Government Commends National Foods For Reducing Reliance On Imports
The government has praised National Foods Limited (NatFoods) for its investments in projects aimed at reducing the country’s high import expenses. NatFoods has allocated nearly US$16 million to various factory production lines between 2023 and 2024, a move expected to…
ZiG brought more misery for consumers: CCZ
THE Consumer Council of Zimbabwe (CCZ) says the Zimbabwe Gold (ZiG) currency has brought more “challenges” for consumers than those they faced prior to its introduction, because people are failing to use the new currency outside the formal retail sector….
Zimbabwe trade deficit drops 117.8 percent in March, according to Zimstat
Zimbabwe recorded a trade deficit of US$184.3 million last month, a 117.8 percent decline compared to US$84.6 million in February, according to data released by the Zimbabwe National Statistics Agency (Zimstat). The statistics show the country imported more than it…
China Shops Rejecting ZIG Currency
Retail outlets commonly known as ‘China shops,’ which offer a range of inexpensive goods like kitchenware, clothing, electronics, and cleaning products, are exclusively accepting US dollar cash payments. They are not allowing any other forms of payment in multiple currencies….
Gweru businesswoman’s star continues to rise conferred an honorary professorship
Gweru-based business magnate, Ambassador Smelly Dube has been selected as a candidate for an Honorary Professor of Mining and Industrial Development by a London-based EL Roi London University.
Shops face closure over ZiG
VICE-PRESIDENT Constantino Chiwenga yesterday warned currency speculators and singled out the retail sector, threatening to shut down supermarkets if they are suspected of sabotaging the new Zimbabwe Gold (ZiG) currency. Officially opening the international business conference at the Zimbabwe International…
Invictus inks gas to power deal
AUSTRALIAN energy firm, Invictus Energy has signed an agreement with Dallaglio Investments and Himoinsa Southern Africa Proprietary for a gas-to-power project to supply electricity to Eureka Gold Mine. Eureka Gold Mine is owned and operated by Dallaglio, a subsidiary of Padenga Holdings…
Lost in translation: ZiG currency disconnected with citizens’ needs
It was a sunny April 5when suddenly a dark cloud of déjà vu hovered all over Zimbabwe following the announcement of the new currency, ZiG, by the Reserve Bank of Zimbabwe (RBZ) governor, Mushayavanhu. Unfortunately, this is the sixth time…
Bond Notes Were Never Backed By Afreximbank, Says Mushayavanhu
Dr. John Mushayavanhu, the new head of the Reserve Bank of Zimbabwe (RBZ), surprised many on Thursday when he revealed that, despite previous claims, the bond notes and Zimbabwe dollar were not supported by the US dollar bond facility from…
“All Fuel Sales Will Exclusively Accept ZiG As Payment”: Guvamatanga
Finance, Economic Development, and Investment Promotion Permanent Secretary George Guvamatanga announced that all Government ministries, departments, and agencies will soon be mandated to accept ZiG payments. This directive comes amidst the recent introduction of ZiG, or Zimbabwe Gold, as the…
RBZ pleads for Zimbabwe dollar acceptance as informal traders insist on US dollar
‘Business entities including commuter omnibuses, shops, fresh vegetable markets, and vendors, are advised to continue accepting payment in ZW$ notes until April 30, 2024’ HARARE – The Reserve Bank of Zimbabwe on Wednesday said the Zimbabwe dollar remains legal tender…
‘Mushayavanhu must assert himself as independent’
RESPECTED businessman and economist, Nigel Chanakira, says the new Reserve Bank of Zimbabwe governor John Mushayavanhu must assert himself as an independent central banker to stabilise the local currency. For years, there have been concerns that the central bank was…
Mine-to-energy industrial park set for Mash West
GOVERNMENT plans to establish a mine-to-energy industrial park in Mapinga, Mashonaland West province, as it seeks to value add and beneficiate lithium. During post-Cabinet briefing yesterday, Information, Publicity and Broadcasting Services minister Jenfan Muswere said Cabinet was briefed by Vice-President…
‘ZiG difficult to accept in US$-dominated market
RESPECTED businessman and economist Nigel Chanakira says acceptance of the new currency, Zimbabwe Gold (ZiG), will be difficult given that the majority still prefer the greenback. The Reserve Bank of Zimbabwe (RBZ) launched ZiG and scrapped the Zimdollar last week…
Mutsvangwa pushes for creation, strengthening of SME credit co-operatives
GOVERNMENT plans to form and strengthen small-to-medium enterprises (SMEs) credit co-operatives to help them source funding, a Cabinet minister has said. Credit co-operatives are organisations owned and controlled by its members who can borrow at low interest rates from an…
ZSE rebases bourse to reflect ZiG
THE Zimbabwe Stock Exchange (ZSE) is re-basing all its indices following the introduction of a new currency, Zimbabwe Gold (ZiG), last week. ZSE said all the ZSE indices would be re-based to 100 basis points. “The re-basing is necessary to…
Brazen Pair Nab Car From ZACC Exhibit
Jossam Aarons and Privilege Matibu made a brazen move by towing away a car held by Zimbabwe Anti-Corruption Commission officials as evidence on a farm. The duo found themselves in court yesterday, facing charges of obstructing justice in a case…
The World’s Most Expensive Cow Sold In Brazil For Around $4.8 Million
In a remarkable transaction, the world’s most expensive cow was recently sold in Brazil for a staggering amount of approximately $4.8 million. This record-breaking sale underscores the immense value placed on elite cattle genetics and the thriving livestock industry in…
NetOne Firmly Opposes Unauthorized Sale Of Airtime Above Announced Prices
NetOne, a state-owned mobile network operator (MNO), has taken a strong stance against the sale of its airtime above the prices set by the Postal & Telecommunications Regulatory Authority of Zimbabwe (POTRAZ). The company’s position comes amid the significant depreciation…
Proplastics profit trebles to US$520 000
PLASTIC pipe manufacturer Proplastics Limited’s profit after tax more than trebled to nearly US$520 000 in the year ended December 31, 2023, on the back of a huge cut in finance costs which went down by 85%. In the comparative…
