Online Reporter
Zimpapers Sports Hub
THE good times are indeed gradually returning to the once-troubled as the domestic football body continue with their transformative phase.
In a new and yet welcome show of transparency rarely seen at ZIFA in decades, they published their latest accounts following an audit carried by reputable Harare firm BDO.
ZIFA yesterday reported a significant financial turnaround, concluding the year ended 31 December 2024 in a healthy financial standing with a substantial net surplus of $400 439.
This marks a remarkable improvement from the previous year, driven by strong revenue growth and effective financial management, as revealed in their recently audited abridged financial statements.
Strong Revenue Growth Fuels Surplus
Overall revenue for 2024 surged to $4,142,875, representing a remarkable 162 percent increase compared to $1,582,432 in 2023 with ZIFA’s improved relationship with FIFA paying off from the time the world body appointed a Normalisation Committee to run association, albeit on an interim basis before the watershed January 25, 2025 elections which ushered in Nqobile Magwizi’s leadership.
Resultantly FIFA grants were a major contributor, increasing to $3,361,596 in 2024 from $875,026 in 2023.
This substantial inflow from FIFA underpins a significant portion of ZIFA’s total income, making it a corner-stone of the association’s financial stability.
Further bolstering income, prize money experienced a notable jump from $24,747 to $250,000 in the same period, indicating success in competitions.
Match levies and television rights also saw a healthy increase to $167,684 from $89,115.
Despite a necessary increase in total expenses to $3,702,495 in 2024, up from $1,523,312 in 2023 (largely due to higher spending on international competitions and administration), ZIFA maintained a strong operating surplus.
ZIFA are still being pegged back by having to host Warriors matches away from Zimbabwe due to the pro-longed non-availability of the National Sports Stadium, which is yet to pass a Confederation of African Football eligibility test.
Without a home of their own, the Warriors have, unlike in the past failed to make a significant contribution to the ZIFA coffers from gate revenue as they have had to host their matches in Rwanda, Uganda and South Africa.
ZIFA’s operating surplus for the year stood at $440,380, a significant improvement from $59,120 in 2023. When factoring in a substantial gain on property revaluation of $321,903, the total comprehensive surplus for the year reached an impressive $722,342, showcasing a healthy overall financial performance.
ZIFA’s financial position also strengthened considerably by the close of 2024. Total assets grew to $4,152,363 from $3,258,410 in 2023. This positive shift was significantly influenced by a robust increase in current assets, particularly cash and cash equivalents, which rose from $249,084 in 2023 to $585,049 in 2024.
Trade and other receivables also saw a healthy increase to $545,000 from $311,433, indicating improved collection processes and liquidity.
The association’s cash flow statement further underscores their clean financial bill.
Cash generated from operations significantly increased to $472,642 in 2024, up from $212,567 in 2023. This strong operational cash generation, combined with a healthy increase in overall cash and cash equivalents of $305,965 for the year, demonstrates solid liquidity and financial stability.
The abridged financial statements for the year ended 31 December 2024 received an Unmodified Audit opinion from Messrs BDO Zimbabwe Chartered Accountants, affirming the integrity and reliability of the reported figures.
This robust financial performance, marked by substantial revenue growth, a healthy surplus, and a strengthened asset base, clearly positions ZIFA on a path of sustained development and growth, as high-lighted by Magwizi in review of operations. The decision by Magwizi and his executive to go public with their accounts, marks a fresh start, built on transparency, professionalism, and long-term growth.
The audited financials are also a shift in culture for local football, one focused on accountability and financial discipline after years of turmoil.
“This growth reflects increased funding from FIFA, allocated mainly towards international football competitions,” Magwizi said.
The ZIFA boss added that accountability and fiscal transparency are “non-negotiable pillars” of the ongoing restructuring.
“We were acutely aware of the magnitude of the task before us and the immense expectations from all football stakeholders,” Magwizi said.
“We have embraced this responsibility with a shared commitment to restoration, progress, and transformation. This journey is not merely about administration but about building a legacy that future generations will inherit with pride.”
One of the first governance priorities, according to Magwizi, was forming the committees required by the ZIFA Constitution. These will help drive football’s strategic direction and ensure proper oversight.
“These committees are pivotal to the governance and strategic planning of football in Zimbabwe. The ZIFA Executive Committee began formulating a strategic framework to capture our collective vision for Zimba-bwean football.”
ZIFA have also completed a Human Resources and Skills Audit to ensure the organization is staffed with qualified professionals who uphold ethical standards.
“Transparency and professionalism will continue to guide our governance structures as we work to restore confidence in our administration,” said Magwizi. He also pointed to improving economic conditions as a key support factor.
“The International Monetary Fund (IMF) projects Zimbabwe’s real GDP growth to reach 6.01 percent in 2025, a sharp rebound from a 2.0 percent contraction in 2024 caused by drought and macroeconomic in-stability.
“This anticipated recovery will support ZIFA’s resurgence and the achievement of our strategic goals, which are built on five key pillars.”
Those pillars include upgrading football infrastructure, strengthening grassroots and professional leagues, aligning governance with FIFA standards, boosting sponsorship and revenue streams, and pushing national teams to perform internationally.
