Shingi speaks on indigenisation

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African Sun chief executive officer Shingi Munyeza has spoken on the need to synchronise legislations if the Indigenisation and economic empowerment act is to succeed.

Munyeza said the Reserve Bank of Zimbabwe Act, Zimbabwe Stock Exchange, Zimbabwe Investment Authority Act and the Securities Act needed to be synchronised.

Speaking to NewsDay on the sidelines of the company’s 38th general meeting in Harare last week, Munyeza said that if the related acts are not synchronised, the indigenisation act “will fight itself”.

“We need to understand what other legislative pieces are in play. It is important to see if they are synchronised to make this work – if not, it is going to fight itself,” he said.

“We need foreign friends in business. We need capital injection and we need to assess the country’s achievements so far in the last 30 years, and this can only be achieved if the enactments do not contradict each other”.

“Investors are taking a back seat because of this law. Government must explain to people what this means so that players come in without fear,” he said.

Munyeza said that once all these acts are synchronised, there will be no room for individuals to use whatever muscles for self benefits.

He also said he has been approached by a number of big players in government seeking advice on the bill and “I did not mince my words.”

“I have shared my sentiments with people like (Deputy Prime Minister) Mutambara, Kasukuwere among others and have said my thoughts on the act,” he said.

Munyeza is one of the successful indigenous Zimbabweans whose business empire as African Sun Chief Executive Officer has spanned to South Africa, Ghana and other African nations.

The act has sparked debate and raised political tensions, with ordinary people expressing fear that it would benefit the Zanu PF bigwigs just like what happened with the land reform programme.

People who spoke at a discussion forum called upon by the Parliamentary select committee on Budget, Finance and Economic Development said that the act was built out of a culture of corruption, partisanship and criminality.