Angola plans to open its $18.6 billion domestic government bond market more broadly to foreign investors as it seeks to diversify funding and deepen its capital markets, Finance Minister Vera Daves de Sousa told Reuters on Wednesday.
The government is in talks with JPMorgan over possible inclusion in a new frontier market local currency debt index and plans to meet international investors in Luanda later this month to assess demand.
Foreign investors can already buy Angolan government debt, but central bank approval and local banking requirements have limited wider participation.
Angola had 17 trillion kwanzas ($18.6 billion) in domestic government debt outstanding at the end of 2025. The government believes greater foreign participation could broaden its investor base, reduce reliance on dollar borrowing and potentially lower financing costs.
Daves de Sousa said Angola could issue more international bonds in 2027 and was considering currencies including the Chinese yuan. The government also expects its debt to GDP ratio to fall to 48% by the end of 2027 from 54% at the end of the second quarter.
She said Angola was unlikely to remove fuel subsidies within the next year and would focus on maintaining fuel supplies and expanding cash transfers to protect vulnerable households.
The government is also targeting oil production above 1 million barrels per day. Output averaged 1.04 million bpd at the end of the second quarter, while 2027 production is expected to be slightly lower.
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