Mozambique has approved a decree that guarantees the efficient management of revenues from oil and natural gas exploration. This regulation establishes a legal framework for accountability and good governance in the country’s natural resources sector.
The Mozambique Sovereign Fund, created by Law 1/2024 of January 9, aims to ensure that the proceeds from non-renewable resources are managed responsibly, promoting sustainable socio-economic development and generating savings for future generations.
The approved decree stands out for establishing fundamental principles of transparency, accountability, legality, independence, prudence and risk management. It also creates the Supervisory Committee, an independent body made up of civil society representatives, responsible for controlling and monitoring all operations related to revenues, deposits, resource allocation and management of the Sovereign Fund.
Another highlight of the decree is the creation of the Investment Advisory Board, made up of financial experts and independent members of the government, which will act as a consultative body, assessing investment opportunities.
The regulation also establishes the obligation for independent internal and external audits of the Fund’s accounts and operations. It also provides for the regular publication of detailed reports, including information on investments, revenues, profitability and risk levels.
With these measures, Mozambique is reinforcing its commitment to transparency and good governance in the management of its natural resources, ensuring that revenues from oil and gas exploration are used responsibly and sustainably for the benefit of present and future generations.
