SMALL and medium enterprises (SMEs) in Zimbabwe are eagerly awaiting the 2025 National Budget presentation by Finance minister Mthuli Ncube, scheduled for Thursday, November 28, 2024.
Expectations are high that the budget will address critical areas to support SMEs as the country gears up for the full operationalization of the African Continental Free Trade Area (AfCFTA).
In anticipation of this significant event, the Indigenous Advisory Practitioners Association of Zimbabwe (IAPAZ), Zimbabwe Chamber of SMEs, and Harare Institute of Technology (HIT) are co-hosting the 2025 SMEs Post-Budget Review Seminar.
Scheduled for December 4, 2024, at HIT, the seminar aims to analyze the relevance of the 2025 budget in the context of SME growth, formalization, and sustainability.
Samuel Makuvire, Managing Director of Alinial Chartered Accountants, the National Advisor to the Zimbabwe Chamber of SMEs, and the seminar’s main sponsor, expressed optimism about the potential impact of the budget.
"SMEs are a cornerstone of Zimbabwe's economy, contributing over 70% of GDP and employment. We expect the budget to focus on the formalization of SMEs to create a sustainable and mutually beneficial ecosystem where businesses grow while the government maximizes revenue collection through taxes and statutory levies," he said.
Makuvire emphasized the need for ICT-driven revenue collection measures to streamline compliance processes.
"The budget should incorporate modern ICT solutions to ease compliance for SMEs and reduce administrative hurdles," he noted. He also highlighted the importance of capacity building, stating, "More resources must be allocated to empower SMEs, enabling them to compete effectively within the soon-to-be fully operationalized AfCFTA."
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The Zimbabwe Chamber of SMEs, with support from Alinial Chartered Accountants, has made significant investments in transforming the mindset of SME operators. "We’ve moved our members from a culture of complaints to one of resilience and innovation. Challenges are now seen as opportunities, and this shift is positioning SMEs to thrive in competitive environments," Makuvire added.
The upcoming seminar will bring together experts, policymakers, and SME leaders to explore how the 2025 budget can accelerate SME growth. Key speakers include monetary policy experts, tax advisors, and entrepreneurs, who will share insights on leveraging the budget to advance SME interests.
This budget comes at a critical time when SMEs are expected to play a pivotal role in driving Zimbabwe's economic development under Vision 2030.
"The formalization of SMEs is key to ensuring their long-term growth and competitiveness while simultaneously boosting the country’s fiscal capacity," Makuvire concluded.
