Air Zimbabwe is stepping up efforts to strengthen its operations, expand regional connectivity and position Zimbabwe as a competitive aviation and tourism destination as the national airline advances its turnaround strategy.
Speaking at the airline’s fourth annual general meeting in Harare yesterday, Transport and Infrastructural Development Deputy Minister Joshua Sacco said Air Zimbabwe had entered a new phase of governance and investment oversight following its transfer to the Mutapa Investment Fund.
The AGM reviewed the airline’s corporate governance, financial restructuring and turnaround efforts for the year ended December 31, 2024.
Deputy Minister Sacco said the reforms were consistent with the Government’s broader drive to ensure State-owned enterprises operate with greater accountability, professionalism and commercial discipline.
“The 2024 financial year was significant in this regard. Following the transfer of Air Zimbabwe to the oversight of the Mutapa Investment Fund in terms of Statutory Instrument 156 of 2023, the airline entered a new phase of governance and investment oversight,” he said.
He commended the airline for strengthening its governance structures through the appointment of a fully constituted skills-based board and key executives, including a chief finance officer, company secretary and risk officer.
Progress in clearing historical financial reporting and governance backlogs was also welcomed.
“The completion and audit of the 2020, 2021 and 2022 financial statements, followed by the restoration of the annual general meeting cycle, demonstrate that Air Zimbabwe is progressively returning to a culture of statutory compliance, transparency and accountability,” said Deputy Minister Sacco.
The national carrier transported 33 676 passengers in 2024, serving regional destinations including Johannesburg and Dar es Salaam, while maintaining domestic services to Victoria Falls and Bulawayo.
The airline’s cargo division recorded notable growth during the period, with overall cargo volumes increasing by 59,4 percent, while regional cargo volumes rose by more than 101 percent.
“The performance of the cargo business is particularly noteworthy. Cargo volumes increased by 59,4 percent, while regional cargo volumes grew by more than 101 percent,” said Deputy Minister Sacco.
He said the figures demonstrated the potential for Air Zimbabwe to diversify its revenue base while supporting the movement of agricultural produce, tourism-related products and other commercial goods.
However, the Deputy Minister said the passenger load factor of about 46 percent remained an area requiring attention, with improvements needed in fleet availability, route economics, customer experience, digital platforms and strategic partnerships.
“The Government also supports the airline’s efforts to strengthen strategic partnerships, expand regional connectivity and pursue opportunities that enhance Zimbabwe’s position as an aviation and tourism destination,” he said.
Air Zimbabwe board chairman Dr Silvanos Gwarinda said the period under review represented a defining chapter for the airline despite a challenging operating environment characterised by high costs, constrained liquidity, supply chain disruptions and increased regulatory demands.
He said the airline had nevertheless laid a foundation for long-term recovery and sustainable growth.
