Mnangagwa opens US$24m Ecobank HQ

President Emmerson Mnangagwa says Government will continue improving Zimbabwe's business environment and removing barriers to investment and trade to accelerate national development and improve the livelihoods of ordinary citizens.

The President made the remarks yesterday while officially opening Ecobank Pan African Bank's new US$24 million head office in Borrowdale, Harare.

"Under the Second Republic, I made a declaration that Zimbabwe is Open for Business. Barriers to investment and trade continue to be removed and a conducive business environment is being entrenched. We will continue to do more to ensure shared prosperity and development that leaves no one and no place behind," Mnangagwa said.

He commended Ecobank for investing in Zimbabwe and its willingness to work with Government, describing the financial institution as a partner in the country's development agenda.

"Today, as we officially open this asset, I, therefore, look at Ecobank with pride; I see a partner that has answered our call for win-win partnership and shared prosperity. Just as my administration opened doors to the world, Ecobank has opened its doors to all Zimbabweans, from the largest corporation to the smallest entrepreneur," he said.

Mnangagwa urged stakeholders to utilise the facility to support the key pillars of the National Development Strategy 2 (NDS2), particularly through financing value addition in productive sectors such as agriculture and mining.

He also highlighted the importance of digital tools in empowering young people and women entrepreneurs.

"May this building stand as a permanent reminder that when we are united, confident in ourselves, hard-working and when we take ownership of our destiny, nothing is impossible," he said.

The President said Ecobank's continued investment demonstrated confidence in the economic policies being implemented by the Second Republic.

"Investments of this nature serve as reminders of the resilience of our economy and the conducive business operating environment being facilitated by my administration," he said.

Mnangagwa said the construction of Ecobank Group's first head office in the Southern Africa region that is owned by the bank reflected Zimbabwe's attractiveness as an investment destination.

He also praised the use of local skills in constructing the building, commending the architects, engineers, project managers and construction teams involved in the project.

"I applaud the Ecobank Group for having faith in the ability and skills of the local leadership who steered this project. I commend the local architects, engineers, project managers, and construction teams for delivering a splendid building which changes the landscape of this Borrowdale precinct," he said.

"Nyika inovakwa, inotongwa, inonamatigwa nevene vayo/Ilizwe lakhiwa, libuswe, likhu-le-ke-lwe ngabanikazi balo. A country is built, governed and prayed for, by its people."

He said the project demonstrated that Zimbabweans possessed skills capable of delivering infrastructure to international standards.

"You have demonstrated that the capacities and skills of Zimbabweans are world-class, and that given the opportunity, we can build to global standards. The new building before us is, therefore, not just a bank; it is a testament to local capability and ingenuity. Makorokoto. Amhlophe," Mnangagwa said.

The President also commended the building's sustainability features, including solar-control glazing, rainwater harvesting infrastructure and smart energy-efficient systems.

He said the design would help reduce environmental impact, lower utility costs and improve indoor comfort.

"This has seen the building being endorsed by the International Finance Corporation, and certified by the Excellence in Design for Greater Efficiencies. The incorporation of solar-control glazing, rainwater harvesting infrastructure and smart energy-efficient systems in the building design aligns with National Development Strategy 2 aspirations," he said.

Mnangagwa challenged Ecobank to use its new facility as an engine for economic transformation, modernisation and industrialisation.

"Hence, I am confident that within the banking halls of this modern facility, you at Ecobank will become an engine room for transformation and ensure the accelerated modernisation, industrialisation and development of our motherland, Zimbabwe," he said.

He also urged financial institutions to promote fair practices, ethical management and prudent lending while embracing innovation and adapting to local market demands.

"Zimbabwe is rising and Africa is awakening and taking its place in the global economic space. This calls for financial institutions that are fluid, robust and Pan African in approach to facilitate development financing, as well as industrialisation and intra-African trade to realise the Africa we all want and deserve," he said.

The President further challenged African financial institutions to support the continent's development agenda, particularly by expanding access to finance for women- and youth-led businesses.

"As players in the African financial space, I challenge you to think outside the box to advance the African Agenda. In this spirit, I recognise and applaud the Bank's financial inclusion initiatives, which are targeted at equipping women and youth-led businesses with the capital, mentorship and networks needed for success and entry into global value chains," Mnangagwa said.

He also congratulated Ecobank for its performance and various accolades, including being named the top bank in 2025.

Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said Ecobank's investment was a strong indication of confidence in Zimbabwe's economic direction.

"It demonstrates that Zimbabwe is increasingly becoming a destination of choice for long-term investors who recognise the opportunities presented by our transforming economy," Ncube said.

He said the investment came after Government had laid the foundation for macroeconomic stability through the Transitional Stabilisation Programme and National Development Strategy 1, before moving into the current NDS2 phase.

Ncube said Zimbabwe's economy recorded average GDP growth of 6 percent between 2021 and 2025, exceeding the 5 percent NDS1 target.

He added that the economy grew by 8.3 percent in 2025, which he described as the second-strongest economic growth recorded on the African continent that year.

The event was attended by Cabinet ministers, legislators, banking executives, captains of industry and diplomats accredited to Zimbabwe, among other guests.