Who Runs Mozambique’s Economy, the Key Players in 2026

MOZAMBIQUE · ECONOMY

Gas, power, mines and a few banks decide Mozambique’s money, and the people who run them are changing. Here is who holds the levers in October 2026.

The Mozambique economy in October 2026 is run by President Daniel Chapo’s government, a new central bank governor and a few firms. Growth is weak, debt is high and the next boom depends on liquefied natural gas (LNG).

This guide names who controls the money, from TotalEnergies and ExxonMobil to Hidroelétrica de Cahora Bassa and the banks. Every figure carries its date.

More coverage sits on the Rio Times Mozambique page. The wider picture is in Mozambique explained and Mozambique geopolitics explained.

Conversions use MT 63.72 per US$1 and EUR 0.8915 per US$1, the open.er-api.com rates of 23 October 2026 (00:02 UTC). Amounts are rounded.

The Mozambique Economy in Numbers

Mozambique’s economy is small, indebted and dependent on a few exports. The International Monetary Fund (IMF) put nominal GDP at about US$24.4 billion for 2025.

The IMF estimates real growth of 0.5% in 2025 and projects 1.9% for 2026 if policies stay unchanged. The central bank, the Banco de Moçambique, reported 1.7% growth in the second quarter of 2026.

In the first quarter of 2026 output grew only 0.1% including LNG and 1.1% without it. The central bank published those figures after its meeting on Wednesday, 29 July 2026.

Annual inflation slowed to 6.31% in September 2026, the central bank said on Friday, 9 October 2026. The Rio Times covered the release in its inflation report.

The IMF classes public debt as unsustainable, at 91.4% of GDP at the end of 2025. It projects 94.6% for 2026, with external public debt at 61.2% of GDP in 2025.

Gross reserves were US$4.24 billion at the end of 2025, about 6.5 months of imports excluding megaproject goods, the IMF says. It projects a 2026 budget deficit of 6.3% of GDP against a government target of 0.3%.

No IMF programme is agreed, but Finance Minister Carla Louveira called a ten day mission an important step on 21 September. A second mission is due in November.

The Government and Central Bank at the Controls

Daniel Chapo took office as president in January 2025 and sets economic policy with the finance and economy ministries. Carla Louveira is finance minister, and Basílio Muhate heads the separate economy ministry.

Felisberto Navalha was sworn in as central bank governor on Wednesday, 2 September 2026. He replaced Rogério Zandamela, whose mandate ended on 31 August 2026.

The bank’s Monetary Policy Committee kept its MIMO policy rate at 9.25% on Wednesday, 30 September 2026. It cited climate shocks and Middle East and European tensions that could lift fuel and food prices.

It also said it will change the reserve requirement regime from the next maintenance period. A May 2026 rise in that ratio had already reduced liquidity in meticais, the bank said on 29 July.

Domestic public debt, excluding loans and overdue liabilities, was MT 538.3 billion (about US$8.4 billion) in June 2026. It rose MT 63.7 billion (about US$1.0 billion) from December 2025.

Commercial banks bought US$4.24 billion of foreign exchange in the first half of 2026. The fuel sector took 50% of the foreign exchange sold to the largest buyers.

The sovereign wealth fund, the Fundo Soberano de Moçambique, held US$117.5 million on 8 April 2026. The central bank invests it abroad while the government keeps overall responsibility.

Decree 56/2026 of 17 September approved the rules for a Development Bank of Mozambique, created by Law 17/2026. The central bank also extended its exceptional regime for converting export earnings by Notice 7/GBM/2026 of 1 October.

Gas: TotalEnergies, Eni and ExxonMobil

Gas is the biggest bet on the Mozambique economy. Three projects in the Rovuma Basin, off the northern coast, sit at different stages.

Mozambique LNG, in Area 1, is operated by TotalEnergies with 26.5%. Mitsui holds 20%, the state firm ENH 15%, PTTEP 8.5%, and ONGC Videsh, Beas Rovuma and BPRL Ventures 10% each.

TotalEnergies lifted its force majeure on 7 November 2025 and announced a full restart on Thursday, 29 January 2026. It targets first LNG in 2029, while the IMF assumes output from 2030; see the Rio Times report on the TotalEnergies restart.

The company says the project is 40% complete, with over 4,000 workers mobilised and more than 3,000 of them Mozambican. It expects contracts for Mozambican firms to exceed US$4 billion.

ExxonMobil’s Rovuma LNG, in Area 4, is planned as 18.6 million tonnes a year from 12 modular trains. No final investment decision has been taken, and startup is targeted for 2031.

Eni operates the Coral Sul floating LNG plant, in production since the fourth quarter of 2022. It took a final investment decision on a twin unit, Coral Norte, on Thursday, 2 October 2025.

