Business Economic Woes: Angolan President, Eduardo Sacks Finance Minister Manuel


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Angolan President Jose Eduardo dos Santos has sacked the country's Finance Minister, Armando Manuel over an economic slump caused by a sharp drop in oil prices that sapped dollar inflows, hammered the kwanza and prompted heavy government borrowing.

In a cabinet reshuffle on Monday, dos Santos also replaced his agriculture minister and dropped the powerful Chief of Staff in the presidency, Edeltrudes da Costa, who was implicated in a recent land eviction.

A statement said Manuel, who was appointed in 2013 and whose term had been due to run to 2017, would be replaced by capital markets commission head Augusto Archer de Sousa Hose, more commonly known as Archer Mangueira.

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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.

The currency was bid at 165/dollar on Monday, according to Thomson Reuters data. On the black market, it has been trading as low as 600.

Angola's economic slump has fueled opposition to dos Santos' 36-year rule, although the MPLA re-elected him as its leader last month ahead parliamentary elections in 2017.
 

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