Chronicle Editor
Nqobile Bhebhe in Victoria Falls
FINANCE, Economic Development and Investment Promotion permanent secretary Mr George Guvamatanga has clarified the recently promulgated Mutapa Wealth Fund saying “there was a lot of mischief” which needed to be urgently rectified.
Addressing delegates during the Zimbabwe Economic Development Conference (ZEDCON 2023) in Victoria Falls on Monday morning, Mr Guvamatanga said “There is nothing new on exemption on procurement, nothing new, go and read the Act again,” he said.
“They (entities) have not been exempted. To be clear, in terms of the law, exemption applies to the fund and not any other entities listed.
“All this noise of all institutions being exempted is not correct. The fund needs to be quick, cost effect and it was important to place it at par with its peers.”
He said issues concerned can be fixed with proper management adding that there should be discipline on investments made as Government is committed to have parastatals operate profitably.
“The fund is wholly owned by Government and Government is the beneficiary of the fund.
“The current board will be equiped with appropriate skills”.
A recent Statutory Instrument gazetted by President Mnangagwa invoked his Presidential Powers to temporarily amend the Investment Laws to rename and upgrade the old Sovereign Wealth Fund and transfer the shares in the 20 State-owned enterprises to the Mutapa Fund.
The Government shareholding in a large block of 20 State-owned companies has been transferred to the Mutapa Investment Fund, the upgraded and renamed Sovereign Wealth Fund, including mines, major power stations, the National Railways of Zimbabwe, Air Zimbabwe, NetOne and TelOne, Cottco and Zupco.
More to follow…
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