Mozambique central bank cuts main interest rate to 11%
Mozambique's central bank cut its main interest rate to 11.00% from 11.75% in a decision announced on Friday.
The Bank of Mozambique has now lowered its main lending rate for nine policy meetings in a row.
The Southern African country's annual inflation rate slowed to 3.99% in April from 4.77% in March, reversing a trend where inflation had been on the rise since October's disputed election.
(Reporting by Custodio Cossa; Writing by Sfundo Parakozov; Editing by Alison Williams and Joe Bavier)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
11 hours ago
- Zawya
Breaking News: African Leadership Magazine Announces Winners for the 2025 African Business Leadership Awards (ABLA)
The African Leadership Magazine (ALM) ( is pleased to announce the winners of the 2025 African Business Leadership Awards (ABLA), following the conclusion of a rigorous, four-tier, points-based selection process. In keeping with our established tradition, this year's evaluation combined 65% of the final score from the global online poll with 35% from verified documentation, including evidence of institutional growth, innovation, sustainability, and measurable impact. The African Business Leadership Awards (ABLA) is the continent's premier platform for recognising exceptional corporate practices, impact-driven leadership, and transformative contributions to Africa's evolving business and economic ecosystem. The ABLA selection process includes public nominations, editorial board screening, a global public vote, and a final evaluation based on verifiable metrics to ensure that each honoree reflects the highest standards of African excellence, innovation, and measurable impact. In line with African Leadership Magazine's unwavering commitment to amplifying Africa's underreported success stories, often overlooked by mainstream global media, the African Business Leadership Awards (ABLA) celebrate policymakers, industry leaders, and resilient brands that are setting standards in corporate governance, innovation, and sustainable development. Dr. Ken Giami, Founder&CEO of the African Leadership Organisation, said in an official statement: ' On behalf of the Board, we warmly congratulate the winners of ABLA 2025 for their unwavering commitment, groundbreaking achievements, and visionary leadership. Their exemplary contributions are not only transforming Africa's business landscape but also inspiring a new era of sustainable growth and opportunity across the continent. ' The winners and runners-up will be formally presented with award trophies and other honours during the African Business Leadership Awards (ABLA) Ceremony—the major highlight of The Africa Summit London 2025—scheduled for 9–10 July 2025 at The Landmark Hotel and the UK House of Lords. Additionally, all honourees will be featured in the highly anticipated ABLA 2025 Honourees Edition of African Leadership Magazine, a prized collector's item unveiled during the event and distributed globally. Below is the complete list of winners and runners-up in the various categories of the African Business Leadership Awards (ABLA) 2025: African Business Leader of the Year Ntombi Felicia Msiza, CEO, Raubex Group Ltd, South Africa – Winner Mohamed Ould Bouamatou, Founder&Chairman, Bouamatou Société Anomyme (BSA), Mauritania – Co-Winner African Female Business Leader of the Year Esther Muchemi, CEO, Samchi Group, Kenya – Winner Jesca Mhoja Nkwabi, CEO, KOM Group, Tanzania – Co-Winner African Regulator of the Year Brima M. Baluwa Koroma, Director General, National Petroleum Regulatory Authority, Sierra Leone – Winner Leonilde dos Santos, President, Multisectoral Economic Regulatory Authority (ARME), Cape Verde – Co-Winner Business-Friendly Governor of the Year Peter Ndubuisi Mbah, Governor, Enugu State, Nigeria – Winner Oscar Mabuyane, Premier, Eastern Cape, South Africa – Co-Winner Africa CSR&Community Development Impact Award Standard Chartered Bank, South Africa – Winner Ashanti Goldfields Corporation, Ghana – Co-Winner African Finance Minister of the Year Ahmed Kouchouk, Minister of Finance, Egypt – Winner Bihi Iman Egeh, Minister of Finance, Somalia – Winner Marial Dongrin Ater, Minister of Finance and Economic Planning, South Sudan – Co-Winner Trade&Investment Promotion Agency of the Year Agency for Private Investment and Export Promotion (AIPEX), Angola – Winner Moroccan Agency for Investment and Export Development (AMDIE), Morocco – Co-Winner Central Bank Governor of the Year Mohamed Lemine Dhehby, Governor, Central Bank of Mauritania – Winner Johnson Asiama, Governor, Bank of Ghana – Co-Winner Rama Krishna Sithanen, Governor, Bank of Mauritius – Co-Winner Trade&Investment Minister of the Year Jumoke Oduwole, Minister of Industry, Trade and Investment, Nigeria – Winner Chipoka Mulenga, Minister of Commerce, Trade and Industry, Zambia – Co-Winner African CEO of the Year Armstrong Takang, CEO, Ministry of Finance Incorporated (MOFI), Nigeria – Winner Jeremy Awori, Group CEO, Ecobank Transnational Incorporated (ETI), Togo – Co-Winner African Brand of the Year Ethiopian Airlines – Winner Commercial International Bank (CIB), Egypt – Co-Winner African Company of the Year Bidco Africa, Kenya – Winner Innoson Vehicle Manufacturing, Nigeria – Co-Winner Industry Personality of the Year Ally Edha Awadh, CEO, Lake Oil Group, Tanzania – Winner Jemal Ahmed Abdu, CEO, MIDROC Investment Group PLC, Ethiopia – Co-Winner Africa Business Integrity Leader Award Arab Contractors, Egypt – Winner Coris Bank International, Togo – Co-Winner Young Business Leader of the Year Mamotake Matekane, Chief Operations Officer, MGC