Who Runs Angola’s Economy, the Key Players in 2026

ANGOLA · ECONOMY

From the presidency to the diamond mines, these are the people and firms steering Angola’s money. Here is who holds the levers in October 2026.

The Angola economy is run in October 2026 by President João Lourenço’s government, the central bank and a handful of state companies. Sonangol (oil), Endiama (diamonds) and the oil regulator ANPG sit at the centre.

The President says the non-oil sector now drives growth, while diamonds, a young stock exchange and the Lobito rail route are growing. The government says public debt fell from 115.9% of GDP in 2020 to 51.2% in 2026.

More coverage sits on the Rio Times Angola page. The general picture is in Angola explained.

Conversions in this guide use Kz 938.87 per US$1, the open.er-api.com rate of 20 October 2026 (00:02 UTC). Euro amounts use the same source at €0.891 per US$1.

How the Angola Economy Is Run

João Lourenço, president since 2017, leads the People’s Movement for the Liberation of Angola (MPLA), which has governed since 1975. He gave the State of the Nation address to the National Assembly on Thursday, 15 October 2026.

He said real growth was 3% in 2025 and 5.3% in the first quarter of 2026, with the non-oil sector up 6.2%. He put nominal GDP at an estimated US$141.7 billion.

The national statistics institute (INE) lists 8.74% for GDP in the second quarter of 2026 on its website. The release could not be opened, so the measure and the oil split are not confirmed.

Unemployment fell to 21.3% in the first quarter of 2026 from 31.5% in 2024, the President said. INE lists 21.5% for the second quarter and estimates the population at 38.8 million for 2026.

He added that debt now sits inside the legal limit at 51.2% of GDP. These are the government’s own figures, and they were not independently audited.

These office holders matter most for money. The government’s official portal listed them on 20 October 2026.

• Vera Esperança dos Santos Daves de Sousa, Minister of Finance. She manages the budget, public debt and tax policy.
• José de Lima Massano, Minister of State for Economic Coordination. He coordinates economic policy across the ministries.
• Victor Hugo Guilherme, Minister of Planning. His ministry handles national planning and the public investment programme.
• Diamantino Pedro Azevedo, Minister of Mineral Resources, Petroleum and Gas. His portfolio covers oil, gas and mining, including diamonds.
• Rui Miguêns de Oliveira, Minister of Industry and Trade. He leads industry and trade policy, including the push to replace imports.

The Central Bank, the Kwanza and Prices

The Banco Nacional de Angola (BNA), the central bank, is led by Governor Manuel Tiago Dias. It sets the policy rate and supervises the banks.

Its Monetary Policy Committee met on 14 and 15 September 2026 and cut the key rate from 15.75% to 14.75%. The bank said the outlook for prices had improved.

INE puts inflation for September 2026 at 8.43%; see Angola inflation slows to 8.43%. The President said inflation averaged 27.5% in 2024.

At its July meeting the BNA forecast inflation of 8.6% for the end of 2026, give or take one point. It also forecast 2026 growth of 3.6%, before INE’s second-quarter figure appeared.

The President said net international reserves reached US$16.2 billion on 15 October 2026, enough for eight months of imports. The BNA’s own daily reserves series could not be read for this guide.

Credit to the economy doubled between 2022 and May 2026, the President said. It rose from Kz 4.4 trillion (about US$4.7 billion) to Kz 8.9 trillion (about US$9.5 billion).

Loans under the BNA’s Notice 10, a rule meant to diversify and formalise the economy, were 16.8% of that. The kwanza traded near Kz 939 per US$1 on 20 October 2026, on the open.er-api.com rate.

Oil and Gas: Sonangol, ANPG and the Majors

The National Agency for Oil, Gas and Biofuels (ANPG) is the state regulator of Angola’s oil sector. The President said a standing offer of blocks now gives investors more flexibility.

Sonangol, the state oil company founded in 1976, holds stakes in 41 concessions and operates 11 blocks. Chairman Gaspar Martins reported in February 2026 that 2025 net profit was US$750 million, down 11% from US$846 million in 2024.

Turnover was US$9.1 billion, down 13%, and Angolan crude averaged US$69.09 a barrel. Net entitlement production was 217,000 barrels of oil equivalent a day.

In June 2026 Sonangol secured a US$2.65 billion financing from international banks. Its plan to sell up to 30% of its capital has slipped beyond the government’s privatisation programme, which ends in 2026.

Sonangol’s Lobito refinery is designed for 200,000 barrels a day and targets a 2027 start. The President said Cabinda refinery’s first phase is operating, and a second phase of 60,000 barrels a day has begun.

