PRESIDENT Mnangagwa has appointed the board of the Mutapa Investment Fund, to fully activate and operate in national sovereign wealth fund.
In a statement released on Monday, Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, announced the board, Dr Chipo Mtasa chairperson of the Fund and Mr Lesley Ndlovu vice chairperson.
Other board members appointed were Mr. Farai Mutamangira, Thembelihle Khumalo, Bart Mswaka, Mrs Charity Jinya and Prassard Bhamre.
Prof Ncube said, “Traditionally, State-owned enterprises and local authorities used to contribute 40 percent to the country’s GDP. Over the years, not only did the positive contribution by State-owned enterprises cease, but they have generally become a drain on the fiscus, for many well-documented reasons.
“His Excellency, the President has observed that the performance of State-owned enterprises can be enhanced by proper performance management, reformulation of their corporate strategies in line with the National Vision 2030 and NDS1, institution of effective governance frameworks, a strengthening of the institutions, effective capital raising and disciplined capital allocation.”
“Government is determined to establish a world-class sovereign wealth fund and it is envisaged that the board will make a strong contribution towards this objective,” Prof Ncube said.