Fixing The Kwanza – The Hard Task Before Angola’s New Central Bank Governor

Angola’s President Jose Eduardo dos Santos has appointed Valter Filipe Duarte da Silva as the new central bank governor after Jose Pedro de Morais resigned. Da Silva had been working as a lawyer in the vice-president’s office and his appointment was announced together with a cabinet reshuffle by the president involving the ministers of housing, health, commerce, construction and culture.

He takes the over at a time when the Kwanza currency has lost more than a third of its value since the start of 2015. Angola, which is Africa’s second-largest oil exporter, has been hard hit by the oil price slump which has reduced government revenues and constrained growth. Read more on Angola’s economy here.