Mozambique: Central bank removes resident inspector from Standard Bank
Photo: AIM
Mozambican Prime Minister Benvinda Levi on Wednesday claimed that the post-election tension characterized by mass demonstrations called by the former presidential candidate Venâncio Mondlane to protest against the fraudulent results of the elections held last October caused financial losses estimated at 32.2 billion meticais (504.2 million dollars at the current exchange rate).
The demonstrations started peacefully but later degenerated into rioting, looting, and destruction of private and public infrastructures. According to a report by the NGO “Decide” Electoral Platform, over 380 people were shot dead by police during the demonstrations. The focus of the protests later moved away from the elections to the cost of living.
The election results, rejected by Mondlane, gave victory to the ruling Frelimo Party and its presidential candidate Daniel Chapo.
Speaking on Wednesday in the country’s parliament, the Assembly of the Republic, Levi said that almost a thousand commercial establishments and social facilities were vandalized or destroyed during the post-election tension.
READ: Mozambique: Losses of €456 million and 50,000 unemployed after protests – Prime Minister
“During the violent protests to date, over 955 economic and social establishments were destroyed, which has left around 50,000 people unemployed, a number that could still increase. In terms of cost to our economy, this situation has generated losses estimated at around 32.2 billion meticais”, she said.
As a result of this situation, the government has been implementing measures to help the economy to recover, “although our economy contracted by 4.87 per cent in the fourth quarter of 2024, contrary to the growth trend that had been recorded in the first, second and third quarters, which was 3.2, 4.5 and 3.68 per cent respectively.”
In March, Chapo and Mondlane met face to face for the first time since the October general elections and agreed to put an end to violence between their supporters.
The Prime Minister also said that the country’s economy was also severely affected by the three cyclones which hit the country between December 2024 and March of this year. At least 310 people died, 1,255 were injured and almost 1.9 million were affected by the passage of the three cyclones.
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