And Angola joins Nigeria's Junk Status

Of all the ills that can plague a continent,why is Africa's natural resource a huge jinx! Like Nigeria exiting the JP Morgan Bond index, Angola,another oil victim nation, has this morning been down graded by Fitch .Junk status is the highest bar for commodities dependent countries,sadly for now.
Angola fought a long and bitter civil war because at the time, it was important who controlled oil that was going to make it a rich country.

It had a fleeting moment of glory for oil truly came. Then comes collapse of commodity prices.Like Nigeria,Angola was profligate and didn't invest its revenues in other businesses.
Like Nigeria,Angola became lazy.
It has taken hugely on Euro Bond. Money that we reported  is essentially useless because it is not backed by anything. Cash that was printed outside the US .A sober calm has fallen on Angola even as citizens groan.Nothing to fight for.The pot is gone.

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