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Mnangagwa concedes Zimbabwean diaspora remittances stabilise local economy 

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By Tinei Tuhwe


PRESIDENT Emmerson Mnangagwa has unashamedly admitted that diaspora contributions, through financial remittances, have played a significant role in resuscitating and stabilising the country’s ailing economy.

Speaking during an address at the Diaspora Engagement Meeting in the Republic of Korea, the Zanu PF leader said the diaspora community has played a vital role in supporting Zimbabwe’s economy through financial remittances, which have become a significant source of foreign currency, second only to mining.

“May I highlight that diaspora contributions, through financial remittances, have played a significant role in the resuscitation and stabilisation of our economy.

“Remittances are now the second-largest source of foreign currency inflows into the country after mining. Financial remittances for the year 2024 are on course to surpass the US$1.8 billion received in 2023.”

The president highlighted that a nation’s progress is driven by the collective efforts of its own people, and as descendants of the Great Munhumutapa, so there is need to embrace the spirit of self-reliance and collaborative development, wherever we may be in the world.

“The land is built by its own people, the country is developed by its own citizens (Nyika inovakwa nevene vayo, ILizwe lakhiwa ngabanikazi balo) is the philosophy that must always guide us as a nation and the descendants of the Great Munhumutapa, no matter where we may find ourselves,” he said.

He encouraged Zimbabweans living in Korea to share their views and contribute to the country’s development.

“You are therefore encouraged to openly share your views and come forward to play your part in the development of our beloved motherland.”

Mnangagwa said economic progress had been made since the Second Republic assumed office and reiterated his commitment to engaging with citizens and nationals on the sidelines of international engagements.

“We remain guided by our common and shared desire to see our country prosper and fellow citizens realising a higher quality of life.

“You are, therefore, encouraged to openly share your views and to come forward to play your part, individually and collectively, as we build the Zimbabwe we want and an empowered upper-middle-income society by 2030,” he added.

He reiterated the importance of diaspora engagement and the role Zimbabweans abroad can play in contributing to the country’s growth and development.

“Your presence here is indicative of the patriotism, love, loyalty, and pride you have in your identity as Zimbabweans. This is despite the fact that you are thousands of miles away from home.

“Well done, keep on flying our Zimbabwe flag high in this faraway land, within the organisations you are attached to.”

He also added that his government is creating an inclusive environment for all citizens, at home and abroad, to contribute to economic growth and development, fulfilling the freedom and self-determination our heroes fought for, and ensuring a prosperous future for all.

“Government is creating an enabling environment for all Zimbabweans, both at home and in the diaspora, to actively participate in all sectors of the economy.

“This is the independence, freedom, sovereignty, and right to be masters of our own destiny that many sons and daughters of our country sacrificed their lives for,” he said.