Opinion / Columnist
Zimbabwe ruling elite should declare their sources of wealth
13 hrs ago | Views
To say I was shocked would be an understatement when I came across a report detailing the extraordinary wealth of Zimbabwe's ruling elite.
The report claimed that President Emmerson Mnangagwa is worth a staggering $10 billion, while Vice President Constantino Chiwenga's fortune is estimated at $3.5 billion, and Grace Mugabe, the widow of the late ousted president Robert Mugabe, is said to be worth $5 billion.
What is more puzzling than these figures is the glaring absence of any identifiable business ventures or investments that could justify such immense fortunes.
How could individuals, primarily known for their political and military roles, amass such wealth in a country mired in economic despair?
The report, published by the ZimEye online publication, has not been verified as authentic, but it raises critical and unavoidable questions.
If these figures are accurate and its source legitimate, one would expect such individuals to be listed among the world's wealthiest people.
Yet, they are conspicuously absent from respected rankings such as the Forbes World's Billionaires list or the Forbes 400.
To qualify for the Forbes 400, an individual must have a minimum net worth of $3.3 billion, while the World's Billionaires list requires a net worth of at least $1 billion.
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The absence of Zimbabwe's ruling elite from these lists is a glaring inconsistency given their alleged fortunes.
Forbes evaluates wealth not just by its size but also by its sources.
Each member of its lists is rated on a scale from 1 to 10 based on how their wealth was acquired, with 1 being inherited wealth and 10 representing self-made individuals who overcame significant obstacles.
Only those with transparent and verifiable sources of wealth are included, and individuals with opaque or questionable sources of income are excluded.
This lack of inclusion raises suspicions about the origins of the wealth allegedly held by Zimbabwe's ruling elite.
Consider the contrast with Strive Masiyiwa, whose net worth of $1.8 billion ranks him 12th on Forbes' 2024 list of Africa's billionaires.
Masiyiwa's fortune is well-documented and verifiable, built through investments in telecommunications and technology companies such as Mascom Wireless Botswana, Econet Wireless Zimbabwe, Liquid Intelligent Technologies, and Cassava Technologies.
His inclusion in Forbes underscores the transparency of his wealth.
By contrast, the sources of wealth for Mnangagwa, Chiwenga, and Grace Mugabe remain shrouded in mystery.
Reports suggest that Mnangagwa has investments in fuel, agriculture, pipelines, and diamond mines, allegedly leveraging his political influence to dominate these sectors.
Chiwenga reportedly owns multiple diamond mines and has stakes in several companies, with allegations of abusing his position for personal gain.
Grace Mugabe inherited vast wealth amassed by her late husband, including properties, businesses, and diamond interests.
If their wealth is legitimate, why has it not been acknowledged by reputable financial institutions like Forbes?
This issue is particularly troubling in the context of Zimbabwe's widespread poverty.
Nearly 70% of the population lives below the poverty datum line, with half earning less than $2.50 per day—a level defined by the United Nations as extreme poverty.
Chronic malnutrition affects 23.5% of children, resulting in stunted growth for over half a million young Zimbabweans.
Most families cannot afford more than two meals a day.
These dire conditions are mirrored by a crumbling infrastructure, with the nation unable to provide adequate electricity due to outdated colonial-era power plants that have seen minimal maintenance or upgrades.
Mismanagement and corruption at the state power utility, the Zimbabwe Electricity Supply Authority (ZESA), have exacerbated the situation, leaving households and industries in the dark for up to 18 hours a day.
The country's healthcare system is equally appalling.
Public hospitals lack essential medications, cancer treatment machines, functional surgical theaters, and ambulances.
As a result, over 2,000 women die annually from cervical cancer, while another 2,500 perish during childbirth due to inadequate facilities.
Zimbabwe's largest hospital still operates with a single maternity theater built in 1977 during the Ian Smith regime.
Education fares no better, with rural schools struggling without basic learning materials such as books, desks, and chairs, let alone modern technologies or science laboratories.
In such a context, the opulence of the ruling elite is not just an outrage but a moral crisis.
How did Mnangagwa, Chiwenga, and Grace Mugabe amass fortunes that allegedly rival or surpass those of legitimate African billionaires like Masiyiwa?
