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Farirai Machivenyika Senior Reporter
The new Mutapa Investment Fund board that was appointed by President Mnangagwa last week has been hailed as a positive move that will ensure the country benefit from its resources and achieve its development goals.
This was said by Mr Walter Chimene, the Strategy Advisor of the Brand Ambassadors Development Forum in Zimbabwe in a statement, Friday.
The new board is chaired by Dr Chipo Mtasa and is deputised by Mr Lesley Ndlovu.
Other members are Ms Thembelihle Khumalo, Mr Farai Mtamangira, Mr Bart Mswaka, Dr Charity Jinya, and Mr Prassad Bhamre.
The Fund has taken over the running of 20 parastatals and State-owned enterprises.
“The announcement of the new Mutapa Investment Fund by the His Excellency, the President is greatly welcomed and its composition is well rounded. The convergence of the multi angled skillsets, regional and global exposure, winning track records will bring a wealth of value to the Fund.
“This is a touch of genius from His Excellency. This new board will ensure that there is real value of benefits, for future generations by creating an ecosystem with world class resources mobilisation, potential realisation through innovation, practical strategies and speedy implementation of key decisions,” he said.
The Mutapa Investment Fund, formerly the Sovereign Wealth Fund, was renamed through the publication of Mutapa Investment Fund: Presidential Powers (Temporary Measures) (Investment Laws Amendment) Regulations, 2023. The Sovereign Wealth Fund Act, which established the Sovereign Wealth Fund of Zimbabwe, was promulgated in 2015.
Last week, Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said the Fund will ensure a turnaround in performance of the concerned State-owned enterprises and parastatals.
“Traditionally, State-owned enterprises and local authorities used to contribute 40 percent to the country’s GDP. Over the years, not only did the positive contribution by State-owned enterprises cease, but they have generally become a drain on the fiscus, for many well documented reasons.
“His Excellency, the President has observed that the performance of State-owned enterprises can be enhanced by proper performance management, reformulation of their corporate strategies in line with the National Vision 2030 and NDS1, institution of effective governance frameworks, a strengthening of the institutions, effective capital raising and disciplined capital allocation,” he said.
Online Reporter