more Quotes
Connect with us

Business

Icaz moves to take key role in public sector – NewsDay

LAST week the Institute of Chartered Accountants of Zimbabwe (Icaz) held a Public Sector Convention under the theme “Effectiveness, Efficiency and Ethics in the Public Sector”. Our senior business reporter Melody Chikono (MC), took time to discuss various key issues with Icaz president Davison Charamba (DC), who says the profession’s representation in the public sector remains low. Below are the excerpts of the interview:

MC: May you give us Icaz’s role in the public sector.

DC: Icaz is formed by statute of Parliament — the Icaz Act 27:01 and we report to the Ministry of  Finance. Effectively, we have  a role to play in the public sector. Now drilling it down to what we are doing in the public sector space, we are working closely with our regulator, the PAAB (Public Accountants and Auditors Board). When we talk about professionalising the public sector, we are saying it’s not enough to have a degree, one must be a member of a professional board.

From the start, it has been realised that accountants, who are a member of a professional board, have someone who is overseeing them.

If you have a degree, it will never be revoked but when we talk of membership,  it means there is someone who is overseeing your continuous development in the profession. If something goes wrong, there is someone to correct you and take you through the disciplinary procedures and showing you the right way of doing things.

MC: So what can you say about progress you have made so far in professionalising the public sector?

DC: I am happy with the progress but more importantly with the fact that it has started. The most difficult thing in any process is to start. But as we have been challenged by the secretary of PAAB, more still needs to be done.

We have managed to come up with the curriculum, framework and then train the first 10. They went through a professionalisation training and that includes some highest ranking accounting government officials. We want to set the tone from the top, making it ease to cascade downwards.

We have an MoU with Public Service Commission, who is the employer to provide the training to the public sector.

MC: What can you say about the appetite in the sector?

DC: It has been amazing and we are getting a lot of support. We are just hoping we can grow from strength to strength.  

There have been discussions around intra parastatals reform, PPPs (public private partnerships) and capital raising. When you look at most of the accountants that we have trained, they have been in the private sector  without much participation in the public sector.

With the evolution of Zida (Zimbabwe Investment and Development Agency) in making the country an investment destination, we realise that there is lot of structural issues that need to be addressed and part of it has been having our members participating in these processes.

One of the key issues that we are trying to bring to members is to stop complaining and be participants.

Part of being a participant is information and knowledge gathering then get to understand what is  happening in terms of parastatals, PPP’s  and procurement, among other issues in the public sector.

MC: Having said that, what can you say about the representation of the institute in the public sector?

DC: The level of participation is very low. It is not something that is desirable. It is something we are seized with. We need to be transformers.

MC: What causes that?

DC: Firstly, training has been focusing on IFRI (International Financial Reporting Standards), which is not in the public domain in terms of the kind of people we train. They are in demand and we are competing worldwide. The risks rewards and matrix’s of getting into the public sector against rewards of the private sector are high.

MC: When you talk about IFRS, we notice that there have been issues in compliance with international standards, especially IAS 21(exchange rates). What’s your comment?

DC: Yes, auditors have been flagging the non- implementation compliance to the standards by the reporters but it’s a country problem.

We have transitioned so many times over this issue as back as 2007. We have had problems with the Zimdollar and hyperinflation. Unfortunately, when you have an alternative market, adoption and compliance is a problem. There are issue to do with repatriation. Part of the issue with IAS 21 adoption is access to forex. Can you access it?

The standard says the exchange rate is the one that you use to access the funds but if you have an exchange rate that is  prescribed by government but can’t access it, then which one do you use?

So if I am a reporter and I get to the alternative market and I tell my auditor that is this the reality and this is  what I have used, the auditor says  ‘but we want documentation bordering around exchange regulation’, I can’t comply with a law that is difficult to adhere to.

MC: You state that it has been on-off since 2007; are we saying we do not have a mechanism that ensures we don’t go back and forth?

DC: I will answer in two parts. You need to think about economic factors and you also have to think about the adoption of the international standards.

These are IAS and are made to comply with certain international norms and in most cases are meant for normal circumstances.

Where there are exceptions, you need to apply them and there is whole process that needs to be taken for it to be accepted by the international community. This is where the problem comes and that’s where reporters always fight with the auditors.

MC:  So how easy is it for you as accountants in Zimbabwe to be conversant with other accountants outside the country?

