Online Reporter
Oliver Kazunga in Victoria Falls
ZIMBABWE’S mining reforms have won strong continental endorsement, with a leading African mining executive saying the policy changes could unlock billions of dollars in fresh investment and propel the country into the league of Africa’s top mining destinations.
Speaking at the Chamber of Mines of Zimbabwe Annual Mining Conference here yesterday, Ghana Chamber of Mines chief executive officer Dr Kenneth Ashigbey said Zimbabwe’s recent policy recalibration had sent powerful signals of confidence to both local and international investors.
Dr Ashigbey singled out Government’s decision to revise proposed mining royalties and raise windfall tax thresholds as evidence of a responsive and investor-conscious policy framework.
“I commend the Government of Zimbabwe for recent policy re-calibration, particularly the revision of the royalty proposal and raising of the windfall tax thresholds.
“Those decisions are significant — they send important governance signals to investors, both local and foreign.
“They reinforce predictability, demonstrate that policymakers are listening, and they show that Government is willing to re-calibrate fiscal frameworks in partnership with industry,” said Dr Ashigbey.
His remarks come as President Mnangagwa continues to drive sweeping ease of doing-business reforms aimed at unlocking investment, accelerating mineral beneficiation, expanding exploration and boosting output across key minerals, including gold, lithium and steel.
In May this year, Government ordered a comprehensive review of licences, permits, levies and fees in the mining sector to enhance competitiveness and strengthen the industry’s contribution to economic growth.
Dr Ashigbey said Zimbabwe possessed all the ingredients required to become one of Africa’s most influential mining jurisdictions.
“The challenge is not geology, it’s strategy and policy alignment. Zimbabwe has an opportunity today to become one of Africa’s most important mining jurisdictions,” he said.
Zimbabwe’s mining sector remains the backbone of the economy, contributing between 12 and 15 percent of Gross Domestic Product and generating more than 75 percent of export earnings.
The sector is also the country’s largest source of foreign currency, playing a critical role in supporting macro-economic and exchange rate stability.
Dr Ashigbey pointed out that policy uncertainty remained one of the biggest threats to mining investment across Africa, as some governments adopted fiscal measures that inadvertently discouraged investment and fuelled informality.
“Across Africa, one of the greatest risks confronting the mining sector today is policy uncertainty. Short-term fiscal pressures are causing many governments to adopt measures that unintentionally discourage investment, delay projects and increase informality. Zimbabwe has chosen a more strategic path,” he said.
He said excessive taxation and unpredictable regulations often resulted in reduced investment, lower production and increased mineral smuggling, ultimately undermining government revenues.
“The decision to avoid excessive fiscal burden helps to protect production, sustain gold deliveries, preserve currency stability, accelerate formalisation, reduce smuggling and improve long-term State revenues. This is smart policy.”
Dr Ashigbey said global shifts in the gold market had created a unique opportunity for Zimbabwe to leverage its vast mineral wealth to drive broader economic transformation.
“Gold is no longer just a store of value, but it’s becoming a strategic asset, a reserve asset, a geopolitical hedge, a currency stabilisation tool and increasingly a foundation for sovereign resilience,” he said.
He added that investors were increasingly seeking countries with credible institutions, predictable regulations and respect for contracts.
“Capital goes where policy credibility exists; capital goes where contracts are respected.
“Capital goes where institutions function.”
Dr Ashigbey also commended Mutapa Investment Fund for consolidating strategic national mining assets and promoting indigenous participation in the sector, saying local ownership and international investment could successfully co-exist.
Meanwhile, Gold Producers Association of Zimbabwe president Mr Qubeka Nkomo said prospects for the country’s gold sector remained bright, with output expected to continue rising on the back of firm international prices and ongoing expansion projects.
“In the outlook for 2026, the favourable market conditions for gold are expected to persist, with gold output anticipated to surpass 55 tonnes and gold exports projected to reach US$5 billion,” said Mr Nkomo.
He said gold had become the dominant contributor to Zimbabwe’s mineral exports, accounting for 54 percent of total mineral export earnings and 44 percent of national exports last year.
Mr Nkomo said gold production rose to a record 50,6 tonnes in 2025 from 38,5 tonnes in 2024, representing a 31 percent increase driven by strong prices and continued investment across the sector.
