Ruling for 40 years, 93 year old President Robert Mugabe, steps down. Mugabe began work to give native blacks majority ownership of all businesses, worth over $500,000, in Zimbabwe. This indigenization legislation was originally drafted in 2008. In spring of 2016, Mugabe threatened to kick out corporations who refused to sell 51% of their shares to natives and argued that this legislation was meant to provide restoration to the injustices of colonialism that marginalized blacks in Zimbabwe.
The push back from foreign investors slowed down the process, and Mugabe was not able to close all businesses that refused to comply. Chinese investors were some of the main lobbyists against the indigenization policy and have worked tirelessly with the Zimbabwean government to reach a compromise more in their economic favor. There are several pending legalities, which include the Zimbabwe government and businesses, foreign corporations, and the International Monetary Fund.
Zimbabwe is the world’s second largest supplier of chrome and platinum behind South Africa. The nation also exports diamonds, gold, ores, iron, leather, and tobacco.
Sources: The Diplomat; The Zimbabwean