President Mnangagwa takes over the ZIDA Act from Finance ministry

TAKUDZWA HILLARY CHIWANZA

HARARE – President Emmerson Mnangagwa has transferred the administration of the Zimbabwe Investment and Development Agency (ZIDA) from the finance ministry to his own office, according to two legal notices published on Friday.

President Mnangagwa transfers ZIDA from Ministry of Finance to his own office

Image: @edmnangagwa/X

ZIDA, established in 2019, is a one-stop shop for investors seeking to set up businesses in Zimbabwe.

It was previously under the authority of Finance Minister Mthuli Ncube, who was responsible for promoting and implementing investment strategies, facilitating investment projects, and coordinating investment programs.

The Statutory Instruments amended the Assignment of Functions Act to state that the ZIDA Act is no longer under the Ministry of Finance and Economic Development, but under the President of the Republic of Zimbabwe.

The move has raised concerns among analysts, who say it signals a concentration of power by the executive and a lack of transparency in the management of the country's investment affairs.

"The removal of the Zimbabwe Investment Development Agency Act from the purview of the Finance Minister is a sign that the government is becoming more secretive and less transparent," economic analyst Mike Vareta said.

He added, "This is a worrying development, as it will make it more difficult for investors to understand and navigate the Zimbabwean investment landscape."

He said that the government should invest its energies on creating a more conducive environment for investment, rather than making it more difficult for businesses to operate.