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Vusumuzi Dube in Maphisa
ZIMBABWE’S economy is on a firm growth trajectory driven by macro-economic stability, agricultural recovery, infrastructure development and rising export earnings, which signals boldness towards achieving an upper-middle-income economy by 2030, President Mnangagwa has said.
Addressing thousands of people, who braved the wet and chilly weather to attend the 46th Independence Day celebrations at Maphisa Stadium in Matobo District yesterday, the President said the country has registered commendable growth across key sectors, with reforms beginning to yield positive results.
“The economy has registered commendable growth anchored on a stable macro-economic environment. Foreign currency reserves now stand at more than US$1,2 billion, on the strength of a favourable gold sector,” he said.
This has been made possible through implementation of comprehensive economic reforms, which have helped tame inflation, leading to a record single-digit annual inflation rate in January 2026, a development President Mnangagwa said has strengthened confidence in the local Zimbabwe Gold (ZiG) currency.
He highlighted how exchange rate stability has been supported by strong foreign currency inflows, which exceeded US$16 billion, largely from exports of gold, tobacco, platinum group metals and diaspora remittances.
In a bold move to further enhance Zimbabwe’s investment climate, President Mnangagwa said his Government has reviewed taxes, fees and levies across critical sectors to enhance the ease of doing business, while urging the banking sector to improve access to financial services.
“With regards the ease of doing business and enhancing Zimbabwe as a favourable investment destination, the review of taxes, fees and levies has been effected across critical sectors of the economy,” he said.
Agriculture has emerged as one of the strongest pillars of the economy, with the President revealing that the country is already expecting a bumper harvest in both maize and wheat production.
“This year’s celebrations are being held in the midst of yet another successful agricultural season. The 2024/2025 summer season produced 2,4 million tonnes of maize and close to 635 000 tonnes of traditional grains, exceeding the national annual grain requirement,” he said.
President Mnangagwa also said the 2025 winter wheat harvest has exceeded national demand after reaching over 640 000 tonnes against a requirement of 550 000 tonnes, adding that strategic grain reserves were safeguarding national food security.
He noted that the Second Republic was investing heavily in climate-proofing agriculture through irrigation development, grain storage expansion and value addition to transform the sector into a net exporter.
“Going forward, under the Second Republic, the agriculture sector is becoming a net exporter of value-added produce,” he said.
The President further highlighted the success of tobacco farming, which he said reached a record 355 million kilogrammes during the 2024/25 season, generating over US$1,2 billion, while horticulture exports had surpassed US$140 million on the back of strong performance in blueberries, macadamia nuts, citrus and avocados.
On mining, President Mnangagwa said the sector had posted exceptional growth since the advent of the Second Republic and was projected to expand by 6,3 percent this year.
“Government resolved to unlock the full potential of Zimbabwe’s rich mineral endowment, for the benefit of all citizens,” he said.
Among the key milestones is the fact that lithium companies in Gwanda, Bikita and Kamativi were establishing beneficiation plants, while Prospect Zimbabwe Limited was set to commission a lithium sulphate plant, developments expected to boost value addition and export earnings.
President Mnangagwa also identified infrastructure development as central to economic transformation, saying major road rehabilitation and construction projects were being accelerated to improve connectivity and facilitate trade.
“The completion of Beitbridge-Masvingo-Harare Highway; rehabilitation and upgrading of the Beitbridge-Bulawayo and Bulawayo-Victoria Falls Road; construction of the Harare-Chirundu Road; construction of traffic interchanges; and upgrading of our Border Posts, will be accelerated,” he said.
This is being consolidated by installation of e-gates at Beitbridge Border Post, which is already reducing congestion and improving trade efficiency at the country’s busiest port of entry, said President Mnangagwa.
The tourism sector on one hand has also posted robust gains, growing by 10 percent in 2025 and generating US$1,3 billion in receipts while attracting US$194 million in investments.
“The tourism sector continues to realise unprecedented accomplishments,” said President Mnangagwa, adding that Zimbabwe’s recognition by Forbes as the world’s best country to visit in 2025 affirmed the growing strength of Brand Zimbabwe.
He said Government was also expanding rural industrialisation through Village Business Units and agriculture business schemes aimed at improving household incomes and reducing poverty in rural communities.
President Mnangagwa praised small and medium enterprises, especially those led by women and youths, for their contribution to employment creation and national economic growth.
“I want to commend Small and Medium Size Enterprises, particularly women and youth-led businesses, for their contribution to national employment and the economy as a whole,” he said.
On housing, President Mnangagwa said more than 800 000 housing units had been delivered under the National Development Strategy through public-private partnerships, while Government continued to roll out title deeds programmes to enhance land tenure security.
He said the country’s technological transformation was also gathering pace, citing the launch of the Zimbabwe National Artificial Intelligence Strategy as a key milestone in integrating innovation into the economy.
With Vision 2030 now only five years away, President Mnangagwa said Zimbabweans must remain productive and united to consolidate the gains achieved so far.
“Our Vision to attain an upper middle-income society is now five years away,” he said.
The President further commended Zimbabweans for their resilience and entrepreneurship, saying their efforts were uplifting the country’s economy province by province.
“Your hard work, resourcefulness, entrepreneurship and resilience is paying off,” he said.
This year’s Independence Day celebrations were held under the theme: “Zimbabwe at 46: Unity and Development Towards Vision 2030”.
Online Reporter