Absence of basic economic concepts generates implications on economy

The Finance minister, Archer Mangueira, has said that the lack of Basic economic concepts, which help families make decisions on savings and investments, has generated implications on the national economy.

According to the Finance minister, who was speaking at the closing ceremony of the 5th Annual Meeting of Cadres, only with the generalisation of savings and investment habits will people be properly included in the Financial System, thus bestowing on them the necessary robustness, at medium and long terms.

“In truth, the access to financial services plays a critical role in development, in facilitating economic growth and reducing inequalities in income”, clarified the minister.

At the same time, he added, financial inclusion is a way to empower poor people, through savings and the grant of loans, since this can benefit vulnerable groups like women and young and elderly people, as well as the rural communities.

“If we are not able to promote savings, as a corollary of the policy on income and prices, we won’t be able to aggregate in the Capital Market, the necessary capital that agents and entrepreneurs and the State need”, Archer Mangueira emphasised.

According to the minister, without a culture of saving and investment, one runs the risk to see the insurance sector not growing the way it is expected.

He then assured that the Executive is ready to respond to the challenges of this new time.

Source: Angola Press News Agency