John Mangudya

RBZ Dismisses Foreign Exchange Market Liberalisation Claims

By Alois Vinga RESERVE Bank of Zimbabwe governor,John Mangudya has dismissed claims that the foreign exchange market will be liberalised with the “contempt it deserves”. In a Thursday evening statement, Mangudya said information circulating on social media was false and mischievous. “The Bank would like to advise the public to disregard, with the contempt it deserves,

Finance Minister Mthuli Ncube

Zimbabwe corn imports reaches 11-year high

Africa News Zimbabwe’s weekly white corn imports from South Africa have risen to an 11-year high as food crisis worsens and after the government lifted a ban on purchase of genetically modified grain. The country imported 16,114 tons of the variety of the grain in the week ended Jan. 31, the highest weekly amount since

European Union head of delegation to Zimbabwe, Timo Olkkonen

Zim to introduce new SME policy as EU bemoans lack of implementation

By Alois Vinga ZIMBABWE’s second five-year Micro, Small and Medium Enterprises (MSMEs) policy is set to increase industrial growth and productivity signifying a major departure from the formalisation thrust which dominated the previous policy. Speaking to stakeholders about the policy document Thursday, Women Affairs, Community, Small and Medium Enterprises Development Ministry’s Secretary Melusi Matshiya said

Energy Minister Fortune Chasi

Low rainfall deepen Zim power woes

By Thandiwe Garusa THE power supply situation in Zimbabwe remains constrained as government was still failing to improve the situation. Acute power shortages in the country have forced authorities to resort to load-shedding for almost a full year. Speaking at a post-cabinet media briefing on Tuesday, Minister of Information and Publicity Monica Mutsvangwa said power

Mthuli Ncube

Mthuli Ncube Sets Aside $8.5 Billion For Energy

By Alois Vinga FINANCE Minister, Mthuli Ncube says he has set aside $8 billion which will go towards the importation of energy among a raft of measures he has taken to stabilise the economy. In a video recording done by the Information Ministry, Ncube said a huge chunk of money had been set aside to

Energy Crisis Forces Miners Off Grid As Production Slumps

Fin24 Zimbabwe’s mine houses are considering going off grid to avoid crippling breaks in production, as the country continues to battle unstable power supply. In 2019, Zimbabwe endured up to 18 hours of load shedding per day. At its peak, state power utility Zesa holdings escalated power cuts to 24 hours in December after losing regional power

Mthuli Ncube

Mthuli Ncube Promises To Inject $500m To Ease Cash Shortages

Business Reporter FINANCE Minister Mthuli Ncube says government will inject a further $500 million into the economy in the first half of 2020 to address the worsening cash crisis. Thousands of desperate people continue to sleep outside banking halls waiting for banks to open in the morning and withdraw limited amounts. Some are forced to

Finance Minister Mthuli Ncube

Ncube scorned for Davos claims Zim economy recovering

By Alois Vinga BUSINESS leaders have poured scorn on Finance Minister Mthuli Ncube’s recent claims the Zimbabwean economy was on a path to recovery. Ncube was speaking to international media on the sidelines of the 2020 World Economic Forum Annual Meeting in Davos this past week. The Treasury boss was adamant the raft of measures

RBZ governor John Mangudya

RBZ threat to freeze bank accounts of forex wheeler dealers

By Alois Vinga THE Reserve Bank of Zimbabwe (RBZ) has threatened to freeze bank accounts belonging to individuals and corporates that continue to cause market distortions through illegal foreign currency deals. The central bank said via its official twitter handle Friday that the country was enjoying relative stability in terms of its volatile exchange rate

Optimistic...Finance Minister Mthuli Ncube

Ncube Sees Zim Inflation Stabilizing After Skyrocketing To 500%

Bloomberg News Zimbabwean inflation is beginning to stabilize, even with consumer prices increasing more than 500% on an annual basis, Finance Minister Mthuli Ncube said. Year-on-year inflation remains high, “but that’s expected, that happens when you liberalize a currency,” Ncube said Wednesday in an interview with Bloomberg Television at the World Economic Forum in Davos.

Finance Minister Mthuli Ncube

World Bank says govt anti-poverty efforts not enough

Anna Chibamu THE World Bank says Zimbabwe’s efforts to address its current economic challenges are not enough to bring permanent solutions to the country’s crisis. Addressing delegates at a Harare workshop on dissemination of Mini Poverty, Income, Consumption and Expenditure (PICES) 2019 and 2017 top line reports by Zimbabwe National Statistics Agency (ZIMSTATS) on Tuesday,

Finance Minister Mthuli Ncube

Mthuli Ncube suspends duty on bus assembling spares

By Alois Vinga FINANCE Minister, Mthuli Ncube has suspended duty payment on imported spares used to assemble buses in what feeds into speculation this could be aimed at facilitating government’s Belarus deal in which Zimbabwe is set to receive buses from the eastern European nation. In line with Statutory Instrument 8 of 2020, the Treasury

Electricity Woes Worsen As Hwange Floods Take Out Power Plant

Bloomberg ZIMBABWE’s thermal power plant in Hwange was knocked off line because of local flooding amid daily power cuts in the African nation. “The weather has conspired against us,” Energy Minister Fortune Chasi tweeted on Sunday, adding that 400 megawatts of capacity had been lost and that power utility Zesa Holdings was working to bring the plant back. The

South Africa, Zimbabwe Lead Regional Mining (M&A) Activity With $323.8m Deals

Business Report HARARE – South Africa and Zimbabwe had the biggest mining investment deals, which accounted for about $323.8 million (R4.66 billion) of global mergers and acquisition (M&A) activity in the mining and metals sector in 2019, new data has shown. The global M&A deals for 2019 were, however, lower than the prior year, global

Mthuli Ncube

Mthuli Ncube Sticks To 3% Growth Forecast Despite Poor Rains

Reuters Zimbabwe’s finance minister maintained on Monday that the country’s economy would grow 3% this year despite poor rains that have hurt some crops and persistent power cuts that have hit mines and industry. The southern African nation is experiencing its worst economic crisis in a decade, compounded by shortages of foreign exchange, fuel and

AFDB country manager, Damon Kitabire Damon Kitabire

African Development Bank hands over US$10 million grant to Zimbabwe

By Anna Chibamu GOVERNMENT has received US$10.4 million for tax accountability and enhancement project (TAEP) from the African Development Bank (AFDB). The signing ceremony of the grant protocol agreement took place in Harare on Thursday between Finance Minister Mthuli Ncube and AFDB’s country manager Damon Kitabire. Announcing the grant, Ncube said, “Zimbabwe Revenue Authority (ZIMRA)