Coral Norte is rated at 3.55 million tonnes a year, with first LNG due in the second quarter of 2028. Eni holds 50%, CNPC 20%, and KOGAS, ENH and XRG 10% each, the Journal of Petroleum Technology reported.

Natural gas was Mozambique’s top export in the first quarter of 2026, at US$467.4 million. Aluminium earned US$417.2 million and coal US$410.3 million, out of US$1.85 billion in total exports, Millennium bim reported from central bank data.

Estêvão Pale is minister of Mineral Resources and Energy and spoke at a minerals conference in Nacala on Monday, 19 October 2026. ENH, the state hydrocarbons company, is led by chairman Rudêncio Morais.

ENH is planning a gas project costing about US$250 million around Beira and Inhassoro, Reuters reported on 19 October 2026. It would link floating import terminals by a 140 km pipeline to the ROMPCO line to South Africa.

Sasol, the South African company that operates the Pande and Temane fields, said it was too early to speculate. Those fields are expected to run down within a few years.

Aluminium and Power: Mozal and Cahora Bassa

Mozal, the aluminium smelter near Maputo, went into care and maintenance on Sunday, 15 March 2026. South32 owns 63.7%, South Africa’s Industrial Development Corporation 32.4% and the Mozambican state 3.9%.

The smelter needs about 950 MW of constant power, supplied under an agreement that expired in March. South32 said it could not secure sufficient and affordable power beyond that month.

South32 booked US$117 million of extraordinary charges for the shutdown. Mozal directly and indirectly employed more than 4,000 people and made 355,000 tonnes of aluminium in the year to June 2025.

Hidroelétrica de Cahora Bassa (HCB) runs the Cahora Bassa dam on the Zambezi river. The state firm Companhia Elétrica do Zambeze holds 85%, Portugal’s REN 7.5% and Mozambican investors 4%.

HCB earned a net profit of €95.5 million (about US$107 million) on revenue of €293.2 million (about US$329 million) in 2025. Output fell 30% to 10,921 GWh in what it called one of the most severe droughts in decades.

The company paid about €255.7 million (about US$287 million) in taxes, fees and dividends to the state, Lusa reported. Shareholders approved the accounts on Thursday, 30 April 2026, and Tomás Matola chairs the board.

Coal, Mineral Sands and the New Mining Law

Coal remains a core export, though gas has overtaken it. In November 2025 the government forecast over 22 million tonnes for 2026, of which 9.3 million is coking coal.

Vulcan, an Indian company, owns the Moatize mines in Tete province, bought from Brazil’s Vale in April 2022 for over US$270 million. The Nacala Logistics Corridor railway went with them.

Kenmare Resources runs the Moma mine in northern Mozambique, which it says supplies about 6% of the world’s titanium feedstocks. Third quarter 2026 ilmenite output was 233,600 tonnes, up 12% from a year earlier.

Kenmare cut its 2026 ilmenite guidance to 710,000 to 750,000 tonnes, from about 800,000, citing commissioning problems at a new plant. Managing Director Tom Hickey leads the company.

Kenmare also received a non binding possible cash offer from International Resources Holdings (IRH). IRH must announce a firm bid or walk away by 5 pm GMT on Tuesday, 17 November 2026.

Parliament approved a revised mining law by consensus on Friday, 8 May 2026. The law firm King & Spalding says President Chapo signed it on 3 June, setting a non-dilutable state stake of at least 15%.

Local firms get priority for mining supplies and services, and 10% of mining revenue goes to a community fund. For the debate on the size of the state share, see the Rio Times report on a 20% state stake.

Banks, Telecoms and the Stock Exchange

Millennium bim is one of three systemically important banks, with BCI and Standard Bank, on the central bank’s 2026 list. BCP África owns 66.69% of it and the Mozambican state 17.12%.

Its 2025 net profit fell 93.92% to MT 201 million (about US$3.2 million), after impairments tied to sovereign debt. Total assets were MT 200.9 billion (about US$3.15 billion), and it served 2.28 million clients.

Net loans were MT 49.3 billion (about US$774 million) and client resources MT 160.9 billion (about US$2.5 billion). Moisés Jorge chairs the board and Rui Manuel Pereira Pedro leads the executive committee.

Moza Banco, Absa Bank Mozambique and the state Banco Nacional de Investimento won capital market awards for 2025. The Maputo stock exchange, the BVM, topped MT 200 billion (about US$3.1 billion) in value, Minister Louveira said on 25 March 2026.

Vodacom Moçambique, the local arm of South Africa’s Vodacom, had 11.6 million customers on 31 March 2026. Its billing was MT 20.36 billion (about US$320 million), down 1.5% in the year.

Ports, Rail and Export Markets

The Port of Maputo handled 32 million tonnes in 2025, up 3.4%, TimesLIVE reported on 13 January 2026. The operator, Maputo Port Development Company (MPDC), handled 15.2 million tonnes itself, a record.

