Economy

Economy

President Emmerson Mnangagwa

Mnangagwa urges enhanced productivity to grow economy

Xinhua Zimbabwean President Emmerson Mnangagwa on Saturday urged Zimbabweans to work hard and increase land production to grow the economy. In his closing remarks at the end of the five-day 18th annual National Peoples’ Conference of the ruling ZANU-PF party in Goromonzi, Masonaland East Province, the president called on Zimbabweans to be more productive to

Finance Minister Mthuli Ncube

Zim economy hobbled by clash of egos

At the heart of Zimbabwe’s economic paralysis is a personality clash. Finance Minister Mthuli Ncube and Reserve Bank of Zimbabwe Governor John Mangudya don’t get on, are pursuing different agendas and at times issue directives without informing each other, two people with direct knowledge of the situation said. The result: policies that are quickly reversed,

Study: 48% Zimbabweans have access to electricity, a luxury in Malawi

By Robert Tapfumaneyi AT LEAST 48 percent of Zimbabweans are connected to the country’s power grid, making Zimbabwe number 25 out of 34 surveyed African countries in terms of citizen access to electricity. This is according to an Afrobarometer survey on 34 African countries. The study found that efforts to provide reliable energy among countries

RBZ governor John Mangudya

Zim to IMF: Ignore our shortcomings, focus on positives

Bloomberg Zimbabwe’s central bank has asked the International Monetary Fund to overlook the country’s shortcomings in achieving fiscal targets and allow a program to help restore the economy to run its course. Eddie Cross, a member of the monetary policy committee who attended the meetings held with the Washington-based lender’s delegation on Thursday, said policy

President Emmerson Mnangagwa

Mnangagwa condemns industry ‘superman’ mentality amid economic slide

By Robert Tapfumaneyi PRESIDENT Emmerson Mnangagwa has urged individuals within the country’s business community to abandon their “superman” mentality and try to rally forces towards reversing the country’s negative economic trajectory. He was addressing captains of industry at the Zimbabwe National Chamber of Commerce (ZNNC) Business Review Conference at a hotel in Harare Thursday. “I

Zimbabwe has been struggling to keep the light on despite a jump in power imports

Electricity imports increase US$7.1 million as raw commodities dominate exports

By Alois Vinga ELECTRICITY imports into Zimbabwe increased by US$7.1 million at a time when unprocessed raw materials continue to dominate the export bill, says the Reserve Bank of Zimbabwe’s (RBZ) latest report. The report entitled, “Monthly Economic Review August 2019”  shows that in August 2019, the country gobbled US$12.9 million on electricity imports, up

Mthuli Ncube confident of $12 billion dollar minerals industry by 2023

By Leopold Munhende FINANCE Minister Mthuli Ncube has expressed confidence he could steer the country’s mining industry into a lucrative US$12 billion one by 2023. Speaking to journalists at his New Government Complex offices in Harare Friday, Ncube said government was excited about the prospects. “The mining sector is really a source of excitement for

Govt to order importers to declare forex sourcing

Reuters Zimbabwe will force importers to declare sources of foreign currency and those who fail to prove they obtained the money from banks will forfeit their goods to the state, a government official said on Friday. Deputy finance minister Clemence Chiduwa said the directive was meant to tame the black market for dollars. Shortages of

Finance Minister Mthuli Ncube wants tight spending next year

2020 Budget: Mthuli Ncube projects 3 % economic growth, 2 % inflation decline by 2020

By Alois Vinga FINANCE Minister, Mthuli Ncube Thursday, presented a budget anchored on five pillars while projecting a 3 % economic growth including a 2 % inflation rate by the end of next year. The budget statement prepared under the theme , “gearing for higher productivity, growth and job creation” sets five priority areas,  productivity and growth,  job creation,  competitiveness,  promotion

RBZ governor John Mangudya

Foreign currency deposits increase 5.41 %

By Alois Vinga FOREIGN currency deposits have maintained a growth trajectory, increasing by 5.41 % indicating a significant recovery from the slump which was experienced in the month of July 2019. This is according to a recent monthly economic review by the Reserve Bank of Zimbabwe. The latest monthly report covering the period ending August

Finance Minister Mthuli Ncube

Ncube budget fails to excite Zimbabweans, cornered govt expected to pamper security

By Alois Vinga ZIMBABWE business leaders, trade unionists and informal traders say they were not expecting any substantive solutions to come out of Finance Minister Mthuli Ncube’s 2020 budget presentation Thursday. They were speaking in separate interviews with NewZimbabwe.com Monday. Zimbabwe Congress of Trade Unions secretary general, Japhet Moyo said nothing meaningful is going to

Energy Minister Fortune Chasi

Chasi: Second Zesa board inside six months by end of November

By Alois Vinga ENERGY Minister, Fortune Chasi has announced he will soon appoint another Zimbabwe Electricity Supply Authority (Zesa) board, barely six months after he sent packing, the previous board that had served for barely 60 days. Speaking at the National Energy Innovations Summit recently, Chasi said a game changing board will be appointed before year

Finance Minister Mthuli Ncube has barred Zimstat from making public the country's inflation figures

Zim in hyperinflation, companies forced into spending more

By Alois Vinga COMPANIES operating in Zimbabwe are set to spend more on accounting and auditing services due to a recent move to adopt IAS 29, an accounting standard applied in financial reporting in hyper-inflationary economies, Chartered Accountants Academy (CAA) chief executive, Anesu Daka said Monday. Speaking to NewZimbabwe.com Business on the sidelines of the hyperinflation

RBZ governor John Mangudya

Government to introduce new currency in 14 days’ time

By Alois Vinga RESERVE Bank of Zimbabwe (RBZ) says it will introduce a new currency in the next 14 days in efforts to increase the availability of scarce physical money in a country that is battling myriad economic problems. Addressing the media after presiding over the Monetary Policy Committee (MPC) in Harare Tuesday, RBZ governor