Harare, Zimbabwe: Accountability Lab Zimbabwe has published a comprehensive policy brief highlighting the importance of enhancing transparency, accountability and citizen participation in the Mutapa investment decisions. The Brief is among the Lab’s efforts to ensure that the Mutapa Investment Fund (MIF) reflects the values and aspirations of Zimbabwean citizens.

Established under the Sovereign Wealth Fund Act (Chapter 22:20) of 2015 and renamed through Statutory Instrument 156 of 2023, the Mutapa Investment Fund represents a significant opportunity for Zimbabwe’s economic development. However, to maximize its potential as a vehicle for sustainable growth and equitable wealth distribution, Accountability Lab Zimbabwe emphasizes the need for critical reforms aimed at enhancing the accountability of the Fund and ensuring it serves the interests of the people.

“As citizens we are all stakeholders,” said Dr. McDonald Lewanika, Country Director of Accountability Lab Zimbabwe commenting on the need to inform citizens about the Fund. “The investment fund is our fund. Even though the government are the owners of the investment fund, the ultimate owners are citizens. Now, if you own something that you hardly know anything about, what kind of ownership is that?”
The policy brief presents a series of recommendations aimed at reforming 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.

Parliamentary oversight plays a crucial role in ensuring transparency and accountability within the Mutapa Investment Fund.
“Our view as Parliament, is that we obviously need to ensure that we are supported fully by civil society, and citizen the citizens at large to ensure transparency and accountability in the Fund,” said Hon. Mushorwa, a member of the Parliamentary Budget Finance Committee.

Accountability Lab recommends that Parliament must exercise its mandate by demanding public disclosure of the Fund’s investment strategies, asset holdings, and risk management approach. Transparent reporting empowers legislators to monitor the Fund’s activities effectively, ensuring alignment with the interests of the citizens.

Citizens must have a meaningful voice in determining the ethical parameters of the Fund’s investment decisions, even if they are not directly involved in managing its assets. Accountability Lab emphasizes the importance of aligning the Fund’s investment strategies with the values and aspirations of the Zimbabwean people, thereby fostering a sense of ownership and accountability among citizens.
To promote inclusive growth and social development, Accountability Lab advocates for the government to make discretionary transfers of a portion of the Mutapa Investment Fund’s returns to the general budget. Reinvesting in public programs ensures that the benefits of sovereign wealth are shared equitably among Zimbabwean citizens, contributing to the overall well-being of society.

Underscoring the fundamental principle that governance should prioritize the welfare and interests of the people, Accountability Lab Zimbabwe advocates for policies and practices that deliver tangible public goods. By championing these reforms, Accountability Lab seeks promote transparency and accountability in the Mutapa Investment Fund, promoting public trust, and governance that works for people. Through collaboration with stakeholders across government, civil society, and the private sector, Accountability Lab remains committed to advancing policies that prioritize the interests of all Zimbabweans.