Responding to Radio Vop enquiries Moyo revealed that the ministry does not have a single act to help it push through various policy changes.
The corporate governance framework for state entities seeks to introduce a raft of policy changes aimed at rescuscitating the loss making parastatatals.
“My Ministry is a mere department as it does not administer a single Act. However a bill is being drafted to cater for that,” Moyo said in an interview.
“We are currently working on a parastatals and state enterprises management bill so that the ministry can have legal force to implement various policies like the corporate governance framework.”
Moyo said the corporate governance framework would seek to resuscitate all 78 parastatals and state enterprises that have suffered gross decay due mismanagement but have great potential to generate 40 percent of the gross domestic product.
He said 10 parastatals are earmarked for restructuring before the year end.
“Ten parastatals would be restructured before Christmas which include National Railways of Zimbabwe, Ziscosteel, Net-One, Tel-One, National Oil Company of Zimbabwe, (NOCZIM) Zimbabwe Electricity Supply Authority (ZESA), Grain Marketing Board (gmb), Agribank, Cold Storage Commission (CSC) ” he said.
A national code on corporate governance would be a major step for Zimbabwe in efforts to instill discipline and good conduct in corporates to balance the interests of companies, shareholders and communities in which firms operate.
The national governance code cover such issues as board and directors, culture, ethics, values and development, integrated reporting and disclosures, government role and corporate governance, compliance and risk management and specific requirements for state owned enterprises.