Category: Angola

Angola to change foreign investment policies to woo investors

President João Lourenço is looking to revise policies that inhibit diamond production capacity and revenue generation. Better days could be on the way for Angola, the world’s fifth largest producer of diamonds, as government seeks to improve its investment relationship with foreign investors. Angola’s potential as a diamond producer is still largely untapped, in part […]

Developments in Competition Law in Africa

African States are increasingly implementing and enforcing competition laws both on a national and a regional basis. This has important implications for foreign and local businesses operating in Africa. At LEX Africa’s June seminar on developments in competition law in Africa, speakers discussed the increasing trend of governments to try and use competition law as […]

Limits for local and foreign currency in Angola

The Regulation 1/2016 of the Angolan central bank (“BNA”) entered into force last 12th April,  in view of regulating the conditions for entrance and exit of local and foreign currency in Angola either by residents or non-residents. In relation to entrance and exit of foreign currency, residents are allowed to carry with them an amount […]

New Competition Law in Angola

Law no. 5/18, of 10th of May – Competition Law. On the 10th of May of this year, the first Competition Law was approved in Angola. The said Law applies to (i) the economic activities carried out in Angola, whether on a permanent or occasional basis and (i) to the public companies, private companies, cooperative […]

Angola’s Mid-Term Plan

The Government’s Midterm Plan, containing the Policy and Actions measures to be executed has been approved until the approval of the National Development Plan 2018- 2022. The Plan is due to enter into force until the first quarter of 2018 and it identifies 88 actions,  Public Expenses Control;  Revision of the Public and Private Partnerships Law;  Public-Private Partnerships […]

Angola update of Non-Resident Foreign Workers Presidential Decree

It was published and entered into force on April 24, 2017, Presidential Decree No. 79/17, which approved the amendment and redrafted articles 2 “Scope”, 7 “Duration of the Contract of Employment” and 12 “Remuneration” of Presidential Decree 43/17 of March 6 – (Regulation of the Exercise of Professional Activity of Non-Resident Foreign Worker). According to […]

Will Angola’s new public procurement laws help it recover financially?

If Angola’s recent downgrade to ‘B’ status by Fitch is anything to go by, the new public procurement law might be put through its paces sooner than expected. Among the changes are four portions of law which have been eliminated and at least one new inclusion all aimed at cutting the drag. Tatiana Serrão, senior […]

Adoption of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards Convention

It was published in the Resolution of the National Assembly n.º 38/16, on 12 August 2016, approving the adoption, by the Angolan state, of the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. This publication means the end of the previous legal proceeding under which all foreign arbitral awards were necessarily subject to a process of revision and confirmation by the Angolan […]

Enactment of the new Nationality Law in Angola

The new Nationality Law, approved by Law 2/2016, of 15 April 2016, sets out the new conditions for recognition, acquisition, loss and re-acquirement of the Angolan nationality. The Law has entered into effect at the date of its enactment (15 April 2016) and revoked the previous Law 1/05, of 1 July 2005, so far into force. The new Law clarifies the […]

Economy update from Angola

Presidential Decree 40/16, of 24 February – approves the General Terms of the Strategy against the Crises Deriving from the Fall in the Oil Price in the International Market, consisting of measures to be implemented by the State, among which the following may be noted: 1. Private investment and increase of domestic production  The State is compromised […]