HARARE – Zimbabwe’s state-owned enterprises (SOEs), John Mangudya, Chief Executive Officer of the MUTAPA Investment Fund (MIF), unveiled his strategy to enhance profitability and corporate governance across multiple boardrooms.
By Staff Reporter
Tasked with overseeing a diverse portfolio of firms, Mangudya aims to instill a culture of productivity and diligence, marking a significant departure from the past practices of government dependency.
Appointed as MIF CEO in December, Mangudya, a former Reserve Bank of Zimbabwe governor and CBZ Bank CEO, assumed leadership of the fund, previously known as the Sovereign Wealth Fund. With a wealth of experience in finance and economic management, Mangudya embarked on the ambitious endeavor of reshaping the nation’s economic landscape through strategic leadership and prudent management.
Addressing staff, Mangudya emphasized the importance of driving profitability and promoting good governance within MIF’s portfolio companies. Citing the need to safeguard national assets and optimize their potential for the benefit of the Zimbabwean economy, he outlined the fund’s vision of creating a sustainable and profitable entity that serves the national interest above all.
Underpinning MIF’s operations are core values of transparency, accountability, excellence, commitment, and integrity, guiding decision-making processes and fostering a culture of teamwork. Mangudya stressed the importance of reinvesting profits into viable and profitable entities to drive economic development and stability in Zimbabwe.
With a collection of approximately 26 state firms under its purview, MIF’s portfolio includes a diverse range of sectors, from mining and transportation to telecommunications and finance. Notable entities such as Zupco, Air Zimbabwe, and ZESA Holdings fall under MIF’s ambit, presenting both opportunities and challenges in the quest for profitability and sustainability.
Mangudya affirmed MIF’s commitment to understanding the unique needs of each entity and reinvesting profits for continuous growth and development. By promoting good corporate governance and leveraging profits for reinvestment, MIF aims to drive economic transformation and enhance the commercial viability of state-owned enterprises.
As Zimbabwe looks towards a future of economic recovery and prosperity, Mangudya’s vision for MIF underscores the importance of strategic leadership, accountability, and innovation in unlocking the potential of state-owned enterprises to contribute meaningfully to national development.
With a clear roadmap and unwavering commitment, MIF stands poised to play a pivotal role in shaping Zimbabwe’s economic trajectory in the years to come.
