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WITH AN EAGLE’S EYE: Angola disgracing Africa yet again; Is Tanzania heading that Way?

Discussion in 'International Forum' started by nngu007, Jan 27, 2012.

  1. nngu007

    nngu007 JF-Expert Member

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    [TD="class: createdate"]Thursday, 26 January 2012 21:58

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    By Mobhare Matinyi

    WITH AN EAGLE'S EYE

    A pragmatic racist once commented that hardly can anything good come out of Africa. He was probably right. Angola, which recently offered Portugal a bail-out package heedlessly, is now in the middle of a $32 billion accounting scandal.Before pouring more details let me zero-in on this amount from an African context. This $32 billion, not million, is slightly more than four times the current budget of the government of the United Republic of Tanzania, which is less than $8 billion.

    The same amount is equivalent to 25 per cent of Angola's Gross Domestic Product (GDP) based on Purchasing Power Parity (PPP), or half of Kenya's GDP. From another perspective, $32 billion is more than 60 times the amount of the loan the International Monetary Fund (IMF) authorized for Kenya in February 2011, which was $508 million.


    Speaking of Angola, this is slightly more than the government expenditure in 2010, which was $29.5 billion. Luckily though, in 2010 the country enjoyed a budget surplus of 7.1 per cent of its GDP, meaning its budget does not depend on donors.



    Where did this money come from? Angola exports 1.8 million barrels of oil per day. Interestingly, if a barrel of oil sells for $100, Angola makes $180 million a day. However, an estimated two-thirds of its population of 18 million lives on less than $2 a day. What a paradox?



    So, who caught them? In 2009 the Angolan government begged for assistance from the IMF and got a deal called a stand-by- agreement which granted Luanda a loan of $1.4 billion to stabilize its balance of payments following an abrupt drop in net foreign reserves from the previous year.



    That pact opened doors for IMF officials to scrutinize Luanda.



    So last year the officials discovered something weird, and this month they made it public. The scandal originates from the state oil firm, Sonangol, now dubbed the "quasi-fiscal operations manager" of the government. This amount is the missing funds in Angola's fiscal accounts for year 2007 to 2010.



    According to Reuters, the IMF said this: "Preliminary data indicate that quasi-fiscal operations undertaken by the state oil company on behalf of the government, financed out of oil revenues but not recorded in the budgetary accounts, can explain a large part of the discrepancy."


    The Guardian of London said last year that Sonangol runs almost everything in the Angola's economy and noted that back in 2001 when British Petroleum (BP) attempted to publish its oil-related earnings from Angola, President Eduardo dos Santos threatened to expel the oil giant so BP kept quiet.


    So what is next? The IMF says that the government of Angola will cooperate in the investigation although its officials deny any wrong doing. But Angola's Minister for the Economy, Abrahao Gourgel, has already said the government will not request a new IMF loan when the current agreement expires at the end of the year. Why say that now?
    That is what Africa's second-largest oil producer is doing.



    This could easily be another example of the so-called resources curse. Angola's oil revenues represent over 95 per cent of the country's export income and around 45 per cent of GDP but can't even pay down its debt of about $18 billion.


    Now look at this funny story. In November 2011, Angola News Agency, ANGOP, reported that when Portuguese Prime Minister, Pedro Passos Coelho, toured Angola, President Dos Santos told the press: "We're aware of the difficulties the Portuguese people have faced recently and in such difficult times we must use our trump cards."


    This is the leader of an under-developed country speaking before his people, completely out of touch with reality. President Santos, whose children are filthy rich, has no idea that many Angolans go to bed hungry on earthen floors.


    Records show that only 25 per cent of Angolan children are enrolled in primary school and here is their leader promising to bail out an irresponsible country. According to New York-based Mercer Consultants, Luanda is ranked as the most expensive capital city in the world for the second year consecutively.


    Portugal, under pressure from the IMF wants to dump companies such as the state utility company, Energias de Portugal, the national airline Transportes Aéreos Portugueses, and the distressed bank, Banco Português de Negócios. Guess who is planning to buy them? Banco BIC of Angola, which is part owned by Dos Santos's 38-year-old daughter, Isabel.



    Isabel, who is worth a minimum of $170 million according to Forbes magazine, is considered to be perhaps Africa's richest woman with numerous business interests in Angola and Europe. How did she become so wealthy?


    This is Angola, a country that fought a 25-year civil war soon after its independence, practically an unfortunate proxy-war between the West and the East. Why does Angola still want to carry such a disappointing story? What is wrong with Africa?

    Mr Matinyi is a consultant based in Washington, DC
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  2. nngu007

    nngu007 JF-Expert Member

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    British Government they deny Tanzanians Visa, Grants, Loans this is due to Tanzanian Wealth and British thinks as their colony the country does not share with them... we give land to foreign countries but not British and mines but not British... Just yesterday they said Britain is in a double recession. And Tanzania Economy is doing good

    They wants us to be just like Angola and Kenya to work for them as a Colony still to provide to them... see what they say about Kikwete "Instead he let his corrupt officials and foreigners loot his country, he needs to think before letting himself be a global loughing stock. I read in one of the regional (kenyan) publication the mockery nature related to his frequent foreign trips. Palestinian, Haiti, Lebanon, Somalia and even Rwanda economies are more robust that of Tanzania. We must question the nations that welcomes this "Joker's" request for AID. He needs to be on a "no-fly" list so he can be serious. Hopefully the billionaires questions what he has done with the Money he has received for decades. The Arab spring should turn into the African summer and
    get rid of the Kikwete and his cronies "

    Can you imagine and believe Palestine and Haiti is better than Tanzania? British really wants some contracts...
     
