Nyanga South legislator Supa Mandiwanzira has raised concerns in Parliament over growing loopholes exploited by foreign nationals to externalise foreign currency from Zimbabwe, highlighting casinos and the mining sector as key channels. He urged urgent legislative reforms to protect the economy.
Mandiwanzira warned that casinos were being used as mechanisms for illicit financial flows, enabling foreigners to move large sums of money abroad under the guise of gaming activities.
“Foreigners are using casinos as a mechanism to externalise foreign currency, and this is happening in plain sight. These are loopholes that must be addressed if we are serious about safeguarding our economy,” he said.
He further pointed to the mining sector as another major avenue of capital flight, arguing that foreign investors benefit from weak regulations while local participation and revenue are limited. He criticised the mining value chain, saying it largely excludes Zimbabweans while enabling foreign operators to dominate extraction and export.
“Foreigners come into this country, pay very little to acquire mining claims, bring their own machinery, labour, food, and logistics, and buy nothing locally. They even arrange their own transport to ship minerals out of the country. What remains for locals is almost nothing,” Mandiwanzira said.
While he commended the government’s earlier Cabinet decision to reserve mineral transportation for locals, he expressed concern that the provision was not included in the current mining legislation under discussion.
“Transport is a critical link in the value chain. Cabinet had shown wisdom by reserving it for locals. Unfortunately, that position is not captured in the Bill, and I propose it be reinstated,” he said.
Mandiwanzira also questioned the ease with which foreign nationals secure mining claims, noting that the rights confer significant land-use authority. He cited fees as low as US$590 to US$1,100 for up to 150 hectares, calling for stricter measures to protect national interests.
He proposed that foreign applicants should deposit a substantial sum with the central bank as a guarantee of investment, ensuring money circulates within Zimbabwe instead of leaving the economy.
“That deposit would act as a guarantee of investment and allow money to circulate within our economy, instead of us giving away vast tracts of land for next to nothing,” Mandiwanzira said.
The MP’s intervention underscores growing parliamentary concern over capital flight and the need for stronger economic safeguards, particularly in strategic sectors like mining and gambling.
Source – Business Times
