ZIMBABWE’s Mutapa Investment Fund (MIF) is on the cusp of something potentially transformative not just for the fund itself, but for the entire Zimbabwean economy.
Projected to more than double its value to over US$30 billion by 2030, MIF is quickly climbing the ladder to become one of Africa’s largest sovereign wealth funds. But while this projection sparks excitement, it also invites a deeper question: will the growth of this fund finally bridge the gap between Zimbabwe’s rich resources and the economic wellbeing of its people?
Let us unpack what this valuation means and why, beyond the numbers, MIF’s performance is about trust, transparency, and tangible development.
Not so long ago, state-owned enterprises in Zimbabwe were largely synonymous with mismanagement, underperformance, and mounting debts. But MIF’s trajectory appears to be bucking that trend. Independent accounting firms last year pegged the fund’s value at over US$16 billion, which already made it a regional heavyweight.
The growth since then, driven largely by surging global gold prices, improved governance, and strategic recapitalisation, now positions the fund to possibly contribute up to 20 percent of Zimbabwe’s GDP by 2030.
To put that into perspective, this is no longer a fledgling state asset manager. If the US$30 billion projection materialises, MIF will outpace many better-known African funds, such as Botswana’s Pula Fund (US$5.3 billion), Angola’s FSDEA (US$2.98 billion), and Namibia’s Welwitschia Fund (US$15 million). Only Ethiopia, South Africa, and Libya would have larger disclosed asset bases.
This is not just impressive. It is monumental.
Much of the fund’s momentum is tied to Zimbabwe’s resource-rich mining sector, which has long been the bedrock of its economic output. When MIF was first valued, gold was trading at about US$1 800 per ounce.
Today, it’s past US$3 160 per ounce. The result? A dramatic increase in the valuation of MIF’s gold assets, especially those under Kuvimba Mining House, which is part of the fund’s sprawling portfolio.
But MIF is not betting solely on gold. The fund is backing energy exploration through its investment in Invictus Energy, the Australian company searching for oil and gas in Muzarabani. A US$5 million capital injection in 2024 helped support flow testing at the Mukuyu-2 well and other preparatory works.
If commercial production kicks off and all signs indicate it’s on the horizon, this single project could turbocharge Zimbabwe’s entry into the oil and gas industry, a sector it has long watched from the sidelines.
The strategic vision does not end there. According to Dr John Mangudya, CEO of MIF, the fund is pouring resources into exploration projects for lithium, chrome, and other critical minerals, ensuring that valuations are based on verified reserves through internationally recognised reporting standards like the JORC Code.
This meticulous groundwork does more than boost investor confidence; it changes the narrative. It tells the world that Zimbabwe is open for business, and we know exactly what we are offering.
While mining is the anchor, MIF’s portfolio is not a one-trick pony. The fund has ownership stakes in strategic companies across transport (NRZ, Air Zimbabwe, Zupco), telecommunications (TelOne, Telecel), energy (Zesa, Petrotrade, ZPC), financial services (POSB, Homelink), and agriculture (Arda Seeds, Cold Storage Commission).
This kind of diversity provides a hedge against volatility in any single sector. If properly managed, MIF could offer Zimbabwe the kind of macroeconomic stability that other resource-dependent nations struggle to maintain when commodity prices tumble.
More importantly, it could finally give Zimbabweans visible returns on their vast natural resource wealth in the form of better infrastructure, more jobs, and improved public services.
As President Mnangagwa stated in his 2024 State of the Nation Address, MIF is envisioned to “bolster performance and revenue from the mining and other sectors”, ultimately to benefit all Zimbabweans. That sentiment must translate into action.
The global shift toward green energy and new technologies has made minerals like lithium, nickel, and rare earths more valuable than ever. Zimbabwe possesses these in abundance. If the Mutapa Investment Fund can position itself as a credible, transparent custodian of these resources and channel their value into national development, it could redefine Zimbabwe’s economic destiny.
It is not an exaggeration to say that Mutapa could be Zimbabwe’s ticket to true economic sovereignty.
But this moment will not last forever. Commodity prices are cyclical. Geopolitical winds shift. And investors, both local and international, need certainty. That’s why MIF must move with urgency but also with integrity.
In theory, sovereign wealth funds are the ultimate symbols of intergenerational responsibility, a way for countries to convert finite natural resources into lasting national wealth. In practice, they are only as successful as the systems that support them.
Mutapa Investment Fund has the ingredients of a success story: a strong asset base, rising global demand for its holdings, and a strategic plan backed by executive support.
Now it needs to prove that it can rise above the politics, the past missteps, and the temptations of short-termism.
If it does, Zimbabwe will have more than just a well-performing fund. It will have built a platform for shared prosperity, economic dignity, and global respect
-Zimpapers
