Ministry Reports Significant Growth in 2024 as the SME Sector Booms

By Regina Pasipanodya

The Ministry of Women Affairs, Community, Small and Medium Enterprise Development (MWACSMED) has made significant strides in 2024 as the SME sector and Cooperatives boom.

In an exclusive interview with Zimba Wave News, the Permanent Secretary Dr. Mavis Sibanda revealed that their Ministry with its mandate to promote the growth of SMEs in Cooperatives in Zimbabwe, in 2024 implemented various programmes to improve the operating environment and most importantly capacitate SMEs to transform into formalised, productive, competitive, growth oriented and export ready enterprises.

“Through cooperatives and technical skills training, market access support, workspace access support, funding support, formalisation support and business advisory support, a number of SMEs and Cooperatives in 2024 operated viably and profitably contributing to the achievement of the National Development Strategy (NDS) goals of employment creation, inclusive growth and manufacturing growth,” said Dr. Sibanda.

The MWACSMED facilitated training to a total of 191 356 with 135 862 beneficiaries being women and 55 494 men, MSMEs and Cooperatives with relevant business management and technical skills through collaboration with other Government Departments, the private sector and development partners in upscaling efforts under this area.

A total of 23 369 women, MSMEs and Cooperatives were facilitated to access local, regional and international markets.

Dr. Sibanda added that several Zimbabwean women and MSMEs have clinched orders and won prizes in Botswana, Namibia, Mozambique and Zambia.

“This support has contributed to the strengthening of local supply chains and increasing the sector’s contribution to exports,” said Dr. Sibanda.

The Ministry continues to extend loans through the Zimbabwe Women Microfinance Bank (ZWMB), the Small and Medium Enterprises Development Corporation (SMEDCO), the Women’s Development Fund (WDF) and the Zimbabwe Community Development Fund (ZCDF).

This funding has been pivotal in supporting the targeted groups to acquire new machinery, diversify into new products and markets, consequently enhancing business growth and competitiveness.

As part of these initiatives, a total of USD 4.8 million worth of tractors were disbursed to 200 farmers through the Zimbabwe Women Micro Finance Bank.

The Ministry continues to facilitate the formation and growth of Cooperatives in key sectors including housing, finance, agriculture, manufacturing, health, arts and craft and fisheries among others.

In 2024, a total of 191 Cooperatives were registered across the country with the majority operating in agriculture, finance and fisheries among others.

Currently, the Ministry is working on reviving the Cooperative Sector as it aligns well with regional and international best practices and the Cooperative Policy has been submitted to the Cabinet and awaits consideration and approval