EDITOR — I strongly condemn the shocking and reckless announcement made over the weekend by the Youth, Indigenisation and Economic Empowerment minister, Patrick Zhuwao that government will from April 1 close all foreign-owned companies that fail to pay empowerment levies.
Records show that the majority of companies have failed to comply with the Indigenisation and Economic Empowerment Act.
Zhuwao’s statement is the height of crass insanity because it’s coming at a time when companies are operating below capacity due to the harsh economic conditions.
The indigenisation and empowerment model will only ensure that the already corruptly rich in Zanu PF, get richer and no serious business person will invest in this country while thousands more people will lose their jobs.
The indigenisation and empowerment framework does not work in Zimbabwe at a time when over 91 percent of the working population is out of employment.