  3. MtamaMchungu

    MtamaMchungu JF-Expert Member

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    This is Africa, the dark continent. I wonder if we will ever see the light of the day.

    I've done some elementary math while reading this,

    They make 180mil/day, if they decided to divide a 1/3 of this evenly among the population of 18mil, everyone would be living on more than 3dollar/day.
     
  4. i411

    i411 JF-Expert Member

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    The west will never have the best interest of Africans. They only point out the negative aspect which we already know. If you look closer at the advicers who got us in this mess you will find the west were in it from the beginning.
     
  5. Sijali

    Sijali JF-Expert Member

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    My friend, you are living in a fool's paradise if you think Tanzania is better than those countries mentioned. In this era you do not even have to ask. Shed out your laziness and just google for info. You will find life expectancy in Palestine for example is 65 years, 90% of residents have access to electricity and water, their par capita income is three times that of an ordinary Tanzanian. So is Somalia, Haiti and I suspect soon Rwanda.
    All these countries have nothing, even 10% of the resources to match those of Tanzania! Many have been in war and disasters for decades.What, if this is not sheer stupidity of Tanzanian leaders, past and current.

    But again, from your post, you seem to be ill- educated. So continue to enjoy your paradise and defend Mr Kikwete!
     
  6. Nzokanhyilu

    Nzokanhyilu JF-Expert Member

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    Mwandishi is on the right track, lakini hayuko makini.
    Ingawa Dos Santos na familia yake ni vibaka wakubwa, Angola does not make that amount of money from oil per day. It is like attributing all the minerals produced from the mining companies in Tanzania to the Tanzanian government. In Angola it costs $40 approx. to produce a barrel of oil. Sonangol produces less than 10% of Angola's oil production, the rest are international companies (like Barrick in mining in Tanzania), they give a commission to the Angola government (maybe higher than our 3% in mining). A quick estimation will tell you that there is no way Angola will make more than a third of $180 million/day!!

    Lakini hiyo familia wezi na nakubaliana kwamba Sonangol inatumiwa kama family property kuzungusha pesa.
     
  7. Bantugbro

    Bantugbro JF-Expert Member

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    Mind your desperate language, you don't sound better educated either...:A S-coffee:

    As for life the expectancy rates in the EAC region as of 2011:

    Tanzania 59 years

    Kenya 58 years

    Rwanda 57 years

    Uganda 54.5 years

    Source:

    allAfrica.com: Kenya: Life Expectancy for Kenyans Now 58 Years, Says Report
     
  8. Rufiji

    Rufiji JF-Expert Member

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    This is simply pathetic. How can a country make $ 180 millions per day and majority of her people continue to live under abject poverty? You don't have to be a Wall street's economist to realize that $ 32 billions dollars is a lot of money and if used properly would have transformed not only Angola's economy but Africa in general. Anyways, there is something profoundly wrong with Africa.
     
  9. ndetichia

    ndetichia JF-Expert Member

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    let see how will we finish this situation we have..
    corrupted leaders and govt together with her citizens...

    r.i.p tanzania
     
  10. Kabaridi

    Kabaridi JF-Expert Member

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    Dos Santos has been in power since 1979. What does that tell you about the type or system of government that is there? and the other fact mwandishi could be right becuase 32 billion dollars for an oil producing state is not unimaginable. that only means that african states and resources were meant for the colonial masters. All the resources in Angola are utilized to promote foriegn businessess and fat accounts abroad. Something needs to be done. Ask anglo-leasing and golden-berg chief architects in kenya how they had done it through erecting extreme money laundering schemes and ghost companies. but thanks to the kenyan media and the press of the freedom they are enjoying, they were not able to complete their mission through.
     
  11. Bantugbro

    Bantugbro JF-Expert Member

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    Remember the 'never-rattle-a-snake' comment by your home security minister George Michuki after raiding and destroyed the

    Standard media head offices? The Kenya media is perceived to be free but the reality on the ground is different. Those who don't want to be controlled by the corrupt politicians get crushed and those who are perceived to be free like the NMG are actually puppets of the system :A S-coffee:

    Read more here:
    http://www.guardian.co.uk/commentisfree/2007/jan/25/post988
     
  12. nngu007

    nngu007 JF-Expert Member

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    What the British want is the Mineral Contracts they know this country is Wealthy than Kenya stop thinking otherwise
     
  13. nngu007

    nngu007 JF-Expert Member

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    Oh yeah Tanzania is Better I have been in Haiti, Tanzania is way Better and we do have Rich Minerals Our people are rich the problem is the system and the ruling party they are greedy and always feeding their stomach first and their FISADI's so it is hard to Develop a country - we need a real revolution...

    CHANGE IS COMING... like the one from ARAB SPRING...
     
  14. Kibona

    Kibona JF-Expert Member

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    When it comes to statistics, then Tanzania is better than Palestine. But the reality is Palestinians are living a better life than Tanzanians. Simply you can compare btn Tanzanian schools and hospitals with those of the Palestinians,then you will see the difference. I'm not sure about Haiti.
     
  15. Kabaridi

    Kabaridi JF-Expert Member

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    those are just a few despotic elements who do not want the truth to be told within a courrupt system of government who are on their way to extinction. In kenya now there is a re-shaking within government. but one day I believe that specific element will be brought before the bench to account for the actions. it is just like the ICC and "ocampo four", who knew they would face trial?
     
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