What they said at the investor conference
President Emmerson Mnangagwa, commenting on economic reforms:
“Our cross cutting reforms have to date enhanced the investment environment and has seen greater participation of the private sector. Additionally, economic management is continually being strengthened while better public financial management and performance of state-owned enterprises is vigorously being pursued.
“This forum is therefore pivotal and timeous as it interrogates various ways to scale up sustainable long-term financing and investment. I am aware that if you look at the developed and now developed countries like China and the BRICS countries, it is not only foreign direct investment that has made them developed but it is also domestic investment. By domestic investment we don’t mean we should find among our citizens people with loads of money.”
Reserve Bank of Zimbabwe deputy governor Jesimen Chikipa on progress towards financial inclusion in Zimbabwe:
“Financial inclusion is now at 83% against a target of 90%. The 90% was a bit ambitious but we are happy that we are now at 83%, we are doing well. We need financial inclusion because historically, Zimbabwe was characterised by an enclave development model — an economy that is only driven by a few.
“The majority was relegated to cramps (falling) from those that were succeeding. We have to change the economic development model from enclavity to a broad based model. If we succeed in financial inclusion it will bring change to Zimbabwe’s economic model. We saw the results of the recent census. It said 61% of Zimbabweans reside in rural areas. What inclusion do we mean if the majority are excluded.”
Alpha Media Holdings CEO Kenias Mafukidze commenting on the President’s sector: support for the private
“It is in our interest to support the great vision you (President Mnangagwa) has given us and by you coming to join the private sector and government entities here is a sign of leadership and unity which we commend. We destroy or build our country together and we will be there as media to hold the mirror against all of us and I know that we as media sometimes are not popular and in some instances people tend to destroy the mirror when they do not like the image.”
ZSE CEO, Justin Bgoni giving an update on discussions over suspended counters, Old Mutual and PPC:
“We have been working with our regulator, the Securities Commission. We are hoping that in the next month or two we will be announcing how we can resolve that. We have a plan and we will be announcing the plan hopefully very soon but we have a plan, there is a way forward that we have in mind. I mean, we were always embarrassed about that because it has been a long time but we have a plan now.”
State Enterprises Reforms, Corporate Governance and Procurement secretary on parastatal reforms Willard Manungo:
“The major challenge is given the resource requirements and the status of some of the entities (parastatals) and what they require (to turnaround), has been a major challenge. Interventions have therefore been targeted at ensuring that you enhance the visibility of the entities so that they are identifiable to potential partners. Then (we have) the magnitude of the financial requirements, which has also been quite large."
Gerald Dzangare, acting CEO at SecZim, on capital markets regulation:
“The key issue that is required for sustainable development especially when you are looking at the issue of capital markets is we need legislative agility. One of the constraints that we have as a nation is that our legislation is not agile. It does not catch up with time. We need legislation to move fast with development.
“A legislation that is passed a year later is a law that is unsustainable. The environment would have changed, the bus would have gone and the boat would have sailed. We are competing for global capital. We are not the only ones and those we are competing with (have agile) legislation.
“Capital market laws need to follow global standards. You will realise that because we are becoming a global village, if as Zimbabwe our laws are not changing fast enough, it means we are behind global standards. Investors will go to a destination that has global standards.”
Zimbabwe Stock Exchange CEO Justin Bgoni said:
“We now have the title of the worst performing market in the region, I agree. But, for the past two years I think we have had some of the best performing markets so I think it's up and down if you look at it. So, if you look, fundamentally in Zimbabwe we haven’t had foreign direct investment come in since around 2015, 2016.
“A large part of it is because of the exchange rate people worry that they won’t be able to get their money out so that has been the biggest problem in terms of money coming in.”
Financial analyst Bonginkosi Ntabeni said:
“The question is more around the amount of money you are getting out and when you are getting it out then the certainty associated with that … I do not think it’s helping to allow local investors to use the platform such as the stock exchange, for instance, to manage their short-term liquidity which is something that is also quite pertinent for businesses in Zimbabwe.”
Zimbabwe Investment Development Agency acting Duduzile Shinya: and CEO
“I am sure in this room most of you, if I ask how many negative things can you say about Zimbabwe or how many terrible things have happened in Zimbabwe you will all probably start talking at once. But, if I say what are the positives there will be silence in the room for some minutes then you gather yourself and start answering. And we are saying let’s focus on the positives, and what are those positives of our country. Why is it a good investment destination? It’s a good destination because of its people.”
Escrow Group CEO and founder Collen Tapfumaneyi:
“Our markets are largely cash markets… So, the case for derivatives, in both markets (capital and commodities), is that derivatives speak to three main major issues. Risk management is in terms of price risk as well as productivity risk, so when you are holding an asset you are worried about whether the price will go up or down and derivatives come in to address that risk. Derivatives assist in price efficiencies because you are now looking at trading of securities that will be settled at a future date and by having a little bit of arbitrage opportunities plugging those arbitrage opportunities help in terms of coming up with the right price and right price efficiencies. Derivatives also help in making markets a little more liquid.”
Securities and Exchange Commission of Zimbabwe head of investor education, Farai Mpofu:
“The capital markets are a great place for each person to find a role for themselves where national development is concerned… Once we decide which are the stories we will tell, we’re able to craft models around them, organize ourselves around them and go about the necessary capital raising which is what the capital markets do.”