President Emmerson Mnangagwa swore in Senator Kudakwashe Tagwirei as Minister of Economic Development and Investment Promotion at State House in Harare on Monday morning, 12 October.

The new post comes from splitting the old Ministry of Finance, Economic Development and Investment Promotion into two. Professor Mthuli Ncube stays on as Minister of Finance, which now runs as a ministry of its own. The Blast reported that the appointment was first announced on 8 October.

What the President said

In a statement quoted by The Herald, the President said the swearing-in was done under Section 104 of the Constitution. He said that giving the two ministries "clearly defined mandates and leadership" would sharpen the focus on "robust macroeconomic management while aggressively driving investment and industrial growth".

According to The Herald, the President said the new ministry is expected to play a central role in driving investment, promoting industrialisation and coordinating initiatives aimed at speeding up growth.

What Tagwirei said

Speaking to journalists after taking the oath, Tagwirei thanked the President and said his job would be to line up the economic side of government with the National Development Strategy 2 (NDS2). He said his role would also be "to bring in capital into Zimbabwe, foreign and local", so that some government projects can be funded commercially rather than only through the budget. He added that he had not yet met the President for direction on the detail of the job.

Who is Kudakwashe Tagwirei?

Tagwirei founded Sakunda Holdings, a group with interests in fuel, mining, agriculture and logistics. He was co-opted into ZANU PF's Central Committee in 2025 and was among the presidential appointees to the Senate in August 2026, before this move into Cabinet.

Reaction has been mixed. ZimCitizenNews reports that his supporters see his private-sector experience as an asset, while critics question how his business interests sit alongside public office.

The IMF backdrop

The change comes as the International Monetary Fund gave Zimbabwe a positive progress report. On 13 October, Pindula News reported that the IMF had approved the second review of the country's Staff-Monitored Programme. Pindula reported that the Fund said 2026 marked a turning point for the economy, projected 5% growth this year, and noted that annual ZiG inflation was 3.7% in September. The Fund expects growth to slow to 3.5% in 2027 because of the anticipated effects of an El Niño-related drought on farming.

For families abroad who send money home or are thinking about investing in Zimbabwe, the new ministry is one to watch. Tagwirei said he hoped to meet the press to discuss his plans once he has met the President.

Sources: The Herald, "President Mnangagwa swears in new Minister of Economic Development and Investment Promotion", 12 Oct 2026: https://www.heraldonline.co.zw/president-mnangagwa-swears-in-new-minister-of-economic-development-and-investment-promotion/ · The Herald, "'Treasury split to sharpen economic focus' . . . President swears in Minister Tagwirei", 13 Oct 2026: https://www.heraldonline.co.zw/treasury-split-to-sharpen-economic-focus-president-swears-in-minister-tagwirei/ · ZimCitizenNews, "Tagwirei Sworn in as Economic Development and Investment Promotion Minister", 12 Oct 2026: https://www.zimcitizennews.com/tagwirei-sworn-in-as-economic-development-and-investment-promotion-minister/ · The Blast, "Dr Tagwirei Sworn In As Economic Development Minister", 12 Oct 2026: https://theblast.co.zw/2026/10/12/dr-tagwirei-sworn-in-as-economic-development-minister/ · Pindula News, "IMF says 2026 a turning point for Zimbabwe's economy", 13 Oct 2026: https://news.pindula.co.zw/2026/10/13/imf-says-2026-a-turning-point-for-zimbabwes-economy/