Story by Yolanda Moyo
Government has outlined its key priorities for 2025, focusing on infrastructure development, poverty reduction as well as improving the healthcare and education sectors.
Outlining key achievements of the past year in economic growth and social development, the Minister of Finance, Economic Development and Investment Promotion, Professor Mthuli Ncube emphasised government’s success in stabilising the economy through prudent fiscal and monetary policies.
Professor Ncube further noted that focus is now on economic growth and improving livelihoods.
“2024 has not been an easy year in terms of the performance of the domestic year, but we have triumphs as well. In specific challenges is the issue of currency volatility up to April then we introduced a new currency, the ZIG which then brought in stability. The other challenge has been the drought which has really resulted in growth slowing down to 2 percent, but going forward we see that things will improve.
“In terms of triumphs in the region, for example, President being the chairperson of SADC, which has given us additional roles as the finance ministry. We are driving the economic and investment development fund. We are pleased that we successfully introduced the ZIG it was never easy moving from one currency to the other. As government we have continued to support the economy through various programs. The private sector continues to work with the private sector in various sectors such as the energy sector. Looking at the industrial sector there are various investments,” said Professor Ncube.
Shifting to infrastructure development, Professor Ncube says government has adopted a two tier model which is expected to modernise the country.
“As government, we adopted a two tier model where we are investing in roads as government including the National Railways of Zimbabwe, but also allowing the private sector to come in on the PPP basis. We continue to support the devolution agenda with development coming from the bottom up leaving no one behind,” he said.
Minister Ncube also outlined ambitious targets for 2025 coupled with a six percent GDP growth target driven by increased investment in key sectors, improved agricultural productivity, and robust export performance.
“For 2025 we are focusing on revitalising the agricultural sector making sure that the good rains are out to good use and we are also supporting the Pfumvudza/ Intwasa programme which is a climate conservation programme to support farmers in the rural areas. We are looking at investing in dam and irrigation infrastructure. We are also supporting the industry in terms of retooling programme and we have set up a fund for supporting industry and investing in industry,” he said.
While acknowledging the progress made so far, Professor Ncube recognised the challenges facing the economy, including the impact of climate change, global economic uncertainty, and the need to attract foreign direct investment.
