Today, May 16, the Banco de Moçambique hosted the 60th Annual Meeting of the Committee of Central Bank Governors of the Southern African Development Community (CCBG) at the Montebelo Indy Village Congress Hotel. The event forms part of the celebrations marking the Bank’s 50th anniversary, to be commemorated tomorrow, and the 45th anniversary of the Metical, to be celebrated on June 16.

In his welcome address as host, the Governor of the Banco de Moçambique, Rogério Zandamela, reviewed the country’s macroeconomic situation, which has been shaped by both global and domestic challenges. These challenges led to a slowdown in economic activity from 5.4% in 2023 to 1.9% in 2024, a year heavily affected by post-electoral tensions that resulted in the partial halt of national production across various sectors of the economy.

On the occasion, Governor Zandamela noted that despite the adverse conditions, the central bank succeeded in fulfilling its primary mandate of maintaining price stability. This, he said, reflects “the adoption of a prudent stance in the conduct of monetary policy, exchange rate stability, and the stability of international prices of essential goods and fuels.”

With regard to projections, Rogério Zandamela expressed the expectation that, in the medium term, inflation will remain within single digits, amidst moderate growth. This outlook reflects the ongoing monetary policy easing cycle and the recovery of strategic projects in the mining, energy, and logistics sectors.

Regionally, the Governor highlighted Mozambique’s continued efforts to meet the Southern African Development Community (SADC)’s macroeconomic convergence targets. He noted, however, that further efforts are needed, given regional and global challenges such as low economic diversification, high dependence on the public sector, and deficits in public infrastructure, among others.

The event was officially opened by Lesetja Kganyago, Governor of the South African Reserve Bank, in his capacity as the current Chair of the CCBG. In his remarks, Kganyago underscored the need for stronger cooperation among the region’s central banks to enhance the effectiveness of joint development efforts, particularly in a context marked by high debt levels, trade wars, and the new global dynamics arising from the recent foreign policy stance of the United States.

The meeting was attended by Governors, executives, and senior staff from SADC central banks.