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Wednesday, June 7, 2023

Restructuring of public sector firms on track

Story by Stanley James, Business Editor

The government says Public Sector Reforms will be regularly reviewed next year to increase state-owned utilities’ contribution to overall economic performance.

This comes as the Second Republic has instituted a roadmap that seeks to restore confidence in state-owned entities.

Key among the targets is viability, accountability, search for partners, growth, reducing costs and retiring of debts.

Government, therefore, expects the continuous rollout of the reforms next year.

“Nothing has changed and the roadmap is still there to the extent that as government, we are still committed to it for the benefit of the economy,” Secretary for State Enterprises Reform, Corporate Governance and Procurement Office of the President and Cabinet, Mr Willard Manungo said.

Corporate governance experts are expecting state-owned firms to comply with the reforms.

Dr Lovemore Gomera, Corporate Governance Institute of Zimbabwe Chief Executive Officer noted, “The opportunities are there so it is only a matter of time before all aspects are made for the benefit of the utilities.”

Corporate Governance Expert, Mr Jonathan Dube said, “As the private sector we are more than willing to ensure that we do our best in crafting proposals towards restoring confidence for the parastatals.”

Regulatory authorities are also interested in ensuring that the utilities contribute more than ten per cent to the nation’s annual Gross Domestic Product (GDP).

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