BREAKING: President Sacks Finance Minister, Makes Shocking Replacement

José Eduardo dos Santos, President of Angola, has fired, the country’s Finance Minister, following a slump in the country’s economic situation.

The sack, which was announced on Monday, September 5, is coming two months after the Angolan government pulled out of talks with the International Monetary Fund, IMF, over emergency funding.

A statement quoted by Reuters, said Manuel, who was appointed in 2013, and whose term had been due to run till 2017, would be replaced by Archer Mangueira, an expert in capital market.

Over the last two years, Manuel had presided over an economic slump, caused by a sharp drop in oil prices.

The Angolan currency, Kwanza, has slid more than 30 percent against the dollar in 2015, and in January, the Central Bank allowed for another 15 percent, weakening to 155 against the dollar.

Angola’s inflation had soared from 11 percent in August, 2015, to 35 percent in July, 2016, while Nigeria’s is from 9.3 to 17.1 percent, within the same period.

Like Angola, Nigeria has also been hit by the plunge in crude oil prices, and a rapid depreciation of the local currency.

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