Africa: Mozambique runs on empty

When Mozambique struck gas in 2010, it was supposed to herald a bright, lucrative future for the poor African state. It hasn’t turned out that way. Rising debt, sluggish growth and a corrosive financial crisis have culminated in the IMF freezing payments to the struggling state. Its banking industry is one of the few brighter spots.

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Ecobank’s Lamine Diop strides through the high-ceilinged lobby of the new office building in Maputo, a rueful smile on his face. “I’m sorry,” he tells Euromoney, coming to a halt in a pool of brilliant early-morning Mozambican sunlight. “I thought we were meeting next week.” The awkward silence that follows is broken by the tall, well-dressed banker, who glances down at his watch and sighs: “Well, I guess we can talk now. I don’t have anything else to do.” 

It’s a common lament in Mozambique’s cozy and welcoming capital city.

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