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Business Community Speaks on Govt Expectations, Finance Minister

The business community in Zimbabwe has added its voice in calling for strong institutions that help foster good governance while urging President Emmerson Mnangagwa to reduce government expenditure to below five percent of Gross Domestic Product.

In an interview with 263Chat, prominent Zimbabwean business person, Shingi Munyeza expressed hope that government will create space for them to actively participate in the economic development plan.

“Firstly we have begun initiatives to engage the new government on policy framework and a long-term economic development plan,what we need is the policy framework which will be supported by strong institutions and good governance.

“Government should have zero tolerance to corruption, robust pro-business policy framework, strong institutions and good governance. We also expect government to reduce its recurrent expenditure to below 5% of GDP,” said Munyeza.

Vincent Musewe an Economist and political commentator appealed for recapitalization of local businesses to replace obsolete equipment and ensure they regain competitiveness.

“Zimbabwean businesses are very old and we need recapitalization, we have been left behind  on the technology wise.

“We are still using old technology which makes our products less competitive in the international market place which means we can’t export because our prices are too high, our cost of production is also high.

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“We really need to address the issue of business viability and the question is how do we create new businesses that create products that are competitive in the market place,” said Musewe.

Asked on the type of Finance Minister Zimbabwe needs, Musewe said there is need for a well behaved person who does not consider politics more important than the economy.

“On the issue of finance Minister, l think what we need is discipline and having an ethical view and integrity so that we can begin to have someone we rely on, someone actually tell us exactly how it is.

“We need someone who doesn’t consider politics more important but considers the economy and the management of the finances of the country more important.

“We also need strong characters because the fundamental problem we have now is the issue of government deficit, the government is spending too much so we need someone who is very strong who can actually cut down the government expenditure because that is one fundamental problem that we have,” said Musewe.

Munyeza concurred with Musewe saying the ministry of finance requires a person who cannot be manipulated by politicians to make political decisions that cost the economy.

“We also need a finance Minister who is not easily manipulated by politicians to make political decisions which are costly at the expense of good economic decisions.

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“I think we need a President who should champion anti-corruption campaign by combining bite with bark,” said Munyeza.

Meanwhile CEO Africa Round table Chairman Oswell Binha last week said the country needs a platform to earnestly fight the scourge of corruption, grow the economy significantly, enforce fiscal austerity and re-position Zimbabwe as a credible investment destination within the global community.

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