President Emmerson Mnangagwa promises to pay compensation for land grabs and clean up Zimbabwe’s ‘poisoned politics’ as he is sworn in

New Zimbabwean President Emmerson Mnangagwa has vowed he will work to improve the economy to reduce unemployment and return the country to prosperity.

"Our economic policy will be directed for job, job, job creation," Mr Mnangagwa said to cheers from the crowd of 60,000. Zimbabwe is currently plagued with an unemployment rate estimated to be 80 per cent.

"We must work together. You, me, all of us who make up this nation," he said. He urged the millions of Zimbabweans who have left the country to return to help rebuild the economy.

"I must hit the ground running," said Mr Mnangagwa, emphasizing that Zimbabwe's economic problems must be addressed immediately.

Zimbabwe's land redistribution which saw land seized from white farmers and given to black Zimbabweans will not be reversed, he said.

"The rest of the world must understand that our land reform policies were inevitable. The principle of nationalization of our land cannot be challenged or reversed," he said. However, Mr Mnangagwa said his incoming government will be "committed to compensating farmers from whom land was taken." He said a land commission would be formed to make sure that properties are farmed productively.

"All foreign investment will be safe in Zimbabwe," said Mr Mnangagwa, addressing fears following moves by former leader Robert Mugabe to nationalise the country's lucrative resources such as diamonds, platinum, gold and chrome. Mr Mnangagwa also said he will tackle corruption that has grown in Zimbabwe.

He said elections will be held next year and said he will work to change Zimbabwe's political climate which he characterised as "poisonous, rancorous and polarized."

Mr Mnangagwa opened his speech by praising outgoing president Robert Mugabe, who resigned on Tuesday, for his role in ending white-minority ruled Rhodesia. Mr Mugabe should be "lauded and celebrated" for his historic role, he said.