Are we to believe that their investments rival those of Johann Rupert, Africa's richest man, with a net worth of $14.3 billion?
The absurdity of this claim underscores the urgency of demanding accountability.
It is high time that Zimbabwe's leaders and their allies, including top military officials, be compelled to publicly declare their wealth and its sources.
Transparency in wealth declaration is not an abstract ideal; it is a fundamental component of accountable governance.
In several countries, public officials are required by law to declare their assets and income sources.
In India, for example, elected representatives must disclose their assets and liabilities before contesting elections, and this information is made available to the public.
This practice not only promotes transparency but also deters corrupt practices.
Similarly, in Kenya, public officers are legally obligated to declare their wealth every two years.
This requirement has helped to expose and investigate instances of unexplained wealth accumulation.
In South Africa, members of parliament and senior government officials must declare their financial interests, including shareholdings and directorships, which are published in a public register.
Such measures have proven beneficial in fostering accountability and curbing corruption.
When leaders are transparent about their wealth, it becomes easier to identify and address potential conflicts of interest, illicit enrichment, or abuse of office.
For Zimbabwe, implementing a mandatory wealth declaration system would be a crucial step toward restoring public trust in governance.
The people of Zimbabwe have a right to demand answers.
How have their leaders accumulated such wealth in a nation that cannot service its $21 billion debt or provide basic public services?
The ruling elite's purported fortunes stand in stark contrast to the country's economic reality.
The lack of transparency around their wealth fuels suspicions of looting and misappropriation of national resources.
Zimbabwe's leaders must be held to account.
They must publicly declare their assets, income, and the sources thereof.
Such a move would not only enhance transparency but also send a strong message that public office is a position of service, not personal enrichment.
Anything less would perpetuate the cycle of poverty and corruption that has plagued Zimbabwe for decades.
It is time for the truth to come to light.
© Tendai Ruben Mbofana is a social justice advocate and writer. Please feel free to WhatsApp or Call: +263715667700 | +263782283975, or email: mbofana.tendairuben73@gmail.com, or visit website: https://mbofanatendairuben.news.blog/
The report claimed that President Emmerson Mnangagwa is worth a staggering $10 billion, while Vice President Constantino Chiwenga's fortune is estimated at $3.5 billion, and Grace Mugabe, the widow of the late ousted president Robert Mugabe, is said to be worth $5 billion.
What is more puzzling than these figures is the glaring absence of any identifiable business ventures or investments that could justify such immense fortunes.
How could individuals, primarily known for their political and military roles, amass such wealth in a country mired in economic despair?
The report, published by the ZimEye online publication, has not been verified as authentic, but it raises critical and unavoidable questions.
If these figures are accurate and its source legitimate, one would expect such individuals to be listed among the world's wealthiest people.
Yet, they are conspicuously absent from respected rankings such as the Forbes World's Billionaires list or the Forbes 400.
To qualify for the Forbes 400, an individual must have a minimum net worth of $3.3 billion, while the World's Billionaires list requires a net worth of at least $1 billion.
To directly receive articles from Tendai Ruben Mbofana, please join his WhatsApp Channel on: https://whatsapp.com/channel/0029VaqprWCIyPtRnKpkHe08
The absence of Zimbabwe's ruling elite from these lists is a glaring inconsistency given their alleged fortunes.
Forbes evaluates wealth not just by its size but also by its sources.
Each member of its lists is rated on a scale from 1 to 10 based on how their wealth was acquired, with 1 being inherited wealth and 10 representing self-made individuals who overcame significant obstacles.
Only those with transparent and verifiable sources of wealth are included, and individuals with opaque or questionable sources of income are excluded.
This lack of inclusion raises suspicions about the origins of the wealth allegedly held by Zimbabwe's ruling elite.
Consider the contrast with Strive Masiyiwa, whose net worth of $1.8 billion ranks him 12th on Forbes' 2024 list of Africa's billionaires.
Masiyiwa's fortune is well-documented and verifiable, built through investments in telecommunications and technology companies such as Mascom Wireless Botswana, Econet Wireless Zimbabwe, Liquid Intelligent Technologies, and Cassava Technologies.
