adminThe Harare Stock Exchange will have under it an exclusive platform called IndigeNex for the exclusive participation by indigenous individuals and 100 percent indigenous firms to generate incomes and create employment.
This is outlined in that party’s 2013 Election Manifesto running under the theme “Indigenise, Empower, Develop and Create Employment”.
The plan would enable locals to acquire shares, companies and become owners of the means of material and value production in the mainstream economy.
Affirmative Action Group executive director Dr Davison Todson Gomo welcomed the plans Zanu-PF has for the next Government should it win the harmonised elections to be held next Wednesday. He said the idea was brilliant as it sought to retrace empowerment strategies Government should have embraced at independence from Britain in 1980.
Dr Gomo said he had nothing against the Zimbabwe Stock Exchange, but it tended to only address the interests of large foreign-owned companies and local conglomerates.
He said the system that the ZSE inherited in 1980 when Zimbabwe gained independence from Britain was defective, unsustainable and would remain like that.
“Any attempts to go back and pick up from where we should have started (at independence) in 1980 is going to be a welcome development,” Dr Gomo said in an interview yesterday.
The AAG boss said the ZSE was more elitist in its orientation and had nothing to do with the interests of the local people, but the proposed HSE should be a well managed and democratic stock market with unwavering business focus.
Dr Gomo said addressing the imbalances of the pre-independence Zimbabwe through indigenisation was at the centre of the indigenisation programme.
The indigenisation drive was already in motion before and during the recently expired inclusive Government and compels foreign-owned firms to turn over the majority shareholdings to indigenous black Zimbabweans.
Community and employee share ownership schemes, constituting 20 percent of indigenised foreign companies, have been rolled out in all the country’s 10 provinces while the balance of 31 percent shares will be warehoused under the National Indigenisation and Economic Empowerment Fund.
Zanu-PF plans to unlock a staggering US$7,3 billion from the value of indigenised assets during the five-year period after winning the July 31 elections.
The revolutionary party said that would create further basis for unlocking US$1,8 trillion from idle assets based on the technically determined or indicated economic or mining viability of Zimbabwe’s unexploited but measured expansive mineral reserves.
Zanu-PF’s indigenisation and empowerment initiatives outlined in its People’s Manifesto is envisaged to result in an average annual Gross Domestic Product growth rate of 9 percent by 2018 up from the current 4,4 percent
These initiatives will create 2,3 million jobs across the key sectors of the economy and contribute to export earnings, food security and to the fiscus.
Online Reporter