Aguinaldo Jaime, Chairman of the Board of Directors of UNITEL
“I believe that good governance involves establishing an effective separation of powers […] and strengthening the rule of law.”
A trained specialist in economic law and a manager par excellence, Aguinaldo Jaime is one of the most prominent figures in Angola’s recent economic history. From the Ministry of Finance to the National Bank of Angola, from the creation of BAI to the leadership of Unitel, he has forged a career marked by lucidity, dialogue, and a modern vision for the country. He speaks with the maturity of someone who has lived through Angola’s transformation from the inside and with the serenity of someone who continues to believe in its future.
What are the most memorable lessons you have learned from your time in politics and public administration?
On the one hand, that any measure with a strong economic and social impact, aimed at correcting imbalances, whether in real variables or macroeconomic variables, should always be preceded by consultations with social partners, to ensure that the proposed solutions are, as far as possible, consensual. On the other hand, before adopting any measure with a strong socioeconomic impact, studies should also be carried out in an attempt to anticipate the consequences of the policy measures to be approved, especially on the most vulnerable and lowest-income social groups.
What was the greatest challenge you faced when governing during the period you were in charge of the finances of the country?
At that time, the country was at war, the financing of which was achieved through inflationary means, with an increase in the monetary base without any corresponding increase in the supply of goods and services, especially in the non-oil sector. There was no movement of people or goods, and landmines were omnipresent throughout the country, making economic activity in the countryside impossible. […] Stabilizing the value of goods and services and the value of the currency was the greatest challenge facing economic decision-makers at the time, at the same time as political efforts to find a lasting peace.
What did you learn as Governor of the National Bank of Angola (BNA) that you would say still applies today?
Although I am an advocate of central bank autonomy, I am convinced that you cannot isolate monetary policy from fiscal policy […]. I would like to return to the issue of preventive education, which should precede the approval of structural measures. Today, we can all acknowledge that our payment system has undergone a major evolution with the introduction of electronic payments in the country, the Multicaixa system. To create the electronic payment system, an infrastructure had to be set up to manage this system, with the participation of all banks and of the BNA in the start-up phase of the system, followed by the phase-out of the BNA’s involvement after the consolidation phase. What people are not aware of is that I had a really tough time in Parliament when I presented the bill, because some members of Parliament, especially from the opposition, saw the creation of the EMIS as a covert means of distributing financial resources among members of the regime’s upper ranks! This would have required the work of “influential magistrates,” information, and educational training before the bill was scheduled for discussion in Parliament, which would have made the process of passing the bill less laborious. Today, the Multicaixa system is considered by everyone, the government, companies, institutions, and families, as having helped modernize the payment system, which is now also integrated with mobile payment companies from telecommunications operators, including Unitel Mobile Money.
“Although I am an advocate of central bank autonomy, I am convinced that you cannot isolate monetary policy from fiscal policy […].”
What does it mean to you to have served the state and now serve the private sector in a country in the process of reconstruction?
This is not the first time I have worked as part of the private sector, as I was the founding chairman of a private bank, BAI, which is now a leading player in the national banking system. Having worked in the private sector gave me a greater understanding of the daily struggle that conscientious executives in our country’s private sector face to ensure the continuity of the production cycle of their companies and the uninterrupted payment of suppliers, employees, financial institutions, shareholders, and, last but not least, the regular payment of taxes to the state. There are business leaders who are truly heroes in our country, in their daily quest for creative solutions to ensure the sustainability of their businesses, in a challenging domestic macroeconomic landscape, which is now compounded by an international scenario full of uncertainties, with a detrimental impact on the terms and conditions of financing.
How have these experiences influenced the way in which you lead Unitel today?
At Unitel, I have the privilege of being part of a very supportive Board of Directors and a team of highly capable managers and technicians, thanks to the ongoing research and capacity-building efforts undertaken by the board, with the support of the supervisory authority, shareholders, and the sector regulator. Together, we have succeeded, with varying degrees of difficulty, in finding solutions that stem from a challenging macroeconomic framework and an industry that makes use of constantly evolving technology. […] My task has been, above all else, that of being a facilitator in the creation and strengthening of an internal organizational environment of dialogue, consultation, and cooperation among all stakeholders. Only by doing so, with the effort of everyone, have we been able to maintain Unitel’s leading position in the national telecommunications market, building loyalty among its more than 20 million customers.
What do you consider to have been the most transformative factor in the Angolan economy since it gained independence?
The change in the 1980s in the management model of the economy, operated by the Economic and Financial Recovery Programme, which involved abandoning centralized management, in which the state was omnipresent, and replacing it with the current model, in which the intervention of the private sector, both domestic and foreign, and market mechanisms in the allocation of resources in the economy has become an increasingly present scenario. This model, which has been fine-tuned over the years, has made it possible to improve efficiency levels, reducing waste and squandering.
In your opinion, what are the cornerstones of good governance that Angola should be consolidating for the next 50 years?
I believe that good governance involves establishing an effective separation of powers between the legislative, executive, and judicial authorities, and strengthening the rule of law in the organization and functioning of institutions in all areas of political, judicial, economic, and social activity. In this respect, the peaceful resolution of disputes between the state, companies, and citizens takes on special importance, with the strengthening of the role of the courts, which have to be credible and transparent in settling the disputes they are called upon to resolve.
“There are business leaders who are truly heroes in our country, in their daily quest for creative solutions to ensure the sustainability of their businesses[…]”
How would you assess the role of Angolan companies, such as Unitel, in the modernization of the country and the future of its youth?
As I mentioned earlier, the telecommunications sector is constantly evolving and modernizing, ensuring digital interconnection between regions, public and private institutions, companies, and families, within the country and between Angola and other countries, as well as modernity and greater efficiency in its operation. As the national leader in the sector, with a presence throughout the country, Unitel has sought to fulfil this role by offering young people the opportunity to pursue a successful career, in which training and capacity building are a constant, as this is the only way they will be able to operate permanently evolving hardware and software and meet the complex challenges posed by the industry at a global level. In addition to this, Unitel has played a significant role, within the framework of its social responsibility, in sectors such as education, health, sports, culture, and the arts, complementing the role played by the state.
What values or principles have you always held dear, both in terms of politics and in the business sector?
Respect for others, irrespective of their social or economic status; a spirit of tolerance and dialogue, without considering political, philosophical, or religious beliefs to be a hindering factor in human coexistence; and a belief in merit and competence as a sine qua non for the promotion of employees.
If you could offer one piece of advice to the future leaders of Angola, what would it be?
My advice would be to follow the example of tolerance set by President José Eduardo dos Santos at the end of the armed conflict in Angola, when he spared the lives of his former enemies and welcomed them into the bosom of state institutions; and by President João Lourenço, who recently recognized the contribution of the signatories of the Alvor Agreement, Agostinho Neto, Holden Roberto, and Jonas Savimbi, in achieving peace in Angola. These are examples of patriotic attitudes, of valuing our Angolan identity and the spirit of reconciliation and forgiveness.
Text: Carla Martins
Photography: Pedro Soares