The coordinator of Angola’s Economic and Social Council (CES) has announced that the council will reflect on the issue of the devaluation of the kwanza currency and provide urgent contributions.
José Otávio Van-Dúnem stated that the topic emerged in various presentations during the council’s second plenary session, although not originally scheduled.
As a result, it was recommended that groups, particularly those from the economic and business sectors, reflect on the matter and offer prompt contributions.
Nunes Borges, an ESC member representing the business sector, specifically the industry, expressed optimism that the currency market will stabilize in a few weeks, bringing about a sense of calm.
Borges identified the lack of domestic production as one of the factors contributing to the devaluation of the kwanza, emphasizing the country’s heavy reliance on oil as a primary product.
Fluctuations in international oil prices immediately impact the economy and finance negatively due to this dependence.
Borges acknowledged that the current phase is challenging for producers.
The CES aims to address the devaluation issue promptly and contribute to finding solutions.
The devaluation of the kwanza poses economic challenges, and diversifying the country’s production beyond oil is crucial for stability and growth.