A recent development in the on-going indigenisation saga has been a proposal by the Indigenisation Minister, Hon Saviour Kasukuwere, for a levy to raise funds to finance the purchase of shares in foreign-owned companies. How such a levy would work has not been made clear. The Indigenisation and Empowerment Act does make provision for the imposition of such levies, but they require the approval of the Minister of Finance, presently Hon Tendai Biti. Minister Biti clearly has no intention of doing anything about this, to the chagrin of Minister Kasukuwere, who has accused him of sabotaging the indigenisation drive. Minister Biti told a public policy group in the US, the Atlantic Centre, last month that the policy of acquiring 51% of foreign-owned businesses should be reviewed and that the best way to empower people at the present time is to expand the economy to create as many sectors as possible.
The Prime Minister, Hon Morgan Tsvangirai, has also emphasised that Minister Kasukuwere has no power in terms of the Indigenisation and Empowerment Act to unilaterally nationalise private businesses.
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