• Fri. Apr 19th, 2024

TelOne ex-MD Mutasa appointed new chair of Mutapa Investment Fund

ByETimes

Nov 7, 2023

By ETimes

Zimbabwe government on Monday named top-level executive and former TelOne managing director Chipo Mutasa as the chair of the Mutapa Investment Fund’s seven-member board.

The appointment comes barely after, in February this year, President Emmerson Mnangagwa appointed Mutasa as the new board chairperson of the embattled country’s flagship carrier, Air Zimbabwe.

Mutapa Investment Fund, formerly known as the Sovereign Wealth Fund of Zimbabwe, is a Zimbabwean sovereign wealth fund formulated by the Sovereign Wealth Fund Act.

The Fund is a pool of resources, for instance, public equities, commodity royalties and allocations from the government, that will be invested in the future.

Mutasa will be deputised by Lesley Ndlovu.

Other members of the board include Thembelihle Khumalo, Farai Mtamangira, Bart Mswaka, Charity Jinya and Prassad Bhamre.

“Government is determined to establish a world class sovereign wealth fund and it is envisaged that the board will make a strong contribution towards this objective,” finance minister Mthuli Ncube said in a statement.

In the past, local governments and SOEs had contributed 40% of the GDP of the nation.

Over time, SOES’s beneficial contributions not only stopped, but they also usually started to drain the budget for a number of well-established causes, according to the Treasury.

By attracting both domestic and foreign investors through this well-structured fund, Zimbabwe aims to create sustainable economic growth while addressing long-standing challenges-HARARE

By ETimes

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