/overview/XOM.N">XOM.N</a>) said the oil sector was being devastated by delays in project approvals at Sonangol and a backlog of payments owed by the state oil company, according to four oil industry sources with knowledge of the meeting.
They warned Lourenço that Angola’s production would decline from 2019 unless swift action was taken to tackle problems at the firm, which was headed by Isabel dos Santos, daughter of his presidential predecessor, the sources said. They declined to be named because the discussions were confidential.
Six weeks later the president fired dos Santos, Africa’s richest woman who is nicknamed the “princess” in Angola.
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The oil majors all declined to comment on the meeting. Lourenço’s office and Sonangol did not respond to requests for comment.
It was a highly unusual gathering; foreign oil firms operate nearly all of Angola’s production and hold huge sway, but meeting the president as a united group was almost unheard of.
The nature of the discussions has not been previously reported. The talks, and subsequent events leading up to dos Santos’ dismissal, shed light on the reasons behind her ouster &#8211; a decision never officially explained.
They offer new insight into the current state of the most important company in Angola, which relies on oil for a third of its economic output and over 95 percent of exports, and the big challenges facing the new management of the debt-laden firm.
The dismissal also points to the waning power of the dos Santos family, which has dominated Angolan politics and business for decades. Isabel dos Santos’ father José Eduardo had ruled the country since 1979, amassing wealth for his relatives who own companies in almost every part of the economy.
‘NEAR PARALYSIS’
Billionaire dos Santos, who had been Sonangol chair since June 2016, has said she was in the process of restructuring to root out waste and corruption at a company that was struggling even before oil prices plunged in mid-2014.
Her representatives declined to comment for this story, and instead pointed Reuters to two statements, issued in the days after her exit, when she outlined her achievements including reducing debt to $7 billion from $13 billion, raising annual revenue to $15.6 billion from $14.8 billion and cutting costs.
In her departing speech to staff, she said the company had been “nearly bankrupt” when she took over, devastated by the oil-price collapse. “Memories are short,” she added.
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However, according to interviews with 10 sources, including the four oil industry sources as well as officials from Sonangol and the government, Lourenço was frustrated with the slow pace of change at the company.
On Oct. 13, a week after meeting the oil majors and 17 days after taking office, the president ordered government ministers, Sonangol and international oil companies to form a 30-day working group to review the state of the industry.
The group’s meetings, many of them led by new Secretary of State for Oil Carlos Saturnino, were tense, the sources said. Saturnino, an oil industry veteran, had been fired by dos Santos from his role as head of production and exploration at Sonangol last year when she accused him of gross mismanagement.
Even though dos Santos had launched a turnaround plan, huge hold-ups in the approval of projects were strangling the oil sector, according to the sources. Her board had implemented a system for checking projects submitted by foreign oil companies which in practice exacerbated the problem, they said.
She had also created a gulf between her board and the rest of the company by surrounding herself with foreign consultants, said the people, who declined to be named due to the confidential nature of the industry review and related discussions.
The working group concluded there was “a near paralysis” at Sonangol, according to a government source.
<h3>CHINA DEBTS</h3>
As the group assessed the state of the industry, Lourenço met with Sonangol’s biggest lenders &#8211; including the Bank of China, Standard Bank and Standard Chartered &#8211; to understand Sonangol’s financial situation and secure lower lending rates, according to a source familiar with the talks.
“Lourenço realised Sonangol needs money fast,” said the source, adding that the company had been seeking to restructure some payments.
Standard Bank declined to comment, citing client confidentiality, while Standard Chartered and Bank of China did not respond to requests for comment.
Sonangol’s direct debt to Chinese banks and lending consortia including Chinese banks stood at $3.8 billion at the end of 2016, according to the company’s annual report.
Oil industry sources told Reuters this debt now stood at about $3 billion, plus another $3 billion to majors, contractors and traders. Of that, nearly $1 billion is owed to trading firms Trafigura and Vitol under loans guaranteed by oil or product exports, according to a source close to Sonangol.
The government itself also last year took out a further $6.9 billion loan from the China Development Bank that it lent to Sonangol, $3.8 billion of which the firm used to refinance debt, according to an International Monetary Fund report.
Supporters of dos Santos, who are familiar with her work at Sonangol, said the debts dated back to before her tenure. They said the company was now in better financial state. The slow pace of restructuring, they say, was due to the scale of the job and restraints imposed by the state on selling assets.
Her dismissal, according to them, was purely political and part of a campaign by the president against her family.
‘GOLDEN GOOSE’
With consensus in government building fast against dos Santos, she responded with a charm offensive.
In London, she met CEOs of major oil companies at an industry conference. On Oct. 18, she did a rare live interview at the Reuters office in the city’s Canary Wharf financial district.
In the Reuters interview, she described her relationship with the new president as one of “full alignment”. But she gave a hint that her days at Sonangol may be numbered, when asked if she would stay to see through the transformation of the firm.
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“Once the foundations have been laid and are right, it doesn’t matter who steps in as long as the plan is good,” said dos Santos, who has stakes in businesses from telecoms to diamonds.
The charm offensive was too little, too late.
On Nov. 15, dos Santos and most of her board were sacked. She was replaced by the man that had become her nemesis: Saturnino.
Foundations notwithstanding, the new management faces the tasks of getting projects moving again, repaying billions of dollars owed to oil majors, contractors and traders, and servicing billions more dollars of debt owed to Chinese banks.
An executive at Sonangol said a massive round of lay-offs had been delayed until after the election and the task would also now most likely fall to the new team.
Lourenço, however, appeared confident of Sonangol’s potential when he attended the board’s inauguration on Oct. 16, describing the company as a “golden goose”.
“Take good care of her,” he said.
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Writing by Stephen Eisenhammer; Editing by Pravin Char
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How Angola ‘princess’ lost her oil crown