His inclusion in Forbes underscores the transparency of his wealth.
By contrast, the sources of wealth for Mnangagwa, Chiwenga, and Grace Mugabe remain shrouded in mystery.
Reports suggest that Mnangagwa has investments in fuel, agriculture, pipelines, and diamond mines, allegedly leveraging his political influence to dominate these sectors.
Chiwenga reportedly owns multiple diamond mines and has stakes in several companies, with allegations of abusing his position for personal gain.
Grace Mugabe inherited vast wealth amassed by her late husband, including properties, businesses, and diamond interests.
If their wealth is legitimate, why has it not been acknowledged by reputable financial institutions like Forbes?
This issue is particularly troubling in the context of Zimbabwe's widespread poverty.
Nearly 70% of the population lives below the poverty datum line, with half earning less than $2.50 per day—a level defined by the United Nations as extreme poverty.
Chronic malnutrition affects 23.5% of children, resulting in stunted growth for over half a million young Zimbabweans.
Most families cannot afford more than two meals a day.
These dire conditions are mirrored by a crumbling infrastructure, with the nation unable to provide adequate electricity due to outdated colonial-era power plants that have seen minimal maintenance or upgrades.
Mismanagement and corruption at the state power utility, the Zimbabwe Electricity Supply Authority (ZESA), have exacerbated the situation, leaving households and industries in the dark for up to 18 hours a day.
The country's healthcare system is equally appalling.
As a result, over 2,000 women die annually from cervical cancer, while another 2,500 perish during childbirth due to inadequate facilities.
Zimbabwe's largest hospital still operates with a single maternity theater built in 1977 during the Ian Smith regime.
Education fares no better, with rural schools struggling without basic learning materials such as books, desks, and chairs, let alone modern technologies or science laboratories.
In such a context, the opulence of the ruling elite is not just an outrage but a moral crisis.
How did Mnangagwa, Chiwenga, and Grace Mugabe amass fortunes that allegedly rival or surpass those of legitimate African billionaires like Masiyiwa?
Are we to believe that their investments rival those of Johann Rupert, Africa's richest man, with a net worth of $14.3 billion?
The absurdity of this claim underscores the urgency of demanding accountability.
It is high time that Zimbabwe's leaders and their allies, including top military officials, be compelled to publicly declare their wealth and its sources.
Transparency in wealth declaration is not an abstract ideal; it is a fundamental component of accountable governance.
In several countries, public officials are required by law to declare their assets and income sources.
In India, for example, elected representatives must disclose their assets and liabilities before contesting elections, and this information is made available to the public.
This practice not only promotes transparency but also deters corrupt practices.
Similarly, in Kenya, public officers are legally obligated to declare their wealth every two years.
This requirement has helped to expose and investigate instances of unexplained wealth accumulation.
In South Africa, members of parliament and senior government officials must declare their financial interests, including shareholdings and directorships, which are published in a public register.
Such measures have proven beneficial in fostering accountability and curbing corruption.
When leaders are transparent about their wealth, it becomes easier to identify and address potential conflicts of interest, illicit enrichment, or abuse of office.
For Zimbabwe, implementing a mandatory wealth declaration system would be a crucial step toward restoring public trust in governance.
The people of Zimbabwe have a right to demand answers.
How have their leaders accumulated such wealth in a nation that cannot service its $21 billion debt or provide basic public services?
The ruling elite's purported fortunes stand in stark contrast to the country's economic reality.
The lack of transparency around their wealth fuels suspicions of looting and misappropriation of national resources.
Zimbabwe's leaders must be held to account.
They must publicly declare their assets, income, and the sources thereof.
Such a move would not only enhance transparency but also send a strong message that public office is a position of service, not personal enrichment.
Anything less would perpetuate the cycle of poverty and corruption that has plagued Zimbabwe for decades.
It is time for the truth to come to light.
© Tendai Ruben Mbofana is a social justice advocate and writer. Please feel free to WhatsApp or Call: +263715667700 | +263782283975, or email: mbofana.tendairuben73@gmail.com, or visit website: https://mbofanatendairuben.news.blog/
Source - Tendai Ruben Mbofana
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