HomeBusiness DigestZida lays off former ZIA executives

Zida lays off former ZIA executives

BY TAURAI MANGUDHLA

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 several top executives have left.

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.

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