WITH concerted efforts from all stakeholders Zimbabwe can achieve its vision of becoming an upper-middle income economy by 2030, despite the challenges it faces, African Export-Import Bank vice president, Denys Denya, has said.
“We can succeed in spite of the prevailing headwinds and challenges we currently face, be it climate change, geopolitics, insecurity in parts of our continent or global supply chain disruptions,” he told the annual conference in Victoria Falls of the Chartered Governance and Accountancy Institute in Zimbabwe.
“I firmly believe that, through concerted efforts from all stakeholders, we can indeed grow Zimbabwe’s economy to achieve our 2030 ambitions,” Denya, who is the Afreximbank vice president responsible for finance, administration and banking services, said.
He said the journey towards achieving an upper middle-class status by 2030 is multifaceted, and demands strategic focus across various segments of the economy. Denya, who is Zimbabwean, said he had lived in Egypt for more than a decade and witnessed first-hand how the provision of enabling infrastructure can bring forth new business opportunities and ignite sustainable economic growth.
He said he was in the room in 2015 when the Egyptian president announced his government’s plan to build a new city near Cairo to house five million people. “I thought it was a pipe dream but six years later in 2021 Afreximbank was able to hold its 29th AGM in this new beautiful city and we all witnessed what Africans can do when we put our minds to solving our problems,” he said.
“We have also witnessed other African nations transform their economies to achieve impressive GDP growth, and this should inspire our confidence that, with the right policy framework, robust infrastructure development, and a conducive business environment, Zimbabwe can indeed realise its full economic potential,” he added.
He said Ghana grew its GDP from US$11 billion in 2000 to nearly US$80 billion in 2021. Likewise Kenya’s GDP surged from roughly US$12 billion in 2000 to more than US$113 billion by the end of 2022. There had also been outstanding achievements in Rwanda, Ethiopia and Mauritius.
“These achievements serve as compelling examples of the immense growth potential that Zimbabwe also possesses. During this period Zimbabwe’s GDP grew from around seven billion United States dollars to approximately US$28 billion. It’s evident that our nation harbours substantial untapped potential,” he said.
Zimbabwe has undoubtedly faced significant challenges in recent years. However, it was vital to recognise, he said, that within these challenges lay unique opportunities for growth and transformation.
“To navigate this path effectively, we must strategically focus on nurturing sectors which hold growth potential,” Denya said, adding that these sectors included mining, agriculture, tourism and manufacturing.
Zimbabwe’s mining industry, despite boasting a remarkable array of minerals, currently contributed only about 12 percent to the annual GDP, largely because it exported them raw with no or little beneficiation and no linkage to regional value chains.
“When managed strategically and sustainability, these resources have the potential to drive significant economic growth,” he said. — New Ziana