SMEs central to Zimbabwe’s economic revival: Mutsvangwa

Minister of Women Affairs, Community, Small and Medium Enterprises Development, Monica Mutsvangwa, has underscored the pivotal role of small and medium enterprises (SMEs) in powering Zimbabwe’s economic recovery.

Delivering a speech read on her behalf by Engineer Francis Gondo, Chief Director for Enterprise and Community Development in her ministry, at the Chartered Governance and Accounting Institute in Zimbabwe (CGAIZ) annual conference in Victoria Falls, Mutsvangwa said SMEs are the lifeblood of the national economy.

“SMEs are not just peripheral players in our economy; they are its very backbone, employing over 60% of our population and contributing more than 60% to gross domestic product,” she said.

The minister framed SMEs as engines of innovation, resilience, and inclusive growth, while calling for strengthened governance frameworks, improved access to finance, and accelerated digital transformation to unlock their full potential.

Mutsvangwa urged governance professionals to broaden their influence beyond corporate boardrooms, stressing that accountability and sustainability must also take root in communities, cooperatives, and micro-enterprises.

“Governance does not reside in government alone; it extends into boardrooms, cooperatives, and even micro-enterprises. The resilience of our economy will, in large measure, depend on how well we instill governance values across all tiers of our economy, from multinationals to our local SMEs,” she said.

She also commended CGAIZ for its focus on sustainability reporting and environmental, social, and governance (ESG) integration, saying such frameworks are crucial in preparing Zimbabwean enterprises for a low-carbon, climate-resilient future.

The minister further called for capacity building in emerging technologies such as artificial intelligence, describing AI as a “game-changer” for financial management, fraud detection, and predictive analysis.

CGAIZ President Judith Buzuzi echoed the minister’s sentiments, stressing that disciplined stewardship and sustainable practices are especially vital for the SME sector.

“SMEs are the backbone of our country; they provide jobs for most of our people, create livelihoods for families, and embody the entrepreneurial spirit that defines Zimbabweans. Yet, too often, they are held back by weak governance structures and poor financial systems. This is where our institute must stand tall,” Mrs. Buzuzi said.

She also drew attention to the rising tide of social challenges, particularly drug and substance abuse, urging governance professionals to embrace ethical leadership and active community engagement.

“Governance is not just about boardrooms; it is also about the choices we make to safeguard our communities and our young people,” she said.