Business Reporter
SENIOR officials at the Mutapa Investment Fund (MIF) reaffirmed their commitment to combat corruption in Zimbabwe’s public sector by signing integrity pledges with the Zimbabwe Anti-Corruption Commission (ZACC) on Wednesday.
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The move underscores MIF’s dedication to maintaining the highest standards of corporate governance and ethical conduct across its operations.
Corruption remains a significant challenge for Zimbabwe, with an estimated US$2 billion lost annually to corrupt practices across various sectors, including law enforcement, the judiciary, and local government. These issues often manifest in forms ranging from petty bribery to high-level corruption involving political elites. With the MIF overseeing a diverse portfolio of over 32 companies valued at approximately US$16 billion, the risk of corruption within its governance structures is an ongoing concern.
Established in 2014 and officially operational since 2023, MIF is a state-owned investment fund created from a combination of balance of payment surpluses, foreign currency operations, privatization proceeds, government transfers, fiscal surpluses, and resource revenues. As custodians of significant public assets, MIF’s leadership has emphasized the need to uphold transparency and integrity throughout its operations.
Dr. John Mangudya, CEO of MIF, highlighted the importance of this initiative, noting that the signing of the anti-corruption pledge is a critical step in ensuring that ethical leadership is embedded in the Fund’s governance framework. “This pledge reflects our commitment to the highest standards of transparency and accountability. By signing these individual integrity pledges, we are sending a strong message that integrity starts with each one of us,” Mangudya stated during the ceremony.
The CEO, who previously served as the Governor of the Reserve Bank of Zimbabwe, further emphasized that ethical leadership is a personal responsibility that must be exemplified at all levels, from senior management to investee companies. He stressed that such a culture of integrity must be actively cultivated and maintained throughout the organization.
In his address, ZACC Chairman Michael Reza urged MIF officials to move beyond symbolic gestures and to embody the values of integrity in their daily actions. “Corporate leaders must not only pledge integrity, they must live it. This is essential if we are to achieve the national vision of an upper-middle-income economy by 2030,” Reza remarked.
Reza also underscored the constitutional duty of public institutions to handle national resources with the utmost transparency and accountability, emphasizing that MIF, as a steward of public investments, holds a pivotal role in shaping the future of Zimbabwe. “The destiny of the people of Zimbabwe rests in your hands,” he added.
The signing ceremony represents a significant step in reinforcing MIF’s commitment to fostering a culture of good governance and ethical investment practices, aligning with broader national efforts to combat corruption and achieve sustainable economic growth.
