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Country Report Angola

  • ID: 2114010
  • July 2015
  • Region: Angola
  • 24 Pages
  • The Economist Intelligence Unit

Of Angola's 91 state-owned enterprises (SOEs), 57 have submitted their 2014 accounts for inspection, according to the Instituto para o Sector Empresarial Público (Institute for the Public Business Sector; ISEP).

Bloated, loss-making and inefficient SOEs have long been a heavy burden on the Angolan economy. A hangover from years of centralised Marxist rule, public companies are major employers and pension providers, and positions within them are regarded by many as a reward for loyalty to the ruling Movimento Popular de Libertação de Angola (MPLA). A handful of entities are entirely dormant but maintain payrolls, while many others have large numbers of ghost staff, and some departments and services exist only on paper. Angola continues to rank poorly in Transparency InternationaI's corruption perceptions index.

However, reform efforts are now under way-spurred in part by the need to improve spending efficiency given continued low oil prices, a key source of state revenue. Making the entities more accountable is key part of this, and firms are thus required to submit accounts for inspection by ISEP (affiliated to the economy ministry). ISEP announced in mid-July that of the 57 accounts submitted 33 were ratified, eight with no reservations and 19 with only single reservations. Nine were not approved.

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Country Report Angola

Government seeks to improve parastatal management
Impact on the forecast

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