By Staff Reporter
In a recent engagement, Passionate Fuza, a member of the Centre for Natural Resource Governance (CNRG) Youth Hub had an opportunity to sit down with Zimbabwe’s Minister of Finance, Professor Mthuli Ncube, and economist Dr. Nigel Chanakira to discuss key economic issues facing the country.
Fuza opened the discussion by questioning the prudence of budget denomination by a weak local currency the Zimbabwean Gold (Zig). given the volatility of Zimbabwe’s budget. Professor Ncube responded by emphasizing that Zimbabwe, as a sovereign state, seeks to maintain economic independence by formulating its budget in local currency. While he acknowledged fluctuations in exchange rates in September 2024, he assured that the government had managed the situation without requiring a supplementary budget.
Fuza also raised concerns about the relatively small budget allocated to the Ministry of Mines, despite its significant contribution to Zimbabwe’s GDP (12%) and national exports (80%). In response, Professor Ncube admitted that the Ministry required more funding for exploration, pledging to address the issue, without giving details of this would be done.
He clarified that the Ministry of Mines serves as a regulatory body overseeing privately owned mines rather than operating them directly.
Corruption and financial mismanagement in government ministries were also key topics of discussion, with Fuza questioning the role of the Ministry of Finance in combating these issues.
Professor Ncube explained that while his ministry is responsible for identifying and investigating financial irregularities, it lacks prosecutorial powers. He highlighted the role of the Auditor General in ensuring all ministries are audited and held accountable.
The discussion extended to the challenges faced by communities in mining areas, including noise pollution, respiratory diseases, and harsh working conditions. Fuza noted that many local communities do not benefit from Chinese mining investments and are often subjected to unfair business arrangements and human rights violations. Professor Ncube acknowledged these concerns and emphasized the need to strengthen the Ministry of Mines to enforce fairer mining practices that benefit local communities.
The meeting provided a critical platform for discussing Zimbabwe’s economic challenges and the necessary steps toward greater financial stability, increased transparency, and improved mining sector governance. Fuza’s engagement with the Minister of Finance and Dr. Chanakira highlighted the importance of continued dialogue between policymakers and the youth in shaping Zimbabwe’s economic future.