Online Reporter
Nqobile Bhebhe, Zimpapers Business Hub
THE Zimbabwe Football Association (Zifa) recorded a dramatic 162 percent jump in revenue for the year ending December 31, 2024, signalling what its new leadership says is a fresh start built on transparency, professionalism, and long-term growth.
Zifa’s audited financials, now released, mark a shift in culture for local football, one focused on accountability and financial discipline after years of turmoil.
Zifa president Nqobile Magwizi, revealed that the association pulled in US$4 142 875 in 2024, up from US$1 582 432 the previous year.
“Revenue for the year ended December 31, 2024 was US$4 142 875, compared to US$1 582 432 for the same period in 2023, representing a 162 percent increase,” said Magwizi.
“This growth reflects increased funding from Fifa, allocated mainly towards international football competitions.”
The results are part of a broader reform effort led by the new executive committee, which took office in January and pledged to rebuild Zifa’s credibility and restore trust among players, fans, and sponsors.
Magwizi said accountability and fiscal transparency are “non-negotiable pillars” of the ongoing restructuring.
Zifa’s expenses climbed to US$3,702,495 in 2024, up from US$1,523,312 in 2023. The spike was driven by rising costs tied to international fixtures and administrative overhauls aimed at supporting long-term development. Despite the increase, Zifa ended the year with a net surplus of US$400,439, a notable leap from the US$69,417 surplus posted the year before.
“We were acutely aware of the magnitude of the task before us and the immense expectations from all football stakeholders,” Magwizi said.
“We have embraced this responsibility with a shared commitment to restoration, progress, and transformation. This journey is not merely about administration but about building a legacy that future generations will inherit with pride.”
One of the first governance priorities, according to Magwizi, was forming the committees required by the Zifa Constitution. These will help drive football’s strategic direction and ensure proper oversight.
“These committees are pivotal to the governance and strategic planning of football in Zimbabwe. The Zifa Executive Committee began formulating a strategic framework to capture our collective vision for Zimbabwean football.”
Zifa has also completed a Human Resources and Skills Audit to ensure the organisation is staffed with qualified professionals who uphold ethical standards.
“Transparency and professionalism will continue to guide our governance structures as we work to restore confidence in our administration,” Magwizi added.
He also pointed to improving economic conditions as a key support factor.
“The International Monetary Fund (IMF) projects Zimbabwe’s real GDP growth to reach 6.01 percent in 2025, a sharp rebound from a 2.0 percent contraction in 2024 caused by drought and macroeconomic instability.
“This anticipated recovery will support Zifa’s resurgence and the achievement of our strategic goals, which are built on five key pillars.”
Those pillars include upgrading football infrastructure, strengthening grassroots and professional leagues, aligning governance with Fifa standards, boosting sponsorship and revenue streams and pushing national teams to perform internationally.
Calling for unity, Magwizi emphasised that Zifa’s transformation will only succeed with buy-in across the football ecosystem.
“Our success will not be measured by words, but by consistent effort and united commitment. Zimbabwean football belongs to us all. Its revival depends on our unity, integrity and shared ambition. Let us work together.
“Let us dream together. Let us build a football legacy that stands the test of time.
“The journey ahead will demand resilience and unwavering dedication, but I am confident that with collective resolve, Zimbabwean football will rise again.”
Financially, the signs are promising. Zifa’s total asset base climbed to US$4,152,363 in 2024, up from US$3,258,410 in 2023, driven mainly by gains in property and equipment, now valued at US$3,026,564.
Cash and cash equivalents more than doubled to US$555,049, up from US$249,084. Current assets hit US$1.1 million, helped by stronger trade receivables and a near 123 percent rise in cash holdings.
On the equity side, Zifa’s total reserves reached US$3,662,253, compared to US$2,939,911 in 2023. Accumulated funds rose to US$1,125,733, up from US$725,294, while the revaluation reserve expanded to US$2,536,520 after asset reappraisals.
Liabilities were kept in check at US$490,110, up from US$318,499 the year before, with trade and other payables making up the bulk of that total at US$471,565.
If one looks at the figures given on a comparative basis, ZIFA has not done much to show any significant improvement from 2023. What it has improved though is positive talking using sweet words and semantics with no substance at all. Our football continues to die, that’s the bottom line.