OPEC producer Angola plans to raise much-needed cash via selling a stake in its state oil firm Sonangol by early 2022 as the crash in oil prices—and the pandemic—severely weakened the country’s finances. Angola is considering selling part of Sonangol, as well as a stake in the national diamond company Endiama, potentially via initial public offerings (IPOs), Finance Minister Vera Daves de Sousa said at a Bloomberg forum this week. “We are targeting the end of 2021, beginning of 2022 to start the process of the privatization of the big ones, such as Sonangol and Endiama,” Daves de Sousa said at the Bloomberg Invest Africa online conference. Angola is trying to diversify its economy away from too much dependence on oil, while its economy had been shrinking even before the pandemic hit. In Angola, oil production and supporting activities account for about 50 percent of the nation’s gross domestic […]