By Business Reporter | The Zimbabwe Revenue Authority (ZIMRA) has launched an information-gathering exercise concerning 25 properties reportedly linked Finance Ministry Permanent … Continue reading "ZIMRA Goes For Guvamatanga"
According to reports published this week, ZIMRA has written to the Borrowdale Brooke Homeowners Association demanding information including property owners and tenants, lease commencement dates and contact details. The request was reportedly made under Section 39 of the Income Tax Act. No finding of tax evasion or other wrongdoing has been announced against Guvamatanga, and the exercise should therefore not be presented as proof of a tax offence.
But the reported scale of the inquiry has revived longstanding questions about the Treasury chief’s wealth, lifestyle and the source of his assets.
The development comes as a strikingly different narrative is being pushed in defence of Guvamatanga, with messages portraying criticism of him as a politically motivated attempt to sabotage Zimbabwe’s economic recovery.
The talking points circulating in his defence highlight falling inflation, economic growth, increased exports, the IMF programme, land-tenure reforms and Zimbabwe’s removal from the World Bank’s fragile and conflict-affected classifications.
Those developments are real — but they do not, by themselves, answer questions about Guvamatanga’s personal wealth, property holdings or allegations concerning his conduct as Treasury’s chief accounting official.
The latest ZIMRA inquiry is particularly significant because it follows earlier reporting about Guvamatanga’s property holdings outside Zimbabwe.
In September 2024, investigative reporting alleged that he had accumulated 12 upmarket properties in Johannesburg, including properties in Dainfern, Fourways, Randburg and Sandton, with some allegedly registered in relatives’ names. Reported values ranged from about R720,000 to R6.3 million. These reports raised questions about asset declarations and the source of the wealth, although the reports themselves did not establish that the properties were acquired illegally.
The reported 25-property inquiry in Borrowdale Brooke therefore adds another layer to a wealth story that has followed Guvamatanga since he entered government.
Guvamatanga has consistently maintained that his wealth predates his government career.
He spent decades in banking and became managing director of Barclays Bank Zimbabwe before leaving the institution following its acquisition by FMB Capital Holdings. He has previously said that his departure package ran into millions of US dollars and that he also had private business interests.
That explanation, however, has never stopped public scrutiny of the dramatic lifestyle associated with one of Zimbabwe’s most powerful civil servants.
In August 2020, Guvamatanga attracted public attention after his family travelled to Victoria Falls aboard a private aircraft following their recovery from Covid-19.
Guvamatanga defended the expenditure, saying his wealth came from his decades in the private sector and a substantial package he received when he left Barclays.
The following year, his 50th birthday celebration again generated controversy.
The lavish event in Harare featured South African performers Makhadzi and Mafikizolo, with reports describing an exclusive venue, elaborate catering and high-profile guests. Videos from the event showed Guvamatanga promising to pay the musicians several times their agreed fee.
He subsequently defended his lifestyle, effectively arguing that he should not be expected to pretend to be poor after decades in the private sector.
The issue became more politically sensitive after reports that businessman Kudakwashe Tagwirei offered Guvamatanga a package that reportedly included private-jet travel, US$50,000 spending money and an Arsenal-related hospitality experience. Critics questioned whether such gifts were compatible with the obligations of a senior Treasury official.
None of those reports, however, establishes by itself that Guvamatanga committed a criminal offence.
The property controversy cannot be separated from earlier allegations concerning Guvamatanga’s role in government payments.
In 2020, Guvamatanga came under scrutiny over Treasury payments connected to Drax International, a company that had obtained major contracts to supply medical equipment and medicines during the Covid-19 emergency. Investigative reporting raised questions about the procurement process and Treasury’s role in releasing funds. Guvamatanga maintained that due diligence on suppliers was the responsibility of the relevant ministry.
In 2024, reports also emerged of allegations that Guvamatanga was demanding substantial percentages from government payments. Those claims were not independently established in court and should be treated as allegations rather than fact.
The issue returned dramatically in October 2025 when then Parliamentary Portfolio Committee chairperson Energy Mutodi accused Guvamatanga of demanding 5% to 10% kickbacks from contractors and government departments before Treasury payments could be processed.
Mutodi alleged that one contractor had been asked for US$200,000 on a US$2 million weekly payment and called for a lifestyle audit.
Guvamatanga denied the allegations.
More importantly, Mutodi subsequently withdrew the allegations and apologised, saying he could not substantiate them. He was later removed as chairperson of Parliament’s Budget, Finance and Investment Promotion Committee.
That episode means the allegations cannot responsibly be reported as established corruption. But it also demonstrates why questions about Treasury’s payment systems, conflicts of interest and the wealth of senior officials remain matters of public interest.
Against this background, Guvamatanga’s defenders have mounted a parallel argument: that attacks on him are an attempt to discredit the officials responsible for Zimbabwe’s economic turnaround.
There is genuine evidence of improved macroeconomic indicators.
The IMF says Zimbabwe’s economy grew by 8.3% in 2025, supported by agriculture, mining and favourable gold prices, while growth of about 5% is projected for 2026. The IMF also completed the first review of Zimbabwe’s 10-month Staff-Monitored Programme in August, noting progress in stabilisation, although it also stressed the need for stronger public-financial-management, governance and fiscal-risk controls.
Merchandise exports reached US$10.2 billion in 2025, up 31.3% from US$7.8 billion in 2024, with gold, platinum-group metals and lithium among the major contributors.
Inflation has also fallen sharply. ZIMSTAT data showed annual ZiG inflation at 4.7% in June 2026, after 4.1% in January, and it subsequently fell to 2.9% in August, according to the latest figures reported from ZIMSTAT.
The IMF has confirmed the broad stabilisation story, attributing the improvement to tight monetary conditions, relative exchange-rate stability and stronger agricultural and mining performance.
Zimbabwe’s GDP was also rebased upwards to approximately US$44.4 billion, following an economic census that expanded the statistical coverage of businesses and economic activity. That figure is a statistical rebasing, however, rather than simply money newly created in the economy.
The government’s claim that Zimbabwe has been removed from the World Bank’s “fragile states list” is broadly correct but requires qualification.
The World Bank changed its classification system from July 1, 2026, splitting the former fragile-and-conflict-affected classification into separate Public FCV and Institutional Fragility lists. Zimbabwe is no longer on either list under the new framework.
That is a notable development, but it should not be interpreted as the World Bank certifying every aspect of Zimbabwe’s governance or declaring the country’s corruption problems solved.
Indeed, the IMF continues to emphasise governance, transparency, accountability and fiscal-risk management as areas requiring further reform.
The central issue raised by the ZIMRA inquiry is therefore not whether Zimbabwe has achieved economic stabilisation.
It has.
The more difficult question is whether economic stabilisation should shield powerful officials from scrutiny over their personal wealth and potential conflicts of interest.
Guvamatanga may well have accumulated substantial wealth legitimately during his long banking career and through private business interests, as he has repeatedly maintained. But if ZIMRA is now seeking ownership and tax information on 25 properties allegedly connected to him, the appropriate response is not political rhetoric about enemies of the “Second Republic”.
It is transparency.
If the properties were acquired legitimately, the ownership structures, tax records and source of funds should provide the answer.
And if the economic achievements being celebrated are genuine — as several independent indicators suggest they are — then they should be strong enough to withstand scrutiny of even the most powerful officials responsible for delivering them.
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