---
Luanda, Angola – Oil Boom and Bust
“As the price of
oil rose earlier this decade, this capital city did as well. Glass skyscrapers
soared above the rubble of a 27-year civil war. American pop stars such as
Mariah Carey were flown in to play private concerts. Luanda would become, its
government announced, “a new Dubai.”
But as oil prices have crashed, the impact on one of Africa’s richest and most unequal countries has been devastating. The same officials who boasted of Luanda’s sparkling ascent are asking for billions of dollars in loans. Thousands of people are dying of preventable illnesses, and the nation’s hospitals are out of medicine. A bag of rice can now cost five times what it did a year ago.”
But as oil prices have crashed, the impact on one of Africa’s richest and most unequal countries has been devastating. The same officials who boasted of Luanda’s sparkling ascent are asking for billions of dollars in loans. Thousands of people are dying of preventable illnesses, and the nation’s hospitals are out of medicine. A bag of rice can now cost five times what it did a year ago.”