THE Mutapa Investment Fund’s agriculture and industrials cluster, a key driver of industrialisation and food security, has accumulated a US$1,4 billion asset cluster as of 2024, buoyed by its fix, revive and strengthen framework.
According to Mutapa’s inaugural annual report and financial statements for the period September 19, 2023, to December 31, 2024, the agriculture and industrials cluster was valued at US$1,4 billion following the fixing of outdated infrastructure, revival of dormant units and strengthening productivity and competitiveness through targeted funding initiatives, import substitution programmes and operational synergies.
Among the sectors that led to this positive showing were the beef and seed production.
“The Beef Value Chain showcased robust performance, with Zimbabwe producing over 94 000 tonnes of beef in 2024, driven largely by drought-induced destocking and expansion of the national herd, with communal areas contributing more than 60 percent of supply,” said the report.
Mutapa disclosed that the Cold Storage Company (CSC) continued to face structural challenges following the termination of the Boustead Beef joint venture, which remained under Corporate Rescue, with the fund targeting its exit by the third quarter of 2025.
Plans to revive the Bulawayo abattoir, feedlots and strengthen cold chain infrastructure anchor the first phase of recovery.
The seed production and processing sub-cluster, represented by Agricultural and Rural Development Authority (ARDA) Seeds, delivered one of the strongest performances in the cluster.
“Despite adverse El Niño effects, the company increased production by 10.5 percent to 7 177 tonnes and improved productivity through science-based agronomic practices and soil amelioration technologies.
“Its regenerative agriculture initiatives reduced crop establishment costs by nearly 50 percent, while diversification efforts, including new drought-tolerant seed varieties, export market entry and contract grower expansion, significantly strengthened revenue streams,” read the report.
ARDA Seeds also implemented Specific, Measurable, Achievable, Realistic and Time-bound (SMART) technologies in contracting, monitoring, and outreach.
The authority rolled out a US$500 000 revolving financing facility and established partnerships that enhanced soil analysis capacity and supported labour and training initiatives.
“The fund continues to mobilise capital for seed multiplication and working capital support, with plans to deepen synergies with Cotton Company of Zimbabwe (Cottco) and other cluster entities in 2025,” read the report.
The Mutapa report also indicated that Zimbabwe’s forestry sector had remained resilient, supported by sustained domestic and regional demand, despite global markets that have weakened since 2022.
“Allied Timbers Zimbabwe recorded stable revenue driven by strong untreated pole sales, although operations were negatively affected by arson-related losses and illegal mining activities.
“In 2024, Allied Timbers intensified regional market penetration, progressed on its Forest Stewardship Council (FSC) certification roadmap, and invested in advanced recovery machinery to enhance efficiency,” read the annual report.
With a new sawmill at Erin Estate expected in the second quarter of 2025, combined with improved governance and a renewed focus on carbon sequestration and sustainable plantation expansion, the company is well-positioned for medium-term growth, continued the report.
The fund was originally established as the Sovereign Wealth Fund of Zimbabwe in 2014. It was fully operationalised and renamed Mutapa Investment Fund on September 19, 2023.
The Mutapa was capitalised through the vesting of shares in 30 State-Owned Enterprises (SOEs) and investments under the Government portfolio.
Its mandate is to manage the Government’s portfolio of commercial companies and to provide financial and strategic oversight to the portfolio.
The fund is also meant to maximise value for the long-term benefit of the current and future generations, while supporting the country’s broader economic transformation agenda.
Mutapa’s mandate is to manage the Government’s portfolio of commercial companies and to provide financial and strategic oversight to the portfolio-herald
