15 Sep Rand Sandton co-convenes policy dialogue with AfDB on illicit financial flows in Victoria Falls, Zimbabwe
The Governing Natural Resource Outflows for Enhanced Economic Resilience (GONAT) Policy Dialogue, took place on 5 September 2025 in Victoria Falls, Zimbabwe. The event co-facilitated by Rand Sandton Consulting Group (RSCG) and the African Development Banks African Natural Resources Management and Investment Centre (ECNR) department, brought together senior government officials, development partners, civil society, and industry leaders to deliberate urgent solutions on how Zimbabwe can better govern its vast natural wealth and clamp down on illicit financial flows (IFFs). Held under the theme “Harnessing Africa’s Wealth: Curbing Illicit Financial Flows for Resilient Growth and Development,” the dialogue emphasized moving from evidence to action, with calls for political will, institutional coordination, and modern technology to ensure natural resources fuel inclusive growth rather than capital flight.
Opening the floor, Dr. Innocent Onah, Chief Natural Resources Officer at the African Development Bank (AfDB) and moderator of the session, stressed that the time had come to “move from analysis to action.” He noted Zimbabwe’s position as one of six beneficiaries of the GONAT project, adding: “This is a collective responsibility to ensure natural resources drive inclusive growth rather than capital flight.”
Mr. Tapera Mugoriya, welcoming delegates on behalf of Matabeleland North Province, tied the dialogue’s themes to Vision 2030, underlining the need to “leave no one behind.” AfDB’s Deputy Director General, Ms. Moono Mupotola, represented by Country Economist Mr. Kelvin Banda, reinforced the Bank’s commitment, emphasizing that “curbing IFFs is central to freeing up revenues for public investment and economic resilience.”
Deputy Minister of Lands, Agriculture, Fisheries, Water and Rural Development, Hon. Vangelis Haritatos, reminded participants that “unsustainable exploitation or financial leakages from our resources directly undermine development and food security.”
Minister of Environment, Climate and Wildlife, Hon. Dr. Nqobizitha M. E. Ndlovu, stressed that “policies are there, but what is lacking is the enforcement of policies.” She further called for formalizing artisanal mining and adding value locally, declaring: “We should not export raw minerals; we must process and refine them here to keep jobs and revenue in Zimbabwe.”
Zimbabwe Anti-Corruption Commission (ZACC) Commissioner Ms. Zalerah Hazvineyi Makari underlined the accountability gap, insisting that “accountability is everyone’s business.”
From the Reserve Bank of Zimbabwe, Deputy Governor Dr. Innocent Matshe raised strong caution on the risks of resource-backed loans (RBLs), remarking that “the owners of capital call the shots,” and warning that poor valuation of assets and Zimbabwe’s high-risk premium could trap the country in unsustainable debt. He pressed for transparency, due diligence, and investment of proceeds into infrastructure and social development.
The dialogue concluded with a unified call to action: to strengthen pending laws such as the Mines and Minerals Act, invest in digital monitoring systems, expand enforcement capacity, and foster inclusive governance that empowers communities to safeguard Zimbabwe’s natural wealth. In her closing message, Dr. Ndlovu reminded participants that “the time for diagnostics is over; now is the time for implementing solutions.”
Co -facilitated by Rand Sandton Consulting Group, the event underscored the urgency of embedding evidence-based reforms, building institutional capacity, and ensuring that Zimbabwe’s natural resources are governed transparently and sustainably. The presence of RSCG Managing Director, Ms. Fewstancia Munyaradzi, further highlighted the Group’s leadership role in convening multi-stakeholder platforms that translate policy dialogue into actionable strategies for resilience, accountability, and national prosperity under Vision 2030.