President Emmerson Mnangagwa has reportedly ordered the sale of the People’s Own Savings Bank (POSB) to a consortium led by ZANU PF-supporting cleric Morris Brown Gwedegwe.
According to <a href="https://www.zimlive.com/posb-ordered-to-open-vaults-to-mnangagwas-handpicked-new-investors/">ZimLive</a>, the sale went ahead despite advice from the Zimbabwe Investment and Development Agency (ZIDA), which raised concerns about the source of funds for Gwedegwe’s Hebrew Investment Group.
POSB, now under the Mutapa Investment Fund, is one of several government-owned parastatals being sold off.
Instead of opening the sale to public bids, Mnangagwa, through Attorney General Virginia Mabiza, chose Hebrew Investment Group as the investment partner.
Under the terms of the deal, Hebrew Investment Group will acquire 70% of POSB by contributing US$70 million of the US$100 million needed to recapitalize the bank.
The Zimbabwe government will keep a 10% stake, funded through existing POSB assets, while the remaining 20% will be financed by private individuals.
A joint venture agreement signed between Mabiza and Hebrew Investment Group CEO Professor Emile Kue on December 18, 2024, also includes a US$6 billion loan from Hebrew Investment Group to the Zimbabwe government.
The loan, with a 0.3% interest rate per year, will be repaid over 30 years using dividends from the government’s POSB shareholding.
ZimLive reports that ZIDA questioned the legitimacy of the company’s funds and tried to delay the signing of the agreement, but Mnangagwa and Mabiza pushed it through.
Gwedegwe, a former Anglican bishop who was expelled over alleged embezzlement, was appointed to the Zimbabwe Defence Commission by Mnangagwa in May 2019.
Last year, the Zimbabwe Council of Churches distanced itself from Gwedegwe after he attended the ZANU PF annual conference in Bulawayo, claiming to represent the council.
Questions from ZimLive to Attorney General Mabiza had not been answered at the time of reporting.

Pindula News

President Mnangagwa sold POSB bank to Morris Gwedegwe's group. ZIDA raised concerns about where the money came from. Mnangagwa did not open the sale to public bids. Hebrew Investment Group will own 70% of POSB. The loan from Hebrew Investment Group will be repaid over 30 years. ZIDA questioned where the money came from, but Mnangagwa went ahead with the deal. Gwedegwe was appointed to the Zimbabwe Defence Commission. Council of Churches distanced themselves from Gwedegwe. Attorney General Mabiza did not answer questions about the deal.

Mnangagwa’s Handpicked Investors Take Over POSB

The Zimbabwe Investment and Development Agency (ZIDA), has launched its electronic licencing portal (e-licencing portal), a self-service platform for investors where the submission of applications, renewals, progress reports and investor interface is done.
Speaking at the launch held in the capital Harare on Thursday, ZIDA CEO, Tafadzwa Chinamo said it takes up to five days to complete everything. He said (<a href="https://businesstimes.co.zw/zida-launches-e-licensing-portal/">via Business Times)</a>:
<blockquote>
The launch of this portal embodies our broader vision for a modern, digitally empowered Zimbabwe. It sends a clear message to the international community that we are open for business, eager to embrace innovation, and committed to creating an environment conducive to entrepreneurship and investment.
I call upon all stakeholders – government, private sector, civil society, and citizens – to support our shared goals.
Together, we can harness the transformative power of digitization to unlock Zimbabwe’s full potential and pave the way for a brighter future for generations to come.
However, digitization requires more than just adopting new technologies, it demands a fundamental shift in mindset, processes, and systems.
Collaboration, adaptability, and a willingness to embrace change are essential as we embark on this transformative journey.
</blockquote>
ZIDA’s electronic do-it-yourself (DIY) licensing portal is expected to improve the ease of doing business.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZIDA Launches Electronic Licensing Portal

Zimbabwe Investment and Development Agency (ZIDA) chief executive officer Tafadzwa Chinamo believes lithium exports can earn more foreign currency for the country than gold as more investors express eagerness to venture into lithium mining and beneficiation.
In an interview with <a href="https://www.newsday.co.zw/business/article/200010120/lithium-exports-to-surpass-gold-says-zida-chief">NewsDay</a> recently, Chinamo said a lot of investment is going into lithium. He said:
<blockquote>
Investor interest is definitely there as you shall see from the (soon-to-be-released investment) figures.
There were a lot of investments, a lot of inquiries, and a lot of licences issued by ZIDA dominated obviously by mining.
Lithium is the buzz (word) these days, so a lot of investment is going in there.
The trend continued in 2023 if not at a faster pace so there is definitely interest.
If we do the entire value chain of lithium, I don’t see why it can’t surpass gold.
If you are processing it to those levels or much, much, more then definitely it will be a major export.
</blockquote>
Annually, gold generates more than US$1 billion in export revenue, according to official statistics.
Lithium is a key component of electric vehicle (EV) batteries, hence the increase in lithium interest.
Zimbabwe’s lithium deposits are located in Arcadia, Goromonzi and Kamativi.
The leading lithium miners in Zimbabwe are Chinese firms Zhejiang Huayou Cobalt, Sinomine Resource Group, and Chengxin Lithium Group.
The Chamber of Mines of Zimbabwe says the country is expected to produce 54 500 tonnes of lithium in 2023, a 9% increase over last year’s 50 000 tonnes.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

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