Fin24

Zim fine-tuning BEE policy

2012-12-02 09:25

Harare - Zimbabwe's Ministry of Indigenisation and Economic Empowerment is in the process  of fine-tuning the country’s Broad Based Economic Empowerment  policy (ZBBEEP).

According to the first draft of the ZBBEEP seen by Fin24, the ministry is reviewing the national economic empowerment policy framework, which aims to guide Zimbabwe over the next 30 years (2013-2042).

The draft says the main purpose of the new 30-year policy framework is to provide a national framework to ensure inclusive, broad based, pro-poor and gender sensitive wealth and massive employment creation, equality and overall poverty reduction, within the context of a growing and dynamic economy.

“The main goal of the ZBBEEP is to accelerate over a 30-year period (2013-2042) the inclusive and broad based economic empowerment of previously disadvantaged. 

“In this regard, the ZBBEEP framework will create and strengthen the environment for all Zimbabweans to participate in sustainable economic growth and development,” extracts from the draft point out.

Some of the objectives of the ZBBEEP framework include the eradication of extreme poverty and the reduction of total consumption poverty from 80% in 2013 to single digit by 2027 and thereafter.

The framework also aims to ensure economic empowerment through broad based and inclusive economic expansion with formal businesses in all sectors increasing from 10 000 in 2013 to 60 000 by 2027, mainly through the growth of small and medium enterprises (SMEs).

Another target of the framework is to increase domestic investment from $7m in 2013 to $3bn in 2027, and to around $15bn by 2042, in line with the envisaged economic expansion.

Foreign direct investments (FDIs) are also targeted to reach $1.5bn in 2027 from $105m in 2013.

Some of the guiding principles of the ZBBEEP framework are: 

  • Broad-based approach, pursuing equity and equality concerns to underpin the economic empowerment policy framework in Zimbabwe.
  • Emphasis on broad-based economic empowerment will eventually lead to the indigenisation of the Zimbabwean economy.
  • Creation of more wealth (expanding pie concept), within a dynamic economy underpins successful economic empowerment.
  • Change the conditions that created exclusion, and create conditions that facilitate inclusiveness in the mainstream economy.
  • Efficient provision of infrastructure economic enablers such as energy, water, transport and information and communication technology (ICT).
  • Building confidence and maintaining a positive image of the country.
  • Maintaining macroeconomic stability so that wealth creation can meaningfully take place.
  • Adopting dynamic business models and productive work ethics.
  • Economically empowering rural communities, women and the youth and vulnerable groups (e.g. people with disabilities).
  • Broad-based economic empowerment is everybody’s business in Zimbabwe, and this will start by all development plans at all levels including economic empowerment components. Each sector and level will be empowered to drive the ZBBEEP.

 - Fin24

 

Comments
  • herman.olivier.lc - 2012-12-02 09:36

    And they think the world is going to rush in and invest in that joke! The one day they want to nationalise and the next day the want to increase their foreign investment 100 fold. They are a joke!

      francois.smith.7 - 2012-12-02 09:59

      IF this plan fails, I think they already have the scapegoats, it will be the West. Can we get more clarity on how Zim is going to get investors in the economy? Will the Chinese be the new hope? When is Bob going to invest some of his stolen wealth?

      dominic.kafesu - 2012-12-02 11:29

      zim gvmnt is now confused .

      dominic.kafesu - 2012-12-02 11:31

      zim gvmnt is now confused . this are last kicks of dying horse

      nic.nomicos.3 - 2012-12-02 13:18

      Chinese will be the new masters-colonisers of Zim and SA....

  • kobie.nel1 - 2012-12-02 09:50

    Just another dream on paper to brainwash the masses. I see nothing here that show me how they will do it. Zim have all the resourses to realise it, but it will take skill and drive to do it. Sorry, it is just another African dream and canvasing for investment, aka begging bowl held out with a nice "strikkie" ribbon tied to it. Let's see how many liberal fools will fall for it

      erneyb - 2012-12-02 11:07

      Kobie, you're absolutely right, will be interesting to know how many government ministers and beaurocrats understand this economic jargon of the ZBBEEP, never mind the masses. Interesting to create wealth with the (expanding pie concept)when the pie is an old, rotten one, eaten by the fat rats with a few crumbs left. They should first of all put the right ingrediences together to bake a new pie, otherwise the only thing they will have to dish out to the poor are words like inclusiveness, equality, equity, domestic investment, economic empowerment, macroeconomic stability etc. Uncle Bob and his cronies have "Hitlerized" the Zim economy to the extend that I see little hope for a recovery in the next 60 years, never mind 30 years. God bless Zim and it's poor.

  • thunder.clap.359 - 2012-12-02 09:52

    Zim is coming back on the map

      thunder.clap.359 - 2012-12-02 10:47

      Read any media outlet fools, Zim is improving by e day,stop hating coz S.A is goin down. Apparently black S.A businessmen r investin in Zim,to work w hard workers.

      SkyeBenga - 2012-12-02 11:20

      Was always on the Map. Just drank all the bathwater, ate the baby and broke the bath. And so they start again.

