BREAKING: Tagwirei Named Minister of Economic Development and Investment Promotion as Ncube Moves to Finance Only
Story By Staff Reporter
President Emmerson Mnangagwa today split Zimbabwe’s Treasury in two. Businessman Senator Kudakwashe Tagwirei enters Cabinet as Minister of Economic Development and Investment Promotion, while Professor Mthuli Ncube has been reassigned as Minister of Finance.
Martin Rushwaya, the Chief Secretary to the President and Cabinet, announced the changes in two separate statements on Thursday, 8 October 2026.
Tagwirei Takes Up New Economic Development Post
Tagwirei’s appointment is effective immediately. He will head a portfolio that previously fell under the Finance Ministry.
The official statement read:
“In terms of Section 104, Subsection (1) of the Constitution of Zimbabwe, His Excellency the President, Dr Emerson Dambudzo Mnangagwa has appointed Kudakwashe Tagwirei as Minister of Economic Development and Investment Promotion.”
The appointment is dated 8 October 2026.
Ncube Loses Part of His Super Ministry
Since the 2023 elections, Prof Ncube had headed the enlarged Ministry of Finance, Economic Development and Investment Promotion, formerly the Ministry of Finance and Economic Development. This “super ministry” oversees the Reserve Bank of Zimbabwe, the Zimbabwe Revenue Authority and the Mutapa Investment Fund.
The statement on his reassignment said:
“The re-assignment is with immediate effect.”
Ncube keeps the Treasury, but the economic development and investment promotion functions now pass to Senator Tagwirei. The move strips him of a large part of his portfolio.
More Than an Economic Appointment
The appointment carries weight far beyond economic policy. Senator Tagwirei, the Sakunda Holdings boss who has bankrolled ZANU-PF for years, is said to be President Mnangagwa’s preferred successor ahead of Vice President General Constantino Chiwenga.
He was co-opted into the ZANU-PF Central Committee last year, after VP Chiwenga blocked his ascendancy at a politburo meeting, citing violation of procedures.
General Chiwenga, who led the 2017 coup that toppled the late President Robert Mugabe, had long been considered President Mnangagwa’s obvious successor. Mnangagwa loyalists are now seeking to keep him in power until 2030, laying the groundwork for Tagwirei to take over as ZANU-PF leader and the next president, effectively sidelining Chiwenga.
What the Reshuffle Means
The two announcements change how Zimbabwe’s economic portfolios are structured. Tagwirei will lead economic development and investment promotion, while Ncube will concentrate on Finance. Although the statements were issued separately, both changes take effect immediately.
Bringing Tagwirei into Cabinet gives him a formal government office for the first time, a public platform, and control of the levers that attract investment. All of this strengthens his hand ahead of the party’s 2027 congress.
For General Chiwenga, the message is unmistakable. The man he has fought to keep out of the succession race now sits at the Cabinet table, appointed by the President himself.
Additional reporting by Hopewell Chin’ono.
