Thursday, October 29, 2015

USA Africa Dialogue Series - Fwd: Why the residents of Luanda are asking: where did all the oil riches go?


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From: The Conversation <noreply@theconversation.com>
Date: 29 October 2015 at 04:40
Subject: Why the residents of Luanda are asking: where did all the oil riches go?
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Edition: Africa - Today's top story: Why Luanda's residents are asking: where did all the oil riches go? Click here to view this message in your web-browser.

 

Edition: Africa
29 October 2015

The Conversation
 

Editor's note

The dramatic fall in oil prices has caused a crisis in Angola. The government has had to slash its budget by a quarter this year, foreign reserves are drying up and construction firms are battling to pay their employees. Claudia Gastrow argues that the people of Luanda are asking tough and legitimate questions: what happened to the revenues generated during the oil boom?

Andile Makholwa

Business and Economy Editor

Top story

The Angolan government failed to use revenues when the oil price was high to tackle massive social and economic challenges. Reuters/Siphiwe Sibeko

Why Luanda's residents are asking: where did all the oil riches go?

Claudia Gastrow, University of the Witwatersrand

As the oil price crisis deepens, Angolans are beginning to ask what actually happened to the glut of oil dollars. Very little has come from the oil boom of 2004-14.

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