The Reserve Bank of Zimbabwe (RBZ) and the Indigenous Advisory Practitioners Association of Zimbabwe (IAPAZ) have initiated a collaborative effort to address the country’s ongoing economic challenges.
In a high-level meeting held at the RBZ headquarters, IAPAZ President, Mr. Nyasha Gonese, and his team engaged with the RBZ Governor and his staff to explore joint solutions for Zimbabwe’s economic hurdles, particularly skills shortages, the growing import bill, and the need for professional development.
The meeting emphasized the importance of cooperation between the central bank and IAPAZ, a national association that unifies professionals from across Zimbabwe, including those in the diaspora.
IAPAZ was formed to provide a platform for professional development, addressing the fragmentation of the country’s professional bodies which has, in the past, stifled collaboration and economic progress.
Mr. Gonese expressed his gratitude for the RBZ’s willingness to engage, highlighting the central bank’s responsiveness to the concerns of Zimbabwe’s business community.
“We appreciate the Reserve Bank of Zimbabwe’s openness and readiness to collaborate. The RBZ recognizes the potential of IAPAZ’s initiatives to stimulate economic growth,” he stated.
One key initiative discussed during the meeting was IAPAZ’s Diaspora Professional Development program, which seeks to involve skilled professionals abroad in local economic development.
Additionally, Mr. Gonese outlined the Commercialization of Schools’ Business Units and the Retired Corps Without Borders initiative, which aims to merge the experience of retirees with the energy of younger professionals, fostering a more dynamic economy.
The meeting comes as Zimbabwe continues to grapple with economic challenges.
According to a 2018 national skills audit, the country faces severe skills shortages in key sectors: 93.6% in engineering and technology, 97% in natural and applied sciences, and 95% in medical and health sciences.
These gaps have contributed to the rising import bill, which grew from $8.62 billion in 2022 to $9.22 billion in 2023, further straining the economy.
IAPAZ aims to tackle these issues directly. Mr. Gonese pointed out that the fragmentation of Zimbabwe’s professional bodies has resulted in a lack of critical business development skills.
“Our professionals are unable to network or collaborate effectively, which has prevented them from capitalizing on opportunities presented by the Second Republic,” he said.
The Retired Corps Without Borders initiative is designed to address the skills gap by bringing together experienced retirees from Zimbabwe and the diaspora to mentor and guide younger professionals.
Furthermore, the Commercialization of Schools’ Business Units project, in partnership with the Ministry of Primary and Secondary Education, seeks to instill entrepreneurial skills in students by commercializing horticulture and aquaculture units, targeting both local and export markets.
RBZ officials have expressed enthusiasm for these initiatives and are keen to explore further collaboration.
Mr. Gonese emphasized the critical role of partnerships between IAPAZ and the central bank, stating, “Collaboration is essential as we work to reduce import dependency, develop our professional services sector, and create a more sustainable economy.”
With Zimbabwe facing global economic pressures, including falling inflation and fluctuating commodity prices, diversification and the development of the services sector have become vital.
The engagement between RBZ and IAPAZ marks a promising step toward addressing these challenges and securing a resilient future for the nation’s economy.
