Mnangagwa Strips Mthuli Ncube of Economic Development Powers, Appoints Tagwirei

Harare — President Emmerson Mnangagwa has stripped Finance Minister Professor Mthuli Ncube of responsibility for Economic Development and Investment Promotion, appointing businessman and Senator Kudakwashe Tagwirei to head the newly separated Ministry.

The changes were announced on Thursday, 8 October 2026, in separate official press statements issued by Chief Secretary to the President and Cabinet Dr. Martin Rushwaya.

Both appointments take effect immediately under Section 104, Subsection (1) of the Constitution of Zimbabwe.

Professor Ncube, who had overseen the broader Finance, Economic Development and Investment Promotion portfolio, retains responsibility for finance.

Senator Tagwirei assumes the newly delineated Economic Development and Investment Promotion Ministry, which will focus on attracting investment, supporting economic growth and promoting development initiatives, including oversight of agencies such as the Zimbabwe Investment and Development Agency (ZIDA).

Professor Mthuli Ncube, now just Finance Minister.

Professor Mthuli Ncube was appointed Finance Minister in September 2018 under President Mnangagwa and has managed currency reforms, fiscal policy, debt restructuring efforts and engagement with international financial institutions amid Zimbabwe’s economic challenges.

Senator Tagwirei from Shurugwi in the Midlands Province, is a prominent Zimbabwean businessman, philanthropist and political figure.

He studied at Solusi University and trained in geology/mining-related fields before working in the banking sector until he was retrenched during the early 2000s economic downturn.

In 2005, Senator Tagwirei founded Sakunda Holdings, initially focused on fuel trading.

The company expanded rapidly into a major conglomerate with interests in energy, mining, agriculture, logistics, banking and infrastructure.

A key partnership with Swiss commodities trader Trafigura from 2013 gave preferential access to Zimbabwe’s fuel infrastructure, including the Beira pipeline.

Sakunda played a significant role in government programmes such as fuel supply and the Command Agriculture/Presidential Inputs scheme.

Senator Tagwirei’s business interests have also extended to mining assets and other sectors.

He has been a close associate of President Mnangagwa and a member of the ZANU-PF Central Committee, appointed a Senator in September 2026.

He has faced United States and United Kingdom sanctions since 2020 over allegations of corruption, preferential access to state contracts and foreign currency, and ties to senior officials, allegations he has consistently denied.

Estimates of his net worth vary widely, with some reports placing it in the hundreds of millions to over a billion US dollars.

The dual appointments separate fiscal management under Professor Ncube from investment promotion and broader economic development under Senator Tagwirei, a move analysts say aims to sharpen focus on growth and capital inflows while retaining continuity in financial stewardship.