Angola President fire finance minister
Angolan president
fires finance minister
over economic slump
José Eduardo dos Santos, president of
Angola, has fired Armando Manuel, the
country’s finance minister, following a slump
in the country’s economic situation stemming
from crashed crude oil prices.
The sack, which was announced on Monday,
come two months after the Angolan
government pulled out of talks with the
International Monetary Fund (IMF) over
emergency funding.
A statement quoted by Reuters said Manuel,
who was appointed in 2013 and whose term
had been due to run to 2017, would be
replaced by Archer Mangueira, capital
markets commission head.
Over the last two years, Manuel had presided
over an economic slump caused by a sharp
drop in oil prices that sapped dollar inflows,
hammered the kwanza — the Angolan
currency — and led heavy government
borrowing.
Like Angola, Nigeria has also been hit by the
plunge in crude oil prices and a rapid
depreciation of the local currency.
The kwanza slid more than 30 percent
against the dollar in 2015, and in January the
central bank allowed for another 15 percent,
weakening to 155 against the dollar.
Nigeria has seen a depreciation of over 40
percent on the naira against the dollar in
2016.
Angola’s inflation had soared from 11
percent in August 2015 to 35 percent in July
2016, while Nigeria’s is from 9.3 to 17.1
percent within the same period.
Dino Melaye, senator representing Kogi West,
called for the removal of Kemi Adeosun ,
Nigeria’s finance minister over her “gross
incompetence”.
“The finance minister has not only displayed
gross incompetence on the job, she also
lacks the basic and rudimentary grasp of
economic fundamentals necessary to run a
critical sector of the Nigerian economy like
the finance ministry,” he had said.
“It is time for her to go now and pave way
for a qualified and experienced person to
steer the Nigerian economy away from the
dark woods it has sunk presently under her
stewardship.”
Like the Nigerian president, dos Santos is getting unpopular by the day due to the
economic hardship caused by the fall in oil prices.
fires finance minister
over economic slump
José Eduardo dos Santos, president of
Angola, has fired Armando Manuel, the
country’s finance minister, following a slump
in the country’s economic situation stemming
from crashed crude oil prices.
The sack, which was announced on Monday,
come two months after the Angolan
government pulled out of talks with the
International Monetary Fund (IMF) over
emergency funding.
A statement quoted by Reuters said Manuel,
who was appointed in 2013 and whose term
had been due to run to 2017, would be
replaced by Archer Mangueira, capital
markets commission head.
Over the last two years, Manuel had presided
over an economic slump caused by a sharp
drop in oil prices that sapped dollar inflows,
hammered the kwanza — the Angolan
currency — and led heavy government
borrowing.
Like Angola, Nigeria has also been hit by the
plunge in crude oil prices and a rapid
depreciation of the local currency.
The kwanza slid more than 30 percent
against the dollar in 2015, and in January the
central bank allowed for another 15 percent,
weakening to 155 against the dollar.
Nigeria has seen a depreciation of over 40
percent on the naira against the dollar in
2016.
Angola’s inflation had soared from 11
percent in August 2015 to 35 percent in July
2016, while Nigeria’s is from 9.3 to 17.1
percent within the same period.
Dino Melaye, senator representing Kogi West,
called for the removal of Kemi Adeosun ,
Nigeria’s finance minister over her “gross
incompetence”.
“The finance minister has not only displayed
gross incompetence on the job, she also
lacks the basic and rudimentary grasp of
economic fundamentals necessary to run a
critical sector of the Nigerian economy like
the finance ministry,” he had said.
“It is time for her to go now and pave way
for a qualified and experienced person to
steer the Nigerian economy away from the
dark woods it has sunk presently under her
stewardship.”
Like the Nigerian president, dos Santos is getting unpopular by the day due to the
economic hardship caused by the fall in oil prices.
Comments