Zimbabwe: Newly re-elected President Mugabe to transfer economic wealth to citizens

Newly re-elected Zimbabwe president, Robert Mugabe in a bid to carry out his campaign promises, intends to transform the economy by transferring more wealth to its citizens, his ruling party said.

Mugabe and his Zimbabwe African National Union-Patriotic Front party (ZANU-PF), will boost the economy through its policies of indigenization and economic empowerment, the party said in a statement handed to reporters today in the capital, Harare.

“Over the next five years, Zimbabwe is going to witness a unique wealth-transfer model that will see ordinary people take charge of their economy,” it said. “The people of Zimbabwe have given President Robert Mugabe and ZANU-PF a clear mandate to transform the economy through indigenization and economic empowerment.”

With its indigenization policy, Mugabe and Zanu-PF have encouraged mining companies such as Impala Platinum Holdings Ltd. (IMP) and Anglo American Platinum Ltd. (AMS) to cede majority stakes in their local assets to black Zimbabweans or the government.

Zimbabwe has the world’s second-biggest platinum and chrome reserves, as well as diamond, gold and coal deposits. His opponent Morgan Tsvangirai had promised to repeal the measure.

African Union and regional monitors have expressed concern about the conduct of the recently held presidential elections, with Botswana, which borders Zimbabwe, calling for an independent audit of the vote.