Sovereign fund watchdog says it was shut out of key policy work
Mozambique's Supervisory Committee of the Sovereign Fund says the Finance Ministry was slow to share information and left it out of drafting the Investment Policy.
The Supervisory Committee of Mozambique's Sovereign Fund, an independent body that monitors revenues from the Rovuma natural gas project, says it was excluded from drafting the fund's management instruments. It also says it has not received the fund's annual financial report.
The complaints appear in the committee's first-quarter 2026 report, sent to Parliament, and were cited by the Plan and Budget Commission while reviewing the fund's 2025 accounts. The report also points to the absence of independent validation of projections, external audit and an independent expert, and to the unpublished management agreement with the Bank of Mozambique, signed on 19 November 2025.
The committee described revenue management as reasonable and said there was no breach of the law or regulations, despite organisational problems. It has recommended revising the law creating the fund and its regulations, to extend its oversight to projects financed from gas revenues.