The government of Zimbabwe published a Statutory Instrument (SI 156 of 2023) renaming the Sovereign Wealth Fund (Chapter 22:20 of 2015) to the Mutapa Investment Fund. Among the regulations introduced through the statutory instrument is a requirement that the President endeavor to ensure that at least half of the MIF Board is made up of women. The government has followed through on this commitment, appointing a Board which includes some of Zimbabwe’s most notable women business leaders including former CEO of Telone, Chipo Mtasa, brand strategist, Thembelihle Khumalo, and retired banker Dr. Charity Jinya. Despite this, the Fund still has a long way to go to be truly inclusive.

Speaking on the sidelines of the Mutapa Fund policy dialogue, Dr. McDonald Lewanika emphasized the need to closely align the Fund to the aspirations of Zimbabweans:
“Citizens are the ultimate owners of the Mutapa Investment Fund. CSOs need to work with parliament to put in place platforms, mechanisms and frameworks that allow our citizens to be much more fluent and knowledgeable about this thing that is of such high value to the country. Not just in terms of the present, but also in terms of the future.”

The Mutapa Investment Fund policy uptake meeting was organized to inform and educate members of parliament civil society, and journalists about the Fund, discussing transparency and accountability in the provisions of the statutory instrument to promote accountable governance in law-making and oversight. The meeting invited critical accountability ecosystem stakeholders in an effort to stimulate conversation and collaborations to strengthen governance and safeguard citizens’ interests.

The MIF, established by the government of Zimbabwe under the Sovereign Wealth Fund Act of 2015, and now renamed the MIF through S.I 156 of 2023, has made commendable strides towards gender parity. However, McDonald Lewanika, Chief of Party for New Narratives for Accountability in Zimbabwe emphasized the need for broader inclusion, drawing attention to the Funds limited attempts towards inclusion.

“Attempts to address gender parity are commendable, however, there is scope to do more. For instance, the Mutapa Investment Fund ignores other forms of exclusions such as geography and ethnicity,” said Lewanika.

S.I.156 of Presidential Powers (temporary measure) (Investment Laws Amendment) Regulations, 2023, mandates the appointing authority – the President – to include 50% representation of women in board membership. Egon Zehnder’s Global Diversity Tracker shows that women hold 27 percent of board positions. However, the majority of these are white.
“It is fashionable to shortchange inclusion by reducing it to gender alone yet there are other forms of exclusion that impact on civic participation and representation,” said Lewanika. He added: “These include youth participation and People with Disabilities. By failing to broaden inclusion, the Fund still perpetuates the exclusion of other populations.”

Accountability Lab’s policy brief reviews S.I. 156 of 2023, presenting a series of recommendations to reform the management, investment, and distribution of sovereign wealth through the Mutapa Investment Fund. These recommendations include establishing legislative oversight, promoting transparency and public disclosure, operating the Fund as a community fund, and reinvesting a portion of returns into public programs.

The MIF, a pool of resources consisting of public equities, commodity royalties, and government allocations, aims to invest in the country’s future and support its development goals. Although the fund has had limited activity since its establishment in 2015, it holds clear potential for positive impact.

This engagement with parliamentarians is part of a series of initiatives by ALZ to foster accountability and informed participation. A previous engagement in December 2023 focused on drug and substance abuse, resulting in recommendations shared in parliament to enhance citizens’ engagement and address pertinent issues.