Chris Saunders |University of Cape Town
Soon after Zimbabwe’s army confined President Robert Mugabe to his palatial Harare home this week – allegedly for his safety – it was announced in Luanda that Angola’s new President, João Lourenço, had relieved Isabel dos Santos of her position as head of the state-run oil company Sonangol.
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While there may not be any direct connection between these two events, they suggest some intriguing comparisons. In both countries ruling families seem to have failed to secure themselves in power.
When Mugabe, as leader of the Zimbabwean African National Union-Patriotic Front (Zanu-PF), became ruler of Zimbabwe at independence in April 1980, José Eduardo dos Santos was already President of Angola. He had succeeded to that position after the death of Agostinho Neto in September 1979.
Dos Santos had to deal with external intervention and over two decades of civil war , during which he ruled dictatorially. Mugabe, despite a facade of constitutionalism and regular elections, also became increasingly dictatorial. He abandoned adherence to the rule of law and his country’s economy collapsed. Angola became notorious for the scale of the corruption linked especially to its oil riches. Zimbabwe went from bread-basket to basket-case. With the great majority of the people of both countries living in dire poverty, Dos Santos flew to Europe when he needed medical attention, while Mugabe went to Singapore.
Though Dos Santos was probably as reluctant as Mugabe to give up power, he decided to quit as president of the country and try to retain influence through the ruling party and members of his family. Mugabe tried to impose his wife on his party as his chosen successor and then to cling on to his positions even when the army took effective control of his country.
Given recent developments in Luanda and Harare, it would seem that neither of these two old men have succeeded in securing their family dynasties.
<h2>Dos Santos’s succession plan</h2>
By 2016, suffering health problems that took him to Spain for treatment, Dos Santos announced that he would step down as president of Angola and he approved his Minister of Defence, João Manuel Gonçalves Lourenço as his successor.
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Following the victory of the ruling Popular Movement for the Liberation of Angola (MPLA) in the general election held in August this year, Lourenço took over as president in September. But Dos Santos remained president of the MPLA, and clearly expected Lourenço to look after his interests and that of his family, who had become enormously wealthy.
From the action Lourenço has now taken against Dos Santos’ billionaire daughter Isabel, it would seem that he’s becoming his own man. It appears he wishes to distance himself from the Dos Santos family, which for many Angolans is associated with corruption on a vast scale.
The London-educated Isabel has proved herself to be a very capable businesswoman, and though the Angolan economy has been suffering because of low oil-prices, on top of massive corruption, it’s unlikely she was sacked to bring in a better chief executive to run the country’s most important state owned company. There is talk in Luanda that Isabel’s brother, José Filomeno dos Santos, will be relieved of his position as head of the country’s large Sovereign Wealth Fund and that his father, the former president of the country, will be replaced as president of the ruling party, though that may have to wait until a party congress is held.
<h2>Mugabe’s succession plan</h2>
In Zimbabwe Mugabe has sought to arrange that his wife will succeed him. But Gucci Grace and Robert made the mistake of trying to ensure this by firing Vice-President Emmerson Mnangagwa.
Though at the time of writing, the 93-year-old Mugabe remains president both of the country and of the ruling Zanu-PF party, it’s widely expected that he will soon be relieved of both positions, probably by Mnangagwa, with the assistance of the army.
<h2>Changes for the better?</h2>
New leadership in Angola and Zimbabwe will have an impact on the region as a whole.
Given Mnangagwa’s record as a long serving member of government in Zimbabwe, and his involvement in the mass killing of Ndebele in the early 1980s, it is hardly likely that he will emerge as a champion of democracy.
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In Angola, Lourenço is still finding his feet as head of government. 
But if we are witnessing the end of an era in which dictators stayed in power for decades and tried to secure their continuing influence through their families, and if we are seeing the diminishing importance of liberation movements turned political party, this must be good not only for Angola and Zimbabwe but for the southern African region as a whole.It is therefore unrealistic to hope that either country will soon move from decades of repressive rule and lack of transparency to greater constitutionalism and closer adherence to the rule of law.
<img loading="lazy" decoding="async" src="https://counter.theconversation.com/content/87689/count.gif?distributor=republish-lightbox-basic" alt="The Conversation" width="1" height="1" />It should also hold lessons for those who rule in neighbouring countries.
This article was originally published on The Conversation.

