Building A Prosperous Future: Integrating Economic Freedom into Zimbabwe’s Development Policies
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Abstract
Amid a prolonged period of economic instability characterized by hyperinflation, currency instability, high unemployment, and low investor engagement, the Zimbabwean government has recently prioritized establishing a business-friendly environment as part of its developmental goals. This commitment is evident in its short- to medium-term policies, such as Vision 2030, the Transitional Stabilization Programme (TSP) (2018-2020), the National Development Strategy 1 (2021-2025), and the Zimbabwe Industrial Reconstruction and Growth Plan (ZIRGP) (October 2024 to December 2025). Economic freedom in Zimbabwe is also enshrined in the Constitution, specifically Chapter 4, which guarantees fundamental human rights, including participation in economic activities and property ownership. Additionally, the Zimbabwe Investment and Development Agency (ZIDA) Act No. 10/2019 supports the principle of freedom of investment in Zimbabwe. Against this backdrop, this audit evaluates Zimbabwe's performance in economic freedom and its economic impact, assessing progress towards achieving the National Development Strategy 1 and Vision 2030. The study employed a descriptive analysis approach based on quantitative data on economic freedom, sourced from the Economic Freedom of the World database. The analysis first assessed the state of economic freedom in Zimbabwe and then compared it with that of its four neighbouring countries in the region. This comparative analysis allowed for inferences to be drawn regarding the impact of economic freedom on economic performance. The study found that Zimbabwe exhibits low economic freedom performance, ranking the lowest among its neighbouring countries. Consequently, Zimbabwe also demonstrates poor economic performance in comparison to these countries. Policy recommendations include the launch of an online Information Communication Technology-based ZIDA hub, unleashing the ZIDA Act, adopting the buffalo strategy, strategic marketing of Zimbabwe, and investing in research and development.
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