The President of Zimbabwe, His Excellency Dr E D Mnangagwa, has moved the People’s Own Savings Bank (POSB) Act Chapter 24:22 and The Industrial Development Corporation (IDC) Act Chapter 14:10 under his control.
This move follows the rules set out in the country’s constitution. The President has the power to appoint Ministers and give them tasks, including running Acts of Parliament or government departments. He can also choose to handle these tasks himself.
The recent Statutory Instrument 84 of 2024 updates Statutory Instrument 189 of 2023 by adding these two Acts to the President’s responsibilities.
The POSB Act and the IDC Act are now among the laws the President manages, along with others from last year. President Mnangagwa is known for being practical and hands-on, and he wants to see the country’s economy improve.
The IDC is crucial for the ongoing industrial growth in Zimbabwe. As the country aims to become an upper middle-class economy by 2030, it’s important to strengthen and modernize industries nationwide.
The goal of these Acts is to support new industries and improve existing ones, aligning with the President’s vision of making Zimbabwe “Open for Business”. He aims to boost the country’s value and make it a hub for regional industry. POSB plays a significant role in providing financial services to civil servants, pensioners, and ordinary citizens, which is a priority for the government.
Moving these Acts under the President’s control is expected to make IDC and POSB operations more efficient.