Mugabe and Dos Santos: Africa’s old men seem, finally, to be fading away

Gary van Staden | NKC African Economics
Angolan President Joao Lourenço on Wednesday, November 15, sacked Isabel dos Santos as head of the board at State-owned oil company Sonangol in a move that cements his power and influence over a key sector while at the same time addressing the concerns of international investors.
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While the removal of Ms Dos Santos has clear political connotations – she was one of the kingpins in the financial empire of her father, former President José Eduardo dos Santos, as well as a symbol of the former president’s influence – the action was also widely welcomed as a decisive move to improve efficiency and productivity at the crucial State-owned enterprise.
Ms Dos Santos was proving an ineffective leader and was accused of frustrating international oil companies with a series of unexplained project delays that damaged foreign investment sentiment and harmed domestic production.
In the wake of the recent Angolan elections, local media reported that international oil companies operating in Angola wrote to Mr Lourenço outlining grievances with the state of the oil industry – inefficiencies, bottlenecks and general inability to take decisions – all believed to be direct criticisms of the leadership qualities, or lack thereof, of Ms Dos Santos.
In addition, Mr Lourenço simultaneously sacked most of the Sonangol board and replaced them with new members generally more competent in the oil sector.
“Isabel dos Santos is out and now it is up to the new board to show results in a short timeframe, or they will also lose credibility,” a source at an international oil company in Angola told Reuters on Wednesday night.
In a twist of fate, Ms Dos Santos was replaced as chair by Carlos Saturnino, formerly the secretary of State for oil who was sacked by Ms Dos Santos.
It was a win-win situation for Mr Lourenço: he needed to improve the efficiency and productivity of Sonangol, the nation’s crown jewel and virtually sole provider of revenue, and he needed to demonstrate his political willingness and ability to dismantle the Dos Santos financial empire.
Mr Lourenço has indeed started to prove he is something of his own man given the general opinion beforehand that he was little more than a Dos Santos clone who would do his former master’s bidding.
But some caution is required. Moving against high profile individuals who are largely without their patron’s ability to protect them any longer is one issue – to take on a rigid, closed and paranoid political and security system is going to be a harder nut to crack and to date Mr Lourenço has left those structures largely untouched.
Cutting off the heads of unpopular relics of the Dos Santos era will earn kudos and some applause – tackling institutionalised repression and authoritarianism with an inherently undemocratic culture will be the real test of any promise to fundamentally reform Angola.
The people still wait for change, though now perhaps with a little more hope that real change is possible. Mr Lourenço dare not disappoint this hope.

