Emmerson Mnangagwa is sworn in as President at the presidential inauguration ceremony in Harare, Zimbabwe. Picture: Ben Curtis/AP

Harare - Zimbabwe's new President Emmerson Mnangagwa on Tuesday announced a three-month amnesty for "huge sums" of stolen money to be returned to the country.

"Activities linked to Operation Restore Legacy have, among other issues, helped to uncover cases where huge sums of money and other assets were illegally externalized by certain individuals and corporates," he said in a statement.

Operation Restore Legacy was the code name given to the military takeover of Zimbabwe this month, which resulted in the ousting of long-time leader Robert Mugabe.

Mugabe's almost 40 years of rule saw the gutting of Zimbabwe's economy as well as allegations of corruption against members of the ruling Zanu-PF party and his own family.

"As a first step towards recovery of the illegally externalised funds and assets, the Government of Zimbabwe is gazetting a three month moratorium within which those involved in the malpractice can bring back the funds and assets with no questions being asked or charges preferred against them," he said.

Mnangagwa added that upon the expiry of the three-month window, those who had failed to comply will be arrested.

Speaking to the heads of ministries on Tuesday in Harare, the new president also said he was currently in the process of forming a "leaner" cabinet.

"I am currently in the process of putting together a new government structure, which should essentially be leaner," he said, adding it would curb "unnecessary expenditure, so as to enhance productivity and efficient delivery of service."

Mnangagwa also announced the slashing of the ruling party's annual congress budget from 8 million dollars to 1 million dollars. The congress is slated for December.