The Confederation of Economic Associations of Mozambique (CTA) announced this Wednesday (30) in Maputo that the business sector recorded losses of three billion meticais (around 46.9 million dollars) due to the national demonstrations that took place on 21, 24 and 25 October as a result of the electoral crisis, as reported by the Agência de Informação de Moçambique (AIM).
According to the report presented by the organisation after a meeting with the government, the protests have had a severe impact on business and commercial operations.
‘The demonstrations have caused the vandalisation of infrastructure, sabotage and the breaking and entering of establishments, including production units, which has resulted in damage that prevents some companies from resuming their activities,’ said Agostinho Vuma, president of the CTA.
According to the confederation, the protests led to a 75.3 per cent drop in transactions on the foreign exchange market, with the average daily turnover falling from 3.7 billion meticais to just 88.8 million meticais. In addition, it is estimated that between 1,200 and 1,300 workers were indirectly affected by the suspension of activities in the affected companies.
‘The protests led to a 75.3 per cent drop in transactions on the foreign exchange market, with the average daily turnover falling from 3.7 billion meticals to just 88.8 million meticals’
In order to guarantee the continuity of operations over the next few days, the government has pledged to reinforce security at commercial establishments and production units. ‘There is a need to guarantee the protection of our companies to prevent further losses and looting that is damaging the national economy,’ Vuma appealed.
Around 33 establishments have been vandalised, affecting the livelihoods of more than 6,000 people, including workers and their families. In response, the government has assured the presence of the Defence and Security Forces to prevent further acts of vandalism and maintain stability during the week of protests announced.
The CTA and the government have encouraged entrepreneurs to maintain their operations, guaranteeing that the authorities will be ready to protect companies and prevent further economic damage in the country.
