<\/p>\n
The appointment followed the withdrawal of Valdemar de Sousa, who had initially been selected for the position. Centre for Democracy and Human Rights Director Professor Adriano Nuvunga said public concerns about Sousa\u2019s credibility and alleged involvement in cases linked to central bank mismanagement prompted the reversal.<\/p>\n
<\/p>\n
Navalha previously served as an Administrator at the Bank of Mozambique. Nuvunga said the new Governor carried the credibility required to preserve gains made by the central bank over the past decade.<\/p>\n
<\/p>\n
Mozambique President Daniel Chapo outlined three priorities for the new leadership: preserving existing gains, correcting weaknesses and modernising the institution.<\/p>\n
<\/p>\n
According to Nuvunga, Navalha must protect the central bank\u2019s independence while tackling a severe shortage of foreign currency. The shortage has affected private-sector imports, including fuel supplies.<\/p>\n
<\/p>\n
Inflation, high interest rates and weakness in the wider economy will present further challenges. Nuvunga said the stability of Mozambique\u2019s metical must be supported by production and economic activity rather than measures creating an artificial exchange rate.<\/p>\n
<\/p>\n
Financial inclusion will also require attention. Mozambique has a population of about 33 million, but formal banking services remain concentrated in urban centres, leaving much of the population outside the financial system.<\/p>\n
<\/p>\n
Nuvunga said digital financial technology could help expand access to financial services and increase participation in the formal economy.<\/p>\n
<\/p>\n
Another challenge is reducing the state\u2019s dependence on domestic banks. According to Nuvunga, the government frequently issues bonds to finance recurrent expenditure, including monthly operating costs.<\/p>\n
<\/p>\n
Mozambique\u2019s economy previously received almost $1 billion in annual foreign aid, creating growth not fully supported by domestic production, Nuvunga said.<\/p>\n
<\/p>\n
Large gas and mineral discoveries later raised expectations of stronger economic growth. However, conflict in Cabo Delgado has delayed gas development and increased security costs.<\/p>\n
<\/p>\n
Major investments must also be recovered before substantial revenue reaches state finances, creating uncertainty over the timing and scale of economic benefits.<\/p>\n
<\/p>\n
Nuvunga said Mozambique remained a promising economy, but limited immediate revenue sources and persistent structural challenges could delay recovery. Navalha must therefore balance currency stability, inflation control, financial inclusion and economic growth without weakening central bank governance.<\/p>\n
<\/p>\n
–ChannelAfrica–<\/p>\n
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