Sanctions Removal Key to Unlocking Zimbabwe’s Economic Potential, Officials Say

Zimbabwean officials renewed calls for the removal of Western sanctions, saying they have cost the nation over US$42 billion and stifled economic growth (image source)

HARARE — Senior government officials have reiterated calls for the removal of Western-imposed sanctions on Zimbabwe, arguing that the restrictions continue to stifle investment, limit access to global financial systems, and undermine national development efforts.

Speaking at a press briefing ahead of the Anti-Sanctions Day commemorations on 25 October, the Minister of Foreign Affairs said sanctions—primarily from the United States and European Union—have cost Zimbabwe billions in lost revenue and foreign direct investment (FDI) since their imposition in the early 2000s. “Sanctions are not targeted; they affect every Zimbabwean,” said the Minister. “Their removal will unlock our full economic potential and restore investor confidence.”

The government estimates that Zimbabwe has lost over US$42 billion in potential revenue due to restricted access to international credit lines, blocked transactions, and reputational damage. Sectors most affected include mining, agriculture, and infrastructure development.

The United States maintains that its sanctions are targeted at individuals and entities accused of human rights violations and corruption. However, Zimbabwean officials argue that the measures have a chilling effect on the broader economy, discouraging banks and investors from engaging with the country. “Even companies not on the sanctions list are affected due to over-compliance by global institutions,” said economist Dr. Gift Mugano. “This creates a de facto embargo.”

Regional bodies such as the Southern African Development Community (SADC) and the African Union (AU) have consistently called for the unconditional lifting of sanctions, citing their impact on regional integration and economic recovery.

In recent months, Zimbabwe has intensified diplomatic efforts to re-engage with Western capitals. The Ministry of Finance has also launched reforms aimed at improving transparency, strengthening public financial management, and aligning with international standards. “We are not asking for charity; we are asking for fairness,” said Finance Minister Mthuli Ncube. “Zimbabwe is ready to do business.”

Civil society groups have urged the government to complement its anti-sanctions campaign with domestic reforms, including judicial independence, media freedom, and anti-corruption measures. “Sanctions are part of the problem, but not the whole problem,” said activist Rudo Gwatidzo. “We must also fix our governance systems.”

The Anti-Sanctions Day featured marches, panel discussions, and cultural events across provinces, with the main event held in Harare. Organisers said the goal was to raise awareness and mobilise international support for Zimbabwe’s economic sovereignty.