Zimbabwe has set a new rule for foreign-owned businesses – sell or leave. Could the government's plan to empower locals backfire?

Harare

The Zimbabwean government has implemented a new regulation requiring foreign-owned businesses in sectors such as transportation, retail, and artisanal mining to transfer 75% of their ownership to Zimbabwean citizens over the next three years. This move, formalized under statutory instrument S 1 to 1 5 of 2025, builds on previous indigenization policies and targets small to medium enterprises.

The policy is intended to empower local citizens and formalize sectors dominated by foreign capital, but critics warn it may deter foreign investment due to regulatory uncertainty. While the government aims to increase local participation and economic sovereignty, some argue the new rule could ultimately have limited impact and upset investor confidence.

Is Zimbabwe gambling with investor confidence?

Imagine this, you're a business owner who runs a very successful business But you happen to be a foreigner in the country in which your business operates Then one day you told that you have to sell 75% of your business to a local citizen or risk it being shut down Well, that is what is happening in Zimbabwe a country where almost 400 foreign enterprises operate Some of them owned by people across the border in South Africa or further afield in Europe or China Is Zimbabwe gambling with investor confidence? Welcome to the flip side The government of Zimbabwe has announced a new rule under the statutory instrument s 1 to 1 5 of 2025 Stating that all foreign-owned businesses in sectors like transportation, retail, wholesale trade, barbershops, salons, artisanal mining and many others must transfer 75% of their business to Zimbabwean citizens within the next three years at 25% per year What does this rule really mean for business owners? At the moment you have small sectors of the economy where you had foreign participation Where somebody maybe a foreign would just come in open a business register maybe a business and start running a business and these were considered as probably small to medium Enterprises. So these are the ones that are now being targeted to want to be reserved for Locals. Over the years Zimbabwe has seen a shift in policy on domestic business ownership in 2008 and indigenization policy formalized by the indigenization and economic empowerment act required that locals acquire at least 51% ownership of foreign-owned companies. In 2025 Indigenization laws were tightened, but one might wonder what the intended purpose is. If you look at this policy It's not targeting the areas that have been largely informalized Due to the fact that foreign nationals have been able to come in from an advantage point of having foreign capital backing These sectors which the locals could not compete with So having that now come into place it offers gives us the opportunity for locals to one formalize it into a sector where they could end up having support which can be now Government gazetted as well as going in from the tax brackets that will be actually now entering into as well as having a longer term local capital world preservation that could be implemented However, there is a short-term risk that comes with it from a regulation perspective where foreigners now may seem Zimbabwe as Somewhere where there's policy inconsistency Well, the government may intend to limit foreign participation in certain industries and empower local citizens But what do Zimbabweans think of this new policy? From the Land reform program so that every child of Zimbabwe Zimbabwean Critics argue that while the new policies aimed at empowering locals and ensuring economic sovereignty It has potential to upset investors Ultimately leaving the new rule without significant impact and that is the flip side

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