Commercial Farmers' Union of Zimbabwe

Commercial Farmers' Union of Zimbabwe

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Mugabe backs 100% black ownership of Zimbabwe-based firms

Mugabe backs 100% black ownership of Zimbabwe-based firms

Sapa-AFP | 07 December, 2012 15:42

Zimbabwe President Robert Mugabe on Friday called for an overhaul of 
business laws to require 100 percent black ownership of firms, up from 51 

In a pre-election address to the ZANU-PF party faithful, Mugabe said the 
government would press ahead with controversial indigenisation policies, 
despite protestations from foreign investors.

“The notion that capital is more important than any other factors is 
nonsense,” Mugabe told 5,000 delegates in the central city of Gweru. “That 
philosophy is dirty, filthy and is criminal.”

Mugabe’s government passed a controversial indigenisation law two years ago, 
forcing all foreign-owned firms to cede a 51-percent share to locals, 
arguing it would reverse imbalances created during colonial rule.

“I think now we have done enough of 51 percent. Let it be 100 percent,” he 
told the last party conference before 2013 polls, which could well see the 
88-year-old’s name on the ballot for the last time.

In typically bombastic style, Mugabe’s comments plotted a clear populist 
platform for his re-election campaign.

“If you don’t want to abide by the rules go away.”

Mugabe and ZANU-PF face an uphill struggle to win over voters, many of whom 
are angered at the poor state of the economy.

The party must also patch up the damage done by internal splits that cost 
the party dearly in the 2008 general elections.

In that election, for the first time since independence in 1980, ZANU-PF 
lost its majority in parliament.

That helped force the veteran leader into a shaky power-sharing government 
with long-time rival Prime Minister Morgan Tsvangirai, whom he will face at 
the polls.


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