by ZimTimes Staff Writer
Mutapa Investment Fund, a sovereign wealth portfolio created by the Government, now boasts an impressive US$16 billion worth of assets under its ambit, it has emerged.
The Fund’s chief executive John Mangudya revealed that an asset evaluation done as at June 2024 revealed the massive wealth the fund is now managing, adding that the assets should now help spur the country’s economic development.
Mangudya was the RBZ Governor for two terms before being appointed to head the Mutapa Investment Fund by President Mnangagwa.
Mangudya, in an interview with the Sunday Mail, dispelled fears that the fund’s assets could be abused, saying mechanisms were in place to ensure transparency.
“The Fund’s board of directors has put in place robust governance structures and board committees to ensure transparency in the operations of the Fund and the valuation process of the assets,” he said.
Mangudya was upbeat that the Fund is up to the task of transforming its investee companies for the betterment of Zimbabweans and the economy.
Mutapa Investment Fund’s huge portfolio includes the following entities, some of which have been accused of being inefficient, unprofitable and dragging on the national fiscus:
- Kuvimba Mining House
- National Railways of Zimbabwe
- Air Zimbabwe
- TelOne
- Zupco
- National Oil Company of Zimbabwe
- Cold Storage Company
- People’s Own Savings Bank
- Zimbabwe Electricity Supply Authority
- Homelink
- Fidelity Gold Refinery
- Hwange Colliery Company
- Powertel
- Allied Timbers
- Telecel, and others.
The government established Mutapa Investment Fund in 2023 after disbanding the Zimbabwe Sovereign Wealth Fund which was formed in 2014 but failed to get traction.
