THE Zimbabwe Investment and Development Agency (Zida) has laid off several executives from its predecessor, Zimbabwe Investment Authority (ZIA) in a restructuring exercise meant to position the organisation for the rigours of drumming up foreign direct investment inflows following a decade of subdued inflows.
A Zida spokesperson also told businessdigest that
challenges stemming out of Covid-19 had dictated that the agency rationalises
staff.
Zida was established about two years ago under reforms
rolled out to create a one stop shop for domestic and foreign investors
exploring opportunities in Zimbabwe. Former African Banking Corporation chief
executive officer, Doug Munatsi heads Zida.
Businessdigest was told this week that top executives
including chief operating officer Ronald Chirochangu and chief human resources
officer Caroline Hondonga had left.
Other executives who have parted ways with ZIDA included
Sichoni Takozela, Washington Ranga and Dumezweni Ncomanzi all of whom were
formerly employed by ZIA.
Zida chief investments and corporate affairs officer Tino
Kambasha said after the integration it was important for Zida to restructure
its operations.
“While efforts and necessary measures have been taken in
creating a conducive working environment where the workforce is given enough
room to perform and ensure Zida’s strategic function within the National
Development Strategy (NDS 1) is achieved, some mutual separations have been
witnessed at different levels of our workforce,” Kambasha told businessdigest.
“Our relations with the former team members remain cordial
and their instrumental role in the formation of Zida is well documented and
appreciated. I need to also mention that the effects of Covid-19 resulted in us
cutting down our budgets and channeling resources towards priority areas and
this has not been widely accepted by some members of staff. This is a necessary
evil for the sustainable growth of Zida,” Kambasha said.
Zida is funded by the Treasury. But it plans to wean itself
from State handouts once its operations are fully functional.
“We take pride in being a part of a new Zimbabwe as we
champion the investment framework into becoming a world-class leading
investment promotion agency,” Kambasha told businessdigest.
“Sadly, candidness and astuteness can easily be misjudged
as victimisation. But we are optimistic that in due course what we are trying
to achieve will be appreciated. We are also working on improving our internal
communications so that every employee is kept abreast with developments within
the organisation,” he said. Zimbabwe Independent
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