HomeLocal NewsIndigenisation, Economic Empowerment Act ill-timed: youths

Indigenisation, Economic Empowerment Act ill-timed: youths

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Youths from the country’s various political parties have described the enactment of the country’s Indigenisation and Economic Empowerment Act (IEEA) as ill-timed.

The policy, which came into force in March this year, compels foreigners to cede 51% shareholding of their companies to indigenous investors.

Contributing to an IEEA meeting organised by Habakkuk Trust in Bulawayo on Friday, youth chairpersons from Zapu and the two MDC parties said the economy was still unstable and not yet ready for implementation of the policy.

“As Zapu, we believe that it would be folly to attempt to implement the IEEA while the economy is still unstable,” said the Zapu youth chairperson Samuel Ngozo.

“Certain guidelines, such as devolution of systems of governance, expansion of the industrial base and broad-based ownership of capital, should be looked into before the Act is implemented.”

MDC-T youth chairperson Bhekithemba Nyathi said: “We totally agree with the concept of indigenisation and economic empowerment, but the problem we have is that other important issues, which can actually help the implementation of the Act, need to be addressed.

“The GPA needs to be fully implemented so that people have faith in the current government. Now is the wrong time to implement the Act.”

The MDC-N youth representative, Skhumbuzo Manduna, echoed Nyathi’s sentiments.

“The economy needs to be stable so that everyone is able to access money to be able to equally take part in the indigenisation and economic empowerment process.”

However, Zanu PF youth chairperson Fundisani Dewa said: “There is nothing wrong with the IEEA, but the major problem has been in implementing the Act.”

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