Central bank governor Ernesto Gove is bullish about Mozambique’s economic prospects, but acknowledges that the banking sector and capital markets need to be developed for the country to truly benefit from its energy boom.
Latest articles from Mozambique
Mozambique’s recently discovered gas and coal reserves have turned it into one of Africa’s brightest prospects. However, plenty of reforms will be needed before its riches trickle down to the poorest parts of the population.
Standard Chartered already has one of the largest African businesses among banks from outside the continent, but it still wants to increase its operations there substantially in the next few years. Diana Layfield, its chief executive for Africa, tells Paul Wallace how.
The Banker has identified 13 banks to keep an eye on in the coming year based on a variety of factors. Opened in mid-2011, Mozambique-based Banco Único is already close to breaking even and its bold ambitions for the future make it one to watch in 2013.
While the recent discovery of natural gas will certainly boost Mozambique's economy, the country's president, Armando Guebuza, recognises that it will not be enough to pull the country out of poverty and end its reliance on aid. To achieve this, it will be necessary to promote growth in other areas, such as agriculture and tourism, in order to create a more diverse and sustainable economy.
After leading Morgan Stanley’s equities business outside the Americas, John Hyman is working to position Renaissance Capital as a focused player in a number of very different markets across emerging Europe and Africa.
African banks are increasingly looking outside of their domestic markets, and many of the continent's biggest lenders are now active in multiple countries, buoyed by greater access to vast unbanked populations and a more stable political environment.
Mozambique’s capital and financial markets remain small and undeveloped, a situation that will have to change if the country is to sustain its rapid growth and diversify its economy.
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