Source: Reforms transform economy: Speaker – herald
Rutendo Nyeve
Victoria Falls Reporter
THE Speaker of Parliament, Advocate Jacob Mudenda, has said Zimbabwe’s economy is undergoing a transformative shift driven by regulatory reforms introduced by President Mnangagwa.
Addressing delegates at the recent Zimbabwe National Chamber of Commerce (ZNCC) Congress in Victoria Falls, Adv Mudenda noted that the paradigm shift in regulatory frameworks has moved from restrictive gate keeping to a more facilitative approach.
He said the reforms form part of a broader, comprehensive initiative aimed at fostering business growth across the country.
Adv Mudenda reiterated the Government’s commitment to creating an enabling environment for commerce, underpinned by constitutional guarantees and progressive legislation.
“The Constitution establishes a robust legal foundation for a conducive business environment. Sections 13, 56, and 64, for example, enshrine property rights, freedom of trade and private enterprise development,” he said.
He highlighted how President Mnangagwa’s mantra, “Zimbabwe is open for business”, has catalysed significant reforms, such as the Companies and Other Business Entities Act, which streamlined incorporation procedures and enhanced corporate governance.
“This declaratory statement has signalled a fundamental shift in our approach to business regulation, moving from restrictive legal gate-keeping to a facilitative mode,” he added.
The Zimbabwe Investment and Development Agency (ZIDA) Act, which consolidated investment procedures under a One-Stop-Shop principle, has also been hailed as a milestone.
Adv Mudenda challenged the private sector to play a more active role in refining legislation.
“If this Act is still defective, proffer the necessary amendments through your corporate lawyers or through our university law faculties. Have you ever moved in that direction? If not, why?” he asked.
Comparing Zimbabwe to its regional peers, Adv Mudenda acknowledged progress but pointed out that bureaucratic inefficiencies remain. He cited World Bank data showing Zimbabwe’s business start-up costs at 76.6 percent of income per capita, significantly higher than the Sub-Saharan African average of 36.3 percent.
“Zimbabwe has nine procedures to start a business, compared to 4.9 in OECD countries,” said Adv Mudenda.
He called for further reforms to align Zimbabwe’s practices with regional benchmarks, such as Zambia’s unified licensing system.
The Speaker also called for the harmonisation of overlapping regulations such as duplicate licensing requirements from the Environmental Management Agency (EMA) and local authorities.
The post Reforms transform economy: Speaker appeared first on Zimbabwe Situation.