via Bimha urges accountants to advise govt – NewsDay Zimbabwe August 10, 2015 by Tarisai Mandizha in Gand Hyatt, Dubai
INDUSTRY and Commerce minister Mike Bimha has challenged the Institute of Chartered Accountants of Zimbabwe (ICAZ) to advise government on how it could fund the industrial sector.
Bimha told delegates at the ICAZ Winter School in Dubai last week that the country had huge investment opportunities but these were being hampered by lack of funding.
“The good thing is there are some good things going on out there and we should continue to send the positive messages,” Bimha said.
“ICAZ should arrange to fund the industry. We need funding and we don’t have the funding locally, but I am sure there are some arrangements that you can make. We want your members to join government.”
Zimbabwe’s industrial sector is currently facing a lot of challenges which include high cost of production, shortage of electricity and limited lines of credit to replace obsolete equipment to become effective.
According to latest statistics, the manufacturing sector has recorded a 1,9% increase in capacity utilisation to 39% driven by activities in the beverages and construction sectors.
In the same period in 2014, capacity utilisation was 37,1%. Capacity utilisation for the manufacturing sector took off in 2009 at around 10% and rose to 57,2% in 2011. Since then it has been on a downward trend.
Speaking at the same event, Zimbabwe Investment Authority (ZIA) chairperson Nigel Chanakira said ICAZ members who were working in various countries had the capacity to lure investors to Zimbabwe.
“We from the ZIA are calling to you that we are ready to get investment from you. We have gone a long way to reduce the cost of investing in Zimbabwe. Quite clearly, we see that $28 billion is well within our target to tune in investment, but we can’t do it alone,” Chanakira said.
Reserve Bank of Zimbabwe deputy governor Kupukile Mlambo said Zimbabwe was much open to foreign investment as demonstrated by the commitment to re-engage with the international creditor community as well as efforts to make investment policies more flexible.
“The authorities remain committed to taking all possible steps to ensure that the country achieves sustainable economic growth and becomes part of the Africa’s rising story. The government of Zimbabwe is ready to consider foreign investment in all sectors of the economy,” Mlambo said.
COMMENTS
I don’t know this Bhima person but he seems to be addressing the wrong forum. Accountants don’t create wealth, just admin, nice trip to Dubai for the shopping though.
I still like the idea of “luring” investors, as far as I am aware a lure is a bait to trap unsuspecting prey, don’t suppose there are many of those left now.
We all know what the problem is and Zanu PF acts like they do not know.
For the good of Zimbabwe, they need to pack their bags and get out of government, since they were never elected in the first place.
I don’t think it matters how they shape the laws now; we all know that they cannot be trusted.
People that invested here in the past were burned severely about 12 years ago, and that is still very fresh in everyone’s mind.
But with blood on their hands, they will hold onto power for dear life.
Bhima is not a bad person, but he does not have the tools to fix the problem.
We all know the only solution is for the whole of Organised Crime to leave, or be hanged or jailed.
Nice one Bimha…a shopping trip to Dubai!!! The world is full of better place where one could invest. Why Zimbabwe for satan’sake?? I would rather invest in Cuba… Zim is the last place any mad person can consider as an investment destination. Dream Bimha.. Grace Mugabe’s uncle..beneficiary of corruption
When Zim is in such commercial trouble why on earth are ICAZ going to Dubai. Surely it should be supporting local Zim hotels? And members of ICAZ, if they are doing their professional jobs properly, should not be ‘luring’ their clients to invest in Zim as it stands. Many thousands have invested honestly in Zim (farms and businesses) only to find Mugabe and his cabal come along and take over, without compensation, then don’t look after the businesses and then the even bigger numbers of employees and their families suffer. And taxes stop getting paid to the government. And so it goes on. ZIMS, WHEN WILL YOU PLEASE PUT A STOP TO THIS MADNESS?
You’ve ALL got it wrong…the only way Zim will ever get back on its feet is if the EU “lures” back the white commercial farmers onto the land, but prior to doing so works at luring ALL the thieves to a central honey pot somewhere on the continent where one is able to swat them ALL with a single blow. Get the story Rory! You see, I’m a master at being able to operate 10 drones all at once from a DZ a few clicks away from your locstat! My fingers are a twitching…
Accountants have a broader function in investment than the traditional accountants of past years. There has been a lot of development and the profession has been revolutionized to meet the demands of both government and the commercial sector. Bimha did address a good audience, the only challenge with the address would be that is the government prepared to go all the way with the advise of accountants. As such accountant over and above other ethical issues they are guided by a little concept public interest. That little concept mean working with interest of the general public. Currently the interest of the general public is under threat from the government policies. Accountants can not deceive investors and advise to please the politicians. They can not ignore the political risk pose by the ZANU PF and the Mugabe’s policies that are designed to entrench political power at the cost of social and economic good. NO NO NO NO NO NO nO BIMHA TELL MUGABE TO CHANGE and then accountants will be very useful.