ANGOLA: New President Emerges After 38 Years

Dos Santos handpicked and endorsed Joao Lourenco
Angola, OPEC member and Africa's second largest oil producer, has just witnessed historic political change. The country has elected its first new president in 38 years, but despite this political milestone, analysts expect little or no turnaround for a country hard hit by the drop in the price of oil in the international market.
Joao Lourenco, defense minister for the ruling People's Movement for the Liberation of Angola (MPLA) and named successor to former president Jose Eduardo dos Santos, looks set to take the country's top job.
Joao Lourenco Set To Take The Countries Top Position

Dos Santos is Africa's second longest ruling leader after Equatorial Guinea's Teodoro Obiang Nguema Mbasogo, who beats him to the record by just one month. The MPLA claimed victory as widely speculated.

SEE ALSO: ANGOLA: Chooses a New Leader in Historic Polls

Though the MPLA did lose some ground to other parties in this week's vote, the dos Santos family retains a firm grip on Angola's economy through its key institutions. Dos Santos' daughter Isabel, Africa's richest woman, is chief executive of Sonangol, the country's state oil company. Meanwhile, his son Jose Filomeno heads up the country's $5 billion sovereign wealth fund.
Angolan Support Rally For Joao Lourenco and MPLA

Everything points towards continuity rather than change after the election," Richard Mallinson, geopolitical analyst at Energy Aspects, told top journalists.
Dependence on crude oil is part of Angola's problem, the commodity making up an average of 97 percent of exports over the last 10 years, according to the World Bank.
But, the oil industry is plagued by corruption, and its wealth when prices were high has been shared among too few, for too long while other challenges which can cause a major turnaround are yet to be tackled one of them being attracting foreign investment in deepwater projects in a low oil price environment, crucial as the bulk of Angola's oil is offshore.
Oil companies including Eni, Exxon and Total currently operate in the country.

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