Assignment of Functions (His Excellency the President of the Republic of Zimbabwe) (Amendment) Notice, 2024 (No. 2)
The President takes over administration of the Industrial Development Corporation Act and the People's Own Savings Bank Act, moving two state-owned financial and industrial entities under his direct portfolio.
This notice amends the Assignment of Functions (His Excellency the President of the Republic of Zimbabwe) Notice, 2023 (S.I. 189 of 2023), the schedule listing the Acts the President administers personally under the Constitution.
Two Acts are added: the Industrial Development Corporation Act [Chapter 14:10] and the People's Own Savings Bank Act [Chapter 24:22] (Act No. 18 of 1999).
The change is one of ministerial responsibility, not of substance in either Act. Powers those Acts give to 'the Minister' — appointments, directions, approvals and regulations — are now exercised by the President rather than by the Minister who previously held them. In practice that puts the Industrial Development Corporation and POSB under direct Presidential oversight.
No commencement date is stated; the notice was gazetted on 10 May 2024. The running header on the page misprints the citation as 'S.I. 83 of 2024' while the instrument is Statutory Instrument 84 of 2024.
What changed
- Industrial Development Corporation Act [Chapter 14:10] added to the President's assigned Acts
- People's Own Savings Bank Act [Chapter 24:22] added to the President's assigned Acts
Who this affects
- Industrial Development Corporation of Zimbabwe and its subsidiaries
- People's Own Savings Bank and its depositors
- The Office of the President and Cabinet
- Ministries previously administering these Acts
- Investors and lenders dealing with either entity
Plain-language summary — not legal advice. Always read the full instrument.