Mozambique cenbank governor advocates greater training for exploitation of natural resources in Africa

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Mozambique cenbank governor advocates greater training for exploitation of natural resources in Africa

1:21 CAT | 09 May 2017

File photo / Rogério Zandamela, governor of Banco de Moçambique

Bank of Mozambique governor Rogério Zandamela argues that the countries of eastern and southern Africa must develop technical capacities so that they can be the ones to exploit resources on the continent.

Zandamela says that valuable resources have been discovered on the continent, particularly in eastern and southern Africa, but few gains have been made since those who exploit them are from other continents. He points to the Rovuma basin, which has more than 100 trillion cubic meters of gas, but where companies involved in the exploration are from outside Africa.

“In recent years, East Africa has quickly become one of the world’s leading natural gas fields,” Zandamela said in his address to the opening of the Forum of Deputy Governors and Permanent Secretaries of the Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI). “The region off the coast, bordering with Mozambique on the north-east and Tanzania on the south-east, known as the Rovuma basin, contains an estimated volume of more than 100 trillion cubic feet of natural gas, making it one of the world’s largest gas discoveries.”

But the multinational companies which have stepped up to take advantage of this opportunity are mainly based in the United States and Italy. The governor believes that “a proactive approach in the Region to the development of regional capacities, and in the context of the regional growth of the energy industry, offshore traffic and infrastructures seems to mandatory”.

Addressing regional integration among MEFMI member countries, Zandamela highlighted the importance of the countries of the southern and eastern region of Africa uniting to overcome poverty. “It is our role, as guardians of monetary and fiscal policy, to walk parallel to the rest of the world in eradicating poverty and achieving global economic goals,” Zandamela said.

MEFMI, established in 1994, is a regional body bringing together countries in eastern and southern Africa with the aim of helping its members build sustainable institutional capacity, promote good practices in central banks and finance ministries, and help them identify emerging challenges, risks and opportunities. Mozambique has been a full member of MEFMI since December 2004, when the government signed and ratified the instruments of membership.

The biennial MEFMI forum lasts two days and finishes today (May 9). It aims to inform participants about developments and challenges in the macroeconomic and financial sector, as well as facilitating the exchange of experiences.