Shingi Mutasa – The Business Mogul who is optimistic of Zimbabwe’s Economic Recovery

Shingi Mutasa

By Tapfuma Machakaire  14/1/2023

In the wake of the seemingly endless economic challenges that Zimbabwe has been facing for over two decades, the country needs the guidance of charismatic entrepreneurs like Shingi Mutasa who called for the rebooting of the economy.

The modest business mogul who rarely opens up on matters of national interest occasionally shares his views on the economy, a subject he is passionate about. He is one man who is optimistic about Zimbabwe’s road to economic recovery.

Mutasa says despite the ravages of hyperinflation over the past two decades, Zimbabwe sits on a strong economic base and with its strong human capital and resource base the country can become an economic hub once again.

“If we become deadly serious as a country, we can even go beyond the vision of being an upper-­middle class country by 2030,” Mutasa argues.

In an interview with Hama Saburi of the Financial Gazette Mutasa said he sees the creation of a free trade zone across Africa as beneficial for the continent. “I think a free trade zone for our continent is very important. I think our continent is so insignificant in the world trade space at this point in time, we have to begin to think how we would become important as a player in the world industry. And if we can begin to build a stronger relationship among African countries, that for me is first prize, without question.”

But who is Shingi Mutasa and why should one listen to him when he speaks on such a complex subject?

Mutasa who serves on the boards of about 15 companies in Zimbabwe, Malawi and South Africa is among the wealthiest people locally. Unlike some Zimbabwean entrepreneurs with dubious backgrounds, Mutasa’s business empire is supported by a traceable record of its growth.

He says; “As an entrepreneur you have to work your way up until you reach the top.”

Shingayi Stanley Mutasa was born on 26 November 1958 and raised in Mutare. He obtained an undergraduate degree in Economics from the University College of London and returned to Zimbabwe in 1980 where he got into the family business as a commodity broker. In 1997 Mutasa acquired TA Holdings, one of the largest Investment Holding Group which is listed on the Zimbabwe Stock Exchange.

The company invests in companies with a potential to make a positive difference to the future of Africa.

Mutasa is the founder of Masawara PLc, a Zimbabwe-focused investment firm that is listed on the Alternative Investment Market (AIM) of the London Stock Exchange (LSE). Musawara is described as an African investment holding company investing in companies with a unique position in growth industry value chains.

When Masawara listed on the AIM of the London Stock Exchange in 2010, two renowned UK investment funds, Invesco Income and Invesco High Income controlled by Neil Woodford, bought an interest in the company, assuming a 30 percent shareholding.

In Zimbabwe, Masawara has control of companies in the insurance sector such as Zimnat Lion Insurance, Zimnat Life Assurance, Grande Reinsurance and Minerva Risk Advisors.

In the agro-business Musawara is the major shareholder in Sable Chemicals and has a significant share in Zimbabwe Fertiliser Company (ZFC).

Musawara also has investments in the broadband telecommunications business through iWayAfrica and Telerix Communications.

Mutasa owns Joina City the third tallest building in Zimbabwe which stands at 105 metres. Construction of Joina City started in 1998 and was completed in 2010 .The Building has three basement parking floors, two open shopping malls and nineteen commercial floors.

Mutasa came up with the idea of the structure following wide-ranging conversation with a renowned architect, the late Vernon Mwamuka.

Zimdancehall chanter Freeman, whose real name is Emegy Sylvester Chizanga, shot to fame after releasing the hit song Joina City in which he sings about the grandeur of Mutasa’s shopping mall.

Mutasa paid US$20,5 million to assume control over a sprawling business empire that has fertiliser manufacture Sable Chemicals and the Cresta Group of Hotels under its portfolio.

Mutasa who is co-founder of Venture Finance was the non-executive chairman for Minerva Risk Advisors Pvt Ltd.

Venture Finance was a vehicle that bought into TA Holdings with the objective of turning into a continental group.

In July 2021, Mutasa received an Honorary Doctorate in Business Leadership from Africa University.

Commenting on the future of agri­business in Zimbabwe, Mutasa said there are several spaces that need to be managed. “One is land itself. We have to quickly move past the issue of land and its ownership structure. We now have a very clear position where there are some assets which are still freehold, but a lot are going to be driven by leases.”

“So I believe that is the first thing, because once we have that it means people will have title to land, whether lease or freehold, and can now create value which can go into the banks and allow the banks to create loans to support these leases, to support agriculture.”

Mutasa says his business interests are targeting the SADC region. “We look at a region of plus or minus 140 million people. That’s an interesting market and we want to be able to touch the lives of all of those 140 million people. I think in hotels, the way we are structuring ourselves, we now see ourselves as a primary player in the region.”

“We are in Zimbabwe; we are in Botswana; we are in Zambia. We want to be in Malawi; we want to be in Mozambique; we want to be in Namibia; we want to be in Tanzania; we want to be in the DRC. So these are where we think we should be, and our brand should be pretty visible in a number of those areas.”

Mutasa can be described as a patriotic entrepreneur whose vision goes beyond the development of his country but the region as a whole.