Mutapa Investment Fund CEO Addresses Transparency Concerns

John Mangudya, Chief Executive Officer of the Mutapa Investment Fund (MIF), has addressed recent allegations suggesting the fund operates without sufficient oversight. Speaking at a public lecture at the Harare Institute of Technology, Mangudya emphasized that the MIF is governed by robust legal frameworks.

"The Fund is bound by Section 49 of the Public Finance Act, which requires public entities to prepare annual reports and financial statements for each quarter and financial year. We are also subjected to Section 119 of the Constitution, which places Parliament as the supreme authority with oversight role on the Fund," he stated.

Mangudya further noted that the MIF aligns with the Santiago Principles, a set of 24 voluntary guidelines designed to promote transparency, good governance, and accountability in the management of sovereign wealth funds. In June 2025, the MIF was formally admitted as a member of the African Sovereign Investors Forum during its 4th Annual Meeting in Abuja, Nigeria.

The MIF, formerly known as the Sovereign Wealth Fund of Zimbabwe, was restructured in 2023 through Statutory Instrument 156, consolidating the government's shareholdings in numerous state-owned enterprises across sectors such as mining, transportation, energy, agriculture, telecommunications, finance, and industry. This restructuring has led to concerns about transparency and accountability, particularly regarding the fund's exemption from certain public procurement laws and the concentration of appointment powers. Critics argue that these changes could increase the risk of mismanagement and abuse of state resources.

Despite these concerns, Mangudya reiterated the fund's commitment to transparency and accountability, highlighting its adherence to legal requirements and international best practices.