The country has recorded an employment rate of 71.4 per cent among the population aged 15 and over. This rate, while encouraging, reveals significant disparities between genders and between urban and rural areas, according to the Bank of Mozambique.
In a report on the final evaluation of the national financial inclusion strategy 2016-2022, the Bank of Mozambique raises significant challenges and reveals important disparities between urban and rural areas, as well as between genders.
According to the data presented, the employment rate among men was slightly higher at 73.2 per cent, while among women a rate of 69.8 per cent was recorded. This discrepancy raises important questions about gender equity in the labour market and highlights the need for policies that promote equal opportunities for all.
Furthermore, the disparity between urban and rural areas is remarkable. While around 81.5 per cent of adults in urban areas have a job, only 54.4 per cent of adults in rural areas are employed. And the regulator of the country’s financial system states that this difference highlights the challenges faced by rural communities in terms of access to employment and economic development.
One notable aspect is that approximately 75 per cent of the employed population is involved in the agriculture, forestry and fishing sectors. In rural areas, this proportion is even higher, accounting for 89.2% of the employed population, while in urban areas, in addition to these sectors, commerce and finance also play a significant role, absorbing 37.9% of the workforce.
Looking to the future, Mozambique’s economic prospects are promising, according to the WB, with forecasts from the International Monetary Fund (IMF) indicating that Gross Domestic Product (GDP) growth could reach 15 per cent by 2028. The continued recovery of services, agriculture and the production of natural resources such as coal and heavy sands, as well as the expansion of liquefied natural gas production, are expected to drive this growth.
However, it is crucial to address the challenges that could jeopardise this growth, such as climate shocks, security concerns, fluctuations in the prices of export commodities and inflationary pressures derived from rising food and fuel prices.
“It is essential to take into account risks such as climate shocks, security concerns, falling export commodity prices and inflationary pressures stemming from rising food and fuel prices, which could jeopardise GDP growth in the medium term,” says the Central Bank.
According to the WB, the Mozambican government has played an active role in promoting financial inclusion in the financial sector. Strategies such as the Strategy for the Bankarisation of the Economy and the Rural Finance Strategy aim to expand access to financial services in urban and rural areas, encouraging inclusive economic development.
“The journey of financial inclusion in Mozambique has made increasing progress as the government, regulators and public and private sector institutions have implemented various policies and initiatives that guarantee accessible financial services for all segments of society, promoting economic stability and inclusive growth,” says the WB.
Furthermore, according to the Central Bank, the approval of the National Financial Inclusion Strategy 2016-2022 highlights the government’s commitment to creating an accessible and comprehensive financial system capable of supporting economic growth and improving the population’s well-being. This strategy is based on three pillars and nine strategic objectives, outlining a comprehensive plan to promote financial inclusion throughout the country.
“Three working groups (WGs) have been set up to implement the actions defined in each pillar. However, the mid-term evaluation found that the WGs had very broad mandates and had not been as targeted and effective as desired. It was recommended that seven TMSs be set up to carry out specific and focussed activities. These SGTs were operational during the second half of the strategy’s implementation period,” explains Banco de Moçambique.
To evaluate the effectiveness of these strategies, comprehensive methodologies were used that included stakeholder consultations, document and indicator analysis, as well as research. These evaluations helped to identify the successes achieved as well as the remaining challenges, thus guiding the development of future policies and initiatives to further promote financial inclusion in Mozambique.
O País
