Africa Monitor

Africa Monitor Intelligence

Mozambique: Party Links to State and Private Companies Hinder Economy

The BdM has at its disposal the State's international reserves, corresponding to 6 months of imports, c. USD 4,000 million, which could be used in the current context of the pandemic, decapitalization of companies and devaluation of the metical, but the monetary policy of the BdM governor, ROGÉRIO ZANDAMELA (RZ), has been adamant in this matter.
In addition to the growing external debt service (20% of GDP in 2020), the deficit of the State's business sector, which is mostly in technical bankruptcy, weighs on public finances. The Minister of Economy and Finance ADRIANO MALEIANE (AM) defends the priority sale of companies such as the Mozambican Insurance Company (EMOSE), Correios de Moçambique, Silos and Terminal Graneleiro da Matola, a small part of the universe of public loss-making companies or participated by the State, calculated at c. 70.
A new audit of the state's business sector is being carried out by the Mozambican consultant Intellica, created in 2007. Intellica, purchased by the NEF Group - led by NELSON MUIANGA, EUGÉNIO ABU-BACAR and FULGÊNCIO MATLOMBE - was hired directly, in the amount of EUR 342 thousand, by the State Participation Management Institute (IGEPE), of the Ministry of Finance, aiming at the sale of 10 companies in a first phase. Intellica had already prepared the IGEPE Strategic Plan. READ MORE