In recent years, Angola and the United States of America have grown considerably closer, a result of President João Lourenço’s strategic vision to reorient the country toward the Western world.
This shift was driven, in part, by the negative impact of Chinese financing on the Angolan economy. In many ways, it proved to be a prophetic move, having taken place before Russia’s exclusion from the global economic system—sparing Angola from deeper exposure to the Eurasian power.
Despite visible efforts to attract American investment, the numbers show that results remain limited—especially outside the oil sector. And this is unlikely to change unless Angola’s investment strategy undergoes substantial transformation.
What is the profile of American foreign investment?
Outside of the oil industry, American capital is traditionally directed toward sectors such as infrastructure, finance, pharmaceuticals, technology, tourism, and agribusiness.
But where is that capital? And how does it move?
Unlike some European or Asian countries, most American investor wealth is concentrated in asset management firms and family offices, rather than in governments or individual entrepreneurs.
Asset management firms specialize in managing investment portfolios with a focus on overall portfolio performance, rather than isolated assets. They create and manage investment funds, overseeing allocation, execution, and decision-making with a highly technical approach.
Family offices, on the other hand, are private firms that manage the wealth of one or more families (in the case of multi-family offices), aiming to preserve and grow wealth across generations.
These institutions are the main channels of U.S. global investment.
And Angola?
In this context, it becomes evident that Angola, at this stage, does not offer the necessary conditions to attract this type of capital outside the oil sector. The American investor will not commit to an unexplored agricultural plot or to mineral deposits lacking thorough geological studies and active exploration.
As a rule, American capital seeks established businesses—those with a proven track record, professional management, and growth potential. The goal is not to finance ideas, but to scale up already operational companies, enhancing profitability and competitiveness.
Therefore, if Angola aims to become an attractive destination for U.S. investment, it must begin by strengthening its domestic enterprises. This means providing adequate financing, professionalizing management, and ensuring these companies are competitive within the African regional market. Strong, well-performing businesses are, in themselves, the best draw for asset managers and family offices.
In addition, Angola’s capital markets—still in a nascent stage—must be modernized and made more sophisticated. Without a robust financial ecosystem, U.S. institutional capital will struggle to find a suitable environment in which to operate.
By Alfredo Venâncio
*Economics Editor
30/05/2025
