Harare – Zimbabwean President Emmerson Mnangagwa has reassigned Professor Mthuli Ncube to serve as Minister of Finance and appointed his close business associate Kudakwashe Tagwirei as the new Minister of Economic Development and Investment Promotion in a significant Cabinet adjustment announced on Thursday.

The appointments, made in terms of Section 104(1) of the Constitution of Zimbabwe, take immediate effect, according to separate press statements issued by Chief Secretary to the President and Cabinet, Dr Martin Rushwaya.

Under the new arrangement, Professor Ncube’s responsibilities have been streamlined to focus exclusively on the Finance Ministry.

The economic development and investment promotion portfolio, which previously fell under his broader mandate as Minister of Finance, Economic Development and Investment Promotion, has now been separated and entrusted to Tagwirei.

The move marks Tagwirei’s formal entry into government after years as one of Zimbabwe’s most influential business figures.

Tagwirei, founder and chief executive of Sakunda Holdings, has long been associated with major projects in agriculture, energy and mining.

His appointment is likely to draw significant attention from both the business community and political observers, as he transitions from the private sector into a key government role.

In the official announcements dated October 8, 2026, President Mnangagwa said the reassignment of Professor Ncube and the appointment of Tagwirei were effective immediately, signalling a new phase in the administration’s economic management strategy.

Tagwirei was appointed a senator in August after the gazetting of the Constitutional Amendment Act 3, which allowed Mnangagwa to appoint ten additional senators.