Angola has announced plans to ditch its currency peg to the dollar and restructure its debts, becoming the latest previously high-flying African country to bite the default bullet, the Financial Times reported. Jose de Lima Massano, the central bank governor, and Archer Mangueira, the country’s finance minister, announced at a press conference on Wednesday that Angola – the continent’s second-biggest oil exporter after Nigeria – would have to shift to a currency trading band and “renegotiate” its debts, according to wire reports. Capital Economics estimates that Angola’s total public debt stands at about $75bn, or 63 per cent of gross domestic product. Of this, about $30bn is domestic debt, and $45bn is external (of which roughly $15bn is owed by Sonangol, the state oil company). A raft of African countries took advantage of the post-crisis tumble in borrowing costs for even the riskiest developing countries, issuing international bonds at rates that would have been unthinkable a decade ago.