Finance Minister Mthuli Ncube blacklists 51 companies and their directors from dealing with government (SEE NAMES)

Harare – In a decisive move aimed at bolstering the Zimbabwean economy and curbing illicit financial activities, the Government has blacklisted 51 contractors for their involvement in illegal foreign currency dealings on the parallel market. The announcement, made by Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, sends a clear message that the Government is committed to maintaining economic stability and restoring confidence in the financial system.

The blacklisting, which took effect immediately, means that the affected companies will be barred from supplying goods and services to the Government, including all Government agencies. This measure extends to any companies connected to the directors of the blacklisted firms, effectively cutting off their access to government contracts.

“This action has been taken in pursuit of Government’s continued efforts to improve economic stability and restore confidence in the financial system and provide a conducive business environment,” Professor Ncube stated in his announcement.

The blacklisted companies, including Browline Transport (Pvt) Limited, Avant Garde Group, Zambezi Bulk Plant Hire, Goldair Technologies, Exceptional Office Fitouts and Shop Fitters, and Diagno Pharm(Pvt) Ltd, have been under scrutiny since July 18, 2022, when the Financial Intelligence Unit (FIU) was tasked with monitoring high-value government contracts.

“This was meant to contain market forces and align the macro-economy to the liberalised foreign exchange market, whose exchange rate is freely determined by the banking system based on demand and supply,” Professor Ncube explained.

The introduction of the Zimbabwe Gold (ZiG) currency as legal tender on April 5, 2024, has further stabilized the economy and brought about more orderly pricing in the market, a positive development that the Government seeks to maintain. The blacklisting of these contractors is a clear indication that the Government is committed to safeguarding these gains and preventing any resurgence of destabilizing market forces.

“Government remains committed to improving the economy and will continue to monitor developments in the market,” Professor Ncube assured. The continued implementation of the Value for Money principle in Government has realised savings that have enabled the implementation of programmes and projects that benefit citizens. This principle was introduced after it was established that contractors were inflating invoices and then diverting the funds to the parallel market, pushing up exchange rates and consequently inflation.

The blacklisting of these 51 contractors serves as a stern warning to any other companies or individuals who may be tempted to engage in similar illicit activities. The Government’s commitment to safeguarding the integrity of the financial system and ensuring a level playing field for all businesses is clear.

This decisive action is expected to have a significant impact on the Zimbabwean economy, as it sends a strong message that the Government is serious about tackling corruption and promoting economic stability.

While the blacklisting of these contractors is a positive step, it is important to note that this is just one part of a larger effort to address the challenges facing the Zimbabwean economy. The Government must continue to implement comprehensive measures to address the root causes of economic instability, such as corruption, lack of investment, and limited access to foreign currency. Only through a sustained and multifaceted approach can the Government achieve lasting economic growth and prosperity for all Zimbabweans.

Below is the full list of the 51 companies blacklisted by the Government of Zimbabwe:

1. Browline Transport (Pvt) Ltd
2. Exceptional Office Fitouts and Shop Fitters
3. Diagno Pharm (Pvt) Lt
4. Avant Garde Group (Pvt) Ltd
5. Citicom T/A Console Telecom Systems (Pvt) Ltd
6. Zambezi Bulk Plant Hire (Pvt) Ltd
7. Hinposs Investments (Pvt) Ltd
8. Growly Construction and Manufacturing (Pvt) Ltd
9. Green Mamba Security (Pvt) Ltd
10. Biezzel Enterprises
11. Brainburg Services (Pvt) Ltd
12. Kuxmusty Investments (Pvt) Ltd
13. Golyn Supply Chain Solutions (Pvt) Ltd
14. Expediates Investments (Pvt) Ltd
15. Fantlex Marketing (Pvt) Ltd
16. Hashmo Global (Pvt) Ltd
17. Apple Red (Pvt) Ltd
18. Nyiziknails Logistics (Pvt) Ltd
19. Lennilim Investments (Pvt) Ltd
20. Advetools (Pvt) Ltd
21. Blaquetech Motor Company (Pvt) Ltd
22. Modu Engineering Sales (Pvt) Ltd
23. Voicast Investments (Pvt) Ltd
24. Goldair Technologies (Pvt) Ltd
25. Technology Bank (Pvt) Ltd
26. Abarim Enterprises (Pvt) Ltd
27. Nyasha and Grace Techsystems (Pvt) Ltd
28. Metamorphosis AIDPM PBC
29. Camuchi (Pvt) Ltd
30. Solution Plaza
31. Swasfortain (Pvt) Ltd
32. The Gap Company (Pvt) Ltd
33. Spidex Media (Pvt) Ltd
34. Starlin Construction (Pvt) Ltd
35. Siketaal Investments Motornet (Pvt) Ltd
36. Motomet (Pvt) Ltd
37. Firstmate (Pvt) Ltd
38. Printmill (Pvt) Ltd
39. ZimQuick Windscreens
40. Long Reach Technologies
41. Blessing Africa Tech (Pvt) Ltd
42. VanCliff Investments
43. Latoma Investments
44. Arc Travel (Pvt) Ltd
45. Tityrus Construction (Pvt) Ltd
46. Anfar Enterprises (Pvt) Ltd
47. Saltaway Enterprises (Pvt) Ltd
48. Travel Leaders (Pvt) Ltd
49. Fayseid (Pvt) Ltd
50. Passion Events (Pvt) Ltd
51. AT NTK (Pvt) Ltd