ZimStat Secures Clean Audit Opinion for 2024, Reversing Prior Year Qualification

Parliament of Zimbabwe

Harare — The Zimbabwe National Statistics Agency (ZimStat) has received a clean audit opinion for the financial year ended December 31, 2024, marking a significant turnaround from the qualified opinion issued by the Office of the Auditor General (OAG) in 2023.

The unqualified opinion places ZimStat among a small number of State entities that have managed to meet stringent public sector reporting standards, at a time when many parastatals continue to face adverse audit findings linked to weak governance, inadequate internal controls, and non-compliance with accounting frameworks. Beyond the technical accounting outcome, the clean audit enhances ZimStat's institutional credibility, whose data underpin national development planning, fiscal policy formulation, and economic decision-making.

In its 2024 audit report, the OAG confirmed that ZimStat’s financial statements fairly present the agency’s financial position and performance in line with International Financial Reporting Standards (IFRS). “I have audited the financial statements of Zimbabwe National Statistics Agency… In my opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Zimbabwe National Statistics Agency as at December 31, 2024, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS),” the Auditor General stated.

Balance Sheet Strengthens on Treasury Support

ZimStat’s balance sheet showed marked improvement in 2024. Total assets rose by 66% to ZiG229.74 million (US$8.9 million), up from the previous year, reflecting increased capital support. The growth was largely driven by a sharp increase in property, plant, and equipment, which surged to ZiG195.37 million (US$7.57 million) from ZiG61.39 million (US$2.37 million) in 2023. The expansion followed renewed funding from the Ministry of Finance, Economic Development, and Investment Promotion, particularly for large-scale national surveys.

ZimStat acting deputy finance director Tarausa Mutodzaniswa said revenue performance rebounded strongly after a weak 2023. “In 2023, Treasury contributions fell sharply to US$8 million, resulting in a steep decline in total revenue to US$8.73 million,” Mutodzaniswa said. “By 2024, revenue rebounded by 47% to US$12.81 million, driven mainly by renewed Treasury support for the Economic Census and the Household Budget Survey.”

Surpluses Recorded Despite Rising Costs

Expenditure increased from US$8.03 million in 2023 to US$10.4 million in 2024, though spending efficiency improved. Expenditure accounted for 81% of revenue in 2024, down from 92% the previous year.

As a result, ZimStat recorded operating surpluses of US$0.71 million in 2023 and US$2.4 million in 2024, reinforcing its improved financial position.

Liquidity Pressures Remain

Despite the clean audit and stronger asset base, the agency continues to face liquidity constraints. Current and acid test ratios remained below acceptable thresholds in both years, with the current ratio falling to 0.92 in 2024 and the acid test ratio improving to 0.81, up from 0.27 in 2023 but still below target levels. “This signifies liquidity challenges that have been experienced over the past two years,” Mutodzaniswa said, adding that such pressures were not present in earlier periods.

To address this, ZimStat plans to expand revenue-generating initiatives while tightening expenditure controls, aiming to sustain financial stability alongside improved governance outcomes.

ZimStat clean audit opinion