Unlocking local capital for Zimbabwe’s public‑interest media

Public‑interest media in Zimbabwe stands at a critical crossroads, caught between failing business models and shrinking donor support, geo-politically induced economic uncertainties, shifting audience information consumption patterns and an overstretched advertising market that is slowly but surely shifting to online spaces. Yet, at an IMS (International Media Support) media meet-up held in Harare on April 2026, stakeholders from journalism, finance, philanthropy, and policymaking were urged to see this moment not as an ending, but as an opening.

For IMS, part of the question is what comes after donor funding and what new models are needed to propel media to survive, this by strengthening management and commercial skills, innovation and access to finance.

Sweden’s Ambassador to Zimbabwe, H.E. Per Lindgärde, framed the discussion against a shifting diplomatic and development landscape. With Sweden preparing to close its Embassy in Harare later this year and phase out its bilateral development strategy, Lindgärde underscored that Sweden’s exit should not be confused with retreat.

“Our departure does not signal disengagement,” Lindgärde told the audience. “We see this moment as an opportunity to focus on what must endure, strong institutions, trusted information, and locally rooted solutions that last long after development partners step back.”

He stressed that independent journalism is not a luxury, but civic infrastructure essential for accountability, democratic governance, and inclusive economic development. “When journalism is weakened, misinformation thrives and trust erodes. When journalism is strong, the entire ecosystem benefits,” he said.

A fragile but vital media ecosystem

Zimbabwe’s media landscape reflects both resilience and strain. An IMS media consumption study carried out in partnership with Geopol (2025) reflects a distinctly hybrid Zimbabwe media landscape shaped by digital growth alongside enduring reliance on traditional platforms. Internet use has expanded significantly, with three in four respondents accessing the internet in the past 30 days, predominantly via mobile phones, making online and social media channels central to everyday information access. Social media is the most accessible platform overall, led overwhelmingly by WhatsApp, which around 80% of users rely on across all demographics and locations. At the same time, radio and television remain deeply embedded in daily life with about seven in ten respondents having listened to radio or watched television in the past month. Radio continues to stand out as the most trusted source of news, particularly among women, older audiences and rural communities. Print media continues to decline, with online newspapers now preferred over physical copies and magazine readership falling sharply. Overall, audiences increasingly consume news through mobile-first, digital channels, while still placing the greatest trust in radio highlighting a dual reality of digital adoption and traditional credibility in Zimbabwe’s media ecosystem.

At the same time, Zimbabwe’s advertising base remains narrow. Industry analysts estimate that while the broader media market continues to evolve digitally, revenue growth has not kept pace with rising production costs, leaving many independent outlets undercapitalised and vulnerable to political or commercial pressures. Media houses have reduced print runs and some failing to pay salaries.  

It was against this backdrop that the evening focused deliberately on sustainability not charity. “When we speak about sustainability, we mean more than donor grants,” Lindgärde said. “We mean locally anchored revenue, strong governance, audience trust, and the capacity to innovate.”

Echoing the above from a business angle, Sekai Kuvarika, Chief Executive Officer of the Confederation of Zimbabwe Industries (CZI), said industry investment needed to be more deliberately aligned with environmental, social and governance (ESG) principles, the Sustainable Development Goals, and broader public‑interest outcomes. She argued that credible and professional media could act as a value multiplier by amplifying the impact of such investments through responsible messaging. Kuvarika also acknowledged that industry had historically under‑engaged the media sector and called for new, more inclusive partnership models to support long‑term sustainability.

Journalism’s triple crisis

Expanding the discussion, Clare Cook, IMS’ Head of Journalism and Media Viability, outlined what she described as a combined funding, financing, and investment crisis facing journalism not just in Zimbabwe, but globally. “Predictable grant flows are no longer available,” Cook said. “At the same time, macroeconomic volatility and a constrained advertising market make it extremely difficult for independent outlets to plan, retain talent, or invest in digital transition.”

Cook argued that the media sector has often been trapped between treating journalism purely as a public good, or purely as a commercial product, with neither approach fully reflecting reality. “We are not dealing with one media business, but several: Journalism as a public good, alongside attention‑driven and intelligence‑driven models. The danger is applying the wrong tools to the wrong problems.”

Why local capital matters

All speakers concurred that the solution lies in unlocking local capital, broadly defined to include domestic business, high‑net‑worth individuals, diaspora investment, impact finance, philanthropy, and tailored bank products where there is a return on investment. Cook cautioned that capital does not move without credible pipelines. “Many public‑interest outlets are not investment‑ready not because they lack value, but because the ecosystem has not funded the capabilities investors look for,” she said, pointing to governance systems, audited financials, and commercial strategies.

She proposed locally governed mechanisms such as pooled journalism funds, blended‑finance instruments, and loan guarantees that respect strict editorial firewalls while enabling predictable, medium‑term financing.

From dialogue to action

Importantly, the evening avoided lofty declarations. Instead, it challenged participants to focus on tangible next steps that include pilot funding vehicles, partnerships between media and financiers, and governance standards that make investment possible without compromising independence.

“Success is not a communiqué,” Lindgärde told guests. “It is concrete next steps, new relationships, experiments, and commitments that make sense in Zimbabwe’s context.” As Sweden prepares to close a chapter of its physical presence in Zimbabwe, the Ambassador concluded with a call for continuity rather than dependence.

“Our ambition is that dialogues like this contribute to something lasting, a media ecosystem that is resilient, independent, locally supported, and trusted by the public it serves.” The message above was buttressed by panellists from Zimbabwe’s private sector and other none-media CSOs who spoke on a need for media to strengthen its relevance to business and other sectors. Developing business models that are fundable. It is no longer a question of public interests’ journalism only but also a financially sustainable media that is relevant to the broader economic ecosystem.

Whether Zimbabwe’s independent media can translate this momentum into durable capital pathways remains an open question. But for one evening in Harare, the conversation shifted decisively from survival to sustainability.

For more information read the April 2026 report: Unlocking local capital