Fáusio Mussá, chief economist at Standard Bank Mozambique, has argued that the country’s development over the next 25 years will depend more on educating its people than on adopting new economic policies, warning that large-scale investment projects alone are insufficient to ensure inclusive growth.
Speaking in a personal capacity at the International Conference on Inclusive and Sustainable Development in Mozambique, Mussá clarified that his remarks did not represent Standard Bank’s position, and contended that the country’s primary challenge lies in the quality of education and the values transmitted to future generations. ‘Unfortunately, the solution for the next 25 years does not have much to do with economics — it has to do with people,’ he said.
According to the economist, despite a significant share of the state’s social expenditure being channelled into education, results continue to fall short of what economic development requires. ‘If we are currently spending most of our social expenditure on education, and that education is not producing the level of knowledge needed for the economy to advance, then I think the problem has nothing to do with economic policies. Not even with strategies,’ he said.
Mussá argued that Mozambique must define clear objectives for the next 25 years and pursue a people-centred development model, maintaining that large projects should be complemented by a dynamic economy anchored in small and medium-sized enterprises.
‘Projects make a substantial contribution in helping to attract more investment to the country and in generating some stability. But it is small and medium-sized enterprises that, anywhere in the world, drive the economy. They create an inclusive economy — because they generate the majority of employment,’ he said.
The economist also cautioned that growth driven by megaprojects may not translate into benefits for the broader population if it is not accompanied by industrialisation and the strengthening of the domestic economy. ‘It is easy to imagine that Mozambique could become Africa’s largest natural gas exporter in this cycle of coming years. But, at the same time, Mozambique could be the lowest per-capita user of electricity on the continent. And if that happens, I would say that the scenario 25 years from now will probably be worse than the one we have today,’ he warned.
During his address, Mussá also argued that economic transformation should not depend exclusively on the state, but rather on the creation of an enabling environment for private investment and entrepreneurship.
‘If we say that this economic transformation depends on a state that increasingly becomes one that facilitates business, that facilitates small enterprises, that seeks to become more of a regulator and less of an operator — but that encourages private participation — then I believe that 25 years from now we can look back and say that what was discussed in this session, and in several others, bore fruit,’ he said.
Mussá also underscored the need to invest in education as a means of reducing cycles of instability and preparing society for the challenges posed by new technologies, including artificial intelligence. ‘If we do not have the discernment, wisdom, and education to manage a strong strategy for education and communication, we face very significant risks,’ he said.
In closing, Fáusio Mussá reiterated that the country’s future will depend on its capacity to produce better-prepared citizens, strengthen small and medium-sized enterprises, and create the conditions for economic growth to benefit a growing number of Mozambicans.
The International Conference on Inclusive and Sustainable Development in Mozambique brought together economists, academics, policymakers, and development partners in Maputo to debate the principal challenges of the country’s economic transformation.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/07/09/economia/fausio-mussa-alerta-que-grandes-projectos-nao-garantem-desenvolvimento-inclusivo/
