Last year, Mugabe vowed that
he will enforce indigenous
Zimbabweans to control over
50% of foreign owned
companies in Zimbabwe.
Then he said “there are
companies in this country that
still refuse to accept our
empowerment policy…well,
this is 2015 and, of course, we
are in December, the end of
year but certainly come
January and it’s 2016, that
stubbornness and resistance
we say should end in 2015.
“In 2016, we will not accept a
company which refuses and
rejects our policy
indigenisation and
empowerment in a manner in
which we described.”
Read Here: Come 2016, Mugabe
Will Enforce Natives To
Control Over 50% Of Foreign
Companies In Zimbabwe
Indigenous Zimbabweans
as acknowledge by the
‘Indigenization and Economic
Empowerment Bill’ which
President Mugabe signed into
law in 2008, have the right to
take over and control most of
the foreign-owned companies
in Zimbabwe.
To be precise, the Bill
stipulated that more than 50
percent of all the businesses
in the country will be
transferred into local African
hands.
Now, the deteriorated state
of the country’s economy has
compelled the old leader to
soften the controversial
foreign company law.
Mugabe has announced plans
to amend the indigenization
laws which has been
continuously blamed for
distracting investments in the
country.
It’s needful to remind you
that the law was meant to
empower the black population
who were disadvantaged by
colonial rule.
However, many have likened
the law to the nation’s land
distribution policy saying
it has only benefited Mr.
Mugabe’s allies.
The land distribution policy
enabled Mugabe to
redistribute commercial farms
owned by non-black-Africans
to native Zimbabweans.
Severally, the policy has been
identified as the root of the
economic crisis in the country.
The land redistribution policy
essentially chased many white
farmers out of Zimbabwe.
Not long ago, the Zimbabwean
government also decided
to water down the land
redistribution policy.
Read Here: Zimba