DC: I think as a country, we are blessed because 52% of our members are now outside. They are still connected to the country and we have effective chapters where we engage. Cross pollination is important as it gives ideas we can harness.

MC: So what is your comment on the adoption of IPSAS (International Public Sector Accounting Standard)

DC: I have observed how other countries have adopted IPSAS. it’s not an easy process even in a stable economy.

I am from a technology sector and I have been involved as an implementer.  I know the critical issues. I don’t think we are fairing badly.

MC: We are now almost half year into your presidential year, what have been your major milestones and shortcomings?

DC: As Icaz,  we also work with a strategy, a three-year strategy.

We are in the second year of the strategy, which has six pillars. I spoke about the issues I was going to focus on and these are related to dialogue. The other issues are on legacy building.

We celebrated 100 years and we look forward to more 100 years and say what we are going to leave for the next generation. I have also managed to have sessions where I have met stakeholders. It has been encouraging.

Related Topics

Continue Reading

Business

Biden: Willing to Talk to Putin About Ending War in Ukraine – VOA Zimbabwe

WHITE HOUSE AND WASHINGTON —

U.S. President Joe Biden raised the possibility Thursday of talks with Russian President Vladimir Putin to negotiate an end to Moscow’s war against Ukraine but said he had yet to see any willingness on Putin’s part to halt his 10-month invasion.

“I’m prepared to talk to Putin but only in consultation with NATO allies,” Biden said at a White House news conference after holding several hours of private talks with French President Emmanuel Macron about Ukraine and other issues. “I have no immediate plans to contact Mr. Putin. I’m not going to do it on my own.”

“There’s one way for this war to end, Putin to pull out of Ukraine,” Biden said. “It’s sick what he’s doing. If he’s looking for a way to end the war, he hasn’t done that.”

Macron said he was confident the U.S. would continue to support Ukraine with more military and humanitarian assistance.

“It’s about our values,” the French leader said. “Having the U.S. support Ukraine … is very important.”

Biden said the U.S. “will never ask Ukraine to compromise” to end the war without the consent of the Kyiv government.

Earlier, before their private discussions, Biden said as he welcomed Macron for the first state visit of a foreign leader during his presidency, “France and the United States are facing down Vladimir Putin’s ambition.”

“The alliance between our two nations remains essential for our defense,” Biden said. “The U.S. could not ask for a better partner than France.” He described France as “our oldest ally and unwavering partner in freedom’s cause.”

Macron, speaking on a sunny but chilly morning in Washington, said, “As war returns to European soil with Russian aggression against Ukraine, and in light of the multiple crises facing our nations and societies, we need to become brothers-in-arms once more.”

He said Washington and Paris “share the same faith in freedom and democratic values.”

While agreeing on their determination to support Ukraine, Macron expressed sharp concerns to Biden about the U.S. leader’s Inflation Reduction Act, or IRA, approved by Congress earlier this year that provides billions of dollars to support the U.S. clean energy industry, and a separate measure that bolsters U.S. semiconductor manufacturers.

Macron told congressional leaders Wednesday that the measure was “super aggressive” toward European companies.

“The consequence of the IRA is that you will perhaps fix your issue, but you will increase my problem,” he said, noting that France makes “exactly the same products as you.”

At the news conference, Biden said the legislation was “never intended to exclude” European trading partners. “We’re back in business,” he said of U.S. economic advances. “Europe is back in business.”

Macron said, “France wants the same new manufacturing jobs.”

Biden acknowledged that some aspects of the legislation might need to be tweaked, as he put it, and said he was confident that U.S. and European negotiators could work out differences so both the U.S. and European economies can prosper.

The pomp and circumstance of a White House state visit for a foreign leader was on full display, with Biden and first lady Jill Biden greeting Macron and his wife, Brigitte Macron, and then watching as a band in colonial uniforms played the national anthems of both countries. A 21-gun salute for Macron’s visit rang out.

The two leaders and their wives waved from the White House balcony before Biden and Macron went inside for substantive talks. A state dinner was planned for the evening.

The Bidens took the Macrons to Fiola Mare, an upscale Italian seafood restaurant overlooking the Potomac River, on Wednesday evening.

Some information for this report came from The Associated Press, Agence France-Presse and Reuters.

Continue Reading

Business

Bid for more MICE events: ZTA – Zimbabwe Independent

ZIMBABWE Tourism Authority Chief Executive, Ms Winnie Muchanyuka has urged players in the tourism and hospitality players to collaborate with government in bidding for Meetings Incentives Conferences Exhibitions Tourism (MICE) events.

