HARARE – President Emmerson Mnangagwa of Zimbabwe has appointed the board of the Mutapa Investment Fund, fully activating and operationalizing the national sovereign wealth fund.
The move comes as the government aims to ensure a return on investment in its companies.
Chipo Mtasa has been appointed as the chairperson, and Lesley Ndlovu as the vice chairperson.
Other board members include Thembelihle Khumalo, Farai Mtamangira, Bart Mswaka, Charity Jinya, and Prassad Bhamre.
The Mutapa Investment Fund, previously known as the Sovereign Wealth Fund, was renamed through the publication of the Mutapa Investment Fund: Presidential Powers (Temporary Measures) (Investment Laws Amendment) Regulations, 2023.
The Sovereign Wealth Fund Act, which established the Sovereign Wealth Fund of Zimbabwe, was promulgated in 2015.
This year has seen 22 state-owned enterprises, some of which were former parastatals, transferred from supervision by line ministries to the Mutapa Investment Fund.
This move is aimed at strengthening the Fund and finding more efficient ways to capitalize on its assets.
In a statement, Finance, Economic Development and Investment Promotion Minister, Mthuli Ncube, announced the board’s appointment and highlighted the government’s determination to earn a return on its investments in state-owned enterprises.
The board’s role will include implementing a robust monitoring and evaluation framework for the performance management of the Fund’s investments in these companies.
The Mutapa Investment Fund’s objectives include making secure investments for the benefit of future generations of Zimbabweans, supporting the government’s development goals, contributing to fiscal and macroeconomic stability, and generating revenue for the country from the returns on its investments.
Government officials aim to establish a world-class sovereign wealth fund, and it is expected that the appointed board will play a crucial role in achieving this goal.
President Mnangagwa took steps to transfer the government’s various shareholdings in 22 entities to the Fund through Statutory Instrument 56 of 2023, demonstrating a clear commitment to the operationalization and capitalization of the sovereign wealth fund.
The Mutapa Investment Fund is owned by the Republic of Zimbabwe.
Minister Ncube expressed the government’s focus on enhancing the performance of state-owned enterprises, instituting effective governance frameworks, strengthening institutions, raising capital effectively, and allocating capital prudently.
This approach is expected to lead to improved profitability, sustainable employment creation, and contributions to the national treasury by these companies.
With the appointment of the Mutapa Investment Fund board, the government seeks to ensure prudent management and efficient use of its investments in these state-owned enterprises, aligning them with the National Vision 2030 and the National Development Strategy 1.
