The Reserve Bank of Zimbabwe (RBZ) prefaced its policy review by stating that inflationary pressures have dissipated which it called conducive and supportive of its expected economic growth rate of 7.8 per cent in 2021. 

The policy review was characterized by optimism on the part of the monetary authorities as it painted a rosy economic outlook. The tone of the document was very upbeat with the RBZ expecting global economic recovery from the adverse effects of the coronavirus pandemic because of the stimulus packages whose effects it is expected will trickle down to emerging economies and special drawing rights (SDR) allocations adding up to US$650 billion. 

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Whatever the reason, the outcome was that most notable BEE transactions went to Patrice Motsepe’s African Rainbow Minerals and Ubuntu Botho Investments, Tokyo Sexwale’s Mvelaphanda Holdings and the current President Cyril Ramaphosa’s Shanduka Investments which is now part of the Pembani Group.

Legislated empowerment whose focus was primarily on ownership levels produced heavily skewed results towards benefitting political stalwarts and not the broader masses that were previously disadvantaged during apartheid.