Staff writer
BULAWAYO — Bulawayo Provincial Affairs and Devolution Minister Judith Ncube has urged pension funds to deploy more long-term capital into the city’s housing, infrastructure and industrial sectors, arguing that the country’s US$3.47 billion pension industry has the capacity to finance projects with lasting economic and social returns.
Addressing pension fund principal officers and chairpersons at the 17th Zimbabwe Association of Pension Funds (ZAPF) Principal Officers and Chairmen’s Convention in Bulawayo, Ncube said the city should be viewed not simply as a conference destination but as a strategic investment partner for long-term institutional capital.
The three-day convention, which runs from October 1 to 3 under the theme “Leading Beyond Uncertainty: Shaping the Future of Pension Funds through Innovation, AI and Strategic Leadership” has brought together pension fund executives, ZAPF council members, Insurance and Pensions Commission representatives and government officials.
Ncube said pension fund assets had reached US$3.47 billion as at June 30, 2026, with foreign currency-denominated investments accounting for US$1.43 billion, or 41 percent of the total.
She said nine prescribed asset instruments worth a combined US$141.9 million had been approved during the first half of the year, covering sectors including healthcare, renewable energy, agriculture, property development and infrastructure.
“This confirms that bankable, government-backed investment vehicles exist, and that pension funds are already engaging with them,” Ncube said.
She said the regulatory environment had also continued to improve, citing efforts to recover outstanding pension contributions from non-compliant employers, compensate pensioners affected by historical loss of value and strengthen digital record-keeping and verification.
Ncube identified housing and land development as one of the key areas where pension funds could deploy capital in Bulawayo, which faces a significant housing backlog.
She pointed to the National Railways of Zimbabwe Pension Fund’s Upper Nondwene/Umvutcha B project, which has more than 5,300 serviced stands, as an example of how pension capital could be used to develop serviced and titled residential land.
The minister also called for investment in municipal infrastructure, including solar and waste-to-energy micro-grids supported by long-term power purchase agreements, as well as water infrastructure such as treatment plants, boreholes and reticulation systems.
“These are core, qualifying real assets that regulators encourage pension funds to hold,” she said.
On industrial and commercial property, Ncube said Bulawayo had the potential to reclaim its position as a major industrial centre.
She cited the proposed US$150 million Umvumila Special Economic Zone as a potential investment opportunity in export manufacturing, logistics, technology assembly and agro-processing.
She said opportunities also existed in the central business district through the modernisation of existing buildings, energy-efficiency upgrades and adaptive re-use of underutilised properties.
Ncube further identified healthcare infrastructure as an investment opportunity, given Bulawayo’s role as a healthcare centre for southern Zimbabwe.
She encouraged pension funds to consider specialised private healthcare facilities, including cardiac, orthopaedic and diagnostic centres, which she said could provide relatively stable demand over the long term.
Student accommodation was another area highlighted by the minister, with thousands of students enrolled at institutions including the National University of Science and Technology, Bulawayo Polytechnic, the School of Mines, teacher-training colleges and private universities.
She said purpose-built student accommodation could provide pension funds with long-term property investments supported by consistent demand.
Ncube also urged investors to explore tourism and hospitality projects, including conference and exhibition facilities and the conversion of suitable heritage buildings into boutique hotels, executive accommodation and retail spaces.
She identified agro-processing and cold-chain logistics as further opportunities, citing Bulawayo’s location as a gateway to South Africa, Botswana and the wider Southern African Development Community market.
Investment in cold-storage facilities, grain silos, abattoirs and leather value-addition facilities, she said, could help strengthen value chains around agriculture and livestock.
Ncube said the provincial administration, Bulawayo City Council and development agencies were prepared to work with pension funds by facilitating access to land, streamlining approvals, developing project pipelines and creating investment structures.
“Pension funds must act boldly rather than wait for uncertainty to clear. Let us build lasting assets that pension members and Zimbabwe will proudly look back on,” she said.
