Mozambique’s central bank concerned about total dependence on oil imports

21 December 2006

Maputo, Mozambique, 21 Dec – The governor of the bank of Mozambique, Ernesto Gove, said Wednesday in Maputo that he was “concerned with Mozambique’s total dependence,” on imported oil.

Gove noted that the country applied half of its exports to buying liquid fuels, when he was speaking about the development of the Mozambican economy this year and the prospects for 2007.

According to Gove, until September of this year the fuel bill paid by the Mozambican state was of around US$300 million, against US$218 million for the whole of 2005.

“This figure worries us, considering that our exports, minus the effect of large projects, are of just US$600 million, in other words, around half of what the country exports is to finance our fuel bill,” Gove said.

The Bank of Mozambique also said that the Mozambican economy would end the year with a real growth rate of 7.9 percent, driven by construction, mining, transport, communications and farming. (macauhub)