Commercial Farmers' Union of Zimbabwe

Commercial Farmers' Union of Zimbabwe

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Govt to take over closed companies

Govt to take over closed companies

Over 80 companies that have closed down in Bulawayo will be taken over and 
allocated to locals through the Ministry of Youth Development, 
Indigenization and Empowerment, a government official has said.

by Ashly Sibanda

Fidelis Fengu, the Deputy Chairperson of the Special Advisory Board in the 
ministry, told journalists in Bulawayo that a list of companies that are set 
for take-over is almost complete.

“We are identifying all the closed companies in Bulawayo. There is no reason 
why these companies should remain closed when youths are jobless.

“We want to take over these companies and indigenize them so that people can 
go back to work, so that the youths can be empowered,”

Fengu said during the press conference.

He said the Youth Ministry was also crafting an insurance policy that would 
force banks to finance the take-over of the companies and youth projects 
across the country.

Fengu accused banks of resisting finding youths projects.

“The youth have always been said to be a risky investment area. Banks do not 
want to bankroll our projects. We have tabled a proposal to the ministry to 
create an insurance policy that will save as collateral to the banks so that 
we manage risks associated with giving loans to the youth,” he added.

Over 80 companies have closed shop in Bulawayo in recent years, rendering 
more than 20 000 workers jobs.

Other companies have either downsized operations or relocated to Harare 
citing unfavorable business conditions in the city. 


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