'Power cuts a threat to Zimbabwe investments'

ZESA'S audit and risk management committee chairperson, Tichaona Timire, has said the ongoing power cuts are a threat to investment in the country and bemoaned the shortage of foreign currency, which he said is hampering efforts to procure critical equipment to keep the country powered.

Addressing a Zesa risk management competition awards ceremony in Harare yesterday, Timire said electricity, being the key driver of economic growth should be consistently available to attract investors.

"Sustained energy provision is key in economic growth as investors want to invest in an economy where there is adequate and reliable energy. This is because electricity is the one that drives all economic activities of a nation," he said.

Speaking at the same event, Energy and Power Development deputy minister Magna Mudyiwa echoed similar sentiments, saying power cuts were a major threat to economic growth.

"It is no secret that electricity is a critical economic enabler," she said

Mudyiwa also said the ongoing load-shedding compromise government's "Zimbabwe is open for business" drive.

"It threatens to derail our attainment of vision 2030 of an upper-middle income economy. Furthermore, where there is no adequate power, the mantra 'Zimbabwe is open for business' is made hollow," she said.

Mudyiwa urged Zimbabweans at large to desist from vandalising Zesa property, adding that last year alone, the power utility lost property worth US$4 million to vandalism.