State business sector has significant bearing on Angola’s economy

6 March 2013

The Angolan state business sector continues to have a considerable bearing on the country’s economy and thus the government has been providing those companies with funding in the form of support for investment of exploration subsidies, the Finance Minister said Tuesday in Luanda.

“For that reason, the greater or lesser gross added value that the public companies generate has a significant impact on the country’s Gross Domestic Product (GDP),” noted Carlos Alberto Lopes, during a seminar on accounting and management control of the public transport sector.

According to Angolan news agency Angop, the minister said that it was important to know how state companies manage their funds, by analysing results in detail against how funds are used and comparing these with alternative applications.

He noted that the use of funds should be transparent, that detailed and timely accounts should be provided and that reports and accounts should be drawn up according to legal requirements and within the deadlines set out by that same legislation.

On 30 October 2012 the Finance Ministry for the first time collectively approved the 2011 accounts of 15 state companies, which all met the minimum accounting standards.

At the time of a total of 86 companies in the public sector controlled by the Economy Ministry, just 60 presented their accounts for 2011 and of these only 15 were approved. (macauhub)