Business Correspondent
HARARE – Zimbabwe’s sovereign wealth fund, the Mutapa Investment Fund, is embarking on a sweeping overhaul of leadership across its portfolio of state-owned enterprises (SOEs) in a bid to enforce corporate governance, drive profitability, and end reliance on government bailouts.
In an exclusive interview with Zim GBC News, Mutapa’s Chief Investment Officer Simba Chinyemba revealed that the fund has already reconstituted five boards and appointed six new chief executives, with more changes expected in the coming months.
“Our priority is fixing corporate governance issues and instilling a commercial mindset,” Chinyemba said.
“We’ve made it clear: if you’re a commercial company, you must declare dividends or show a clear pathway to profitability.”
The radical restructuring comes as Mutapa intensifies efforts to transform underperforming SOEs—many of which have operated at a loss for years—into self-sustaining, dividend-paying entities. The fund, which controls 66 state firms across key sectors including mining, energy, transport, and agriculture, has set strict performance targets for newly appointed boards and executives.
“Board oversight is our top priority,” Chinyemba emphasized.
“What our boards and chairmen do will determine the success of this reform agenda.”
The shake-up follows Mutapa’s successful fundraising drive, which secured US$350 million in the first half of 2025. Part of these funds have been deployed to settle legacy debts and recapitalize strategic enterprises such as the National Railways of Zimbabwe, Air Zimbabwe, and ZESA Holdings.
Analysts say the move signals a potential turning point for Zimbabwe’s long-troubled state enterprise sector. However, they caution that success will depend on sustained political backing and insulation from interference.
“This could mark the end of decades of dysfunction—if execution matches ambition,” said one industry expert.
As Mutapa pushes ahead with its transformation agenda, all eyes will be on whether Zimbabwe’s SOEs can finally transition from fiscal burdens to engines of economic growth.
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