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Zisco Steel Board Chair Resigns

Renowned economist and financial analyst, Gift Mugano has resigned as board chair of the Zimbabwe Iron and Steel Company (Zisco steel) barely a year after his appointment in September last year.

Mugano has come under pressure recently over comments in the public media which were perceived to be in conflict with government policy, a development that attracted criticism from some government officials.

In a letter directed to Industry and Commerce Minister, Sekesai Nzenza, the outspoken economist expressed frustration over being criticized for expressing his opinion in public discourse by virtue of holding the highest post in a state enterprise.

“As a follow up to our conversations over my comments on public media on Government policies which are viewed by some sections of Government as in direct conflict with my role as a board member of a State Enterprise, I took a reflection of the concerns and decided to resign from the Zisco board,”

“The decision to resign is built on a firm view that I believe that my contribution on the policy discourse is of primary importance which cannot be forfeited in favor of maintaining a micro role as the interim chairman and board member of ZISCO,”

“For avoidance of doubt, notwithstanding the arguments that my comments are negative and retrogressive, evidence shows that in a number of times policy makers regularly took up my submissions,” read part of the resignation letter.

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In March this year, Mugano slammed government for “prematurely” introducing the local currency without the right conditions to sustain it.

Mugano was tasked with the difficult task of resuscitating ailing industrial giant, ZISCO STEEL which has endured years of stagnation.




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