THE new Zimbabwe Football Association (ZIFA) board is charting a new course after releasing audited financial statements for 2024 this Thursday.

It is the first time that the local football mother body has released audited financials in three decades.

Successive ZIFA executive committees have failed to release financial statements as far back as 1995 when Leo Mugabe was elected.

It was the same case with the Vincent Pamire, Cuthbert Dube, Phillip Chiyangwa and Felton Kamambo-led executives as they all failed to produce audited financials.

The statements for the year ending December 31, 2024 reveal ZIFA’s financial position is relatively healthy, with income increasing by 162 percent to US$4 million in 2024 compared to the previous year, mainly due to increased grants from FIFA.

Analysts believe the release of the audited financial results will bring back investor confidence in the local football mother body.

“The release of audited financial statements by ZIFA speaks to a lot of things, number one being issues around transparency and accountability. An independent review of financial statements to check the financial health of the institute, speaks about issues around how they are now moving towards being a transparent and accountable organisation. It also talks on issues around compliance with regulations in terms of International Accounting Standards regulators such as the Zimbabwe Revenue Authority and even FIFA at large,” financial analyst, Simbarashe Hamudi stated.

Another financial analyst, Omali Jani, said the move would boost investor confidence in the organisation.

“ZIFA is sending a clear message to potential sponsors that any amount invested in ZIFA is going to be used properly, because at the end of the year, there are going to be auditors that are going to look at the numbers, the invoices and how the funds were being used during the year. So it should give confidence to everyone, and I think at this point, a lot of investors will be willing to contribute to the work that is being done by ZIFA.”

In a statement, ZIFA president Nqobile Magwizi, indicated his board will focus on ensuring transparency and creating sustainable revenue streams through partnerships.

ZIFA is also focused on improving infrastructure, strengthening grassroots football, and supporting national teams to thrive on the international stage.