Story by Stanley James, Business Editor
GOVERNMENT has reaffirmed its commitment to an open budget policy that invites stakeholder input in refining proposed measures to ensure a people-centred and industry-focused fiscal plan aligned with national development goals.
Following the presentation of the 2026 National Budget last month, Treasury has begun a series of consultations, with the private sector in Harare being engaged this Monday to provide feedback on the proposed measures.
Industry leaders presented their expectations, concerns and recommendations ahead of Parliament’s consideration of the fiscal plan.
Bankers Association of Zimbabwe president, Mrs Sibongile Moyo, said the budget contained several positive elements but required further assessment to enhance its impact on economic growth.
“The budget is a welcome initiative from an industry perspective; however, there is need to further assess its overall impact by fine-tuning some measures to boost formalisation and strengthen banking,” she said.
Tax consultant Mr Simba Hamudi also highlighted areas requiring review.
“Measures to boost production are commendable, but some tax proposals need to be reconsidered, particularly those affecting the gold mining sector,” he noted.
Confederation of Zimbabwe Industries president, Mr Mucha Mukanganwi, said the engagement was crucial for shaping the economic landscape.
“Growth in industry and commerce is critical. This meeting provided important insight into the country’s economic trajectory for 2026. We raised some concerns, and the minister assured us that these would be reviewed,” he said.
Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, said Treasury would take stakeholders’ submissions into account.
“The discussions were cordial and productive. This reflects our commitment to working with stakeholders in finding common ground. Their concerns have been noted, and we will look into them,” he said.
Treasury has presented a US$9.5 billion national budget for 2026, which proposes increases in gold royalties, a 0.5 percent upward adjustment in VAT to 15.5 percent, and a 0.5 percent reduction in the local currency IMTT, among other measures.
The 2026 National Budget, aligned to the National Development Strategy 2 (NDS1/NDS2) policy thrust, projects economic growth of five percent next year.
