The Ministry of Finance, Economic Development and Investment Promotion has approved a package of regulatory reforms targeting the manufacturing, financial services, real estate and health sectors.
In a press statement issued yesterday, Professor Mthuli Ncube, the Minister of Finance, Economic Development and Investment Promotion, said the reforms were part of Government’s ongoing efforts to modernise Zimbabwe’s regulatory environment and support economic transformation under Vision 2030.
“Government, through Cabinet, has approved a comprehensive package of regulatory reforms aimed at improving the ease of doing business, reducing compliance costs and stimulating broad-based economic growth across key sectors of the economy.
The reforms, span the manufacturing, financial, real estate and health sectors, are meant to enhance operational efficiency, attract both domestic and foreign investment, and support the growth of Micro, Small and Medium Enterprises (MSMEs), which remain central to Zimbabwe’s economic transformation agenda under Vision 2030,” he added.
Professor Ncube added that the measures were designed to eliminate procedural delays.
“The measures are designed to reduce administrative bottlenecks, promote business formalisation and ensure that regulatory frameworks are facilitative rather than restrictive, while maintaining appropriate safeguards and standards,” Prof Ncube said.
In the manufacturing sector, Government reduced the Ministry of Industry import licence fee from US$100 to US$50 for most items, capped NSSA boiler registration fees at US$500 and cut NSSA factory approval plan fees by 50 percent.
Local authority factory licence approval fees were also reduced by half, while Rural District Council timber transportation permits were abolished.
“These interventions are expected to significantly lower production and compliance costs, thereby improving the competitiveness of locally produced goods in both domestic and export markets,” said Professor Ncube.
In the financial sector, Government introduced zero-cost bank accounts for MSMEs, reduced cash withdrawal charges for both United States dollar and ZiG transactions and lowered the Reserve Bank of Zimbabwe banking supervision fee to 0.007 percent of assets capped at US$40 000.
The above reforms will lower the cost of financial services and transactions, increasing access to banking particularly for MSMEs and underserved communities.
They are also expected to promote digital financial inclusion, improve liquidity circulation and strengthen participation in the formal financial system,” he said.
In the real estate sector, Government standardised and capped local authority building plan approval fees, abolished certain building permit requirements and reduced certificate of occupation fees by 50 percent.
“These measures are expected to shorten project approval timelines and eliminate bureaucratic delays that have historically constrained sector growth,” Professor Ncube said.
In the health sector, Government abolished Health Professions Authority licences for pharmaceutical and manufacturing wholesalers, reduced licensing fees for hospitals and laboratories by between 20 and 30 percent and cut registration and practising fees for nurses, pharmacists and medical practitioners.
“The interventions will lower the cost of establishing and operating healthcare facilities, thereby encouraging investment in both public and private healthcare provision,” he said
Zimbabwe has in recent years pursued regulatory and economic reforms aimed at improving the investment climate, promoting industrialisation and accelerating private sector-led growth as the country works towards attaining upper middle-income economy status by 2030.
