Post-Election Protests Cause 32 Billion Meticais in Losses and 17,000 Job Cuts, Says CTA

- Business Leaders Demand Bold Measures from the Government and the Bank of Mozambique

By Aurélio Muianga

Maputo (MOZTIMES) – The President of the Mozambican Confederation of Business Associations (CTA), Agostinho Vuma, has stated that the post-election protests have caused economic losses "totalling 32.2 billion meticais and the loss of 17,000 jobs."

Speaking on Thursday during the CTA's quarterly Economic Briefing in Maputo, Vuma explained that 56% of these losses resulted from vandalism, while the remaining 44% stemmed from a decline in demand for goods and services.

"A total of 260 businesses were directly affected in the first three phases, and 695 companies in the last phase in December, bringing the total to 955," Vuma stated. "Of these businesses, around 51% suffered total vandalism and/or looting of their goods."

The CTA reported that its preliminary assessment of the first three phases of protests found that the trade sector was the most affected, with total losses amounting to 24.8 billion meticais, equivalent to approximately 2.2% of GDP.

Among several measures to help businesses recover, the CTA proposes that the Bank of Mozambique establish a compensation system for commercial banks applying the Prime Rate with a predetermined negative spread for the agricultural and industrial sectors, with a particular focus on agribusiness.

The business organisation is also calling on the government to implement concrete measures to protect business owners from the threats of vandalism, destruction, and looting of their properties, while ensuring the free movement of goods and the security of workers.

Additionally, business leaders are requesting tax relief and exemptions on imported essential goods.

Economy Minister Basílio Muhate, who participated in this quarterly event for the first time, assured businesses that the government is committed to creating a favourable environment for Micro, Small, and Medium-Sized Enterprises (MSMEs), promoting policies and mechanisms that facilitate access to credit, reduce red tape in business registration and formalisation, and encourage digitalisation in the private sector. (AM)

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Turkey Calls for Protection of Investments in Mozambique Amid Post-Election Violence

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