Mutapa Investment Fund Drives Revival of Cold Storage Company and Restructures ZESA Holdings
Zimbabwe’s Mutapa Investment Fund (MIF) is intensifying efforts to revive key State-owned enterprises, including the Cold Storage Company (CSC), while progressing with the rebundling of companies under ZESA Holdings. This was confirmed by Dr John Mangudya, the Fund’s Chief Executive Officer, during his recent appearance before Parliament’s Public Accounts Committee where he addressed concerns raised by the Auditor General regarding the Fund’s 2025 audited accounts.
Valuation and financial standing of Mutapa Investment Fund
Established in 2023 as Zimbabwe’s sovereign wealth fund, the MIF manages approximately 30 State-owned enterprises with an aim to maximise national asset value for present and future generations. According to Dr Mangudya, as of 31 December 2025, the Fund’s gross assets were valued at an impressive US$16 billion following an independent, comprehensive valuation exercise commissioned by the Fund.
The Auditor General had criticised the MIF for lack of initial asset valuation at its formation. Dr Mangudya clarified that at inception, assets were not newly created but rather transferred from existing entities such as ZESA Holdings. “On day of formation, there was no take home balances or initial recognition of the assets. But assets were in existence because they are not new assets,” he explained.
Once government funding was secured, the MIF employed numerous independent accounting firms to conduct thorough valuations. This process established a fair asset value of approximately US$14.7 billion, which Dr Mangudya confidently certified, signalling the maturity and stability of the Fund’s portfolio.
Reviving the Cold Storage Company and restructuring ZESA Holdings
Among the flagship projects within the MIF portfolio is the resuscitation of the Cold Storage Company, a pivotal agribusiness entity whose revitalisation is essential for enhancing Zimbabwe’s meat production and agrifood value chains.
Parallel to this, the Fund is actively managing the rebundling of companies under ZESA Holdings, Zimbabwe’s principal electricity utility. This strategic restructuring aims to streamline operations, improve financial performance, and expand access to reliable power — critical components for supporting industrial growth and rural electrification.
Significance for Zimbabwe’s economic development
The Mutapa Investment Fund plays a vital role in Zimbabwe’s broader economic agenda, aligning closely with the Vision 2030 development blueprint and National Development Strategy 1 (NDS1). By improving governance and financial accountability within State-owned enterprises, the MIF seeks to unlock inherent value, stimulate job creation, and enhance service delivery.
Dr Mangudya emphasised that these reforms complement ongoing investments in agriculture, energy, and infrastructure, designed to foster sustainability and inclusive growth.
Government support and future outlook
Government’s fiscal backing has been instrumental in enabling the MIF to undertake asset valuations and revitalisation programmes. “We are very happy with how the valuations came out — US$16 billion gross and US$14.7 billion fair asset value — which we can certify,” noted Dr Mangudya.
The Fund’s continued engagement with Parliament signifies transparency and commitment to institutional strengthening. As Zimbabwe faces global economic headwinds, including fuel shocks and geopolitical tensions, stabilising and growing strategic State assets remains critical to national resilience.
A call for unity towards national goals
In complementary developments, national leaders have called for unity and focus on the country’s transformative development goals. Ensuring the success of investment funds like MIF and the revival of key enterprises will be pivotal in realising Zimbabwe’s vision of sustainable prosperity by 2030.
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