via Bulawayo24 NEWS | Zimbabwe plans 100% ‘local control’ of minerals, land by Reuters 28 May 2014
Zimbabwe will demand 100 percent local control of its minerals and land under planned changes to its controversial black economic empowerment law, which has largely kept some foreign investors away, the finance minister said on Wednesday.
Patrick Chinamasa’s comments are sure to add to an already confused picture over policy in Zimbabwe, where the ruling Zanu-PF party has long tried to lift black ownership in the economy in a bid to rectify the imbalances of the colonial era.
The Indigenisation and Economic Empowerment Act, which compels foreign-owned companies, including mines and banks, to sell at least 51 percent shares to blacks, was signed into law by veteran President Robert Mugabe in 2008.
Chinamasa told parliament that the cabinet had directed the minister of youth and empowerment to amend the law.
“Any investment, which come into the sectors affecting our resources, it is very important that they know that we have 100 percent control over these resources,” Chinamasa said in response to a question in parliament.
“The underlining philosophy is that we should have more and more local participation in our economy. Over that philosophy there is no retreat,” he said.
Chinamasa did not specify what he meant by “control” but in the past he has used the word interchangeably with ownership.
It was also not clear whether the new policy would affect existing investors like the world’s top two platinum producers Anglo American Platinum and Impala Platinum.
COMMENTS
Just for the record – this will not work. Now when the inevitable happens we can all say “told you so” AGAIN. Yawn…
One day murikuchemera FDI, the next murikutaura zvimwe futi. How do they expect anyone to even express any interest in investing in Zimbabwe zvinhu zvakamira kudayi. In any case ZANU PF idiots have 100% control of everything in Zim anyways. They had ‘100% control’ of elections and the outcome, the rest is history. What more do you want? I guess what they are saying is that they want 100% control of looting and human rights abuses, as they have had for 34 years!! All that’s left is for these fools to take 100% ownership of Africa’s worst economy! Makudo chaiwo!!
Thank you. Well put.
Are you now happy Andy ?
When will they learn. Wealth is created not stolen. Zanu and its leaders are not creators of wealth they want to eat from the toil of others. Theives!
Zambia tried that nonsense with the copper mines and they all went down the tube.They had to change the rules AND the government before things started to improve again.Lets hope but I doubt.
So they want 100% ownership…….. having just agreed to give most of it to China…….. LOL please make up your minds.
Kupenga hakuridzirwi bhero vnaChinamasa. Hamuchazivi zvekuita neyika iyi. You just want power for the sake of it, but cant help the country move forward. Everyday, we slide into despair inch by inch! Zvadhakwa izvi. Ndasunga dzangu ndimboyambuka rwizi Limpopo. Zuma akaita nani chaizvo!
Ndosaka ana China-Masa takakuitirai jambanja kuno ku UK London makavata musatambe nenyika vanhu vakuru kusanyara.
Experiments or confusion or kurwara nepfungwa…..I have no words for this. Where did such a policy work?
Has never worked in Africa. Ghana(Kwameh), Tanzania(Nyerere) , Drc(Mobutu), Zambia(Kaunda), Uganda(Amin) have tried all this to no avail. Populist policies do not work. I believe history repeats itself huh?
We don’t have any intelligent politicians ,the elections were stolen the economy is imploding.You can’t teach an old dog new tricks.Just a matter of time now ,they are really desperate!