Billionaire Isabel Dos Santos And The Questions Around Her Assets

 

Isabel Dos Santos has been described as "Africa's richest woman." Questions remains about how she generated her wealth and how assets were acquired. The UK has frozen some of her assets, but she has stated her innocence related to criminal activity. Isabel being the daughter of the former Angolan president did have certain advantages. Isabel had investments in numerous banks and one telecommunications firm. President Jose Edurado dos Santos  made her head of Sonangol. This is an important oil firm in Angola. Isabel Dos Santos was removed by the new administration in 2017. Isabel Dos Santos was charged with embezzlement and money laundering by Angolan courts. There is indication that some of these assets were gained through illegal means and a system of nepotism. The  heaight of her fortune was around 2013 to 2015. Isabel Dos Santos has lost some wealth and according to Forbes rankings was removed from their list in 2021. Based on their sources her net work was $1.4 billion in 2020. The asset freezes probably did not make much on an impact. This does not account for hidden funds. Isable Dos Santos is considering running for president of Angola. The intention could be to use the office to enrich herself and reestablish Santos influence in government. The average Angolan does not see a dramatic increase in income, but Isabel used family and government connections to become a billionaire. The MPLA used to support socialism and Marxist-Leninist ideology. The ironic situation is that a billionaire could possibly run for president of Angola. Angola has gone though a similar transformation that China did after the end of Maoism. Isabel Dos Santos is a product of this economic shift.  

Angola Leaves OPEC

 

Angola is set to leave OPEC. This is due to a dispute over oil production and the policies set for 2024. Angola does not want to cut production and wants to fulfill contracts as the reason for the exit from OPEC. How this could impact the global economy is unknown. Angola is one of the biggest oil exporters in Africa. The end of the 16 year membership will have an effect on Angola's economy. Other countries have left OPEC unable to come to a consensus. Oil prices have gone up due to the Russia-Ukraine War and Houti rebel attacks on ships in  the Red Sea. The intent of OPEC is to make a decision about how much crude oil should be sold on the world market. Angola wants to sell its oil without certain restrictions. The minister for mineral resources, gas, and petroleum Diamantino Azevedo expressed that being in OPEC did not advance Angola's interest. Angola did not meet its obligations of production quotas. Simultaneously, members might be getting frustrated with Saudi Arabian domination in the group. Angola has the potential to use it vast oil wealth for further development. This requires improvement to infrastructure and have oil traded in the Angolan Kwanza. The MPLA needs to get back to its democratic socialist ideology ensuring economic advancement for the majority of the population. Angola is a lower middle income country, but should have a higher GDP and GNP. Angola's diamonds, agricultural, and hydroelectric potential means it one day could be one of Africa's richest nations.  

The M23 Rebel Crisis

 

The ceasefire between the M23 rebels and the government of the Democratic Republic of The Congo is breaking down. The rebellion started in 2012 and the DRC declared the conflict over. However, clashes still continue. The reason the M23 rebels exist is due to the fall out of the Second Congolese Civil War. The violence has caused Angola to send forces to the DRC. The area of conflict is focused in North-Kivu province. Kenya is also becoming involved in the DRC. Seeing as the zone of war borders Rwanda and Uganda these countries might also be active. Rwanda has been accused of aiding the M23 rebels. President Paul Kagame has denied the allegations of instigating rebellion. Questions also remain about Uganda's role in the internal affairs of the DRC. The United Nations deployment of peacekeepers has not been effective. A total of eight countries were involved in the civil war that lasted from 1998 to 2003. The reason Rwanda takes interest in the DRC is due to Hutu armed groups. Some could have been involved in the 1994 Rwandan genocide. The roots of the rebellion are in ethnic conflict and isolation of minorities. The Tutsi minority and deserters from the DRC's army would form what are now the M23 rebels. There is no indication that this was a product of foreign conspiracy. The origin was indigenous. The Democratic Republic of the Congo cannot function with civil war, foreign intervention, and failed UN missions. The African Union should take a more active role in stabilizing the DRC. Much of this has to do with addressing the discord of the Tutsis and the general frustration of the citizens. President Felix Tshisekedi wants to see economic development projects continue, but this cannot be done with war in the east. The end of the government coalition with Joseph Kabila and his political allies. The M23 rebels are going to be a major concern in the general elections. The fear is that another full scale civil war could break out. So far, the M23 rebels have been contained. If  their forces become stronger and capture more territory, then the DRC will be in another civil war. 

President Jose Eduardo Dos Santos Blames Economic Crisis on Sonangol Oil Firm (2016)

 

At one time Angola was a Marxist-Leninist political and economic system. After the fall of the Soviet Union, Angola allowed for a market economy to emerge. The new policy did not bring about prosperity, when President Jose Eduardo  dos Santos encouraged foreign investment. Angola became one of Africa's largest oil producers, but most Angolans did not see improvement related to income or an increase in the standard of living. The economy fell into a worse condition by 2016. He stated that Angola was broke and blamed it on mismanagement by the state oil firm Sonangol. It was apparent by this point a level of corruption was responsible for stolen wealth or missing funds. The appointment of Isabel dos Santos as chairwoman was designed to cover-up criminal acts and ensure that the  Santos family could continue to enrich itself. During that year it was a struggle to generate funds for essential imports. Jose Eduardo Dos Santos left a legacy of kleptocratic government, failed free market policies,  and nepotism.