Africa Oil & Gas: Oil sector companies urge return to dollar payments in Angola

Companies providing services to Angola’s oil industry want to be authorised to receive payment in dollars, in accordance with a request to the National Bank of Angola presented on Friday by the head of the United States/Angola Chamber of Commerce (USACC).

Pedro Godinho was speaking at the First Friday Club, a monthly meeting of institutional and business representatives organised by the USACC. He said service providers should once again be able to be paid in foreign currency, to avoid losses and even bankruptcies due to Angolan currency devaluation.

“The lower oil price and lack of foreign currency mean companies are failing due to existing problems, especially those unable to make transactions on the international market, which see the value of their financial resources in national banks devalue daily,” Godinho said, cited by the daily Jornal de Angola.

The amounts sold by the National Bank of Angola to commercial banks are not enough and have little impact on the economy, as the oil industry is capital intensive and its operations move hundreds of millions of dollars, he added.

The 25-year old United States/Angola Chamber of Commerce promotes trade and investment exchanges between the two countries. (Macauhub/AO)