Senator doubts mining sector’s ability to achieve US$12b target

Senator doubts mining sector’s ability to achieve US$12b target
Senator doubts mining sector’s ability to achieve US$12b target

Senator doubts mining sector’s ability to achieve US$12b target

By Pavel Mwaoseni

Senator Voice Chinake has raised doubt over the ability of the mining sector to achieve its 2023 target of being a US$12billion economy.

Ministry of Mines in 2018 set a target of becoming a US$12billion economy driven by the reopening of closed mines and opening up of new ones among other measures.

However, Senator is of the view that the target will not be achieved due to things like tax evasion among other measures.

Speaking in the Senate recently, Senator Chinake said, “2023 is just a few months away and the key issue is whether, as a country, we will be able to achieve the 12 billion target in light of the challenges facing the mining sector such as tax evasion, illicit financial flows, and corruption”

‘’You will find that those who are involved in the illicit financial flows would have paid bribes to public officials so that they can trade their minerals outside the country, this is further worsened where there are weak regulatory policies such as poor governance,” said the Senator.

Speaking on the same issue, another Senator Denga concurred with Chinake adding that the Reserve Bank of Zimbabwe is no longer relevant.

“Mr. President, as we grew up, we knew that the Reserve Bank kept a lot of gold which backed the currency of this country. Right now, if you go to the Reserve Bank you will not see anything that shows what backs our currency.

‘’Putting a police officer or a soldier at the Reserve Bank is a waste of resources because Guard Alert Security Company can securely guard the place because there are no threats at all,’’ said Senator Denga.

Mining is one of the three key pillars for economic revival for the Second Republic which came into power in 2017 following a coup.

The other pillars are agriculture and tourism

Senator doubts mining sector’s ability to achieve US$12b target

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