Online Reporter
Zimpapers Reporter
ZIMBABWE’S small and medium enterprises contribute more than half of the country’s national wealth, the Senate heard on Thursday.
Speaking during Question Time in the Senate, the Minister of Women Affairs, Community, Small and Medium Enterprises Development Monica Mutsvangwa painted a vivid picture of the country’s SME landscape, describing it as central to economic survival and growth.
“More than 60% of the wealth of this country emanates from the SMEs,” she said, emphasising that many of Zimbabwe’s black-owned companies fall within this category.
Minister Mutsvangwa explained that recent surveys had revealed more than five million SMEs operating across the country.
“These are the businesses that are feeding families, educating children, and keeping the economy alive,” she said.
The Minister went further to highlight that small-scale miners now account for the largest proportion of gold delivered to national reserves.
“We have about 51 tonnes of gold per year, and 61% of that gold is coming from SMEs,” she noted.
She expressed concern, however, about the conditions under which many young miners operate, recalling a visit to Gokwe Hospital where she found an entire ward filled with miners suffering from preventable injuries and illnesses due to a lack of protective equipment.
Minister Mutsvangwa also lamented the challenges SMEs face in accessing capital.
“What makes our industry lag behind is lack of funds,” she explained, calling on Treasury to inject more resources into the Women’s Bank and SMEDCO to ensure that businesses can expand, formalise and contribute even more to national development.
“We cannot make a person who has started their company today pay the same tax as those who are already in business,” she said. “We must encourage them to formalise, not punish them.”
