Zimbabwe dumps ‘investor unfriendly’ Indigenisation Act

Cabinet has considered and approved the Principles of the Economic Empowerment Bill, aimed at creating a resource and administrative structures for supporting economic empowerment of citizens.

The principles will repeal the Indigenisation and Economic Empowerment Act (Chapter 14:33) which was deemed to be unfriendly to investors and pave way for the enactment of the new Economic Empowerment Act.

This law gave Zimbabweans the right to take over and control many foreign-owned companies by having them cede 51 per cent.

Minister of Information Publicity and Broadcasting Services Monica Mutsvangwa says the formulation of the draft Bill will be undertaken through a multi-stakeholder consultative process.

Speaking during a post cabinet briefing, she also said cabinet approved the General Amnesty 2022, in line with Section 112 of the Constitution of Zimbabwe which provides that the President after consultation with Cabinet may exercise the power of mercy to grant pardon to any person convicted of an offence against the law.

The rationale behind the proposal is to decongest the country’s prisons, whose population as at 29th August, 2022 stood at 22 114, against an official holding capacity of 17 000 inmates.

She pointed out that the Amnesty exclude the following; -those previously released on amnesty -Murder -Rape or any sexual offences -Human Trafficking -Robbery -Carjacking -Public violence -contravening ZESA Act,PTC Act, MOPA or any conspiracy -incitement or attempt to commit any of these offenses.

She also said Zimbabwe is food secure till next harvest, adding that the Grain Marketing Board (GMB)’s grain stocks as at 28 September 2022 stood at 550 464 metric tonnes comprising 475 966 metric tonnes of maize and 74 498 metric tonnes of traditional grains.

Mutsvangwa said preparations for purchasing the crop are underway resulting in the country attaining wheat self sufficiency, to last until the next harvest in 2023.

“Current wheat stock stands at 52 167 metric tonnes and will provide two months cover at a consumption rate of 21 000 metric tonnes per month. Harvesting of the 2022 winter wheat crop has commenced in many parts of the country,” she said.

Zwnews