Misgovernance doubles in SoEs, parastatals
ACTING Auditor-General Rhea Kujinga has revealed that misgovernance nearly doubled in State-owned enterprises (SoEs) and parastatals last year. She highlighted this in her report titled Report of the Auditor-General on Appropriation Accounts, Finance and Revenue Statements and Fund Accounts for…
Zimplow insulates self against El Niño, softer mineral pricing
DIVERSIFIED firm, Zimplow Holdings Limited (Zimplow) is in the process of insulating itself against the El Niño-induced drought and softening mineral prices, as these challenges will negatively impact its bottom line. Zimplow provides agricultural, mining and infrastructural engineering quality and…
Only 30% ZiG released to the market
THE Reserve Bank of Zimbabwe (RBZ) has disbursed ZiG46 million in notes and coins to the banks, with the financial institutions only releasing 30% to the market amid a cash crisis, it has been revealed. On April 5, the ZiG…
ZSE raises alarm as daily trades dip 92%
DAILY trades at the Zimbabwe Stock Exchange (ZSE) have dropped by 92% to 80 due to restrictive taxes in the capital markets, the bourse’s chief executive officer Justin Bgoni said yesterday. Bgoni, who leads both ZSE and Victoria Falls Stock…
Civic society warns of shrinking space
CIVIC society in Africa is facing shrinking spaces to raise domestic resources, as private sector investment is being crowded out, it emerged at the recent African Development Bank’s (AfDB) annual meetings. The shrinking space, according to civic society, is because…
ZiG slows price increases, but US$ prices remain high
FOOD security initiative, the Famine Early Warning Systems Network (FewsNet) says while the Zimbabwe Gold (ZiG) currency has brought some stability, United States dollar prices remain high. The ZiG replaced in April the Zimbabwe dollar after it had depreciated by over 700%…
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…
