Zimbabwe is seeking investments from its diaspora population and foreigners due to challenges in accessing offshore credit lines.
The government held the Zimbabwe Investment Summit in South Africa to showcase the nation positively and encourage investment.
Speaking at the conference, Finance Minister Mthuli Ncube said Zimbabwe’s economy was one of the fastest-growing in the region, and investors should get on board.
Finance Minister Mthuli Ncube highlighted the country’s economic growth post-COVID and offered tax rebates for investors importing equipment.
However, economist Treasure Basopo, now in Norway, expressed concerns about inflation and confidence in the new currency, ZiG, backed by gold reserves. Inflation stands at 55%, impacting the cost of living.
“The introduction of ZiG defeats by all definitions and by all intents and purposes the characteristics of the traditional characteristics of what is money, which is the ability to store a valid durability, scarcity and acceptability,” he said.
Ncube supported ZiG, emphasizing its backing by reserves and commitment to transparency. Basopo also stressed the diaspora’s desire for voting rights in Zimbabwe. Despite efforts to reach out to officials, there has been no response regarding new investments following the summit.
