Indeginisation of banks in zimbabwe

It does not help that several people at the forefront of implementing the programme have tainted pasts. Is it in line with our national priorities.

Kasukuwere is on record as having said that with respect to paying for mining equity, the mineral reserves in the Zimbabwean soil were sufficient payment, which suggested that the government seeks to take control of the mining sector without paying a cent for it.

Indigenisation must therefore not be forced down our throats. In fact the President must not let that happen otherwise history will judge him harshly as is the case with most past African leaders who said much, but achieved little.

Chinamasa, Minister of Finance and Economic Development, on submission of Indigenisation Plans by the Financial Services Sector as published in the print media of today, 2nd April Any model adopted by Zanu PF must pass this test.

Mugabe clarifies indigenisation

The first principle we must appreciate is that not every black African wants to own an enterprise and there is nothing wrong with that.

This remains true of the latest policies imposed: It must be noted that General Notice No. If they had been honest and done what they professed was necessary, Africa would not be where it is today. What they want, and what they are getting, is the prevention of any hope of economic recovery, whatever the cost.

The choices we make must be left to the market and our own ambition. The purpose of the policies, therefore, is clearly much deeper than the widely discredited hopes that a lucky few beneficiaries of the indigenisation programme will suddenly become rich.

Very poor dividend prospects and the uncertain futures of the businesses are now seen to promise nothing but disappointment, so energetic defence of the policies can only mean that a few influential people are getting something else they want.

It must remain a personal choice we make. Why are we not increasing lobbies and activism around such areas. In particular, it is in conflict with Companies Act, with the Constitutional rights of citizens and with the obligations of the State to foreign investors, specially those from countries with which Zimbabwe has signed a Bilateral Investment Promotion and Protection Agreement.

The people of Zimbabwe are the owners and therefore must be the beneficiaries. Year after year it has been said that the Municipalities should not grant shop licenses to foreigners, and yet we still see them running all the down-town shops, evading taxes and usurping our balance of payments positions.

Ultimately any plans to be submitted by 31st March must remain guided by provisions of the Act and regulations. You can actually end up as major shareholders as has happened in companies like Schweppes.

any member of a meteor shower that is usually insignificant, but more spectacular every 33 years, and occurs annually in mid-November, appearing to radiate from a point in the constellation Leo. The worst constraints affecting Zimbabwe’s economic recovery continue to be self-inflicted policies that are still having profound effects on business confidence.

With Zimbabwe’s incredible amount of buried wealth under its land which is so immense that the world will be breaking doors to get into Zimbabwe once it embarks on a totally unique and untraditional march of new trade and commerce between those wanting to do business in Zimbabwe.

What is true indigenisation? Vince Musewe

Indeginisation of Banks in Zimbabwe Essay Unfortunately for the minister (Kasukuwere), banks are special and their interconnectedness makes a systemic crisis contagious and very costly. A disruption at one bank could have a knock-on effect not only on the entire banking sector but the entire economy.

For example, in Zimbabwe foreign banks were the first banks to offer ATM transactions and remote banking and that they have greatly sped up the process of loan applications. Garber () notes the ability of foreign banks to offer new financial products such as over-the-counter derivatives, structured notes, and equity swaps.

“I am pleased to advise that all the affected foreign-owned financial institutions operating in Zimbabwe have submitted credible indeginisation plans before the deadline of the 31st March

Indeginisation of banks in zimbabwe
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What is true indigenisation? Vince Musewe - Zimbabwe Situation