Disguised public debt reaches 129 billion Meticais

The Mozambican state continues to fail to acknowledge an accumulated debt to the Bank of Mozambique, which has already reached 128.9 billion Meticais, according to the most recent audit report on the Central Bank's accounts. In 2025 alone, the debt increased by 13.6 billion Meticais, worsening a situation that has persisted for two decades and continues to compromise the transparency of the institution's accounts.

The independent audit, conducted by Forvis Mazars SCAC, Lda., has once again approved the financial statements of the Bank of Mozambique with reservations, a practice that has been repeated over the past few years due to the lack of a solution for this liability accumulated since 2005.

In their opinion on the 2025 accounts, the auditors consider that, despite the identified reservations, the financial statements adequately present the financial position of the Central Bank. However, they warn that the Mozambican State continues to fail to recognize a debt resulting from exchange rate fluctuations recorded over the years.

“The Mozambican state has not assumed its responsibility since the 2005 fiscal year,” the report states, adding that the accumulated amount increased from 115.3 billion Meticais in 2024 to 128.9 billion in 2025.

In addition to the principal debt, the auditors highlight that the Bank of Mozambique did not record interest and income associated with this amount, estimated at 27.7 billion Meticais. The report also points to technical limitations in the institution's accounting system, which prevented the complete validation of calculations related to exchange rate fluctuations.

"We were unable to obtain sufficient and appropriate audit evidence regarding the aforementioned balances," notes Forvis Mazars, highlighting weaknesses in the control and accountability process.

The figures show a worrying trend. In 2022, the accumulated debt of the State to the Central Bank was 90.3 billion Meticais. Three years later, the amount had grown to almost 129 billion, representing an increase of approximately 38.7 billion Meticais.

Despite repeated warnings from auditors and recurring approvals with reservations, the situation remains unresolved, fueling concerns about the financial sustainability of the Central Bank and the State's ability to regulate a debt that continues to increase year after year.