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Prosper Ndlovu in Victoria Falls
GOVERNMENT is not relenting in its fight against corruption and close collaboration between public and private sectors is critical in accelerating the adoption of good corporate governance principles to promote accountability and transparency, Vice-President, Dr Constantino Chiwenga, said yesterday.

His remarks come at a time Zimbabwe is making considerable effort in the fight against graft with the Government implementing various legislative measures, such as adopting the United Nations Convention against Corruption (UNCAC) into domestic law. The domestication of this treaty has reinforced existing laws such as the

Money Laundering and Proceeds of Crime Act, the Public Procurement and Disposal of Public Assets Act, and the Public Entities Corporate Governance Act.

The interventions are aimed at creating a strong framework that promotes transparency and accountability.

Officially opening the Chartered Governance and Accountancy Institute of Zimbabwe (CGAIZ) 2024 Annual Conference here, Dr Chiwenga said corruption represents a serious threat to the country’s progress, as it distorts markets, undermines the rule of law, and erodes public confidence.

“As professionals in key positions across both private and public institutions, it is imperative that you uphold ethical standards and categorically denounce all forms of corruption within your organisations,” he stated.

“Let me reiterate that let us all be ethical; ethical and ethical. Government is committed to collaborating with the private sector to create a corruption-free ecosystem through vigorous enforcement of anti-corruption laws, fostering strong partnerships, enhancing public awareness, and providing robust protection for whistle-blowers.”

By upholding the principles of good governance and actively participating in anti-corruption initiatives, Dr Chiwenga said the private sector can demonstrate its commitment to ethical business practices and contribute to a brighter future for the nation.

“The foundation of a prosperous and just society lies in strong governance and ethical accountancy. These are the cornerstones of our nation’s progress,” he said.

“Good governance fosters investor confidence, ensures business continuity and sustainability, and safeguards the public interest.

“It is not merely a compliance exercise but a strategic imperative that underpins economic growth and development.”

He challenged chartered governance and accountancy professionals to play their part in shaping the business landscape and ensuring ethical conduct across all sectors.

In line with the Second Republic’s transformative agenda, Dr Chiwenga said effective governance goes beyond mere regulatory compliance as it embodies the principles of proficient management, ensuring transparency, accountability, and ethical conduct, which are essential for national progress.

“Our ability to build a brighter future for Zimbabwe has been significantly supported by collaborative efforts and the exchange of innovative ideas,” he said.

“In today’s rapidly evolving world, technology is not just an enabler but also a catalyst for the change we seek.

“To realise Vision 2030, Zimbabwe must fully integrate advanced technologies into its governance and accountancy frameworks.”

In this regard, Dr Chiwenga said embracing artificial intelligence and automation can be instrumental in transforming various sectors by improving efficiency, accuracy, and fraud detection.

The adoption of e-governance platforms could also assist in streamlining public services, ensuring they reach all Zimbabweans effectively and equitably. The Vice President also reiterated the need to balance this with proper regulations and continuous review of existing corporate governance frameworks, seeking to provide general principles and guidance that apply to various categories of entities, both listed and unlisted, along with SMEs, non-profit organisations, and state-owned enterprises.

“Reforming our regulations to encourage compliance and adaptability will help ensure competition on the global stage and protection of the integrity of our institutions — a key requirement for the sustainable development envisioned by our developmental agenda,” he added.

“Let us work together towards a Zimbabwe where economic growth is not only rapid but also equitable and sustainable.”

Meanwhile, Dr Chiwenga said Government has made significant strides in laying the foundation for solid development, including introducing the new Zimbabwe Gold (ZWG) currency to stabilise the economy and advancing infrastructure projects that enhance public services.

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He said Government has further launched agricultural programmes aimed at boosting food security, which is crucial given the challenges of droughts and floods.

“Let us ensure that Zimbabwe’s path to posterity is paved with innovation, integrity, and inclusivity,” he said.

“The future we envision starts with the decisions we make today. Let us take bold steps towards implementing a transformative agenda in governance and accountancy.

“Together, we can build a Zimbabwe that is prosperous, fair, and prepared to meet the challenges and seize the opportunities of the 21st Century.”

This year’s conference runs under the theme “A Governance and Accountancy Transformative Agenda: Towards a Shared Future for Zimbabwe”, which aligns with President Mnangagwa’s vision of “an Empowered and Prosperous Upper-Middle-Income Society by 2030”.