Cape Verde Finance Minister Touts Stability Amid Transition
The outgoing Deputy Prime Minister and Minister of Finance of Cape Verde, Olavo Correia, has officially handed over his responsibilities, declaring that he leaves behind a nation on an upward trajectory. Speaking on the sidelines of the African Development Bank (AfDB) annual meetings in Brazzaville, Correia urged his successors to prioritize the economic stability established over the last decade.
A Legacy of Stability and Growth
“We are handing over a country that is growing, a country with stability, and one with great credibility at both the national and international levels,” Correia told Lusa. “We are leaving a nation that is confident in itself and its future.”
His remarks come in the wake of the May 17 legislative elections, which saw the opposition African Party for the Independence of Cape Verde (PAICV) secure an absolute majority. The results ended 10 years of governance by the Movement for Democracy (MpD). While highlighting his administration’s successes, Correia was candid about the road ahead, noting that the country still faces significant hurdles that require steady leadership.
A Warning to the Incoming Government
As the PAICV prepares to take the reins, the outgoing finance chief emphasized that political change must not come at the cost of fiscal discipline. He appealed to the new government to maintain the current “economic strategy” while finding their own path for reform.
“Preserve macroeconomic stability, preserve financial stability, and preserve monetary stability,” Correia cautioned, identifying these pillars as essential for Cape Verde’s continued development.
The Transition of Power
The National Elections Commission (CNE) has officially proclaimed the final results, confirming the MpD’s loss of five seats. The party will now hold 33 seats in parliament, while the Independent and Democratic Cape Verdean Union (UCID) saw its representation halved to two deputies.
“We deserve to be the opposition now,” Correia admitted gracefully. “We will strive to be the best opposition possible, focusing on oversight and building a strong alternative for our country.”
Next Steps for Cape Verde
With the official publication of results in the Gazette, the constitutional timeline for a transfer of power has begun. The President of the Republic will now consult with political leaders before formally inviting the PAICV to form a government. The new parliament is mandated to hold its inaugural session within the next 20 days.
Image: Pexels – Towfiqu barbhuiya
