Commercial Farmers' Union of Zimbabwe

Commercial Farmers' Union of Zimbabwe

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Zimbabwe needs foreign capital – Mandiwanza

Zimbabwe needs foreign capital – Mandiwanza

Tuesday, 02 March 2010 14:37

HARARE – The Zimbabwean economy needs foreign capital if it is to emerge from the doldrums Robert Mugabe has driven it into through years of mismanagement and corruption, a senior executive linked to the President has said.

Anthony Mandiwanza, a close Mugabe ally and recently appointed Barclays (Zimbabwe) chairman told the Zimbabwe Stock Exchange-listed company’s shareholders in his annual statement on Tuesday that the only way out of the alleged recklessness by Mugabe was to get funding from international institutions such as the IMF.


Mandiwanza said,” The Zimbabwean economy will stand to benefit from enhanced foreign direct and portfolio investment…As an economy, we need to position ourselves for that recovery by ensuring that we have policies that attract foreign capital. Attracting foreign capital is an imperative for the Zimbabwean economy and the financial sector. In this light, we consider the ongoing engagements with the IMF and other multi-lateral institutions to be a positive development. If the recovery path is sustained and consistent economic policies are followed and applied, the financial sector can only recover.”


The statement came as Mugabe launched a much-discredited black empowerment policy in which he is expected to nationalize foreign companies.

 Mandiwanza’s statement, though written earlier, is seen as a ray of light in ZANU PF’s continued onslaught on foreigners since Mugabe lost elections to main challenger Morgan Tsvangirai of MDC-T in 2008. Tsvangirai as Prime Minister has distanced himself from Mugabe’s company grabbing initiative since it started.


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