“Be Patient” Investor Tells Counterparts

"For the past 20 years someone had clicked the pause button..."

"Be Patient" Investor Tells Counterparts
Image Credit CAJ News Africa

An investor told counterparts who are interested in investing in Zimbabwe to be patient when it comes to retrieving the money invested as the nation is doing something.

Ashruf Kaka, who invested in Zimbabwe when the country was still under international isolation, said that Zimbabwe is working on how the investors are going to retrieve the money invested in the country.

“The government has to deal with how it extenalises money. If you invest how do you take out your money? Be patient, Zimbabwe is working on that,” said Kaka.

Kaka has been investing in Chrome Mining along the Great Dyke in the Midlands Province, employing over a thousand workers. Kaka also praised the new dispensation for bringing in progress to a country that had slow to no development for the past years.

“For the past 20 years someone had clicked the pause button, but on 25 November 2017 the pause button was released and Zimbabwe was open to business again,” said the investor.

The investor also said that $400 million recapitalisation of the National Railways of Zimbabwe was a promising move for exportation in the country.

A group of Zimbabweans in diaspora raised money for the recapitalisation of the NRZ and this has resulted in 108 wagons and seven locomotives entering into the country. Foreign investors have in the past revealled fears over retrieving the money invested in Zimbabwe.

Last year investors were trapped in Zimbabwe as they could not move their money out of the country amid fears of the return of a hyperinflation.

“There is a fear that Zimbabwe is returning to its previous days of excessive currency printing. There is a real problem of currency repatriation,” said Mark Mobius, chairman of a company that invested into Delta Beverages who felt that money invested could not be taken out of the country.

The Reserve Bank of Zimbabwe has already promised to offer Foreign Currency to those that export as well as investors who bring in money to Zimbabwe.

The Zimbabwean Government has been sending delegates to participate in Investment Forums outside the country. In a bid to lure investors, the Finance Minister Patrick Chinamasa recently travelled to the United Kingdom. The Minister of Mines and Mining Development Winston Chitando also went to the South African Mining Indaba to meet and persuade investors into Zimbabwe.


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