Angola reiterates need for acceleration of food security

The Minister of Economic Coordination of Angola, José de Lima Massano, has reaffirmed the country's commitment to realizing African food security by establishing a strategic partnership to guide and accelerate the country's work. In an exclusive interview with CNBC Africa's Fifi Peters at the U.S.-Africa business summit in Dallas, Texas, Minister Massano shared insights into Angola's efforts to diversify its economy and prioritize food security as a key agenda. Angola, known as an oil commodity country, is looking to reduce its heavy reliance on oil exports, which currently account for almost one-fourth of the country's GDP. The need to diversify the economy becomes paramount, and Minister Massano believes that food security presents a tangible opportunity for economic diversification that can directly benefit Angolan citizens. Key Points: 1. Food Security as a Top Priority: Minister Massano reiterated that food security is at the top of Angola's agenda for economic diversification. With oil exports comprising a significant portion of the country's GDP, the emphasis on agriculture and food production aims to reduce the vulnerability of the economy to fluctuations in the oil market. The Minister highlighted the importance of engaging African citizens and attracting foreign investors to support Angola's food security initiatives. 2. Privatization Strategy and Economic Reforms: President Lorenzo's initiative to privatize state-owned enterprises is a significant step towards building a market economy in Angola. Minister Massano discussed the progress of privatization efforts, with over 100 entities targeted for privatization by 2026. The goal is to create a competitive business environment that fosters innovation and growth beyond the oil and gas sectors. 3. Addressing Macroeconomic Challenges: Angola faces macroeconomic challenges such as high inflation rates and currency devaluation. Minister Massano acknowledged the impact of inflation on food security and consumer prices, emphasizing the need for economic stability and prudent fiscal policies. The government's decision to let the foreign exchange rate be determined by market forces reflects a commitment to safeguarding the economy against external pressures. Quote: 'Inflation is an act of good security. That's why it's critical. Inflation, for instance, money ready to lose the CPI, and Ford accounts for almost 60%. Even in countries like South Africa, it's still pretty high. It's not that high. It's one of the highest we have ever reached, 60%,' said Minister Massano in the interview. In conclusion, Angola's efforts to accelerate food security and economic diversification underscore the country's commitment to sustainable growth and resilience in the face of global economic challenges. By prioritizing food security, implementing privatization strategies, and addressing macroeconomic vulnerabilities, Angola aims to create a conducive business environment that promotes investment, innovation, and prosperity for its citizens.