Matekane Group, Lesotho – Winner Martha Namundjebo-Tilahun, Co-founder, United Africa Group, Namibia- Co-Winner African Tech&Digital Economy Leader of the Year Mastercard Africa – Winner MTN Group, South Africa – Co-Winner Lifetime Achievement Award Kwabena Kesse, CEO, Kessben Group of Companies, Ghana – Winner Special Commendation Award for Regulatory Excellence Daniel Kiptoo Bargoria, Director General, Energy and Petroleum Regulatory Authority, Kenya – Winner Distributed by APO Group on behalf of African Leadership Magazine. For media enquiries, please contact: Ehis Ayere +44 23 9265 8276 ehis@ About African Leadership Magazine: The African Leadership Magazine is the flagship publication of the African Leadership Organisation (UK) Limited. For the past 19 years, the organisation has been dedicated to promoting impactful leadership in Africa and showcasing African opportunities globally. Through its various initiatives, including quality Afro-positive content, trade facilitation, market entry solutions, business networking platforms, and public sector training and consulting, the African Leadership Magazine plays a vital role in driving positive change and development across the continent.
Zawya
a day ago
- Zawya
International Monetary Fund (IMF) Staff Conclude Article IV Discussions and Reach Staff-Level Agreement on the Third Review of the Extended Credit Facility for Ethiopia
IMF staff and the Ethiopian authorities have reached staff-level agreement on economic policies to conclude the third review of the four-year US$3.4 billion Extended Credit Facility arrangement. Once approved by the IMF Executive Board, Ethiopia will gain access to about US$260 million in financing. Ethiopia's macroeconomic performance has exceeded program expectations, with better-than-forecast results for inflation, export growth, and international reserves. Maintaining reform momentum remains essential for consolidating recent gains, correcting macroeconomics imbalances, restoring external debt sustainability, laying the foundations for high, private sector-led growth, and ensuring the success of Ethiopia's homegrown reform agenda. A staff team from the International Monetary Fund (IMF) led by Mr. Alvaro Piris, visited Addis Ababa from April 3 to 17, 2025, to discuss the 2025 Article IV consultation and the third review under the Extended Credit Facility (ECF). Discussions continued at the Spring Meetings in Washington DC, April 21-28, and subsequently. The ECF arrangement was approved by the IMF Executive Board on July 29, 2024, for a total amount of US$3.4 billion (SDR 2.556 billion). Subject to approval by the IMF Executive Board, the third review will make available about US$260 million (SDR191.7 million), bringing total IMF financial support under the ECF arrangement so far to about US$1,849 million (SDR1,406.4 million). Today, Mr Piris issued the following statement: 'The IMF staff team and the Ethiopian authorities have reached staff-level agreement on the third review of Ethiopia's economic program under the ECF arrangement. The agreement is subject to the approval of IMF management and the Executive Board in the coming weeks. A memorandum of understanding with official creditors is expected to be agreed ahead of the IMF Board's consideration of the third review. 'The authorities' policy actions in the first year of the program have yielded strong results. The transition to a flexible exchange rate regime has proceeded with little disruption. Measures to modernize monetary policy, mobilize domestic revenues, enhance social safety nets, strengthen state-owned enterprises, and anchor financial stability continue to show encouraging results. Macroeconomic indicators have performed better than expected, with substantially better outcomes than forecast for inflation, goods exports, and international reserves. 'Recent policy action should help deepen the FX market and tackle remaining distortions. While real exchange misalignment has been corrected and FX availability has improved from a year ago, the spread between the official and parallel market widened again in early 2025 and high fees and commissions persist. Actions that are being rolled out to enhance transparency, reduce costs, ease restrictions on current account transactions, and strengthen prudential regulation will help to improve the functioning of the FX market. 'Maintaining reform momentum will be key to consolidating gains and securing sustainable high growth. Continued tight monetary and financial conditions will be important for managing inflation and exchange rate expectations. Further revenue mobilization is needed to provide sustainable financing for critical development spending. Reforms to improve the business environment, ensure fair taxation practices, encourage foreign direct investment, and facilitate open dialogue with business will be important to secure private sector investment. Efforts to end the remaining elements of financial repression and develop the capital market will help to mobilize savings and support the efficient allocation of capital. 'The staff team is grateful to the authorities for the excellent policy discussions and their strong commitment to the success of the IMF-supported economic program. The team met with Minister of Finance Ahmed Shide, Governor of the National Bank of Ethiopia Mamo Mihretu, State Minister of Finance Eyob Tekalign, and other senior officials. Staff also had productive discussions with representatives of banks and businesses that are operating in a range of sectors and representatives of civil society.' Distributed by APO Group on behalf of International Monetary Fund (IMF).
