… As Pres. Mnangagwa seeks specialization within the Ministry of Finance
President Emmerson Mnangagwa has restructured his economic team, separating the Ministry of Finance from the economic development and investment promotion portfolio and appointing businessman Kudakwashe Tagwirei to head the latter.
Under the changes, Professor Mthuli Ncube retains his position as Minister of Finance, while Tagwirei assumes responsibility for economic development and investment promotion. Both changes take effect immediately.
The appointments were announced in a statement, yesterday, issued by Chief Secretary to the President and Cabinet Martin Rushwaya.
“In terms of Section 104, Subsection (1) of the Constitution of Zimbabwe, His Excellency the President, Dr Emmerson Dambudzo Mnangagwa, has re-assigned Hon Professor Mthuli Ncube as Minister of Finance,” the statement said.
In a separate appointment, Mnangagwa named Tagwirei to lead the newly assigned economic development and investment portfolio.
“In terms of Section 104, Subsection (1) of the Constitution of Zimbabwe, His Excellency the President, Cde Dr Emmerson Dambudzo Mnangagwa has appointed Kudakwashe Tagwirei as Minister of Economic Development and Investment Promotion,” the statement said.
The restructuring separates the management of public finances from broader economic development and investment promotion functions, creating two distinct ministerial portfolios.
Prof Ncube, an economist and academic, has served as Finance Minister since 2018, overseeing the national budget, public expenditure and broader fiscal policy.
Tagwirei’s appointment places him at the centre of the country’s investment promotion and economic development drive.
His portfolio will oversee functions including the Zimbabwe Investment Development Agency (ZIDA), which is responsible for promoting and facilitating investment, alongside other economic development and investment-related programmes.
Economist, Richard Shava observed that the division of responsibilities will allow greater focus on fiscal management, investment mobilisation and the implementation of economic development programmes, as Government pursues its broader growth and development objectives.
“With Ncube retaining responsibility for public finances, the Finance Ministry can continue concentrating on budget management, revenue mobilisation, expenditure control and macroeconomic stability, while the new ministry focuses on attracting investors, facilitating projects and translating investment commitments into tangible economic activity,” he said.
“Tagwirei’s experience in the business sector could also provide an additional perspective on the challenges facing investors, including the need for efficient investment approval processes.”
He added that the separation could further strengthen coordination by giving investment promotion and economic development dedicated ministerial attention, while maintaining the Finance Ministry’s focus on ensuring that public resources are managed sustainably.
The changes come as Government continues efforts to stimulate economic growth, attract domestic and foreign investment and accelerate development in line with its national development agenda and Vision 2030 aspirations.
