Michael Mashiri
President Emmerson Mnangagwa has approved the appointment of seven trustees, who are going to work as board members of Mutapa Investment Fund.
Mutapa Investment Fund, formerly Sovereign Wealth Fund of Zimbabwe, was established under the Sovereign Wealth Fund Act, Chapter 22:20.
The Investment Fund is owned by the Republic of Zimbabwe as set out in Subsection 2 of Section 3 of the Act.
In a press statement, Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube, expressed gratitude to Mnangagwa for the appointment of Chipo Mutasa, Chairperson, Lesley Ndlovu, Vice Chairperson, Thembelihle Khunalo, Farai Mtamangira, Bart Mswaka, Charity Jinya and Prassad Bhamre into the board.
The Finance Minister said the President through SI 56 of 2023, had made important amendments to the Sovereign Wealth Fund of Zimbabwe Act, which included the transfer of the Government of Zimbabwe’s various shareholdings in twenty-two entities to the Fund.
“Following consultations with various stakeholders, His Excellency has now taken a substantive and deliberate decision to operationalise the Fund as well as to capitalise it appropriately.
“The Fund was also renamed Mutapa Investment Fund through the publication of Mutapa Investment Fund: Presidential Powers (Temporary Measures) (Investment Laws Amendment) Regulations, 2023,” he said.
He highlighted the role of SoEs used to play in the development of the country’s gross domestic product stating the contribution had, however ended.
“Traditionally, SoEs and local authorities used to contribute 40% to the country’s GDP. Over the years, not only did the positive contribution by SoEs cease, but they have generally become a drain on the fiscus, for many well-documented reasons,” he added.
He said the Fund’s objects were to make secure investments for the benefit of and enjoyment of future generations of Zimbabweans, to support the development objectives of the Government, including its long-term economic and social development and to contribute to the revenues of Zimbabwe from the net returns on its investments.
“Government is determined not only that it earns a return in its investments starting with foster sustainable employment creation, and ultimately that the companies operate profitably and contribute to the fiscus,” he said.
He highlighted that this could be achieved through the implementation of robust monitoring and evaluation institutional framework by the Fund as part of the performance management system in respect of companies in which it is invested.
Prof Mcube said the Government was committed to the creation of a resounding wealth fund and wished the new board members success in their new role.
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