Online Reporter
Michael Tome
Business Reporter
THE Government remains committed to improving the livelihoods of millions of Zimbabweans through sustained economic growth, macroeconomic stability and disciplined fiscal and monetary management.
Finance, Economic Development and Investment Promotion Minister Mthuli Ncube made this commitment in a presentation delivered on his behalf by the chief director in the ministry, Mr Joseph Mverecha, during a public lecture hosted by the Zimbabwe National Defence University (ZNDU) yesterday.
The lecture was held under the theme, “An Assessment of the ZiG Performance in Driving Economic Transformation.”
Prof Ncube said the foundation for sustained economic growth rested on expanding Gross Domestic Product (GDP), maintaining macroeconomic stability, anchored by low inflation, and stable and disciplined monetary management.
Zimbabwe’s economic growth has averaged 5,58 percent over the past five years, despite the negative impact of a devastating drought in 2024, the Minister noted.
Going forward, Prof Ncube said, the Government planned to achieve an economic growth of between 7 and 9 percent to reach the per capita income levels targeted under Vision 2030, of an upper middle-income country.
The country’s per capita income is forecast to rise to US$3 300 in 2025 from US$2 893 in 2024, driven by strong real GDP growth prospects of 6 percent.
He said part of the Government’s strategy to enhance the country’s economic growth included implementing structural transformation measures.
The structural transformation initiatives are anchored on industrialisation, digitalisation, value addition and beneficiation of local endowments.
The Government has made significant headway in stabilising the economy and lowering inflation through tight fiscal and monetary policies.
Already, the measures have dissipated stubborn inflationary pressures of the past, in line with the Government’s policy target of domestic currency inflation of about 30 percent by the end of this year.
The Government of Zimbabwe is implementing key business regulatory reforms that are expected to streamline business operating costs, foster a friendlier business environment and drive stronger economic growth.
Prof Ncube noted in his presentation that these efforts are meant to improve the quality of life of ordinary Zimbabweans across the country.
He pointed out that the Government was aware of the socio-economic challenges affecting citizens, particularly in rural and peri-urban communities, where poverty, housing shortages, and limited access to healthcare and education remain major concerns.
“Low and stable inflation is not an end in itself. Our critical objective is to uplift the living standards of millions of our people. We are very much alive as a ministry, as a government of Zimbabwe, and many of our people are struggling.
“There are serious levels of poverty in the rural communities, peri-urban, sprawling peri-urban, accommodation and housing issues, access to health and education.
“These are key and critical issues that will be addressed by the government of Zimbabwe. But that can only happen if we can sustain the increase in GDP, and also adopt measures for structural transformation and inclusive growth,” said Prof Ncube.
Bongani Ndlovu