Zimbabwe’s comprehensive ease of doing business reforms are expected to give fresh impetus to economic growth by attracting increased investment, creating employment and expanding the country’s gross domestic product (GDP).
Government, through the Ministry of Finance, Economic Development and Investment Promotion, has completed the implementation of ease of doing business reforms across 13 priority sectors, in a major policy intervention aimed at reducing the cost, delays and complexities associated with operating businesses in the country.
The completion of the reforms is expected to strengthen Zimbabwe’s investment climate and improve the country’s competitiveness as Government intensifies efforts to position the economy for sustainable growth.
Cabinet reviewed the implementation of the reforms last week, highlighting the importance attached to creating a more conducive and predictable environment for businesses and investors.
Economic analyst Mr Malone Gwadu said the reforms represented a significant departure from previous approaches to improving the business environment, as Government had undertaken measures across various sectors of the economy.
“This has not been witnessed in Zimbabwe’s economic history; there is a deliberate attempt to review the cost of doing business in every sector,” he said.
“Now that the process has been completed, it paves way for investors to harness their investments in the country, and this will translate into jobs and GDP growth.”
The reforms are expected to address some of the long-standing challenges faced by businesses, including administrative bottlenecks, regulatory complexities and costs that can discourage investment.
Economic analyst Mr Persistence Gwanyanya said the progress was also significant in light of growing international recognition of Zimbabwe’s efforts to improve its economic and business environment.
“The approach has caught the attention of the World Bank, which obviously recognised how Government is sincere in creating a conducive environment to do business, which it has been calling for all these years,” he said.
“So indeed, our removal from the list of fragile economies is not surprising.”
The reforms form part of the Second Republic’s broader pro-business economic agenda, which seeks to create an environment capable of supporting private-sector growth, attracting both domestic and foreign capital and increasing productive economic activity.
Zimbabwe has recorded notable GDP growth since the advent of the Second Republic, with Government implementing a range of measures under its economic development programmes.
With the ease of doing business reforms now completed across the identified priority sectors, analysts say the next priority should be ensuring effective implementation and translating policy improvements into tangible economic benefits.
The focus is expected to shift towards attracting new investments, expanding existing businesses, creating sustainable jobs and increasing production and exports.
The reforms are therefore being viewed as an important foundation for strengthening investor confidence and supporting Zimbabwe’s broader ambition of achieving sustained economic growth and development.
