
CAPITAL markets are set to play a key role in driving macroeconomic stability and advancing financial sector development, a Cabinet has said, as the government crafts a comprehensive roadmap for the National Development Strategy 2 (NDS2).
The call by Finance, Economic Development and Investment Promotion minister Mthuli Ncube was made at the official of the Zimbabwe Stock Exchange Holdings Limited (ZSEHL), the parent company of the ZSE and Victoria Falls Stock Exchange (VFEX), on the local bourse last week.
Speaking during the listing of ZSEHL, Ncube said capital markets’ contributions to the pillar of macroeconomic stability and financial sector development will be key.
Ncube made the remarks in a speech read on his behalf by the ministry’s financial sector policy director, Judith Rusike.
“As we formulate a roadmap for the National Development Strategy 2, capital market contributions to the pillar of macroeconomic stability and financial sector development will be key,” Ncube said.
He said initiatives to ensure the certainty and effects of how other capital market players participate in playing their role in capital mobilisation and ensure innovation in the sector to attract both local and foreign investors would be key.
These efforts aim not only to deepen domestic participation but also to attract foreign investors, reinforcing the capital markets as a cornerstone of sustainable economic transformation, Ncube said.
He stressed the government’s commitment to working closely with the regulator, the Securities and Exchange Commission of Zimbabwe, to ensure investor-friendly frameworks that foster investor confidence and maintain market integrity.
- Budget dampens workers’ hopes
- Govt issues $24 billion Covid-19 guarantees
- Letter to my People:They have no answers for Nero’s charisma
- ZMX to enhance farm profitability
Keep Reading
Ncube added that the self-listing of ZSEHL resonated with the motto of inclusivity, as well as aligning with the pillars of the NDS1, which ends this year.
“NDS1 has a significant link with Zimbabwe’s capital markets in several ways, including mobilising long-term domestic and foreign investment to support sustained economic growth, macroeconomic stability and private sector development,” Ncube said.
He added that as the government ushered in an era of economic reforms, infrastructure renewal and engagement in the international community, capital market reforms had been a vital part of this process.
The establishment of the VFEX, which included diversification of products such as the real estate investment trust, exchange-traded funds, and most of the ZSEHL self-listing, was, according to Ncube, a few examples of the government’s commitment to supporting capital market growth.
“This listing is a milestone in our national development trajectory. Government stands ready to support continued innovation and reform in the capital market space,” Ncube said.
“Together we can build Zimbabwe that is strong, prosperous and inclusive, leaving no one and no place behind.”
He said the self-listing of ZSEHL opened up new opportunities for growth and investment.
Trading of ZSEHL shares began on Friday last week.