Story by Stanley James, Business Editor
MEASURES to support the use of the newly introduced Zimbabwe Gold (ZiG) currency in the 2024 Mid Term Budget Review set to be presented on Thursday next week.
An Institute of Chartered Accountants in Zimbabwe (ICAZ) 2024 winter school being held in Victoria Falls has created a platform for the accounting fraternity to assess the economic environment in Zimbabwe during the first six months of this year.
Deputy Minister of Finance, Economic Development and Investment Promotion, Honourable Kuda Mnangagwa who officially opened the winter school revealed Zimbabwe will unveil the 2024 mid-term budget review next week, with a focus on extending the use of the ZiG to all economic activities across the country.
“Government is the biggest beneficiary if business flourishes. As a listening government, we would like to hear more about what you think about industry and commerce, basically, the Zimbabwean economy has been performing very well with an average growth of at least five percent although we are predicting a slight depression I hope there have been significant strides bearing governments testimony to implement prudent economic policies.
“As we move own towards an upper middle-income society by 2030, hence the thrust is on measures that can boost more revenues, so basically we need to see our people reach that standard of living and hence our mid-term budget will be linked to the use and embracing our own currency,” said the Deputy Minister of Finance, Economic Development and Investment Promotion, Honourable Kuda Mnangagwa.
The accounting fraternity is pinning hopes for further economic growth on sustainable policies through investments and measures to boost the ease of doing business in Zimbabwe.
“Price and exchange rate stability are therefore key to curbing excess depreciation of the local currency and this is making our jobs as accountants so much easier so it is vital that this stability should be stability so that the sector continues to thrive,” said the Institute of Chartered Accountants in Zimbabwe president, Mrs Manyara Chigunduru.
The accounting sector is also expecting the review to focus on consolidating current economic gains, providing a roadmap on growth, reviewing the current 3,5 percent growth forecast and additional measures to support the economy in light of global shocks and the El Nino-induced drought.
