16 February 2018

Zimbabwe: Business to Meet Kagonye, Mangudya

Photo: The Herald
John Mangudya

Captains of industry will meet Labour minister Petronella Kagonye as well as Reserve Bank Governor John Mangudya next month which will help them to strategise going forward, businessdigest has learnt.

This is a follow-up to the meeting held between the Employers' Confederation of Zimbabwe and Kagonye last month.

The meeting comes at a time President Emmerson Mnangagwa is on an aggressive drive to woo investment and breathe life in the comatose economy.

He was inaugurated last year, replacing former president Robert Mugabe who stepped down in the face of impeachment proceedings prompted by military intervention.

Employers' Confederation of Zimbabwe executive director John Mufukare told businessdigest this week that Kagonye will meet business in the first month of March to outline her plans as Labour minister.

"Captains of industry including chief executives as well as the leadership of various national employment councils will meet Kagonye and get to exchange views with her on the way forward. It will be the first meeting between the business sector and the minster," Mufukare said. "We agreed with the minister that we will meet in the first week of March at a date she will set."

Mufukare said they have invited Mangudya to the meeting to discuss the monetary policy he presented on Wednesday last week.

Mangudya announced a raft of measures, largely to woo investors, that include enhancing the nostro stabilisation fund by US$400 million to provide assurances that international remittances and individual foreign currency inflows received through normal banking channels are available for use when required by the owners.

Mufukare said they will also engage a consultant to unpack scenario planning.

"We have approached a number of consultants we will consider to come to the meeting to present various scenarios going forward. We want a consultant who will give us a research-based view," Mufukare said.

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