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Special Correspondent
Zimbabwe is becoming one of the most indigenised and empowered countries in the developing world in terms of the opportunities made available to the people. Since independence, the opportunities have widened and deepened as a result of Government pro-people policies such as the land reform programme, which is now widely acknowledged as a major source of economic prosperity for the country.
The empowerment policies have not been diminished by the daunting challenges that have come in the way over the last decade, such as the economic sanctions imposed by the West.
In this context, it becomes even more impressive that in the past decade 12 117 000 hectares of land have been “indigenised” — land which was previously in the hands of 3 500 beneficiaries of colonialism.
In the process, according to the new official figures released in June 2013, the Government has resettled 276 600 families who have created over one million jobs that have become a source of livelihood with enormous trickle-down effects for the economy.
Zanu-PF’s manifesto for the coming elections promises that in the next five years to 2018, the Government (if it wins the elections, which it says it will win comfortably), will create US$7,3bn from the indigenisation of 1 138 companies across 14 key sectors of the economy.
To date, equity valued at US$1,7bn is in the process of being acquired from foreign-owned companies, with a deadline of June 2013.
This includes equity in Zimplats (worth US$971m), Mimosa (worth US$550m), Anglo-American (US$142m), Pretoria Portland Cement (US$27,8m) and Caledonia (US$30m).
The manifesto pledges that another US$1,85 trillion will be created from the idle value of empowerment assets to be unlocked from parastatals, local authorities and also from the State to recapitalise the state-owned Agribank to the tune of $2bn in order to finance the stimulation of agricultural productivity.
Another US$3bn will go into the recapitalisation of the state-owned Industrial Development Bank of Zimbabwe (IDBZ) to finance the rehabilitation and the construction of physical infrastructure, while another US$2bn will be used to finance the rehabilitation of social infrastructure.
The Small Enterprise Development Corporation (Sedco) will also benefit from an injection of US$300m to fund innovative women’s and youth projects.
These initiatives are expected to create 2.26 million jobs across key sectors of the economy and contribute to export earnings and food security.
On the whole, the indigenisation and empowerment initiatives are expected to see an average GDP growth rate of 9 percent by 2018, up from the current 4, 4 percent.
The manifesto promises that 250 000 low-income housing units will be built; 1 250 public houses and buildings will be rehabilitated; 2 500 shell factories and vendor market stands will be created, 310 clinics and 300 schools will be constructed and a brand new Parliament Complex will be built in the Harare suburb of Mount Hampden.
The manifesto pledges to unlock value from the idle assets in the following ranges:
(a) US$1,85trillion of idle assets based on the country’s unexploited but measured mineral reserves
(b) US$7,68 trillion of idle assets in the custody of parastatals, and
(c) US$1,36 trillion of idle assets with local authorities.
Part of the money will be used to establish the Harare stock exchange (HSE), and create under it a platform called IndigeNex, for the exclusive participation of indigenous Zimbabweans and 100 percent indigenously-owned companies, to generate income and create employment.
“Only the indigenisation and people’s empowerment reform programme can meet the goals of the people.
There is no other alternative,” the Zanu-PF manifesto says.
“Therefore, Zanu-PF will unapologetically intensify the implementation of this programme over the next five years in order to meet the goals of the people.”
As such, the manifesto says, “foreign investors are most welcome but they must understand and accept that their most appreciated investment in terms of capital, plant and equipment translates to 49 percent of the joint enterprise or business, with the 51 percent remaining in the hands of Zimbabweans who own the natural resources for the benefit of the country’s current and future generations.” — New African.
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