AUTHORITIES need to do more to protect local businesses and to make them more competitive, captains of industry and commerce say. Speaking to The Financial Gazette this week — after the government reimposed customs duty on 12 basic commodities — the business leaders cheered the move, adding that this would help to lift the country’s…
SEED CO says the delayed rains in the 2023/24 agricultural season, which led to an increase in demand for small grains, hold a significant potential to claw back annual sales volume performance. Zimbabwe experienced delayed rains in the 2023/24 agricultural season owing to the El Nino phenomenon which is also expected to result in low…
STEWARD Bank is set to become a standalone listed entity as its parent, EcoCash Holdings, prepares to transfer its non-banking assets back to Econet Wireless Zimbabwe (Econet). This move marks the latest chapter in a multi-year saga of separation and specialisation within the Econet group. Five years after spinning off EcoCash — then known as…
ZIMBABWE’S packaging industry, grappling with outdated equipment and fierce competition, requires a US$100 million shot in the arm to remain relevant, according to a recent report. The industry, crucial for various sectors along the value chain, faces capacity constraints despite local producers having the potential to meet domestic demand. The report, titled ‘Development of Local…
ZIMBABWE’S government could face significant challenges funding its spending in 2024, with dwindling access to local financing due to the country’s deepening dollarisation, research firm Imara Investing in Africa (Imara) has warned. In a recent note, Imara argued that widespread adoption of the US dollar has severely restricted the government’s ability to print money to…
KHAYA Cement, formerly Lafarge Cement Zimbabwe, recorded a 117 percent increase in volumes during the half year to June 30, 2023, attributable to the restoration of its mill and the commissioning of a new one. The cement maker said it earned 89 percent of its revenue in foreign currency, an increase of 100 percent from…
ZIMBABWE Platinum Mines (Zimplats) says all key capital projects are proceeding according to plan as it ramps up production. The Australia Stock Exchange-listed platinum miner’s mining operations consist of four underground mines located in Mhondoro Ngezi while the processing operations comprise three concentrators, located in Ngezi and at the Selous Metallurgical Complex. In a quarterly…
TSL says it is set to change its functional currency to United States Dollars (US$) in the 2024 fiscal year to make its financials more understandable. Late last year, companies listed on the Zimbabwe Stock Exchange were given the green light to report in either US$ or the local currency, indicating that the country’s economy…
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