Maputo – Mozambique’s business sector is blaming the country’s central bank for a sharp decline in imports and exports, attributing the downturn to stringent foreign exchange restrictions.
The Confederation of Economic Associations of Mozambique (CTA) said on Wednesday that despite a stable exchange rate and increased international reserves, businesses are struggling to access foreign currency. This, according to CTA president Agostinho Vuma, has led to a 25% drop in imports in the first quarter of 2024 compared to the same period last year.
Vuma also expressed concerns over the country’s export performance, noting that excluding large projects, exports cover only 20% of imports, leaving a significant deficit.
While acknowledging a slowdown in economic growth during the first quarter, the CTA reported positive signs in other areas. Inflation has eased due to factors like the agricultural marketing campaign and reduced interest rates. This has boosted business confidence, reflected in a slight improvement in the macroeconomic environment.
The CTA economic briefing brought together key industry players, including the Mozambique Stock Exchange and the Investment and Export Promotion Agency.
