Mutapa flags audit gaps

Zimbabwe's Mutapa Investment Fund (MIF) says six of its portfolio companies are yet to complete audited financial statements, underscoring persistent reporting and governance challenges across some state-linked entities.

Chief executive John Mangudya revealed that while progress has been made, a number of firms remain behind schedule.

"As at 31 March 2026, 25 of the Fund's 31 entities had completed their 2024 audited financial statements, with six entities lagging behind," Mangudya said.

He attributed the delays to deep-rooted structural issues affecting parts of the portfolio.

"These efforts are however taking place against a backdrop of technical insolvency in certain entities, driven by legacy debt burdens, structurally inefficient operating models, and historical weaknesses in financial management and governance capability," he said.

The update highlights ongoing efforts by MIF to improve transparency and accountability within state-owned enterprises, many of which have long struggled with weak financial controls and operational inefficiencies.

The fund said it is working toward full compliance and aims to strengthen financial reporting standards across all its entities by 2030.

MIF, Zimbabwe's sovereign wealth fund, was established under the Sovereign Wealth Fund of Zimbabwe Act to manage and optimise state investments. It was rebranded in 2023 from the Sovereign Wealth Fund of Zimbabwe following reforms that consolidated several state-owned enterprises under its control.