THE Zimbabwe National Statistics Agency (ZimStat) received a clean audit opinion for the year ended December 31, 2024, from the Office of the Auditor General (OAG), marking a notable improvement from the qualified opinion it received in 2023.
For years, parastatals have struggled to secure unqualified opinions, with recurring audit findings exposing governance weaknesses, weak internal controls and non-compliance with financial reporting standards.
The clean opinion is significant not only for ZimStat but also for public sector accountability, as it signals improved financial management and adherence to International Financial Reporting Standards (IFRS) at a time when most State entities continue to grapple with audit queries.
It also strengthens the credibility of the country’s official statistics body, whose data underpins national planning and economic policy.
“I have audited the financial statements of Zimbabwe National Statistics Agency, as set out on pages 6 to 29, which comprise the statement of financial position as at December 31, 2024, and the statement of profit or loss and other comprehensive income, statement of changes in reserves and statement of cash flows for the year then ended, and notes to the financial statements, including a summary of significant accounting policies,” the OAG said said in the 2024 report.
“In my opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Zimbabwe National Statistics Agency as at December 31, 2024, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS).”
In contrast, the 2023 financial statements were issued with a qualified opinion.
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As of the end of 2024, ZimStat’s total assets rose 66% to ZiG229,74 million (US$8,9 million), strengthening the agency’s balance sheet.
The increase was largely driven by a surge in property, plant and equipment to ZiG195,37 million (US$7,57 million) from ZiG61,39 million (US$2,37 million) in 2023, following increased support from the Ministry of Finance, Economic Development and Investment Promotion.
“In 2023, Treasury contributions fell sharply to US$8 million, resulting in a steep decline in total revenue to US$8,73 million. By 2024, revenue rebounded strongly, rising by 47% to US$12,81 million,” ZimStat acting deputy finance director Tarausa Mutodzaniswa said.
“This recovery was driven mainly by renewed Treasury support for the Economic Census and the Household Budget Survey, both of which required substantial funding.”
He said expenditure for 2023 stood at US$8,03 million (92% of revenue), which increased to US$10,4 million (81% of revenue) in 2024.
Despite the higher spending, the agency recorded surpluses of US$0,71 million in 2023 and US$2,4 million in 2024.
However, liquidity pressures persisted.
“For the year 2023, the current and acid test ratios were 1,37 times and 0,27 times respectively, below the acceptable minimum target of 1,5 and 1,1 times respectively,” Mutodzaniswa said.
“The same challenge prevailed in 2024, with the current ratio further dropping to 0,92 times, while the acid test ratio increased to 0,81 times from 0,27 times in 2023. This signifies liquidity challenges that have been experienced in the 2 years—a situation which was non-existent in prior years.”
The agency is now pursuing additional revenue-generation initiatives.
“The agency will continue to pursue existing and new revenue sources to improve the liquidity position,” Mutodzaniswa said.
“Also, the agency will try to limit the expenditure to available resources.”
