General Information

Angola is the leading oil-producing country in Africa with Nigeria. Its economy is largely dependent on oil, which accounts for more than 95% of exports, more than half of government revenue and 30% of GDP.

Angola also has other natural resources: gas, diamonds and mines (copper, manganese, iron) and a significant agricultural potential that has not reached its full potential.

The country is always seeking to diversify its economy in order to reduce oil dependence and the search for new investors is crucial and difficult. China has a strong presence in the country with state-to-state relations favoring the negotiation of major deals.

Doing business in Angola remains very difficult, it is essential to be well informed and surrounded by experts to approach the Angolan market, and especially to secure payments.

Means of Payment & Banking Specificities

Several payment methods are possible (advance payment - difficult in practice - documentary credit and documentary discount) for exports to Angola. To secure payments, we strongly recommend the use of a confirmed documentary credit with payment on demand or an advance payment. There is a regulation that imposes exchange limits per importer unless otherwise specified (BNA Instruction No. 9/2018).

The best invoicing currencies are the US dollar and the euro.

Since January 2018, the kwanza has switched to a flexible exchange rate regime but it is still not freely convertible.