Zimbabwe’s Local Investors Step In as Foreign Companies Exit Market

Zimbabwe is seeing a surge in local investors eager to take over assets from foreign companies exiting the market, according to Finance, Economic Development, and Investment Promotion Minister, Professor Mthuli Ncube. Speaking during a virtual briefing on the World Economic Forum (WEF) update, Professor Ncube highlighted that while the government cannot prevent foreign companies from divesting, it is encouraged by the increasing readiness of local investors to fill the gap left by departing businesses.

Several foreign-owned companies have recently exited the Zimbabwean market, citing operational difficulties. These include retail chain Choppies Zimbabwe, as well as global accounting firms Deloitte and PwC, and multinational company Unilever.

Deloitte, a prominent global audit firm, exited Zimbabwe in June 2024, with its local unit rebranding as Axcentium following a management buyout. PwC also exited the market on January 17, 2025, with its local partners establishing a new firm, Vista Chartered Accountants. In a similar move, local retailer Sai Mart, owned by legislator and Deputy Minister of Industry and Commerce Raji Modi, took control of Choppies Zimbabwe earlier this month.

According to Minister Ncube, while the government cannot prevent companies from dis-investing, the willingness of local investors to acquire these assets is a positive development. “You can’t stop companies from dis-investing, but I’m pleased that for some of these exits, local investors are stepping in,” Ncube said.

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“For example, the local partners took over PwC’s operations, and Choppies is now under local ownership, continuing to operate. We are seeing a strong presence of local investors ready to take over these businesses.”

The disinvestment trend from foreign entities has also been accompanied by the arrival of new international companies. Notably, Forvis Mazars, a global accounting and advisory firm, launched its Zimbabwean operations in June 2024, signaling confidence in the country’s economic prospects. Forvis Mazars is the result of a merger between Mazars, a global network operating in over 100 countries, and Forvis, a major U.S.-based firm, creating a US$5 billion global network that has quickly risen to become one of the top 10 accounting networks in the world.

Minister Ncube emphasized the government’s commitment to improving the business environment, focusing on attracting new investments and encouraging the growth of existing businesses. “We are committed to improving the ease of doing business and tackling the challenges that businesses face. Our goal is to create an environment that attracts new investments and supports local businesses in their expansion,” Ncube said.

Addressing the challenges faced by the retail sector, Ncube acknowledged the difficulties brought on by informal trade and smuggling. He pointed out that the government’s crackdown on smuggling is part of efforts to protect the formal retail industry, which has seen a shift of consumers towards informal markets. This shift has led to a 30% decline in foot traffic at formal retail outlets over the past two years.

“The smuggling issue is hurting both retailers and manufacturers, so we’ve launched a comprehensive crackdown to reduce this illicit activity,” said Ncube. “Our goal is to protect the viability of the formal sector and ensure that we address any challenges that are negatively impacting businesses.”

The operation targets a wide range of smuggled goods, including foodstuffs, clothing, pharmaceuticals, beverages, cement, fertilisers, electronics, and even vehicles and solar panels.