KINGSTONE ZIMUNYA
The 2008 economic crisis drove even the most resilient out of Zimbabwe. The brain drain was evident, as it is estimated that over 100 thousand Zimbabweans crossed into South Africa in 2008.
Among the lot was Clemence Jaricha, born in 1979 in the Bikita area of Masvingo Province.
 |
| Building back home — Prof. Clemence Jaricha is slowly investing back in his home country after a 17 year hiatus. |
Humble Beginnings
A rural upbringing in a newly-independent Zimbabwe exposed Jaricha to the realities faced by the black majority; including limited access to education, healthcare, and economic opportunities.
His entrepreneurial instincts developed at first out of survival - helping his mother with her farming and trading business so as to put food on the table. This experience taught him lifelong skills which would later serve him well in his own business ventures.
After completing his secondary education, he went on to pursue higher education in the United Kingdom, culminating in a PhD in Finance obtained at Manchester University. During his studies, Jaricha had developed a fascination with entrepreneurship and business development. He devoured books, attended seminars, and networked with like-minded individuals to learn as much as he could.
Upon graduating, it is a brief stint in employment that validated his entrepreneurial inclinations. He decided to take the leap and start his own business back in Zimbabwe.
Launched in 1999, CJ Global Express Group Unlimited started out as a small logistics and transportation services provider, serving corporates and individuals within the local market. In an interview with Prof. Jaricha from his base in South Africa, he looked back on the realities of doing business in early-2000s Zimbabwe.
“Starting a business in Zimbabwe in the early 2000s was extremely challenging. The country was facing severe economic difficulties, including hyperinflation, currency fluctuations, and a decline in investor confidence,” he reminisced.
Despite these challenges, he remained resolute, finding ways to navigate the complex regulatory environment, manage foreign currency shortages, and mitigate the risks associated with doing business in a hyperinflationary environment.
The Exile
Within a decade, Prof. Jaricha had built The Group from humble beginnings to a mid-size company, under pressure. However, in 2008, the economic situation became untenable for CJ Global Express, and the only option left for Prof. Jaricha was to move down south. Reflecting on the decision, Jaricha recalls the stark differences in business conditions at the time being the major pull factor for his relocation.
“At the time, South Africa presented a more stable and attractive business environment, with its well-developed infrastructure, diverse economy, and strategic location. I believed that relocating to South Africa would provide me with the ideal platform to grow my business and expand into new markets,” he explained.
As it turns out; a stable regulatory environment, a bigger market and developed infrastructure made all the difference for CJ Global Express. After spending 17 years doing business in South Africa, Prof. Jaricha can safely say the relocation was a decision well-made.
Today, CJ Global Express Group Unlimited is a multinational conglomerate with various divisions and subsidiaries operating across different industries. The Group has a footprint in seven industries including hospitality, entertainment, and construction.
The Return
Almost two decades later, Prof. Jaricha is ready to make a return to his home country. Now armed with experience, insight and a continent-wide business network, Jaricha is keen to become part of the diaspora contingent developing Zimbabwe .
During the first quarter of 2025, he made some strategic acquisitions and earmarked major projects - a bold statement of intent. He started off by taking a majority stake in Ajax Hotspurs Football Club, a yesteryear giant in Zimbabwean football.
We have seen renewed interest in Zimbabwean football over the past two seasons, and Jaricha entering the fray might just shake up the Southern Region Division One League. The socioeconomic potential of another big player investing in football cannot be understated.
On top of that, the Group is poised to undertake construction of a state-of-the-art mall in Sandton Hydon Park, west of the capital city of Harare. The two-storey mall will include shops, offices, and a service station, among other facilities; bringing a modern outlook to Zimbabwe’s planned new capital city.
Construction of the emporium is estimated to cost between US$10 and US$15 million, creating 2 000 to 5 000 new jobs. The project shall be undertaken in partnership with a local company called Delatfin Investment Pty Ltd, owned by businessman Mr Clemence Zingoni.
Given CJ Global Group’s experience in major construction projects, the expectation is that the mall will set a new standard in commercial real estate. In South Africa, the Group undertook successful mall developments in cities like Durban’s KwaZulu-Natal Province and Greenville in the Eastern Cape Province.
“After nearly two decades of living and working in South Africa, I felt a strong desire to reconnect with my roots and contribute to Zimbabwe's economic growth. I saw an opportunity to make a positive impact by investing in sectors that align with my business interests and passions,” concluded Prof. Jaricha.
Having made his fortune in the diaspora, Prof. Jaricha is now embarking on a journey back home, contributing to his own country’s progress. He is setting an example that is worth emulating, real development beyond the remittances. Perhaps if we can have just 1% of the seven million Zimbabweans overseas investing in real projects in their home country, that can be a catalyst to the economic development we all seek.
.jpeg)
.jpg)
.jpg)
0 Comments