Azule Energy is a 50:50 joint venture of bp and Eni, led by chief executive Joseph Murphy. Its output exceeds 220,000 barrels of oil equivalent a day from 18 licensed blocks, the company says.

On 22 June 2026 Azule, Sonangol’s exploration arm and Equinor approved the US$5.1 billion Greater PAJ project, offshore Blocks 31 and 31/21. First oil is expected in the first half of 2029, from a vessel rated at 95,000 barrels a day.

Azule said on 5 October 2026 that its Agogo vessel in Block 15/06 hit a record 80,150 barrels a day. Moody’s raised Azule’s rating to B1 from B2, with a stable outlook, in early October.

Chevron, the US major, says it operates Block 0 off Cabinda with a 39.2% interest. The President listed the Lifua A project in Block 0 among new fields now producing.

He said new fields in Blocks 0 and 17 started output and production resumed in Blocks 2/05 and 15/06. More than 25 wells were added, and the state goal is to keep output above one million barrels a day.

The Quiluma and Maboqueiro gas fields entered production with a processing unit for non-associated gas. The Gajajeira-1 well found about 1.7 trillion cubic feet of gas.

Angola still depends on imported fuel, and 919 of its 1,234 registered petrol stations were operating on 30 June 2026. For the wider oil story, read Angola oil after OPEC.

Diamonds, Gold and Minerals

Endiama is the state diamond company, founded on 15 January 1981 and chaired by José Manuel Ganga Júnior. Its website shows 15.2 million carats sold in 2024 for US$1.79 billion.

Catoca, Angola’s main diamond mine, extracts more than 75% of the country’s diamonds, the company says. It says it was formed by Endiama and Taadeen Investment LLC, a subsidiary of Oman’s sovereign wealth fund.

Catoca’s chief executive is Pedro Inácio Velasco Galiano. The stake sizes of its owners are not published on its website.

The President said new rules on diamond sales were approved and a Diamond Exchange of Angola is being prepared. The statutes of Sodiam, the state diamond marketing company, were revised.

The Luele project has entered production, the government says, without giving volumes. Some semi-industrial mining cooperatives are being turned into industrial projects.

Contracts were signed with Anglo American, Rio Tinto, De Beers, Pensana Metals and Minbos, the President said. Gold production restarted in Cabinda and Huíla, the first since independence.

Banks, Lending and the Stock Exchange

The BNA governor said in July 2026 that 22 banks operate in Angola. The President said a bank resolution fund now protects depositors, and ties with some US correspondent banks were restored.

Banco Angolano de Investimentos (BAI) calls itself the number one bank by assets, citing The Banker. Banco de Fomento Angola (BFA) published its first-half 2026 accounts on 30 September.

Before September 2026, Standard Bank de Angola was 51% owned by South Africa’s Standard Bank Group and 49% by the state. The state asset agency IGAPE then offered 34% of it, or 4.76 million shares, to the group and the public.

The offer raised about Kz 208.5 billion (about US$222 million), Ver Angola and Expansão reported, with results published on 28 September 2026. Expansão said the group took 24% and now holds 75%.

Expansão reported on 2 October 2026 that Standard Bank Angola became the seventh company listed on BODIVA, the Angolan stock exchange. It is the fourth bank there, after Banco Angolano de Investimentos (BAI) in 2022.

Unitel, Privatisation and Seized Assets

Unitel, a mobile operator, sold 15% of itself on BODIVA in July 2026. The sale raised Kz 300.3 billion (about US$320 million), Reuters reported, at Kz 40,040 a share (about US$43).

Demand was 120.72% of the shares offered, and trading began on 29 July. Unitel has more than 21 million customers, the same report said; see Rio Times on the Unitel share sale.

Isabel dos Santos, daughter of former president José Eduardo dos Santos, once held a Unitel stake. President Lourenço nationalised her 25% as part of moves against figures from that era.

The privatisation programme, known as PROPRIV, is run with the state asset agency IGAPE. The President said it cut the state’s direct role and revived the capital market; see Angola’s state giants for sale.

The President also said about US$13 billion of assets were seized or frozen in Angola and abroad from 2022 to 2026. Another €900 million (about US$1.0 billion) in a Swiss bank and US$500 million in a Singapore bank await transfer to the state.

No official register ranks Angola’s richest families, and this guide names no rankings. No audited accounts for the largest private groups were found.

Industry, Farming and the Lobito Corridor

The government says industry used 54% of its installed capacity, up from 31%, and aims for 65% by 2027. Non-oil exports rose 66% from 2022 to 2025, led by iron, steel, cement, fish and beverages.