Muchanyuka was speaking at the 2022 edition of the Hospitality Association of Zimbabwe Congress which kicked off in Victoria Falls yesterday. 

“I would like to encourage the hospitality industry to continue working closely with the ZTA and other government arms to jointly formulate strategies to bid for more MICE business. We must find strategic ways to collaborate in our quest to promote Zimbabwe as a first choice MICE destination,” said Muchanyuka. 

“There is a lot of potential for us to create more MICE businesses locally. We just need to have a more collaborative approach as a sector. If you look at our statistics for this year, you will find out that MICE contributed quite significantly to the general recovery of the sector.

Muchanyuka said hoteliers have indicated that most of the MICE business was generated from the domestic market which was mostly constituted of government agencies, the corporate sector and nongovernmental organisations.

“MICE business continues to be the dominating force in generating room occupancies for hotels,” she said. 

Related Topics

Continue Reading

Business

Zim traverses globe to reclaim tourism markets – NewsDay

THE battle to reclaim tourism markets have accelerated since governments eased Covid-19 pandemic restrictions this year. In an interview with our business reporter Freeman Makopa (FM) this week, Environment, Climate, Tourism and Hospitality Industry minister Mangaliso Ndlovu (MN) tells us the strides the country has made. Below are excerpts of the interview:

FM: What is the outlook for the tourism industry?

MN: Since the beginning of the year, global tourism has continued to exhibit signs of consistent recuperation from the adverse consequences of the Covid-19 pandemic. Current trends for Zimbabwe have shown recovery, which has been supported by the bouncing back of worldwide inbound travel and growth in domestic tourism.

FM: How has the industry performed this year?

MN: The first nine months of 2022 saw a 165% rise in tourist arrivals. Arrivals increased to 693 498 during the period, from 261 415 during the same period in 2021. This is more than double the number of international arrivals received during the first nine months of 2021.

FM: This means hotel room occupancies have also improved

MN: Yes, on average, occupancies for the first nine months of 2022 grew by 21 percentage points. Occupancies rose from 21% in 2021 to 42% in 2022. Overall, this performance has been reinforced by domestic tourism, which is dominant, contributing 95% of tourism business in 2022.

FM: How has Zimbabwe managed to drum up domestic tourism during this difficult period, economically?

MN: Like any other country, Zimbabwe is traversing through the recovery from the Covid-19 pandemic and the on-going war in Ukraine. These have affected global economies, travel and trade. Given this economic situation, the tourism sector is implementing the National Tourism Recovery and Growth Strategy (TRGS), which is driving the growth of tourism. This is mainly through campaigns to accelerate meetings, conferences and exhibitions (MICE) and domestic tourism. The ZimBho, MeetInZim and InvestInZim campaigns have stimulated domestic and business tourism.

FM: Please share the investment levels into the sector attributable to these campaigns

MN: These campaigns have contributed to tourism growth doubling for January to September 2022 as alluded to earlier. There have been investments totalling US$306,7 million during the period, from US$90,4 million. This was mostly invested into accommodation facilities and vehicle hire.

FM: How do you plan to sustain this growth trajectory?

MN: The tourism sector is guided by the National Development Strategy (NDS) 1, 2021 to 2025 and the TRGS. NDS1 agitates for the growth of the tourism sector through increased investment into diversified products, while TRGS seeks to grow the tourism economy to US$5 billion by 2025. The ministry has the following programmes in place, in its endeavour to achieve the NDS1 goals: product development and diversification, instituting ease of doing business reforms, climate proofing of the tourism sector and establishing a tourism satellite account.

FM: Tell us about the role of the private sector in these initiatives

MN: Zimbabwe’s tourism sector is government-led and private sector driven. The ministry and the private sector already have synergies to promote the country through bilateral agreements signed with other countries in the region and abroad. The ministry is currently implementing memoranda of understanding on cooperation in the field of tourism with South Africa, Zambia, Malawi, Rwanda and the Democratic Republic of Congo. These provide the public and private sectors the opportunity to jointly market and promote destinations, exchange of programmes for professional in the sector and joint collaboration of private sector associations. Government also supports private sector participation at international travel fairs through subsidising participation fees of operators. The ministry through the Zimbabwe Tourism Authority (ZTA), jointly with the private sector, participates annually at fairs such as World Travel Market in London, International Travel Bourse in Berlin, Germany and Indaba Travel Fair in Durban, South Africa. 

