Zimbabwe needs effective accounting systems of mineral earnings to stamp out alleged leakages that are prejudicing the economy millions of dollars yearly, according to financial experts.

Zimbabwe boasts of vast mineral resources, however, of major concern is the extent to which minerals are contributing to economic development.

With statistics also showing that for the first time this year gold deliveries to Fidelity Printers and Refiners have risen to 2.6 tonnes in March from an average of 1.4 tonnes between January and February, the figure could have been higher if all the production activities are really accounted in the formal systems, according to the Pan African Federation of Accountants Chief Executive Officer Mr Vickson Ncube.

“It is all about to do with the proper accounting of the systems so as to unlock value in a sector that is entirely dependent on capital resources,” he said.

While notably gold, diamonds, nickel, chrome and platinum are the country’s top foreign exchange earning commodities, the need to ensure that earnings are always monitored and properly evaluated is of greater importance, said a financial controller of a top mining firm Mrs Davidzo Chitengu.

“Accounting plays an important role in the economy such that the mining sector cannot be left out but what is key to the way in which the entire system is being done,” she said.

The managing director of a South African based ethics management services firm, Mrs Cynthia Schoeman said Zimbabwe can learn from South Africa in terms of mineral earnings and output accounting especially on the gold mining industry.

“The exchange of ideas should be centred on what can be done to increase the value of returns by stamping out fraud and corruption,” Mrs Schoeman said.

While no concrete geological surveys have been done, initial studies by the Ministry of Mines and Mining Development revealed that Zimbabwe is endowed with over 40 different minerals.