In a resounding testament to financial prowess and institutional integrity, Midlands State University (MSU) has been lauded by top government officials for presenting an impeccable financial statement during its 2023 Annual General Meeting held in Harare on 12 December 2024.
The University’s financial transparency reached new heights as external auditors Baker Tilly, Zimbabwe, delivered an unequivocal endorsement of MSU’s financial health.
Their comprehensive audit revealed a sterling performance that withstood the challenging inflationary landscape of 2023.
“In our opinion, the inflation adjusted financial statements present fairly, the statement of financial position of Midlands State University as at 31 December 2023, and its financial performance, and its cash flows for the year then ended in accordance with International Financial Reporting Standards,” Baker Tilly declared in their official assessment.
Spearheading the commendations, the Honourable Minister of Higher and Tertiary Education, Innovation, Science and Technology Development, Ambassador Dr. F. M. M. Shava, praised the University’s remarkable growth trajectory and unwavering commitment to transparency.
“The university has demonstrated exceptional financial management and integrity,” Minister Shava stated, further encouraging MSU to continue its ambitious expansion plans, which include launching new campuses and establishing key national institutes crucial for the country’s modernisation efforts.
Vice Chancellor Professor V. N. Muzvidziwa provided a comprehensive overview of the University’s achievements, highlighting significant milestones including innovative research initiatives and strategic memorandums of understanding (MoUs) that have positioned MSU at the forefront of higher learning.
Crucially, Professor Muzvidziwa affirmed MSU’s status as a “going concern,” a critical financial indicator signalling the institution’s robust financial stability despite economic challenges experienced in the reporting period.
University Bursar, Mrs. S. Ncube elaborated on the financial landscape, revealing that third-stream income contributed an impressive 15% to the total revenue during the reporting period – a testament to the University’s diversified financial strategy.
The Auditor General, Ms R. Kujinga’s nominee, personally congratulated MSU for maintaining impeccable financial standards, while Permanent Secretary Professor F. Tagwira echoed the sentiment, commending the University’s unqualified financial statement.
In a forward-looking challenge, Dr. T. Khupe, Chairperson of the Parliamentary Portfolio on Higher Education, urged the university to intensify investments in advanced health research, recognising the potential for transformative academic contributions.
The annual meeting, held in strict compliance with Zimbabwe’s constitutional frameworks including the Public Entities and Corporate Governance Act and the Midlands State University Act, represented a landmark moment of institutional excellence.