ations to be ceded to black Zimbabweans, and also allows an empowerment fund to be set up to help people buy shares.
Opposition Movement for Democratic Change (MDC) members walked out before the voting took place, saying the bill aimed to enrich a few from the ruling party.
“We see it as a strategy to amass wealth by the ruling elite, and nothing to do with the empowerment of people,” said MDC spokesman Nelson Chamisa.
Empowerment Minister Paul Mangwana described the bill as a sure way to dismantle the colonial structure.
Black empowerment began in 1999 in Zimbabwe with land reforms that allowed farms belonging to white people to be confiscated. Economists say the move was the root cause of economic collapse in the country.
The country has the highest rate of inflation in the world – hitting 7,500 per cent at one time. This latest bill will hurt investors’ confidence further, say critics.
Some leading economists say the move is a direct response by the Zanu (PF) elite over sanctions by western governments and the deportation of their children. The bill is yet to be passed in the upper house. – Trust Matsilele