Chapo appoints Central Bank governor accused of involvement in the country’s biggest corruption scandal

- Waldemar de Sousa served as a director of the Bank of Mozambique during Armando Guebuza’s tenure and was allegedly involved in the contracting of the hidden debts 

By Noémia Mendes

Maputo (MOZTIMES) – President Daniel Chapo has appointed Waldemar de Sousa as Governor of the Bank of Mozambique, replacing Rogério Zandamela, the President’s office announced in a statement on Monday night.

De Sousa is a long-serving official at the Central Bank and previously served on its Board of Directors during the presidency of Armando Guebuza. However, it was during that period that he was accused by the Attorney-General’s Office of involvement in the hidden debts scandal, having allegedly illegally authorised loans worth more than US$2 billion with state guarantees.

Local press reported, at the time, that De Sousa was formally named as a defendant in the hidden debts case, alongside Ernesto Gove and Joana Matsombe, respectively the Governor and Director of the Bank of Mozambique during the period in which the debts were contracted. The involvement of senior Central Bank officials in what remains the country’s biggest corruption scandal has never been fully clarified.

The hidden debts refer to more than US$2 billion in loans contracted by the companies EMATUM, ProIndicus and Mozambique Asset Management (MAM), which were created under Guebuza’s government on the pretext of financing coastal security projects. However, a significant portion of the money disappeared through corruption schemes and bribes paid to senior state officials.

Several high-ranking government figures were tried and convicted in connection with the case, including the son of former President Armando Guebuza, former Finance Minister Manuel Chang, and the former head of the Intelligence Services, Gregório Leão, all accused of receiving bribes to facilitate the contracting of the loans.

The separate hidden debts case in which the Central Bank officials were named as defendants was never brought to trial. Since Filipe Nyusi left the office in2025, the highly politicised case appears to have been quietly “buried”. Waldemar de Sousa’s appointment may reinforce that perception.

According to a statement from thePresident’soffice, De Sousa will be sworn in on Wednesday morning alongside Deputy Governor Felisberto Dinis Navalha, who was also appointed by President Chapo on Monday. (NM)