Buyanga to bring wealth to Zim

11 Sep, 2018 - 00:09 0 Views
Buyanga to bring wealth to Zim Mr Buyanga

The Herald

South Africa-based Zimbabwean businessman Frank Buyanga, yesterday said his main focus was to bring wealth into the country as it was possible to make Zimbabwe the wealthiest per capita state in the world. In an interview, Mr Buyanga said he will continue striving to assist and help so that the country’s economy grows especially during this new dispensation.

“My focus and key strategy is to bring wealth to Zimbabwe. It is possible to make Zimbabwe the wealthiest per-capita state in the world, with the right policies and strategies.

“The new Zimbabwe that’s taking shape right now is a democracy and I believe that’s what will shape its global reputation as a safe state, which is the first step of attracting the kind of investment the country needs to really get going. As long as the judiciary, the military and the executive don’t get in the way of each other, the rights and interests of all citizens will be upheld,” he said.

Last week, Mr Buyanga said he planned to establish a fund to empower youths in the country and also help capitalise the sovereign wealth fund (SWF).

According to reports from South Africa, the entrepreneur said this was in response to calls by the new administration of President Mnangagwa for investment to revive the economy.

The businessman, who resides in Johannesburg, has offered to help capitalise the youth fund, which he said can assist start-ups and grow the economy.

The country has been unable to fund youth business projects, much to the detriment of small-scale enterprises.

Mr Buyanga earlier this year wrote to the Zimbabwean Government to offer his assistance in setting up the wealth fund.

In the letter Mr Buyanga noted, “As Africa Medallion Group (AMG), we want to be part of the new Zimbabwe by helping our SWF reach its goals and also get the necessary financial ability to do so.”

He said the AMG balance sheet had exceeded R10 billion (about US$670 million) in a relatively short period of time and was storing gold purchased and related material at locally obtained secured vaults.

“As an entrepreneur, I am aware that at this moment, when the fiscus is stretched so thin and has nothing to spare, the practicality of SWF for Zimbabwe is then close to impossible,” Mr Buyanga said.

He added, “However, with our assistance together we can make it a reality.”

A SWF or sovereign investment fund is a state-owned fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or alternative investments such as private equity fund or hedge funds.

In June this year, the flamboyant businessman’s AMG took control of South Africa-based, Pagliari Group, a subsidiary of Rand Refinery, which manufactures and supplies high quality minted products. — BH24.

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