President opens US$24m Ecobank HQ

Zvamaida Murwira

Senior Reporter

GOVERNMENT will continue to improve the business environment for investors and will keep on removing all barriers to ensure national development for everyone and uplift the lives of ordinary people, President Mnangagwa has said.

He made the remarks yesterday while officially opening Ecobank Pan African Bank’s US$24 million new head office in Borrowdale, Harare.

“Under the Second Republic, I made a declaration that Zimbabwe is Open for Business. Barriers to investment and trade continue to be removed and a conducive business environment is being entrenched. We will continue to do more to ensure shared prosperity and development that leaves no one and no place behind,” said President Mnangagwa.

He commended Ecobank for investing in Zimbabwe and its preparedness to work with the Government.

“Today, as we officially open this asset, I, therefore, look at Ecobank with pride; I see a partner that has answered our call for win-win partnership and shared prosperity. Just as my administration opened doors to the world, Ecobank has opened its doors to all Zimbabweans, from the largest corporation to the smallest entrepreneur,” he said.

He implored every stakeholder to utilise the facility to support key pillars of the National Development Strategy 2 (NDS2), whose aspects he said related to use of the bank’s capital to support value addition in the productive sectors that include agriculture and mining.

Other aspects, he cited, include the use of digital tools to empower the youth and women entrepreneurs.

“May this building stand as a permanent reminder that when we are united, confident in ourselves, hard-working and when we take ownership of our destiny, nothing is impossible,” he said.

President Mnangagwa said Ecobank Pan African Bank’s continued investment in the country reflected its confidence in the economic policies of the Second Republic.

“Investments of this nature serve as reminders of the resilience of our economy and the conducive business operating environment being facilitated by my administration. The fact that this Head Office of the Ecobank Group is the first one to be constructed and owned by Ecobank in the Southern Africa region reflects that Zimbabwe is a favourable destination for capital and investments,” he said.

He commended the financial institution for using local skills in the construction of its new head office.

“I applaud the Ecobank Group for having faith in the ability and skills of the local leadership who steered this project. I commend the local architects, engineers, project managers, and construction teams for delivering a splendid building which changes the landscape of this Borrowdale precinct. Nyika inovakwa, inotongwa, inonamatigwa nevene vayo/Ilizwe lakhiwa, libuswe, likhu-le-ke-lwe ngabanikazi balo. A country is built, governed and prayed for, by its people,” said President Mnangagwa.

“You have demonstrated that the capacities and skills of Zimbabweans are world-class, and that given the opportunity, we can build to global standards. The new building before us is, therefore, not just a bank; it is a testament to local capability and ingenuity. Makorokoto. Amhlophe.”

He commended the good workmanship applied to the building, which he said conformed to sustainability standards, towards reducing environmental impact, lowering utility costs, and improving indoor comfort.

“This has seen the building being endorsed by the International Finance Corporation, and certified by the Excellence in Design for Greater Efficiencies. The incorporation of solar-control glazing, rainwater harvesting infrastructure and smart energy-efficient systems in the building design aligns with National Development Strategy 2 aspirations,” said President Mnangagwa.

“Hence, I am confident that within the banking halls of this modern facility, you at Ecobank will become an engine room for transformation and ensure the accelerated modernisation, industrialisation and development of our motherland, Zimbabwe.”

He urged financial institutions to inculcate fair practices, ethical management, prudent lending and ensure innovation and adaptation in line with the local market demands.

“Zimbabwe is rising and Africa is awakening and taking its place in the global economic space. This calls for financial institutions that are fluid, robust and Pan African in approach to facilitate development financing, as well as industrialisation and intra-African trade to realise the Africa we all want and deserve,” said President Mnangagwa.

“As players in the African financial space, I challenge you to think outside the box to advance the African Agenda. In this spirit, I recognise and applaud the Bank’s financial inclusion initiatives, which are targeted at equipping women and youth-led businesses with the capital, mentorship and networks needed for success and entry into global value chains.”

President Mnangagwa hailed Ecobank for its hard work, which has seen the bank win several accolades, including an award as the top bank in 2025.

He said that, as a Pan-Africanist financial institution, it should continue to spearhead development financing, industrialisation and intra-African trade.

“As players in the African financial space, I challenge you to think outside the box to advance the African Agenda. In this spirit, I, recognise and applaud the Bank’s financial inclusion initiatives, which are targeted at equipping women and youth-led businesses with the capital, mentorship and networks needed for success and entry into global value chains,” said President Mnangagwa.

Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube, said Ecobank’s investment in the country was a powerful symbol of confidence in the country’s administration.

“It demonstrates that Zimbabwe is increasingly becoming a destination of choice for long-term investors who recognise the opportunities presented by our transforming economy. The timing of this occasion is particularly significant, having successfully laid the foundation for the macroeconomic stability under the Transitional Stabilisation Programme, and the National Development Strategy 1,” he said.

The President said the Government had since embarked on a transformative phase through the National Development Strategy 2.

“Despite significant domestic and global shocks, the economy recorded an average Gross Domestic Product growth rate of 6 percent, between 2021 and 2025, therefore surpassing the 5 percent target under NDS 1. Building on this foundation, Your Excellency, the economy grew at 8.3 percent in 2025, which was the second-strongest economic growth on the entire African continent last year.”

He outlined several achievements registered by the Second Republic, saying it has given impetus to achieving national objectives.

The event was attended by Cabinet Ministers, legislators, bank executives, captains of industry, diplomats accredited to Zimbabwe, among others.

Source: President opens US$24m Ecobank HQ – herald

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