Business Reporter
PRESIDENT Emmerson Mnangagwa has commended the high standards of transparency and professionalism demonstrated by the Mutapa Investment Fund (MIF) in its oversight role on State Owned Enterprises (SOEs).
MIF is the Sovereign Wealth Fund of Zimbabwe which was established in 2014 by an Act of Parliament, the Sovereign Wealth Fund of Zimbabwe Act [Chapter 22:20]. Originally established as the Sovereign Wealth Fund of Zimbabwe, it was fully operationalised and renamed Mutapa Investment Fund on 19 September 2023.
The fund was capitalised through the vesting of shares in thirty (30) State-Owned Enterprises (SOEs) and investments under the Government portfolio.
In a statement accompanying the MIF inaugural report, Mnangagwa said the MIF is a vital cog in the reform agenda as set out in the SOEs Reform Framework approved by the Second Republic in 2018 and incorporated in the National Development Strategy is key to the attainment of Vision 2030.
“I am therefore encouraged by the strides made by the Fund in strengthening governance frameworks including portfolio rationalization, improving transparency, and embedding international best practices across the Fund’s operations.
“Such reforms are vital to ensuring that our national assets are managed with integrity, professionalism, and accountability. The Fund’s growing capacity to attract partnerships—both domestic and international—reflects increasing confidence in Zimbabwe’s economic trajectory and the opportunities our nation presents,” he said.
Mnangagwa said the MIF strategy of resuscitating parastatals and returning them to their past glory remains clear and well informed by extensive research and recommendations from the State Enterprises Restructuring Agency and supported by the African Development Bank, whose technical assistance have been invaluable.
He said the model is designed to enhance governance and accountability by minimising bureaucracy, political interference, and eliminating reliance on the fiscus by companies under the Fund and rather ensuring increased and sustainable contribution to Treasury, employment creation and sustainable delivery of key services.
“As we look ahead, MIF will continue to be a key driver of strategic investments in energy, mining, infrastructure, agriculture, and manufacturing, especially the fertiliser value chain. These sectors are the engines of our growth, and their success will shape the livelihoods of millions of Zimbabweans. I urge the Fund to remain steadfast in its commitment to creativity, innovation, sustainability, and value creation,” Mnangagwa added.
