Cost of Doing Business in Zimbabwe: Examining the Role of Risk Impact Assessment (RIA) in Policy Development and Implementation in Zimbabwe (2006 to 2017)
- October 24, 2019
- Posted by: RSIS
- Categories: Business Management, IJRISS, Social Science
International Journal of Research and Innovation in Social Science (IJRISS) | Volume III, Issue X, October 2019 | ISSN 2454–6186
Dr David Foya1, Innocent Mayida2
1Department of Business Management, National University of Science & Technology, Bulawayo Zimbabwe
2Acting Chief of Technical Services at Radiation Protection Authority of Zimbabwe
Abstract:-This study sought to examine the impact of regulations on the business environment in Zimbabwe. The concept of RIA in regulation and its impact on economic growth and national prosperity have received increasing attention in recent years. The study’s main aim is to make a contribution to the RIA in regulatory policy making and implementation in Zimbabwe and examines its role in the cost of doing business. Thus by studying the issue within the context of government ministries and regulatory bodies, the central research questions to be addressed is; “Taking into account the cost of doing business, sustainability concerns, why RIA is necessary including models used to achieve the regulatory goal and to evaluate them?” The research question was formulated to gain a better understanding of the regulatory policy framework of Zimbabwe. Thus, methodologies and how the regulatory bodies and government ministries use risk evaluation and assessment tools to manage regulatory risks and exposure will be explored. The study seeks to examine the need to improve the efficiency of the regulatory policies in Zimbabwe using the RIA concept and link with the cost of doing business. This includes the need for stakeholder participation in the policy framework. The results indicate the need to use RIA s which can be used to increase the efficiency of the regulatory system. This includes seven key dimensions, namely the lack of a regulatory policy framework, policy reformation, roles of Parliament and Senate, policy coordination and consultation, regulatory independence, cost and benefit analysis and lastly the issue of stakeholder participation. Finally, the study suggested recommends on the government to establish a national regulatory policy, incorporate viable business model in policy reformation, reducing multiple regulatory systems, adding RIA evaluation in the Parliamentary and Senate policy framework and improve on technical services for standards included in regulations. Finally, the research, concludes that these seven critical dimensions can increase efficiency in the policy formulation and implementation in Zimbabwe.
Key words: Risk Impact Assessments, cost of doing business, risk management, stakeholder participation, cost and benefit analysis.
