- December 14, 2018
- Posted in NEWS
Zimbabwe Agenda for Sustainable Socio-economic Transformation (Zimasset) blue print was crafted to create hope in the recovery of Zimbabwe’s economy from the jaws of economic colonisation; it aimed at improving the lives of the common people through foreign direct investment and sustaining local miners by protecting them and giving them support through different government initiatives. However, the blue print was deemed not fair on certain parts on which Zimbabwean where lamenting that it needed to be stripped off.
Dickson Rudairo Mapuranga
Mining experts are of the view that, to attract foreign and local investment in the mining industry, Zimasset needs to be fully implemented so that citizens will gain from the riches of their land. However, the government needs to review its tax laws and review tariffs, for example electricity costs are too high. Also many laws are inconsistent for example labour and corporate laws, these inconsistencies in the Zimbabwean laws may block both local and external serious investors.
“When implementing Zimasset, the government can start by being transparent in its dealings, from there it will be easier to follow on what’s being done.” Said one expert commenting on the dangers of Zimasset being hijacked by corrupt elements.
However many experts in the mining industry are of the opinion that the Implementation of Zimasset is necessary in benefiting local people and firms, however, it is in need of serious revision to attract foreign investment. Experts believe that Zimbabwe need to identify strategic minerals that are necessary to the growth of the mining sector and the economy, minerals also need to be incentivised.
“We can’t start and stop different economic blueprints without their full implementation, how then do we judge their success or failure, tough laws attract serious and tough foreign investors”, said one miner who support the idea of foreign direct investment.
Experts are of the view that Zimasset is just a policy directed at improving socio and economic environment of Zimbabwe post investment, it does not pose any effects on investment but throw away bogus investors who could be here to milky and exhaust all the riches of the land with the locals receiving near to nothing. Foreign investment in the mining sector should be offered hand in glove with mineral processing firms to decrease the high rate of raw mineral exports, the government and laws needs to be tougher when mines don’t comply.
Caledonia mine, one of the most performing mines in Zimbabwe with stakeholders: The National Indigenisation and Economic Empowerment Fund 16 percent, Blanket Employee Trust Services 10 percent, and Gwanda Community Share Ownership Trust 10 percent. Caledonia was nominated number one performing mine in Zimbabwe in 2017. Gwanda community share ownership trust shares where a donation to the community under Zimasset. Foreign firms have been accused of sending profits to mother countries, however, through Zimasset the Gwanda community enjoy the riches of their land. Thus, Zimasset was supposed to be revised not entirely strapped.