Zimbabwe's election outcome could significantly impact on business - CNBC Africa

Zimbabwe's election outcome could significantly impact on business

Southern Africa

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“Well Mugabe is saying that he’s going to take charge of companies, he’s going to indigenise them which means really starting them with his followers. Quite clearly he has plans for them and for local banks who he feels have not cooperated sufficiently with this indigenisation programme so that doesn’t look good for business,” Wetherell, the senior associate editor at the Zimbabwe Independent told CNBC Africa on Wednesday.

“I have no doubt that business people will be waiting to see what policies come out of this possible election victory for Mugabe. I suspect it will lead to dismay and to an exodus of a lot of businesses that simply won’t put up with the sort of populist policies that he’s preaching, which are bad for business.”

Zimbabweans voted in a fiercely contested election on Wednesday pitting President Robert Mugabe against Prime Minister Morgan Tsvangirai, who has vowed to push Africa's oldest leader into retirement after 33 years in power.

Mugabe, who has rejected past and present charges from critics of vote-fixing and intimidation by his ZANU-PF supporters, said he will concede if defeated.

“It’s interesting how effective he has been in organising his support. We can say that judging by the numbers we’re seeing outside Harare and Bulawayo, it would indicate another Mugabe victory which would be a very supressing situation, not only for those who want change and reform but for business, which is desperate for some sort of stability,” Wetherell concluded.