      John - 2012-12-02 11:41

      Zim had had majority rule for over 30 years still referring to the previously disadvantaged. What is going to stop them using this excuse in 130 years from now. It is just ridiculous. To think Japan was in ruins in 1945 & 30 years later in 1975 they were far from that. When is Africa going to create its own wealth & stop using western initiative as a crutch to reap wealth by doing NOTHING.

      thunder.clap.359 - 2012-12-02 12:09

      Wat u dnt knw is the western ppl do not want to live africa alone,placing sanctions n all dat crap,matter of fact y u here.

      julio.sanfona - 2012-12-02 12:50

      Oh really? And how are they going to do it?

  • nthato.thema1 - 2012-12-02 09:52

    Love it or hate it, but truth is Mugabe always had a method to his madness. Now the economy is growing in leaps and strides,will they implement BEE better than our goverment did?

      theo.schoeman.71 - 2012-12-02 10:10

      What method is there in destroying the food basket of Africa to a pathetic begging for handouts country with TOTAL collapse.

      J.Stephen.Whiteley - 2012-12-02 10:50

      Just as the sick horse revives, along come the men from the Ministry and kick the doctor

  • thunder.clap.359 - 2012-12-02 10:40

    Whites will always be jealousy of Zim judgin by e comments

      stephen.sutton.37 - 2012-12-02 11:21

      So long as the regime in Zimbabwe continues to discriminate against whites, you will probably find whites being "jealousy" of Zimbabwe and especially those reaping the benefits of Indiginisation and Empowerment. Why is it that a country which has been independent for over 30 years still requires fresh BEE programs? Who controls the ministry in question? I believe it is Zanu in control and the minister is Hon S Kasukukwere who is famous for his 51% indigenisation policy. MDC-Trash is also coining an economic empowerment policy (read vote buying) as a part of JUICE, which I have not read. Please fellow online commenters, lets discuss why it is not possible to offer opportunities to all those who are citizens regardless of race. By 2042 it will be more than 60 years since independence and whites still will not be considered as equals.

      colin.dovey - 2012-12-02 11:27

      Nobody of any shade or hue is likely to be in envy of your standard of English - pidgin or otherwise

      thunder.clap.359 - 2012-12-02 12:07

      I hope Mugabe will remain alive n remain tough on yall,never to touch Zim riches.

      ronald.vantoorn.9 - 2012-12-02 17:19

      Jealous of an economy destroyed! Jealous of more than 1 million zimbabweans living in south africa. You are a racist ZANUPF loyalist?

  • dawiej - 2012-12-02 11:11

    You can only have economic empowerment in a country if you have an economy..........

  • john.mcintyre.311 - 2012-12-02 11:20

    You can't multiply by dividing! When will The Zim and South African governments realize this?

  • bruce.arnett.18 - 2012-12-02 11:41

    Total idiocy, expect Zim to continue to be a basket case as long as Bob is still around. BEE and indiginisation policy to favour locals ahead of no one as Zimbabwe's non indigenous population is virtually zero, so what is the point Bob, you moron.

      Shepherd Ndou - 2012-12-02 11:52

      how many times? a leopard is a leopard it can nt change its spots.

  • David Steyn - 2012-12-02 11:52

    thunder crap @ thunder clap

  • julio.sanfona - 2012-12-02 12:47

    Now this a government with vision and forward thinking. They will pass laws to eridicate poverty and make all Zimos wealthy and employed. What a bunch of clowns! The sad thing is that the desperate and hungry population are so gullible that they will want to believe these idiots.

      isaac.tapfumaneyi.5 - 2012-12-03 12:31

      am sorry but who is hungry and have you seen the hungry?you need to stop your stinking ignorance coz you sound stupid.have you been to zim b4?

  • gift.ndebele.14 - 2012-12-02 14:33

    Black economic empowerment policy can only be implemented in a fully functioning economy!! Someone must tell that clueless wrinkled fossil up north to go sit in a corner!!!

  • gift.ndebele.14 - 2012-12-02 14:37

    Black economic empowerment policy can only be implemented in a fully functioning economy!! Someone must tell that clueless wrinkled fossil up north to go sit in a corner!!!

  • andries.stucki - 2012-12-03 06:45

    How do Zim Gov intend to "maintain" a non-existing image? This is a pipe dream and will only lead to a 30 year plundering of the remaining (if any still exist) business present as well as a "sit back and wait" for foreign aid policy. Without the removal of Bob and his props and firstly importing proper education and getting rid of incompetence in the police and gov, this will "policy" only be ineffective and irritating noise.....

  • zionpercival.pay - 2012-12-03 07:06

    Like falling off a cliff then trying to fall further. One has a nasty feeling the South Africa will be playing a part in this show.

  • ndlovu.norman - 2012-12-03 08:37

    People with little knowledge r a danger to themselves and others. Big businesess s.a businesses have opened in zim, namely jet, pnp, and many more. That shows that the zim economy is growing. Its high time we s.africans wake up and see that our s.a is going down. Look at the everyday strikes, the projects force fed down our throats (e-tolls). Thats what zim experience. If i had capital, zim would be ma ideal place to open a business

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