Mozambique Sovereign Wealth Fund rises 6.5% in three months under central bank management

The value of the Mozambique Sovereign Wealth Fund increased by 6.5% in the first three months under the management of the central bank, reaching US$117.026 million, according to data compiled by Lusa. On 10 December 2025, the government transferred US$109.97 million in gas exploitation revenues to the Bank of Mozambique (central bank), as manager of the Sovereign Wealth Fund, to capitalise and launch the fund’s operations. A further capital injection of US$6.159 million was made by the government on 6 January 2026.

As of 2 March 2026, according to the latest data from the Bank of Mozambique, the Sovereign Wealth Fund stood at nearly US$117.026 million — a 6.5% increase in three months — with a market value of US$117.061 million. The Mozambican parliament approved the creation of the Sovereign Wealth Fund on 15 December 2023, stipulating that it would be funded with 40% of annual gas exploration revenues, which are expected to reach US$6,000 million per year by the 2040s. In its role as manager, the Bank of Mozambique explained that the Sovereign Wealth Fund “is a portfolio of financial assets, managed in accordance with the principles, rules and procedures established by law”, and that its creation was “driven by the imperative need to ensure that revenues from oil and gas exploitation contribute to the country’s social and economic development”.

“Maximising the benefits for the national economy and ensuring that these serve as a stabilisation pillar for the State Budget, as well as a solid foundation for savings and wealth accumulation for future generations,” the central bank added, in its role as operational manager. The Mozambique Sovereign Wealth Fund “is owned by the State” and aims “to accumulate savings for future generations through revenues from oil and gas exploration and the returns on related investments” and “to stabilise the State Budget in cases of volatility in oil revenues”. The government is responsible for overall management of the Sovereign Wealth Fund, which “is operationally managed by the central bank in the international financial market” according to the investment policy, and is subject to both internal and external audits.

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In February, the International Monetary Fund (IMF) recommended that the Mozambican government strengthen governance reforms and safeguard the future management of the new SWF, which it already considers to follow international best practices. “Strengthening governance reforms will be key to protecting the integrity of the SWF structure and ensuring the efficient use of revenues from natural resources,” the IMF wrote in its conclusions on annual consultations of the Mozambican economy. The IMF report, dated 19 February 2026, noted that the management agreement for the SWF signed with the Bank of Mozambique in November 2025 “completed the fund’s legal framework”.

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