ZIMBABWE can position itself among Africa's leading mining destinations if it maintains policy certainty, predictable regulations and investor-friendly fiscal frameworks, Ghana Chamber of Mines chief executive officer Kenneth Ashigbey has said.
Addressing delegates at the Gold Symposium in Victoria Falls on Thursday, Ashigbey said the country's abundant mineral resources alone would not be enough to drive growth.
What matters, he said, is creating a policy environment that gives investors confidence to commit long-term capital.
"Zimbabwe has an opportunity today to become one of Africa's most important mining jurisdictions," Ashigbey said.
"The challenge is not geology. It's strategy and policy alignment. The challenge is creating confidence architectures that convert mineral potential into transformational cash flows."
His remarks come at a time when Zimbabwe is seeking to boost gold production and increase mining's contribution to economic growth, against the backdrop of strong global demand for the yellow metal.
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Gold remains Zimbabwe's largest source of foreign currency earnings and one of the country's most strategic economic sectors. Government has set ambitious targets for the industry, with increased exploration, mine development and investment expected to drive future growth.
Ashigbey praised authorities for recent policy adjustments, particularly changes to royalty proposals and windfall tax thresholds, describing them as positive signals to investors.
"I commend the government of Zimbabwe for recent policy recalibrations, particularly the revision of the royalty proposal and raising of the windfall tax thresholds," he said.
"These decisions are significant. They send important government signals to investors, both local and foreign. They reinforce predictability. They demonstrate that policymakers are listening."
According to Ashigbey, the measures demonstrate government's willingness to engage with industry and fine-tune fiscal policies in ways that support sustainable growth.
He noted that policy uncertainty remains one of the biggest challenges facing mining investors across Africa, with some governments introducing measures aimed at addressing short-term fiscal pressures at the expense of long-term investment.
"Zimbabwe has chosen the more strategic path," he said.
"The decision to avoid excessive fiscal burden helps to protect production, sustain gold deliveries, preserve currency stability, accelerate formalisation, reduce smuggling and improve long-term state revenues."
Ashigbey cautioned against designing mining policies solely to meet immediate revenue needs, arguing that the sector requires a long-term approach.
"Mining policy must never be designed for only the next budget cycle. It must be designed for the next generation," he said.
"The lesson for Zimbabwe and indeed all African countries is simple. Mining policy regulation and fiscal administration must be competitive, predictable and aligned with long-term national priorities, not short-term revenue pressures."
His comments echo concerns repeatedly raised by mining executives in Zimbabwe, who argue that frequent policy and regulatory changes make it difficult for companies to plan and finance long-term projects.
Mining investments typically require substantial upfront capital and can take years to generate returns, making policy stability a critical consideration for investors.
Ashigbey said attracting capital requires more than mineral wealth.
Governments must also build strong institutions, uphold contracts and ensure transparency.
"Capital goes to where policy credibility exists. Capital goes where contracts are respected. Capital goes to where institutions function," he said.
"That's why governance matters, and good governance is not anti-business."
He also urged Zimbabwe to strike a balance between encouraging local ownership and attracting foreign investment, saying the two objectives should complement rather than compete with each other.
"Indigenisation and multinational partnerships are not contradictions. They can co-exist," Ashigbey said.
"Africa and Zimbabwean ownership must strive alongside global investments. Zimbabwe can attract the East. Zimbabwe can attract the West. Zimbabwe must also deliberately attract African and Zimbabwean capital."
Investment, he added, will flow only to jurisdictions where rules are "clear, stable, transparent and future-orientated".
With competition for global mining capital intensifying, Ashigbey said African countries that prioritise policy credibility, sound governance and long-term planning will be best placed to unlock the full value of their mineral resources.
"Zimbabwe has climbed an important hill, but the work of building a globally competitive mining economy continues," he said.
The symposium, sponsored by Mutapa Gold Resources, ran concurrently with the Chamber of Mines Annual Mining Conference and Exhibition 2026 in Victoria Falls.