admindetailed in the Indigenisation and Economic Empowerment Act, the starting point was the mining sector that committed to cede 10 percent ownership of their companies to local communities.
This was necessary considering that the mining companies had been for years extracting and shipping out our natural resources without giving anything to the locals, the custodians of the resources.
Zimplats effectively set the ball rolling when President Mugabe launched the US$10 million Mhondoro/Ngezi/Zvimba Community Share Ownership Trust.
This was to be followed shortly with the launch of the Mimosa Mining Company’s Zvishavane Community Share Ownership Scheme and Unki Mine’s US$10 million Tongogara Community Share Ownership Scheme Trust.
After the launches in Mashonaland West and the Midlands, the team moved on to Matabeleland where the US$5 million Gwanda Community Share Ownership Trust was conceived.
As the crusade continues heading to other mining communities, it is evident that the concept of community share ownership trusts is noble in that it is an opportunity for the locals to enjoy the proceeds of the mining operations in their areas while the resources are still there.
Is it not ironic that some of the multi-national companies would declare profits in foreign lands without giving any credit to the owners of those minerals?
This is a turning point whereby the locals now have a say in the operations of the erstwhile foreign-owned firms as 10 percent ownership is a significant shareholding in any going concern.
It is an opportunity for Zimbabweans to realise full value for their stake and influence policy, even at board level.
It is their right.
While some of the benefits of the shareholding may not be immediately felt, it must be understood in the context that this is a long-term investment that will be held in posterity, in perpetuity.
The seed money that was presented by the companies should not blinker the beneficiaries as it was only designed to kick-start the whole programme.
It is now up to the trustees to design sustainable development programmes that will transform community livelihoods.
Given that the Public Sector Investment Programme has literally died a natural death due to resource constraints, the community share trusts could easily fill this gap and rejuvenate activity in the communal areas.
Besides creating employment, such projects will definitely transform the communities, as they will be done by the people for the people.
From a business point of view, it will also boost economic activity in those areas and a sense of achievement will be cultivated whenever a project is completed.
As the ownership is protected by a Deed of Trust, no amount of haggling will defeat the cause of the trusts and no one should view it as a personal possession.
Concerns have, however, been raised in some quarters that the empowerment drive is only aimed at benefiting people in mining areas at the expense of the entire populace.
There is comfort in the proposed Sovereign Wealth Fund as some of the shares entrusted in the National Indigenisation and Economic
Empowerment Fund will address these concerns.
It is anticipated that once the preliminaries are cleared, ordinary Zimbabweans will be able to access this fund for their chosen ventures.
There is increasing urgency to make the indigenisation fund functional as a way to sustain the broad-based empowerment concept that
should be for the benefit for all Zimbabweans.
Critics of the indigenisation programme have suggested that it is intended to benefit only a selected few individuals at the expense of the majority.
There is increasing evidence, however, that the focus is not so much on individual wealth creation, but on developing communities.
Although it may be too early to judge the performance of the trusts at this stage, it is our hope that the resources will be put to good use and the results will be there for all to see.
There is no reason to doubt Government’s sincerity to eradicate poverty in the various areas that the community share trusts have been established and the focus now should be on sustainable development.
Online Reporter