By Nehanda Radio
Harare – George Guvamatanga, Permanent Secretary for Finance, Economic Development, and Investment Promotion, is at the centre of allegations involving over US$200 million in potentially irregular financial transactions, according to leaked documents and investigative reports.
A leaked letter dated 24 March 2025 reveals that the Ministry of Finance, under Guvamatanga’s signature, provided a government guarantee for a US$20 million loan facility extended by Ecobank Zimbabwe to Valley Seeds (Private) Limited.
The letter also confirms a legacy debt of US$191,578,835.56 owed by Valley Seeds.
The Ministry committed to reducing this debt by US$5 million monthly through Valley Seeds’ account and authorised Ecobank to directly debit up to US$5 million from a Ministry of Finance account in case of payment delays.
Valley Seeds is reportedly linked to President Emmerson Mnangagwa’s nephew, Temba Nkatazo.
Leaked documents also indicate a potentially irregular arrangement involving Gaingrid Investments (Private) Limited and gold procurement.
Guvamatanga signed letters outlining a 5% incentive for Gaingrid on gold delivered to Fidelity Printers and Refineries.
A letter dated 4 September 2024 details a “cash pledge and collateralised facility” with Ecobank, stating that Ecobank agreed to discount US$60 million owed to Gaingrid. The Ministry of Finance, however, committed to paying Gaingrid US$8 million monthly for 12 months, totalling US$96 million.
A subsequent letter dated 7 April 2025 confirmed an outstanding amount of US$36 million, raising concerns about a US$40 million discrepancy. Sources suggest a potential link between Gaingrid and gold dealer Pedzisayi “Scott” Sakupwanya, an ally of President Mnangagwa.
Critics have raised questions about the transparency and fiscal responsibility of the arrangement, particularly given Gaingrid’s limited public profile and the significant overpayment.
Former Finance Minister Tendai Biti has accused Treasury officials, including Guvamatanga, of facilitating the looting of public funds.
“Traditionally, the Ministry of Finance plays an oversight role in safeguarding public funds. Under Mthuli Ncube and George Guvamatanga, the gatekeeper is now the gate crasher.
“Treasury has become a hub of illicit crass extraction with no bounds nor limits. Parliament must do its job,” Biti stated.
Social and political commentator Pride Mkono also accused Guvamatanga of orchestrating large-scale looting, draining resources meant for essential public services like health, education, and transport.
“Guvamatanga is at the centre of mass looting of the consolidated revenue fund,” Mkono said.
“He (Guvamatanga) is literally emptying the national cookie jar into the private hands of politically exposed persons through shady payments for government contracts corruptly awarded to cronies of those at the top.”
Mkono added: “It is the ordinary people who suffer as essential public services like health, education, and transport collapse.”
“There is a need to keep a public record of these looters so that in the future they can be prosecuted and the billions they are amassing are recovered,” said Mkono.
