saviour kasukuwere 15.11.10.jpgRecommendations carried out by sector-specific committees through the National Indigenisation and Economic Empowerment Board are complete and have been handed over to the parent ministry.

 

Following calls by stakeholders for consultations before the implementation of the Indigenisation and Economic Empowerment Act, the responsible ministry, through the National Indigenisation and Economic Empowerment Board established sector specific committees.

The committees were tasked to assist with the technical aspects of the Act and hold consultations to be submitted as recommendations to the Board.

The recommendations were handed over to the Minister of Youth Development, Indigenisation and Economic Empowerment, Cde Saviour Kasukuwere by the Board Chairman, Cde David Chapfika in Harare on Monday.

Cde Kasukuwere said the recommendations mark a step ahead in the successful implementation of the Act.

“The bigger picture is that people are given the chance to participate in the growth of the economy. The mining sector is going to get priority as this is the most awaited resource still in the hands of the few,” said Cde Kasukuwere.

The Chairman of the National Indigenisation and Economic Empowerment Board, Cde David Chapfika, said during the consultations, there was consensus across all sectors on the 51-49% threshold.

“Stakeholders are agreed that there is need for the indigenisation of the national economy,” Cde Chapfika said.

Indigenisation and empowerment policies in Africa have proven to be a hard pill to swallow for the West.

Recently in South Africa, the Anglo-America CEO, Cynthia Caroll, derided the nationalisation of South African mines.

However in Zimbabwe, the policy has been unanimously endorsed and will see indigenous Zimbabweans taking at least a 51% stake in companies with a market capitalisation of US$500 000 or more.