Devine Chaminuka Mafa has penned a letter to President Emmerson Mnangagwa concerning changes made to the Sovereign Wealth Fund of Zimbabwe (SWFZ).
Mafa said the changes made without any consultation with the public or Parliament, give Mnangagwa unfettered power over the fund.
Dear President Mnangagwa, Members of Parliament, Senate, and People of Zimbabwe,
I am writing to you today to express my deep concern about the recent changes to the Sovereign Wealth Fund of Zimbabwe (SWFZ), which were made on **October 2nd, 2023**, through **Statutory Instrument 156 of 2023 (SI 156/2003)**, and on **September 19th, 2023**, through the **Sovereign Wealth Fund of Zimbabwe Amendment Act**.
These changes, which were made without any consultation with the public or Parliament, give you, Mr. President, unfettered power over the fund, including the power to appoint the board members and CEO, and to make investment decisions. The fund is also exempt from public procurement laws and Parliamentary scrutiny.
I am particularly concerned about the lack of transparency and accountability associated with these changes. It is essential that the public have confidence in the management of the SWFZ, and that the fund is used to benefit all Zimbabweans. However, these changes make it possible for you to access and spend the money without having to answer to anyone. This is a recipe for corruption.
I am also concerned about the potential for these changes to undermine the country’s economy. Investors are less likely to invest in Zimbabwe if they believe that the government is not committed to transparency and accountability. This could lead to a decline in foreign investment and economic growth.
I urge you to reconsider these changes and to work with Parliament to develop a SWFZ that benefits all Zimbabweans. This fund should be managed in a transparent and accountable manner, and it should be subject to public procurement laws and Parliamentary scrutiny.
I also urge the people of Zimbabwe to speak out against these changes. The SWFZ is a public fund, and the public has a right to know how it is being managed. We must not allow the government to steal our money and use it for its own purposes.
WaMwari Devine Chaminuka Mafa
On behalf of the Zimbabwe Economic Movement for Africa (ZEM)