President Mnangagwa Played A Significant Role In Formulating The 2024 National Budget - Mthuli Ncube

Finance Minister Mthuli Ncube has revealed that President Emmerson Mnangagwa played a significant role in formulating the 2024 national budget for Zimbabwe. Ncube stated in an interview with ZTN that the budget was essentially Mnangagwa’s, as they met regularly outside of Cabinet to discuss policy matters. Ncube said:

I meet the President every week, not in Cabinet. We meet because the Finance, Economic Development and Investment Promotion ministry reports directly to his Excellency.

It’s his ministry, so we meet every week to discuss policy issues.

When it comes to the budget again, I take him through our thinking in terms of the excess budget and how the economy is doing.

I take him through the revenue measures, and he always comes back, pushes back, and give us ideas. He always asks very good questions.

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Actually, I do not want to be questioned by him. They are tough questions, and you have to be clear, so I would say, maybe I should do this differently. So, we have that interaction. He had tremendous input into the budget.

As I speak, he knows everything that I will be presenting in terms of revenue measures, areas of relief, additional revenue, and areas of how to improve the tax administration. He is fully aware, and he has given input.

In a way, it’s his budget.

However, it is worth noting that, according to a government gazette, Vice-President Constantino Chiwenga has been assigned to oversee economic sector ministries. This has raised concerns among public finance watchdogs that the limited consultations conducted online may not adequately reflect the aspirations of the citizens. In previous years, physical meetings were held for broader public input in the budget formulation process.

Rejoice Ngwenya, the executive director of the Coalition for Market and Liberal Solution, stated that he does not believe that Mnangagwa has the knowledge or interest to contribute anything meaningful to the budget, apart from suggesting increased funding for the military and police. Ngwenya told NewsDay:

If indeed, as he says, it’s his budget, it’s going to be shallow and uneventfully dreary.

John Maketo, the programs manager of the Zimbabwe Coalition for Debt and Development, called for a budget that addresses the immediate needs of ordinary people, closes inequality gaps, and creates opportunities for the poor. Effie Ncube of the National Consumer Rights Association stressed the importance of meaningful stakeholder input in budget consultations. Japhet Moyo of the Zimbabwe Congress of Trade Union (ZCTU) also urged Finance Minister Ncube to prioritise the needs of the poor, including reducing taxes for low-income earners.

The budget comes at a time when many Zimbabweans are struggling with poverty, a weakening Zimdollar, and companies facing challenges. Some have suggested reverting to the US dollar as the currency, but President Mnangagwa has maintained his commitment to the de-dollarisation strategy. In 2019, Mnangagwa reintroduced the local currency after a period of economic stability using foreign currencies. The multi-currency regime is set to expire at the end of 2030.

This afternoon, Ncube will present the 2024 fiscal plan, which focuses on “Consolidating Economic Transformation.” The plan aims to address the nation’s desire for growth, stability, and prosperity. Ncube mentioned that the economy has undergone a significant transformation, driven by sectors like infrastructure, mining, agriculture, and tourism. He said despite the challenges of the COVID-19 pandemic, Zimbabwe has shown resilience and adaptability, paving the way for continued economic growth.

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