Already we can see the fatcats in Zanu (PF) lining up to grab foreign-owned companies in the all-too-familiar fashion reminiscent of the chaotic land seizures that have brought untold suffering and misery to so many in our country. It is blindingly obvious to anyone that the indigenisation a la Zanu (PF) is nothing but glorified cronyism. The whole thing has not been transparent. It is nothing but a convoluted con to deprive investors of their property.
We understand that Savious Kasukuwere already has a list of names of the preferred beneficiaries of the foreign-owned companies. Our understanding is that the list is made up of the usual suspects who have benefitted from the looting of the farms and are already eye-wateringly wealthy beyond the dreams of most Zimbabweans.
Transferring majority ownership of large multinational companies to this elitist group does not benefit the majority of Zimbabweans neither does it create employment where there is massive unemployment. In fact the opposite could happen the companies could scale down their operations, creating even further unemployment. What Zimbabwe needs right now is direct foreign investment leading to job creation.
In addition, the government needs to create an enabling economic environment in order to encourage young Zimbabwean entrepreneurs to create their own companies and operate in a free and fair environment conducive to doing business.
The banking sector is an example of what tremendous local indigenous capacity exists in our country. But what happened to these bright young sparks who set up their own financial institutions and were so successful? They were hounded out of the country by Zanu (PF) and their lucrative companies were seized and looted.
At this juncture, Zimbabwe does not need this indigenisation act. What is needed, and needed desperately, is democracy coupled with investor-friendly and business-friendly legislation to kick-start our economy after years of abuse.
Post published in: Editor: Wilf Mbanga