second biggest oil producer, Angola, unveiled the first phase of its stock exchange with the launch of a Wholesale Treasury Market and Treasury Securities Registration Market in the capital city, Luanda.

Angola currently does not have a stock exchange. Though the government first announced in 2006 that it intended setting up its first ever stock exchange. The exchanged would be named the Angolan Debt and Securities Exchange (BODIVA).

The country’s Finance Minister, Armando Manuel, said earlier that he hoped BODIVA would evolve rapidly to list shares and bonds of public and private companies. He also noted the importance of government bonds issued to finance the long-term Public Investment Programme and to stimulate the secondary market to accelerate economic growth.

The promised Angolan exchange should have a capitalization of about 10 percent of Gross Domestic Product (GDP) in the first 18 months of operations. It  will include the country’s major banking institutions, telecoms companies and some oil firms.

The Economy of Angola is one of the fastest-growing economies in the world; with The Economist asserting that between 2001 to 2010, Angola’s GDP growth averaged 11.1 percent.

By George Mpofu