AfDB Annual Meetings: Zimbabwe's Mnangagwa vows to push economic reforms

Zimbabwe's President Emmerson Mnangagwa is in Egypt for the 58th Annual Meetings of the African Development Bank, where he is focused on pushing for economic reforms and debt resolution for his country. In an exclusive interview with CNBC Africa's Godfrey Mutizwa, President Mnangagwa discussed the importance of resolving Zimbabwe's debt and the challenges the country has faced due to sanctions imposed over the past 23 years. The President highlighted the efforts being made to attract investment in the mining sector and emphasized Zimbabwe's commitment to creating a competitive and attractive environment for investors. With a positive outlook on the country's economic growth and diplomatic relations, President Mnangagwa is optimistic about the future of Zimbabwe's economy. President Mnangagwa shared that the invitation to attend the conference came from President Abdel Fattah el-Sisi of Egypt, along with a special focus on Zimbabwe Day. This event provided an opportunity to discuss the debt resolution and debt clearance process led by the President of the AfDB, Dr. Adesina, with support from former President Sissano. The President expressed gratitude for the positive reception of the debt resolution process in both Europe and America, with key discussions on governance, reforms, and the land reform compensation scheme. The involvement of European and American ambassadors, as well as representatives from SADC and the AU, signals a collaborative effort to address Zimbabwe's debt challenges. President Mnangagwa also addressed the country's economic progress despite facing sanctions, pointing to an average growth rate of 5-6% over the past three years in the SADC region. The President believes that Zimbabwe's fast-growing economy, fueled by the mining sector and mineral resources, showcases the country's potential for investment and development. He highlighted the significant growth in the mining sector from 2.7 billion to nearly 30 billion in just four years, demonstrating resilience and progress under challenging circumstances. In terms of attracting investment, President Mnangagwa emphasized the importance of creating a competitive environment and implementing economic and legislative reforms to make Zimbabwe an attractive destination for global capital. The President reiterated that Zimbabwe is open for business but not for exploitation, emphasizing the country's commitment to ensuring that resources benefit the people of Zimbabwe. With a focus on transparency, governance, and creating a conducive investment climate, Zimbabwe is positioning itself as a promising investment opportunity. As discussions continue at the AfDB Annual Meetings, President Mnangagwa remains hopeful that creditors will support Zimbabwe's debt resolution efforts, enabling the country to access new lines of credit and further boost economic growth. With a positive outlook on diplomatic relations and economic reforms, Zimbabwe is poised to attract investment and leverage its mineral resources for sustainable development. President Mnangagwa's message to investors is clear: Zimbabwe is open for business and ready to embrace opportunities for mutual growth and prosperity.