Angola is currently the third largest economy in sub-Saharan Africa. Its rapid economic growth over the last decade has been driven almost exclusively by the oil sector: 98% of Angola’s exports are linked to this sector. Yet, Angola has also seen explosive growth of its financial sector. Banking sector assets have grown from US$ 3 billion in 2003 to an estimated $60 billion in 2013.
To analyse these developments in Angola's financial sector, the Global Economic Governance Programme, at the Blavatnik School of Government, University of Oxford, and the Chr. Michelsen Institute, convened a daylong inter-disciplinary roundtable of experts in June 2015. The roundtable explored the drivers of the rapid growth of the financial sector; the links between the oil and financial sectors; and the interface between Angola’s financial sector and the global economy.
This report summarises the key findings that emerged, and includes a background analysis on Angola’s financial sector, written by leading experts.