Angola’s sovereign wealth fund, the Fundo Soberano de Angola (FSDEA), now has its first audit board that will guarantee the “highest level” of openness in its operations, it emerged on Tuesday.
This audit board was picked by the country’s finance ministry, with José Filomeno dos Santos, Chairman of the Board of Directors at FSDEA, describing the move as another critical milestone in the development of the country’s sovereign wealth fund.
“Together with the recent appointment of Deloitte as our independent auditors, this new milestone regulates the placement of comprehensive and systematic independent audit mechanisms that not only ensure the highest level of transparency in our operations but that also increases our accountability to the State and the Angolan citizens,” dos Santos said in a statement.
The audit board comprises of a three-member finance expert team which includes independent auditor, Ari Nelson Correia Brandão, Emanuel Maria Maravilhoso Buchartts, Chief of Staff at Finance Ministry and Dilma Rosa and Neto Semedo, senior executives at Finance Ministry.
Armando Manuel, Angola’s Finance Minister, said the appointment of the audit board will allow the fund to sustainably run and stimulate growth while creating wealth for Angolans.
Angola, which is Africa’s second biggest oil producer, launched its sovereign wealth fund more than two years ago to save its oil revenues and alleviate the impact of commodity price instability.
At the time, the FSDEA said it had $5 billion in assets and had been called to advance economic and social development in the country.
The fund actively pursues investment prospects in global markets. It also has a strong domestic focus.