africa Economy Elections FDI Mining Natural Resources Opinion Zimbabwe

Opinion: Zimbabwe can still reclaim ‘Jewel of Africa’ status

Approximate reading time: 2 minutes

The events following last month’s election were disappointing and unpleasant for a country with so much promise. Topped by Trump’s decision to extend economic sanctions on Zimbabwe shortly after results were announced.

Though the violence post-election has caused fright for many potential investors, recent policy developments depict the country’s commitment to economic development. Take for a example the amendments to the Mining Bill. The government removed clauses in the bill that required foreign mining companies to list locally, one of the many reasons production within the industry had declined.

The government also took a step to relax Mugabe’s indigenisation law for a investor-friendly Zimbabwe. Although the law still applies to the extractive industry, other industries are free for investors to venture into.

Moveover, the country is in the process of setting up Special Economic Zones in an attempt to boost local and foreign investments. The Special Economic Zones Authority has already been established and, the government is moving closer to gazetting incentives for companies operating within Special Economic Zones.

Earlier this year, the government introduced the Companies and Other Business Entities Bill which aims to update the Companies Act (1951) in a move to make it easier for investors to operate in Zimbabwe. Justice Minister, Ziyambi Ziyambi said,

“The current piece of legislation is outdated and makes it cumbersome for one to bring investment into the country, which is on the reasons which chases away investors”.

Despite the violence which erupted after the election, the government has made significant changes to transform the country’s economy. Currently, Zimbabweans patiently await the Constitutional Court’s ruling. The court’s decision will be paramount to ‘New Zimbabwe’ as the country prepares to drive forward.

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