Deloitte to audit accounts of Angolan Sovereign Fund

13 November 2013

The Angolan government has hired the Deloitte consultancy to carry out an independent audit of the Angolan Sovereign Fund, in order to ensure “the highest level of transparency,” the board of the Fund said in a statement issued Tuesday in Luanda.

In the statement the chairman of the Fund, José Filomeno dos Santos, said that the board of directors had “welcomed the nomination of external independent auditors objectively to assess the work that is carried out.”

According to the statement, Deloitte will analyse the 2013 accounts of the Fund in the first half of 2014, and after being audited the accounts will be published in Angolan newspapers.

The Fund’s investment policy, which was approved by the government at the beginning of 2013, sets out that 50 percent of initial funding should be applied to alternative investments, particularly in the agriculture, mining and real estate sectors, in Angola and other African markets, to drive sustainable domestic and regional growth.

The rest of the investment portfolio will focus on fixed income and treasury instruments, issued by States, institutions, global and emerging shares, as well as alternative investments in emerging markets across the world.

As well as this the Fund assigns 7.5 percent of its initial funding to social projects in the areas of education, people generating their own income, health and access to energy and drinking water outside of the national distribution network. (macauhub)