Angola – Dos Santos’ removal from Sonangol a political and strategic move

Angolan President Joao Lourenco dismissed Isabel dos Santos as chair of the state oil company Sonangol on Wednesday in a dramatic move against the family of the former president.
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The daughter of Jose Eduardo dos Santos, who ruled Angola for 38 years until stepping down in September, was replaced by Carlos Saturnino, the president’s office said in a statement.
Saturnino, an oil veteran who was fired by Isabel from Sonangol last year, was most recently Secretary of State for Oil.
A spokesperson for Isabel dos Santos did not immediately respond to a request for comment.
Lourenco also replaced six other board members, appointing Sebastião Pai Querido Gaspar Martins, Luís Ferreira do Nascimento José Maria, Carlos Eduardo Ferraz de Carvalho Pinto, Rosário Fernando Isaac, Baltazar Agostinho Gonçalves Miguel, Alice Marisa Leão Sopas Pinto da Cruz as executive directors.
José Gime and André Lelo were reappointed as non-executive directors.
Among those dismissed were Sarju Raikundalia, a senior PWC executive who was brought in to clean up Sonangol’s finances, and Eunice Carvalho, who previously worked for Chevron and was leading a restructuring at Angola’s biggest and most important company.
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Reporting by Stephen Eisenhammer; Editing by Joe Brock
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Angola president dismisses Sonangol chair Isabel dos Santos

Angola’s new president has ordered a 30-day review of the nation’s oil industry to address the “significant” challenges it faces, his first foray into the key business since he took office last month.
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President Joao Lourenco directed a working group to determine how it can “improve the current conditions of investment in the oil and gas industry,” and develop a “framework of cooperation” directly between the executive and oil companies.
The move, announced in a decree on October 13, came as Lourenco appointed Carlos Saturnino, a former head of Sonangol P&amp;P, as secretary of state for oil. The president merged the ministries for oil and mining into one group, led by Diamantino Azevedo.
Sources told Reuters that Saturnino’s appointment signals a potential clash between the ministry and state oil company Sonangol, which is led by Isabel dos Santos, the daughter of former president Jose Eduardo dos Santos. Earlier this week, dos Santos told a Reuters newsmaker event that Lourenco was in “full alignment” with her plans to transform Sonangol.
The working group will be led by the ministry of mining and petroleum resources and will include representatives of the Finance Ministry, Sonangol, the presidency and one representative from the Angolan divisions of oil majors BP, Chevron, ENI, Exxonmobil, Statoil and Total.
“Lourenco wants to impose his own approach to oil reform and, with the new commission, accelerate measures to improve ongoing tensions with oil majors, which do not appear to have been sufficiently addressed by Sonangol’s current management,” said HIS analyst Roderick Bruce.
Last week, Sonangol replaced its executive committee chairman, Paulino Jeronimo, who had managed new concessions and relationships with operators, in favour of new board members who dos Santos said could enable “the faster treatment of the challenges of the sector”.
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Reporting By Libby George, editing by Larry King
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Angola’s Lourenco orders review of oil sector, appoints oil head

