On Tuesday, November 12, Mozambican business leaders reported that strikes and protests called by presidential candidate Venâncio Mondlane have caused an estimated loss of 24.8 billion meticais (€354 million) and damaged 151 businesses over a 10-day period.
Agostinho Vuma, president of the Confederation of Economic Associations of Mozambique (CTA), highlighted the severe impact on Mozambique’s trade, logistics, and transport sectors, with total losses reaching about 2.2% of the nation’s GDP.
The protests, centered in Maputo, erupted after Mondlane rejected the election results declaring Frelimo’s Daniel Chapo the winner. Many demonstrations have turned violent, with widespread destruction on November 7, leading to casualties, infrastructure damage, and looted businesses. Vuma cautioned that the economic losses could jeopardize Mozambique’s anticipated 5.5% growth rate, noting that vandalism alone has caused an estimated $45.5 million (€42.4 million) in damage, threatening over 1,200 jobs.
The transport sector, particularly in Maputo, has reported revenue losses of 417 million meticais (€6 million), as daily truck traffic through the city’s corridors has dropped significantly. The financial sector has also been impacted, with a 73.3% decline in daily foreign exchange transactions, plummeting from $60 million to $14 million on October 24 and 25.
Mondlane has since called for new demonstrations starting this Wednesday across all 11 provincial capitals, as part of an ongoing campaign to challenge the October 9 election results and protest “kidnappings” and “murders.” Earlier protests in October and early November have added to Mozambique’s escalating social and economic tensions, further straining the country’s economy.