Zimbabwe’s President Robert Mugabe yesterday announced major changes to his government’s empowerment policy, indicating the controversial law could be amended to reflect softening local empowerment demands on foreign mines and banks.
Analysts have long criticised the policy, saying it has deterred the foreign direct investment Zimbabwe needs for its economic recovery. Conflicting policy pronouncements by officials, including Mugabe himself and government ministers, have not helped the situation, critics say.
Mugabe, who has been in power since Zimbabwe’s independence in 1980, signed the Indigenization and Economic Empowerment Act into law on March 9, 2008, days before general elections held that year, making it the centrepiece of his campaign.
Here are key events around the controversial law:
Continued next page