Grindrod holds 24.7% of MPDC, whose chief executive is Osório Lucas. The port’s main concession has been extended to 2058, the report said.

Rail carried 11.7 million tonnes through the port, up 17%. The Nacala railway, sold with the Moatize mines to Vulcan, serves coal exports.

India bought 18.2% of Mozambican exports in the first quarter of 2025, mainly gas, coal and cashew nuts, Forbes África Lusófona reported. South Africa took 13.4%, South Korea 11.9%, and China bought gas, titanium minerals and heavy sands.

What It Means for US Readers

US exposure to the Mozambique economy runs through energy and mining. ExxonMobil is developing Rovuma LNG, and its investment decision is expected in 2026.

TotalEnergies’ Mozambique LNG and Eni’s Coral projects will sell into world LNG markets from 2028 and 2029 on company schedules. Delays would push back that supply.

Kenmare is the most direct listed play on Mozambican minerals, and its possible takeover has a firm deadline of 17 November 2026. Investors should read the company’s own announcements.

A US traveller or importer deals with meticais at about MT 63.7 per US$1 on 23 October 2026. A new IMF programme would show whether lenders think the debt is manageable.

What Is Not Known

The size and date of ExxonMobil’s investment decision on Rovuma LNG are not confirmed, and the sources read give no dollar cost. TotalEnergies’ January 2026 release also states no total cost for Mozambique LNG.

Whether Mozal restarts is unknown; BusinessDay reported in July that South32 seeks a buyer and the IDC weighs options. The size of any new IMF loan and its conditions are not public.

The official gazette text of the new mining law was not read. The 15% state stake rests on a law firm summary and Miningmx, and parliamentary materials suggest it may rise.

The owners and holdings of Mozambique’s private business families could not be confirmed from primary sources, so none are named. Details of the state power utility EDM and the rail and port company CFM were also not confirmed.

Frequently Asked Questions

Who runs the Mozambique economy?

President Daniel Chapo’s government, with Finance Minister Carla Louveira and central bank governor Felisberto Navalha, sets policy. Gas operators such as TotalEnergies, Eni and ExxonMobil, plus HCB, Kenmare and the banks, hold the main assets.

What is Mozambique’s main export?

Natural gas was the top export in the first quarter of 2026, at US$467.4 million. Aluminium followed at US$417.2 million, though Mozal closed on 15 March 2026.

What is the central bank’s interest rate?

The MIMO policy rate was 9.25% after the Monetary Policy Committee met on Wednesday, 30 September 2026. Annual inflation was 6.31% in September 2026.

Is Mozal still operating?

No, it is not operating. The aluminium smelter near Maputo moved to care and maintenance on 15 March 2026 after talks on power supply failed.

When will Mozambique LNG start?

TotalEnergies targets first LNG in 2029 and says the project was 40% complete in January 2026. The IMF assumes production from 2030.

Does Mozambique have an IMF programme?

No new programme was agreed as of October 2026. A second IMF mission is due in November 2026 to discuss conditions.

Sources: Banco de Moçambique, MIMO decision (30 September 2026); Banco de Moçambique, Monetary Policy Committee communiqué 4/2026; Banco de Moçambique, second quarter GDP; Banco de Moçambique, September inflation; Banco de Moçambique, swearing in of Governor Navalha; IMF, Country Report 26/45 (Article IV, 2026); TotalEnergies, Mozambique LNG restart (29 January 2026); Kenmare Resources, Q3 2026 production report; Agência de Informação de Moçambique, Mozal (24 July 2026); AIM via AllAfrica, IMF mission (21 September 2026); World Oil, Rovuma LNG (7 August 2026); Journal of Petroleum Technology, Coral Norte; Engineering News, ENH gas project (19 October 2026); Jornal de Negócios (Lusa), HCB 2025 results; King & Spalding, Mozambique mining law; AIM, mining law vote (8 May 2026); Millennium bim, 2025 annual report; AIM, Maputo stock exchange (25 March 2026); Forbes África Lusófona, Vodacom Moçambique (17 August 2026); TimesLIVE, Port of Maputo (13 January 2026); Forbes África Lusófona, export destinations (20 September 2025); RTP (Lusa), coal forecast (26 November 2025); RTP (Lusa), sovereign fund; open.er-api.com exchange rates (23 October 2026); Millennium bim, international trade note for the first quarter of 2026; Forbes África Lusófona, systemically important banks (6 May 2026); AIM via AllAfrica, Minister Pale in Nacala (20 October 2026); Club of Mozambique, Minister Muhate (18 September 2026); Miningmx, mining law (4 June 2026); BusinessDay, Mozal sale (2 July 2026); South32, Mozal care and maintenance (16 March 2026); ExxonMobil, Rovuma LNG (10 August 2026) (all accessed 23 October 2026).