In a move that will leave many Zimbabweans confused, Industry and Commerce Minister, Mangaliso Ndlovu, has appointed a new boards for the non functional Ziscosteel and the Industrial Development Corporation of Zimbabwe (IDCZ).
The appointment comes shortly after Finance Minister Mthuli Ncube made commitments that government will stop giving financial aid and rescue plans to parastatals as a cost cutting measure for government.
Questions then arise on how the board will be paid. Former Ziscosteel employees and the few left manning the company assets have been battling to get their remuneration for years yet a board for the government owned company is still being put on place.
The minister is yet to finalise the substantive chair for Zisco, but renowned economist, Dr Gift Mugano, will head the board on an interim basis.
“Dr Gift Mugano is coming in as the vice chairperson of the Zisco board and will act as the chairperson as we finalise the appointment of the substantive chair in due course,” said the minister.
The other Zisco board members include Mrs Constance Zhanje, a director in the Ministry of Industry and Commerce and an experienced economist; Mrs Mabel Buzuzi, an accomplished banker; Mrs Sheila Hawa, Mwasa Sidambe, a banker and Mr Timothy Phiri.
“The board will serve for three years and my expectation is that they will embrace corporate governance issues, conclude investment issues on Zisco, and also attend to issues concerning the welfare of the workers.
“It is expected that they will spearhead the resuscitation of the company, working in close collaboration with Government. Zisco remains an anchor industry and its role in the industrialisation of the country cannot be under estimated,” said the minister.
For IDCZ, the new board will be chaired by Mrs Gloria Zvaravanhu.
Minister Ndlovu also added more members to the current IDCZ board. These include Mr Ian William Teasdale, who has vast experience in the motor industry; Mrs Vonesai Shuvirai Hove, an economist experienced in trade and export promotion; Mr Shingirirai Raymond Mangwana, a social scientist; Ms Bukake Joana Muzamba, a lawyer by profession and Ms Spiwe Nyamatore, an economist and a deputy director in the Ministry of Industry and Commerce.
The IDCZ is a wholly owned Government entity whose mandate is to establish and conduct new industries and industrial undertakings. Its portfolio covers four subsidiaries and four associate companies. IDCZ had a turnover of $90,3 million in 2018.
“The new members will serve for three years and my expectations are that IDCZ board will give guidance on the implementation of the IDCZ turnaround strategy and give guidance on the development finance role,” said Minister Ndlovu.
“The board is expected to also give direction to the corporation in line with the investment, innovation and export led industrialisation agenda.”