HomeBusiness DigestKasukuwere bulldozes his way

Kasukuwere bulldozes his way

Reserve Bank governor Gideon Gono and bankers have been resisting Kasukuwere’s proposals, arguing the sector is dominated by indigenous players. Gono said last week he preferred a “gradual approach

However, Kasukuwere is trying to bulldoze his way through. After summoning Bankers Association of Zimbabwe president George Guvamatanga, who is also Barclays MD, for talks on Monday, the minister held further meetings with officials of Standard Chartered, Stanbic and MBCA on Tuesday in a bid to force them to yield to his plans.

“We are aware Barclays has a local listing of about 33% and we want to identify who are the players in there, are they indigenous or not. We need to identify if they are bona fide indigenous persons or entities,” Kasukuwere said in an interview on Wednesday.

The minister said he would push Barclays to comply, saying “they are going to immediately transfer 10% to workers and then after that 5% and 3% to the indigenous investors to make it 51%”.

Kasukuwere is said he would meet with Barclays officials next week to try to bring finality to their negotiations. “After meeting them on Monday, we spoke to them this morning (Wednesday) and we will go back to them again next week to check progress on implementation,” he said.

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