Central bank chief Gideon Gono said the economy may suffer from a ministerial ultimatum backed by a threat to nationalise foreign companies failing to act quickly on transferring majority ownership to locals, the BBC reported.

Government minister Saviour Kusakawere reportedly warned British American Tobacco and a dozen other foreign companies including banks and mines that they must file plans on how they intend to transfer 51 per cent ownership to Zimbabweans as required by law. The companies were warned they risked nationalisation and would lose their licenses if they did not file plans within 14 days, the BBC said on its website.
Gono in a statement said an ultimatum to transfer control may harm the economic recovery, the BBC reported. (pi)