Business Reporter
PRESIDENT Emmerson Mnangagwa has challenged the Mutapa Investment Fund (MIF) to work towards attainment of a collective goal which will cascade benefits to all Zimbabweans.
The MIF is Zimbabwe’s State owned Sovereign Wealth Fund (SWF) which is a pool of resources i.e. public equities, commodity royalties and allocations from the government that will be invested for the future.
The history of the fund can be traced back to 2014 when the Sovereign Wealth Fund Act was enacted. The fund has very clear objectives such as to invest for future generations and support the country’s development goals amongst others.
Presenting a State of the Nation Address (SONA) Wednesday, President Emmerson Mnangagwa challenged the MIF top rally behind a pro-people agenda.
“Assets under the Sovereign Wealth Fund are envisioned to bolster performance and revenue from the mining and other sectors. The over-arching goal is for the rich natural resource endowments of our beloved motherland, to benefit all Zimbabweans,” he said.
The calls resonate with statements echoed by the MIF founding CEO and former Reserve Bank of Zimbabwe (RBZ) Dr John Mangudya who recently said in the long term, the fund intends to deliver meaningful dividends to the last man on the ground.
“Once the entities are commercially viable and profitable, they would reduce their dependence on Government support, freeing up resources for other priorities. Secondly increased production will lead to more employment opportunities and a more resilient economy.
“Third, Mutapa will contribute to achieving the objectives of the National Development Strategy and aspirations of Vision 2030by increasing Gross Domestic Product per capita income,” he said.
