Economy

Economy

Consumer Council boss blasts govt economic advisors for leading country astray

By Business Reporter CONSUMER Council of Zimbabwe (CCZ) deputy director, Rose Mpofu has scorned government’s highly qualified economic advisors for allegedly leading the country astray and failing to proffer correct advice to avert the current economic mess. She was speaking during last week’s retailer’s breakfast meeting in Harare. “It is disturbing to note that most

Zimbabwe inflation data hugely understated – economists

By Business Report HARARE: A steep rise in Zimbabwe’s inflation has worsened the country’s economic plight, with Zimstats data showing yesterday that inflation now stands at 42 percent, but economists say the figures are hugely understated. The country is battling to tame price increases exacerbated by a foreign currency crunch that has been pushing up prices

STEVE Hanke: Zimbabwe’s Monetary Death Spiral

By Prof Steve H. Hanke PRESIDENT Mnangagwa’s pledge that Zimbabwe is “open for business” rings hollow. Indeed, many businesses in Zimbabwe are shuttered. An increase in government controlled fuel prices over the weekend has ignited simmering fury over what is in fact a currency crisis. In response, Zimbabwe’s security forces have launched a violent crackdown on

Inflation Shock at 42.1%; Adds to Harare’s Woes

By Agencies Zimbabwean consumer prices rose at a new post-hyperinflation record pace in December, adding to the economic woes of a country that’s reeling from foreign-exchange and fuel shortages. Inflation accelerated to 42.1 percent, from 31 percent in the previous month, the Zimbabwe National Statistics Agency said in a statement emailed Thursday. While that’s well

What next for Zimbabwe’s govt after fuel price hike backfires?

Africa News Zimbabweans have reacted with anger and frustration to last week’s announcement of a fuel price hike by President Emmerson Mnangagwa. In a televised address last Saturday, Mnangagwa said prices of petrol and diesel would more than double to tackle a shortfall caused by increased demand and “rampant” illegal trading. Petrol prices have been

Tito Mboweni

SA finance minister wants end to Zimbabwe sanctions

By African News Agency SOUTH African Finance minister Tito Mboweni said on Wednesday that Zimbabwe should look at introducing a new currency to counter its economic and financial challenges and also called for political leadership to intervene in ending sanctions in the troubled SADC country.  Mboweni said that South African government representatives, including National Treasury

By killing the internet, Zimbabwe kills commerce and lights

By Bloomberg WHEN the Zimbabwean government ordered internet service providers to shutter parts of the web in an effort to curb anti-government protests, it also plunged homes into darkness because people can’t pay their utilities online.  Most people in the country use Econet Wireless, Zimbabwe’s Ecocash mobile phone payment system for daily transactions. They buy

No Currency, Just a Currency Crisis: Zimbabwe’s Woes Deepen

By Bloomberg News Not having a currency of its own hasn’t stopped Zimbabwe from sliding into a currency crisis. A scarcity of foreign exchange has led to long queues for fuel, bread and medicine and sent prices surging across the southern African country. Police clashed with protesters in the capital, Harare, on Monday as the

ANALYSIS: Critical economic challenges facing Zimbabweans

This an abridged version of an article recently published by the Election Situation Room POST the 30th July 2018 harmonized elections, one of the most important questions that Zimbabweans have had to deal with is how the new government will resolve the deep and complex economic problems Zimbabwe is grappling with. Economic commentators have expressed

Labour Minister Sekai Nzenza

Panicking govt reconvenes TNF as economy faces implosion

By Alois Vinga GOVERNMENT has called for a Tripartite Negotiation Forum (TNF) with its key partners Monday after over a year since such meeting was convened. The TNF is a dialogue platform which brings together government, business and labour representatives to deliberate on economic issues and pursue mutual agreement that does not hurt any of

Vice President Constantino Chiwenga

Government warned against interfering with business

By Alois Vinga ZIMBABWE National Chamber of Commerce (ZNCC) chief executive Chris Mugaga has warned government to stop interfering with business or risk the consequences of economic failure. He was addressing a delegates at a retailers breakfast meeting in Harare this week. “Government hand is just too much,” Mugaga said. “There is no economy which

US$ pricing will hit demand and lead to job losses – experts

By Alois Vinga BUSINESS and economics experts have condemned pricing in foreign currency, warning that the development will reduce product demand and forcing companies to operate below capacity which will ultimately trigger job cuts. The comments at a time some retail outlets and manufacturers like Simbisa Holdings have come out in the open gazetting United

Mine workers join demands for US$ salaries

By Kwekwe Correspondent  WORKRS in the mining sector have made a raft of demands which include payment of salaries in US Dollars as labour unrest continues over the country’s deteriorating economy. The workers have further demanded Poverty Datum Line (PDL) based remuneration, adding that their salaries should also be in line with regional counterparts in

Zim diaspora injecting more forex than aid agencies, FDI

By Alois Vinga ZIMBABWEANS in the diaspora are injecting more foreign currency into their country’s economy than the one accruing through aid from various world humanitarian agencies, a study has revealed. The report released by Zimbabwe National Statistics Agency (ZIMSTAT) entitled,“Migration in Zimbabwe, A Country Profile 2010–2016” states that for over three years, Zimbabweans abroad

President Emmerson Mnangagwa

ED to announce ‘extraordinary’ measures; security chiefs meet as govt claims ‘sinister’ plots

By UK Bureau PRESIDENT Emmerson Mnangagwa will soon announce “extraordinary” measures aimed at ending the crisis in the country’s public health system as the government claims an opposition hand in the ongoing strike by junior doctors. Presidential spokesman George Charamba confirmed  Wednesday that his boss was cutting short his vacation as the devastating strike entered

Industry and commerce minister Mangaliso Ndlovu

Stop it! Minister tells Delta over US$ prices; threatens to unleash law on booze company

By Kingston Ndabatei THE government has reacted angrily to an announcement by the country’s second biggest tax contributor, beverages manufacturer Delta, that it will begin selling its products in hard currencies beginning Friday describing the decision as “illegal.” Delta’s decision comes barely weeks after another conglomerate, Simbisa brands which operates a variety of fast foods