By Alois Vinga ZIMBABWE’S industrial capacity utilisation registered an 11 % increase in 2020 on the back of exchange rate stability among other positives, Confederation of Zimbabwe Industries (CZI) reported Thursday. Presenting the 2020 CZI State of Manufacturing Sector Survey virtually, the organisation’s chief economist, Tafadzwa Bandama said capacity utilisation increased to 47 % in
Reuters Zimbabwean manufacturers expect to ramp up production to 61% of capacity this year, the highest level in a decade, on expected stability in the foreign exchange market and falling inflation, the main industrial body said on Thursday. The Confederation of Zimbabwe Industries (CZI) said capacity utilisation climbed to 47% last year from 36.4% in
By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) stands to save around US$14 million monthly from an envisaged maize importation break in the 2020/21 post-harvest period amid a bumper harvest expected this year. A poorly planned land reform process by government coupled with recurrent drought periods in past two decades saw the country’s mainstay
By James Muonwa, Mashonaland West Correspondent CBZ Agro-Yield, an agricultural-inclined division of Zimbabwe Stock Exchange (ZSE)-listed financial giant CBZ Group, has pledged agricultural input support to farmers for the 2021 winter wheat season under the Command Agriculture Programme. The company has set its sights towards supporting winter wheat producers throughout the country with a targeted
By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) foreign exchange auction bidding rates being offered by traders this week continued to navigate within stable margins as total allotments to industry reached US$37 million. A trading update released at the close of business Tuesday showed that at the main auction platform, the highest bid rate offered
By Tidi Kwidini Chairman of the newly formed Zimbabwe Investment and Development Agency (ZIDA) Busisa Moyo, has said there is a need for ‘more entrepreneurs across the globe’. Moyo, who was a keynote speaker at the online launch of the Zimbabwe UK Business Chamber, said that the world is changing, adding that we are living
By Alois Vinga ZIMBABWE’s processed food sector has recorded 17.9 % export growth amid calls by the country’s export development agency, ZimTrade for local players to take advantage of abundant opportunities in the segment. The country already enjoys favourable trade and or political relations with most of the top importers of the products and this
By Alois Vinga LEADING business group, Zimbabwe National Chamber of Commerce (ZNCC) has projected that economic growth will range between minus 6 to 9 % by the end of 2021 amid concerns that economic challenges will continue to choke business viability. Presenting his 2021 budget last year, Finance Minister Mthuli Ncube said the country’s economy
By Alois Vinga BUSINESS and labour representatives have clashed over the proposal to set a national minimum wage in a bid to cushion workers whose concerns may not be addressed through their respective National Employment Councils (NECs). The matter is currently under discussion at the Tripartite Negotiating Forum (TNF) – a social dialogue platform which
Bloomberg BUSINESS executives are sounding decidedly upbeat in Zimbabwe, a sea change from the pessimism they’ve expressed through two decades of economic mismanagement and institutional decay. The southern African nation is reaping the benefits of a commodities boom and good summer rains that are bolstering farm output. A series of reforms spearheaded by Finance Minister
By Alois Vinga POSTAL and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) has dismissed research findings done by an international research company, howmuch.net, that costs US$75 per 1 gigabyte were one of the highest in Africa. However, POTRAZ said the findings were outdated and unrealistic. In a statement, POTRAZ director general, Gift Machengete slammed the researchers
By Alois Vinga PROPERTY firm Mashonaland Holdings Limited (MHL) has completed the construction of a housing model in Bluff Hill, Harare and work on the main project had resumed. In a recent update, MHL managing director, Gibson Mapfidza said all relevant permits for the intended upmarket housing project are now in place with construction having
By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) says it has taken steps to investigate and bring to account saboteurs who are influencing the charade leading to the non-acceptance of $5 notes in the economy. In a recent update, RBZ governor John Mangudya said the central bank was currently working on the issue of traders
By Business Reporter A GROUP of leading entrepreneurs have come together to create a business platform to support UK-based Zimbabwean business people. The Zimbabwe UK Business Chamber (ZUKBC) will be launched this Saturday, 27 February 2021, and it is a non-profit and apolitical, membership-based organization. According to ZUKBC chairperson Kennedy Mwedziwendira, the organization will play
By Alois Vinga THE monthly cost of living for an ordinary family of five rose again this February to record $25 935, the Zimbabwe National Statistics Agency (ZIMSTAT) has reported. The agency Thursday reported the Food Poverty Line (FPL) for one person in February 2021 was $3 934 while the Total Consumption Poverty Line (TCPL)
Anadolu Agency AS the Covid-19 pandemic keeps closing down businesses and leaving people jobless, new survival strategies in Zimbabwe are offering a silver lining. Solomon Gumunyu owns Kitchen Boutique, a business venture, in the capital Harare. But due to lockdown restrictions, his shop is closed. But with social media came the boon for the 32-year-old.
Xinhua THE Zimbabwe tourism sector is seeking for its members to be prioritized in the first phase of the Covid-19 vaccination program that is underway in the country. “As much as the port entry people have been included over and above health workers, I feel that the people going through those ports of entry spend
By Robert Tapfumaneyi THE government has approved amendments to the Insurance Bill 2020, which seeks to repeal the Insurance Act and introduce best practices in Zimbabwe’s insurance sector. This, according to the insurance sector, will play an important role in socio-economic development. Information Minister Monica Mutsvangwa confirmed the development Tuesday during the post-Cabinet media brief.
By Alois Vinga GRAIN Millers Association of Zimbabwe (GMAZ) has hailed the Reserve Bank of Zimbabwe (RBZ) recently announced Monetary Policy Statement (MPS) for taking a direction which contributes towards staple food pricing stability in the long term. Last week, RBZ delivered an MPS under the theme; “Staying on course in fostering price and financial
IOL JOHANNESBURG: A recently released report on powerful cartels in Zimbabwe has exposed how cigarette companies are illegally infiltrating the South African market, while dodging the local taxman at the same time. In a report published by the Maverick Citizen, the report titled Report on Cartel Power Dynamics in Zimbabwe, which is authored by anonymous
