Mozambique’s President Daniel Chapo has appointed Waldemar Fernando de Sousa as governor of the Bank of Mozambique, replacing Rogério Zandamela after a decade in the position.
Felisberto Dinis Navalha was appointed deputy governor alongside de Sousa, with both officials expected to be sworn in on September 2.
De Sousa takes over as Mozambique faces the challenge of maintaining monetary and financial stability.
Zandamela had served as governor since August 2016. His tenure included periods of severe economic pressure, including the fallout from Mozambique’s hidden-debt scandal, a sharp deterioration in public finances and efforts to restore confidence in the country’s financial system.
Under him, the central bank had also played a key role in managing inflation and exchange-rate pressures, as Mozambique has dealt with economic disruptions and uncertainty surrounding major investment projects.
As governor, de Sousa will chair the central bank’s board, represent the institution before government and international bodies and oversee its operations and senior management.
Navalha will serve on the board and deputise for the governor when necessary.
The leadership change comes as Mozambique prepares for a potentially significant increase in foreign investment linked to its natural gas industry. The restart of TotalEnergies’ $20 billion Mozambique LNG project earlier this year has increased expectations of stronger investment and economic activity.
The project, which had been suspended since 2021 because of an Islamist insurgency in Cabo Delgado province, is expected to support exports and government revenues once production begins.
The central bank will have to manage the potential effects of increased foreign currency inflows on the metical and domestic liquidity as major gas investments progress.
In the meantime, Mozambique continues to face high public debt and limited fiscal space, making economic and financial stability important as the country seeks to attract further investment.
The new governor will therefore inherit an institution responsible for managing monetary and exchange-rate policy, foreign reserves and supervision of the financial sector during an important period for the economy.
Stay ahead of the Stories shaping our world. Subscribe to Impact Newswire and join our
WhatsApp Channel for updates on global tech, business, and innovation—all in one place.
Dive deeper into the future with the Cause Effect 4.0 Podcast, where we explore the ideas, trends, and technologies driving the global AI conversation.
Got a story to share? Contact Us to reach a global audience with Impact Newswire.
Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
Discover more from Impact Newswire
Subscribe to get the latest posts sent to your email.
