Zimpapers Logo

Business Reporter
ZIMBABWE is set to be among the fastest growing economies in Africa in the next two years, riding on transformational strategies being implemented by President Mnangagwa’s Government.

Finance and Economic Development Minister, Professor Mthuli Ncube, said this in New York, United States, at a business forum that was attended by President Mnangagwa who is in that country for the 73rd United Nations summit.

Prof Ncube told potential investors the “Zimbabwe is open for business” mantra was real and went on to highlight investment opportunities across sectors.
He also outlined the reform agenda being spearheaded by President Mnangagwa to drive robust economic growth. These measures, he said, were expected to catapult Zimbabwe into the elite league of the fastest growing economies in the region.

“Zimbabwe will be joining a group of countries in the next two years, which are the fastest growing countries in Africa, growing at about six percent per annum. So, it will be Zimbabwe, Rwanda, Ghana, Tanzania and Ivory Coast. Those are going to be the fastest growing countries in the world, that’s going to happen,” said Prof Ncube.

He said the new Government has adopted a progressive policy direction anchored on Vision 2030, which President Mnangagwa has launched.

Zimbabwe is eyeing upper middle-economy status by 2030. Prof Ncube said this dream will be achieved through strong pillars of governance and implementation of measures such as inclusive growth, public infrastructure, transparency, macro-economic stability and social development.

The minister said a comprehensive transitional transformation programme would be launched in the next four weeks by President Mnangagwa.

He said the country would also seek leverage from its rich human capital base, abundance of natural resources and favourable geographical location in the region.

The remedies also include resolving the country’s external debt burden so as to unlock fresh flow of capital. More impetus will be derived from key sectors such as agriculture, mining and the services sector, he added.

The mining sector continues to lead exports with gold output set to surpass this year’s target of 30 tonnes.

Prof Ncube, however, stressed the need to tame the import bill and reduce the trade deficit. He noted this will require concrete measures in reducing cost drivers to achieve competitiveness and scaling up public-private partnerships in infrastructure development.

In view of the above opportunities, Prof Ncube challenged the financial services sector to come up with innovative packages to support domestic growth.

“We have a strong financial sector, well capitalised but all I can say is that we just need more innovation in the financial sector,” he said.

President Mnangagwa and his team have assured potential investors that their investments were safe in Zimbabwe.