Bulawayo eyes 50pc business formalisation rate

Zimpapers Business Hu

BULAWAYO Province is targeting a 50 percent business formalisation rate, building on its current 44 percent threshold, the highest in the country and double the national average of 22 percent as per Zimbabwe National Statistics Agency (ZimStat) findings.

Bulawayo Provincial Affairs and Devolution Permanent Secretary, Mr Paul Nyoni, revealed this atg a recent meeting with United Nations Women Eastern and Southern Africa deputy regional director, Mr Adama Moussa, who was leading a delegation assessing projects being implemented in the city.

Mr Nyoni said training programmes targeting informal traders had been instrumental in helping more players appreciate the benefits of formalising their operations.

“We have received a lot of training through partnerships with partners, which is moving us from being just informal traders to formalised traders.

“Even our Zimbabwe Revenue Authority Regional Office is pleased with what we are doing because we have these incredible statistics.

“The Zimbabwe National Statistics Agency (Zimstat) statistics show that Bulawayo has 44 percent formal businesses against a national average of 22 percent, which gives us a sense of pride.

“We are aiming to reach 50 percent in the coming years,” said Mr Nyoni.

Once the country’s industrial hub, Bulawayo’s fortunes declined in the early 2000s following an economic downturn that saw the closure of many companies.

However, renewed focus on training and collaboration is now driving a steady shift from informality to formalisation.

He attributed the progress to strong collaboration among key stakeholders in the city.