Zimbabwean billionaire Kudakwashe Tagwirei named economic development minister

Zimbabwean President Emmerson Mnangagwa has appointed Kudakwashe Tagwirei, the businessman who has become one of his closest allies, as minister of economic development and investment promotion, giving the fuel and mining tycoon a seat in the cabinet.

The appointment, which takes effect immediately, was announced on Thursday by Martin Rushwaya, chief secretary to the president and cabinet. Mnangagwa made it under Section 104(1) of the constitution, which allows the president to appoint ministers.

In a separate statement, Rushwaya said Mnangagwa had reassigned Mthuli Ncube as minister of finance. Ncube previously ran the combined Ministry of Finance, Economic Development and Investment Promotion, which means the economic development and investment portfolio has now been handed to Tagwirei.

The president also appointed Egepha Victoria Jokomo as permanent secretary for skills audit and development, effective Nov. 1.

From fuel trader to minister

Tagwirei founded Sakunda Holdings, which has interests in energy, mining, agriculture and logistics and has played a central role in government programs, including fuel supply and the Presidential Inputs Programme for farmers. In 2013, Sakunda formed a joint venture with Swiss commodities trader Trafigura, in which it held a 51% stake.

His move into frontline politics has been rapid. He was co-opted into ZANU-PF’s Central Committee in October 2025 and appointed to the Senate in August, after a constitutional amendment expanded the chamber to include people chosen for their professional skills. On being sworn in, he said he would use his business experience to help grow the economy in line with Vision 2030, the government’s plan to make Zimbabwe an upper-middle-income country by the end of the decade.

Earlier this week, Tagwirei pledged $1 million and 10 vehicles for each province at a ruling-party gathering that rallied the children of liberation war veterans behind Mnangagwa’s Vision 2030 agenda.

A divisive figure

Tagwirei’s rise has divided the ruling party. His growing influence has fueled speculation that he is being positioned as a possible successor to Mnangagwa, whose current term ends in 2028. Tagwirei has denied having presidential ambitions and has said Mnangagwa will remain in office until 2030.

Vice President Constantino Chiwenga has accused Tagwirei and other businessmen of using their wealth to capture party and state structures. The United States has also placed sanctions on Tagwirei, accusing him of corruption, which he has denied.

The appointment puts one of Zimbabwe’s most powerful businessmen in charge of attracting investment into the country, at a time when the government is trying to draw foreign capital to revive an economy weighed down by debt and currency instability.