FM: What else is the government doing?

MN: Over and above the synergies, the ministry is establishing market presence in the country’s key tourism source markets. Two tourism attachés were deployed in August and September 2022 to China and the United Arab Emirates. An additional nine tourism attachés were recently appointed and are expected to be deployed in the first quarter of 2023 to Germany, France, the United Kingdom, the United States of America, India, South Africa, China and Japan. Physical presence in key source markets and the joint synergies with the private sector will aid government in promoting the destination internationally, attracting more tourists to the country.

FM: Tell us about financial support to the industry.

MN: The government of Zimbabwe has put in place several incentives to help the tourism sector. These include duty rebates on capital equipment for use in tourism development zones.  We also have SI 10 of 2022, which spells out rebate on duty for safari vehicles and tour buses and SI 279 of 2019, which spells out rebates in respect of new capital equipment for expansion, modernisation and renovation of hotels and restaurants within hotels.

The funding also supports boat equipment imports, among others. There are also tax breaks in tourism development zones and tax exemptions for investments into the Victoria Falls tourism special economic zone. 

FM: What are the developments on the electricity front, with regards to tourism?

MN: Electricity and water are already subsidised by the government. As a result, Zimbabwe has one of the cheapest utilities in the Sadc region in this respect. The government of Zimbabwe in 2018 launched the National Tourism Masterplan, which is an overarching guide to the development of tourism in Zimbabwe. The master plan identified potential tourism nuggets to grow new tourist attractions in Zimbabwe. The plan has identified 11 tourism development zones in Harare, Eastern Highlands, Chimanimani, Gonarezhou, Limpopo, Great Zimbabwe, Midlands, Bulawayo, Victoria Falls, Kariba and Mavhuradonha. Government has put in place incentives to support investments into special economic zones and tourism development zones that investors can take advantage of.

The national tourism policy agitates for an enabling environment to attract investment into the sector. It also uses tourism to attract foreign direct investment into the country. At the same time, the government will ensure the industry is protected from disinvestment through primary and secondary legislation.

FM: Are you happy with accessibility?        

MN: Accessibility is the backbone of the growth of tourism destinations. And air accessibility contributes significantly to the growth of regional and international tourist arrivals to any destination. Air Zimbabwe, therefore, plays a critical role in providing direct access to Zimbabwe from key source markets and an instrumental role in national identity. The airline connects Harare with local destinations such as Victoria Falls. To strengthen the role of Air Zimbabwe in connecting travellers, the government has allowed private sector players such as Fasjet and Kuva Air to fly from Harare to Bulawayo, Victoria Falls and Kariba. We are fully behind the capacitation of the airline and the massive investment in the expansion of the ports of entry.

FM: We have seen more airlines returning to this market. Please share with us what has been happening

MN: The cross-cutting role of infrastructure development, such as the expansion of airports has a huge impact on all sectors of the economy. Airport expansion will boost the country’s growth and transformation in trade and tourism as part of strides. Airport expansion, as seen with at Victoria Falls International Airport, will attract new aircrafts and airlines.

The expansion of Victoria Falls International Airport saw African airlines like Ethiopian Airlines, Air Botswana, Fastjet, Airlink and Kenya Airways increasing flight frequencies to the resort town.

It also attracted new airlines like Eurowings from Germany and Mack Air from Botswana.

This also increased the airport’s passenger handling capacity from 500 000 a year to about 1,5 million. 

Expansion will, therefore increase regional and international tourist arrivals into the country, tourism receipts and the sector’s contribution to gross domestic product as well as attainment of the US$ 5billion tourism sector by 2025.

Related Topics

Continue Reading

Trending

Copyright © 2021 ZimFocus.

www.luzroyale.ky/

www.1africafocus.com

www.zimfocus.co.zw

www.classifieds.com/

One Zimbabwe Classifieds | ZimMarket

www.classifiedszim.com

www.1zimbabweclassifieds.co.zw

www.1southafricaclassifieds.com

www.1africaclassifieds.com

www.1usaclassifieds.com

www.computertraining.co.zw/

www.1itonlinetraining.com/

www.bbs-bitsbytesandstem.com/

Zimbabwe Market Classifieds | ZimMarket

1 Zimbabwe Market Classifieds | ZimMarket

www.1zimlegends.com

Linking Buyers To Sellers Is Our Business Tradition