Mozambique’s Sovereign Fund registered an increase of nearly 6% in its market value since the start of its operations, reaching $116.41 million following a new capital injection on 6 January, according to data released by the Bank of Mozambique.
According to Lusa, the first tranche, amounting to $109.9 million, was transferred by the Government to the central bank on 10 December 2025, sourced from revenues generated by natural gas exploration. This transfer marked the formal start of the fund’s capitalization, whose creation was approved by the Assembly of the Republic at the end of 2023.
At the end of December, the fund’s value stood at $110.1 million, rising to the current $116.41 million with the additional $6.1 million contribution from the State. This appreciation reflects the continued channeling of extractive sector revenues into this strategic savings instrument.
The Bank of Mozambique, as the operational manager of the fund, clarified that the Sovereign Fund of Mozambique constitutes a portfolio of financial assets subject to a strict investment policy defined by law, aimed at ensuring that revenues derived from natural resource exploitation serve as a foundation for the country’s economic and social development.
The fund is fully owned by the State and has two main objectives: to accumulate savings for future generations and to act as a budgetary stabilization mechanism against the volatility of international oil and gas prices. Overall management is under the Government’s responsibility, while operational administration is conducted by the central bank in the international financial market, with both internal and external audits planned.
According to the Ministry of Finance, between January and September 2025, revenues from oil and natural gas exploration reached $67.6 million, divided between $24.6 million in mining production taxes and $42.96 million in the ‘Petroleum Profit’ component, representing the share of production exceeding operational costs and attributed to the State.
“Between January and September 2025, revenues from oil and natural gas exploration reached $67.6 million, split between $24.6 million in mining production taxes and $42.96 million in the ‘Petroleum Profit’ component.”
— Ministry of Finance
The legislation regulating the fund stipulates that 40% of fiscal revenues from natural gas exploitation be allocated to its capitalization, with the remaining 60% directed to the State Budget. Between 2022 and 2024, accumulated revenues amounted to $164.9 million, totaling $232.3 million since the initial deposits in the Bank of Mozambique’s transitional account.
Mozambique currently hosts three major natural gas projects in the Rovuma Basin, one of the world’s largest reserves. Among these, the Coral South floating platform, operated by a consortium led by Italian company Eni, has been active since 2022. This will be complemented by the Coral North unit, scheduled to begin operations in 2028.
Meanwhile, the TotalEnergies-led project, with an annual production capacity of 13 million tons, is resuming after a suspension due to insecurity in Cabo Delgado. The ExxonMobil project, with a capacity of 18 million tons per year, awaits a final investment decision.
The Government projects that, by the 2040s, annual revenues from natural gas exploitation will reach $6 billion, consolidating the strategic role of the Sovereign Fund in fiscal sustainability and the country’s long-term economic legacy.