Zawya
a day ago
- Zawya
Etu Energias Chief Executive Officer (CEO) Joins African Energy Week (AEW) 2025 to Detail Strategies for Achieving 80,000 Barrels Per Day (BPD)
Edson dos Santos, Chairman and CEO of Etu Energias – Angola's largest private oil producer – has joined the African Energy Week (AEW): Invest in African Energies 2025 conference to discuss its plans for scaling-up operations across Angola's upstream and downstream sectors. The company plans to increase crude production to 80,000 barrels per day (bpd) by 2030 while expanding downstream distribution and lubricant production. Dos Santos' participation at Africa's largest energy event will offer insight into how Etu Energias will achieve this. Etu Energias' expansion plan is built on five key pillars, namely operational excellence, growth, financing, people and ESG. In 2024, the company reported its strongest financial results to date, achieving a 53% increase in net profit compared to 2023. During the year, the company also increased its portfolio of operated and non-operated assets from 6 to 15, with the company's oil reserves growing 2.5 times to reach 106 million barrels. By 2030, Etu Energias seeks to increase its reserves to 387 million barrels through investments in both exploration and development assets. At AEW: Invest in African Energies 2025, dos Santos will detail the company's future development plans. AEW: Invest in African Energies is the platform of choice for project operators, financiers, technology providers and government, and has emerged as the official place to sign deals in African energy. Visit for more information about this exciting event. Upstream, Etu Energias is undertaking an ambitious drilling and production plan in 2025, with ongoing projects including eight exploration projects, 10 development projects and seven redevelopment projects. Onshore, the company signed a Risk Service Contract for Block CON 4 in May 2025, granting the company a 25-year operating licensing for the block. Of this, five years is allocated for exploration while 20 years is allocated for production. Etu Energias is the operator of Block CON 4, alongside Block CON 1 – whereby the first phase of studies has been completed and a seismic survey has been defined. The survey targets 430 km of 2D data in the first phase. Meanwhile, Etu Energias continues its 3D seismic campaign at Block FS/FST. Deforestation and demining are on track for May 2025 while the first exploration well is expected to be spud this year. Offshore, the company plans to complete exploration studies for its operated Block 2/05 in 2025, with well-drilling targeted for 2025/2026. This follows an increase in block acquisitions in 2024, including in Block 2/05 from 30% to 36%, in Block 14 from 20% to 29%, in Block 14K from 10% to 14.5% and in Block 17/06 from 5% to 7.5%. Downstream, Etu Energias is expanding its retail and distribution network through the development of storage facility and lubricant infrastructure. The company launched a 1,000-ton-per-month lubricant line in 2024 in collaboration with Glide Petroleum and plans to start production in 2025. Plans to develop a storage and export terminal are also underway, with the company weighing options for an inland terminal or FSO lease. Further, Etu Energias plans to hold an Initial Public Offering (IPO) in 2026. The IPO will support efforts to raise capital as the company seeks new block opportunities in both the onshore and offshore market. The IPO will not only support debt reduction and capital raising, but enhancing the company's credibility. Access to a wider investment pool will further support the company's expansion plans in Angola. At AEW: Invest in African Energies 2025, dos Santos is expected to share further updates. 'Etu Energias is a prime example of an Angolan oil company unlocking significant value from Africa's oil and gas reserves. Through its diverse portfolio of exploration and development blocks, its commitment to sustainable and inclusive growth, and dedication to strengthening downstream distribution, the company is driving impactful growth in Angola's oil market. Looking ahead, investments made by Etu Energias will help chart a new future of energy security in southern Africa,' states Tomás Gerbasio, VP Commercial and Strategic Engagement, African Energy Chamber. Distributed by APO Group on behalf of African Energy Chamber.