Food imports fell by about US$595 million between 2022 and 2025, the President said. PRODESI, a production support programme, disbursed Kz 1.298 trillion (about US$1.4 billion) to about 6,300 projects through 2024.

The Lobito Corridor rail route has attracted more than US$750 million and links Angola to Zambia and DR Congo, the President said. A tender to run the Namibe Corridor on the same model has been launched.

Port concessions at Lobito and Luanda have brought the state about US$380 million and US$1.3 billion in guaranteed investment pledges. A tender for the Caio deep-water terminal in Cabinda was launched on 9 April 2026.

The US-Africa Business Summit in Luanda, held from 22 to 25 June 2025, confirmed US$5 billion of promises and guarantees. They cover Lobito rail, port support and critical minerals, and the route is explained in the Lobito Corridor guide.

What It Means for US Readers

Chevron, a US major, says it holds 39.2% of Block 0 off Cabinda. Angolan licences can therefore touch US earnings, and bp and Eni, Azule’s owners, are the other big foreign names.

Angola’s rail and ports tie into US-backed critical minerals plans, with US$5 billion of promises confirmed in Luanda in June 2025. How much has been drawn is not confirmed.

For travellers and remote workers, the kwanza near Kz 939 per US$1 and inflation of 8.43% shape prices. Fuel is harder to find than the map suggests, as only 919 of 1,234 registered stations were working on 30 June 2026.

Angola’s foreign ties are in Angola geopolitics explained. Its regional setting is in Angola and its neighbours in Southern Africa.

What Is Not Known

ANPG’s latest monthly oil output and the production shares of TotalEnergies, Chevron and ExxonMobil could not be read for this guide. Sonangol’s 2026 half-year results and its debt level were also not found.

The breakdown of INE’s 8.74% second-quarter growth and the BNA’s own reserves series were not available. The results notice of the Standard Bank Angola offer could not be opened, so its split rests on press reports.

Angola has no public list of its largest private groups, so none is shown. No prediction market on Angola’s economy with real trading was found on 20 October 2026, so none is shown.

The President said the oil sector grew little because of ageing wells and lower investment. His figures are the government’s own and were not independently audited.

Frequently Asked Questions

Who controls Angola’s economic policy?

President João Lourenço and Finance Minister Vera Daves de Sousa set fiscal policy. The central bank under Governor Manuel Tiago Dias sets interest rates.

What is Angola’s main source of income?

Oil and gas remain central, but the President said on 15 October 2026 that the non-oil sector now drives growth. Non-oil exports rose 66% from 2022 to 2025.

What is Angola’s interest rate and inflation?

The BNA cut its key rate to 14.75% on 15 September 2026. INE put inflation at 8.43% for September 2026.

Who owns Sonangol and when will it list?

The Angolan state owns Sonangol, which was founded in 1976. A sale of up to 30% of its capital has slipped beyond the privatisation programme that ends in 2026.

Who owns the Catoca diamond mine?

Catoca says it was set up by the state firm Endiama and Taadeen Investment LLC, a subsidiary of Oman’s sovereign wealth fund. It extracts more than 75% of Angola’s diamonds.

Which foreign companies produce Angola’s oil?

Azule Energy, a 50:50 venture of bp and Eni, produces over 220,000 barrels of oil equivalent a day. Chevron’s website says it operates Block 0 with a 39.2% interest.

Sources: President Lourenço, State of the Nation address (15 October 2026); Government of Angola, list of ministers; Government of Angola, ministers of state; Government of Angola, oil production news (18 October 2026); Government of Angola, diamond exchange news (18 October 2026); Government of Angola, industry news (18 October 2026); Government of Angola, PRODESI news (18 October 2026); National Statistics Institute (INE) of Angola; Azule Energy, news and press releases; Azule Energy, investors page; Standard Bank de Angola, public offer; Expansão (Angola), Standard Bank Angola joins BODIVA (2 October 2026); Ver Angola, Standard Bank Angola raises Kz 208.5 billion (September 2026); Catoca; Endiama; Chevron, Angola; Banco de Fomento Angola; Banco Angolano de Investimentos; CNBC Africa, Reuters report on the Unitel share sale (28 July 2026); ECO (Portugal), Sonangol 2025 results and listing delay (25 February 2026); African Energy Week, Sonangol at 50 (7 September 2026); Financial Afrik, BNA rate cut (16 September 2026); Forbes Africa Lusófona, BNA rate cut to 14.75% (September 2026); Expansão (Angola), BNA rate cut (16 September 2026); 360 Mozambique, BNA forecasts (15 July 2026); open.er-api.com, exchange rates (20 October 2026) (all accessed 20 October 2026).