CONFEDERATION of Zimbabwe Industries (CZI) has commended the reappointment of Prof Mthuli Ncube to the country's toughest portfolio as Finance Minister.
Ncube is among other Cabinet Ministers expected to stir Mnangagwa's second term in office.
He recently lost in his bid for the Cowdray Park National Assembly seat in the just-ended general elections.
Speaking to NewZimbabwe.com, CZI president Kurai Matsheza expressed optimism about the appointment saying the industry will easily take off from where it left.
"Well, Prof. Ncube is a minister we have worked with before during the 2018 to 2023 period. He is not a first-timer and we have come to know him as a very open official, ready to engage and listen to industry on pertinent issues of concern.
"His doors are always open and we hope to continue engaging from where we left as we chart the way forward for industry," he said.
However, Prof Ncube faces a tough journey in dealing with pressing economic challenges bedevilling the nation.
Prior to ascending to the role of Finance Minister in 2018, the Treasury boss pre-emptied a roadmap that suggested the scraping off of the local currency but later climbed down after coming face to face with the practical realities of a nation that cannot go full-scale dollarisation due to limited exports.
This even forced the Treasury boss to abandon the multi-currency regime in favour of the ZWL back in 2019 but again climbed down at the height of the COVID-19 pandemic when members of the public were allowed to use free funds to undertake local transactions under SI 85 of 2020.
Under SI 118A of 2022, the government confirmed that the tenure of the US$ usage alongside the ZWL shall run up to 2025.
Ncube inherited an already problematic economy that emerged from the hyperinflationary era and successive disputed polls as well as negative country image status.
During his first five years working hand in glove with the Reserve Bank of Zimbabwe efforts have been directed to instil confidence in the ZWL.
As the nation approached elections significant gains were made which saw the ZWL recovering against the US$ by almost 40% to the current stable rates of US$1: ZWL 5000.
His reappointment presents a stage fight where it is yet to be seen as to whether exchange rate stability will be sustained.
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The first phase also saw Ncube implementing policies such as the Transitional Stabilization Plan (TSP) between 2018 to 2020 which was subsequently replaced by the National Development Strategy 1 2021 to 2025 in pursuit of Vision 2030 which intends to transform Zimbabwe into an Upper Middle Income status.
Considering that economic analysts argue that the economy failed to sustainably grow by 9% per annum consecutively since 2018 in line with the required growth threshold to attain Vision 2030, the second term of office is a litmus test on how the Treasury boss will fast-track growth and cover up for lost years.
He is faced with quite low industrial capacity utilization, a huge trade deficit that almost makes the economy a net importer and relatively high unemployment levels which have seen a huge chunk of youths roaming on the streets further complicated by the effects of a divided citizenry on the back of national intolerance.
While he has done his part, within reasonable means during his first five years to ease inflationary pressures among other notable gains, miracles and the entire responsibility to get the economy moving cannot be Prof Ncube's burden alone, especially after considering that he is being reappointed at a time the nation has emerged from disputed elections.
His will be a journey of proving a point at a time when the SADC region joins the international community in showing divisions against Zimbabwe leaving the treasury devoid of internal, regional and international confidence.
Added to already existing complex matters such as sanctions, foreign and domestic debt, the five years ahead will be waiting to extract the mettle out of the globally acclaimed economist.
