from SAVIOUS KWINIKA in Johannesburg, South Africa
JOHANNESBURG, (CAJ News) – SOUTH African-based businessman Frank Buyanga, plans to establish Sovereign Wealth Fund (SWF) to empower youth in his homeland Zimbabwe.
The entrepreneur said this was in response to calls by the new administration of President Emmerson Mnangagwa, which desperately needs investment to revive its comatose economy ruined by years of mismanagement under longtime ruler Robert Mugabe.
Buyanga recently attended the swearing-in of Mnangagwa in Harare.
The businessman, who resides in Johannesburg has offered to fund and capitalise the SWF, which he says can assist start-ups in the fledgling southern African country.
Zimbabwe, which is heavily indebted and has a very high unemployment rate estimated at more than 80 percent, has been unable to implement any SWF, much to the detriment of small-scale enterprises.
Buyanga earlier this year wrote to the Zimbabwean government to offer his assistance in setting up an SWF.
In the letter, Buyanga noted, “As Africa Medallion Group(AMG), we want to be part of the new Zimbabwe by helping our SWF reach its goals and also get the necessary financial ability to do so.”
He said the AMG balance sheet had exceeded R1 billion (about US$67 million) in a relatively short period of time and was storing gold purchased and related material at local obtained secured vaults.
“As an entrepreneur, l am aware that at this moment, when the fiscus is stretched so thin and has nothing to spare, the practicality of SWF for Zimbabwe is then close to impossible,” Buyanga said.
He added, “However, with our assistance together we can make it a reality.”
A SWF or sovereign investment fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such as private equity fund or hedge funds.
– CAJ News