Angola’s first new president in almost four decades vowed to rebuild an economy devastated by falling oil prices and fight corruption at his inauguration on Tuesday.
João Lourenço told thousands of supporters in Luanda he would also tackle gaping inequality in Africa’s second largest oil producer &#8211; though analysts have already raised doubts about his ability to make far-reaching change.
“No one is so rich and powerful that they cannot be punished and no one is so poor that they cannot be protected,” he said to loud applause.
In a 45-minute speech, Lourenço said he would strive to bring in reforms covering gender equality, the freedom of the press, private enterprise and public health.
Former president Jose Eduardo dos Santos remains head of the ruling MPLA party, giving the veteran leader influence over key policy decisions.
Any serious attempt to transform the country could put Lourenço on a collision course with senior party figures and powerful interest groups.
Angola’s economy fell into recession last year, while unemployment is officially over 20 percent and a shortage of foreign currency has forced firms to pull back operations.
Lourenço said he would work to reduce state intervention in the economy and give free enterprise the space and support to thrive.
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He has previously said he does not rule out negotiating a deal with the International Monetary Fund or World Bank to help rebuild an economy heavily reliant on oil.
“There are enormous challenges before us &#8230; We call on the help of everyone on this difficult journey,” he said.
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Editing by Andrew Heavens
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Angola’s first new president in 38 years vows to fight graft

Angola’s ruling MPLA party has won a general election by taking 61.07 percent of the vote, the electoral commission said on Wednesday, making João Lourenço the next president of sub-Saharan Africa’s third-largest economy.
He will replace Jose Eduardo dos Santos, who steps down after 38 years at the helm but will continue as head of the People’s Movement for the Liberation of Angola (MPLA).
The main opposition National Union for the Total Independence of Angola (UNITA) took 26.67 percent, with the smaller opposition party CASA-CE winning 9.44 percent.
“Mission accomplished,” Lourenço told supporters at his party’s headquarters in Luanda.
“We’ll produce a better future for the country and the people of Angola,” he said in his first comments as president-elect. He is expected to take office on Sept. 21.
UNITA, which has repeatedly complained that the electoral process has been non-transparent and illegal, declined to comment after the results on Wednesday. A spokesman told Reuters a statement will be made on Thursday. UNITA has previously said it will appeal the results.
Speaking earlier on Wednesday, the spokeswoman for the National Electoral Commission Julia Ferreira rejected the opposition’s complaints as having a “lack of clarity and objectivity”, adding sufficient proof had not been presented.
Electoral observers have said the vote on Aug 23 was reasonably free and fair. The head of the African Union’s observation mission, Jose Maria Neves, congratulated Angola on a poll he said served as a “reference for the continent”.
Speaking before announcing definitive election results, President of the National Electoral Commission André da Silva Neto asked the parties to accept the election results.
On the streets of Luanda, cheering and the honking of horns was heard as residents celebrated another electoral win for the MPLA, which has maintained an unbroken hold on power since Africa’s second-largest crude producer gained independence from Portugal in 1975.
Lourenço will be only the country’s third president in that time. A quiet 63-year-old more used to army barracks and the closed doors of party politics than the public spotlight, he has denied he will remain in the shadow of his predecessor dos Santos.
Lourenço has promised to kick-start the economy and has not ruled out deals with the World Bank and International Monetary Fund to help restructure it. Angola imports everything from washing powder to long-life milk at huge cost.
MPLA will have 150 lawmakers, giving them the two-thirds parliamentary majority needed to pass any form of legislation.
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Reporting by Stephen Eisenhammer; Editing by Robin Pomeroy and Hugh Lawson
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Angola’s ruling MPLA wins election with 61% of vote: electoral commission

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