CAFCA, Zimbabwe’s only cable manufacturer, says its raw material consumption in the year ended September 30, 2023 (FY 2023) declined 10 percent to 2 791 metric tonnes from 3 107 metric tonnes in the comparative period. While the company uses aluminium, polyvinyl chloride, polythene and galvanised steel wire, copper remains the main raw material in…
NEWLY elected Hospitality Association of Zimbabwe (HAZ) president Brian Nyakutombwa says domestic tourism will push occupancy rates up this year. Nyakutombwa who succeeded Farai Chimba last November was also optimistic that government efforts to grow the tourism sector would also bring up new investments in the sector. He further called for the campaign to boost…
ZIMBABWE stands to reap significant rewards from the African Continental Free Trade Area (AfCFTA) but must address carbon emissions and product quality to remain competitive, the World Bank has warned. The AfCFTA, launched in January 2021, boasts a combined GDP of US$3 trillion, projected to double by 2050. World Bank senior country economist for Zimbabwe,…
INDUSTRIALISTS and economic experts are pushing for a more ambitious manufacturing growth target in Zimbabwe’s new National Industrial Development Policy (ZNIDP), arguing that the current proposal falls short of the country’s aspirations. The draft ZNIDP 2024–2030, currently under development by the government, sets a minimum manufacturing growth target of two percent per year. However, stakeholders…
EVERSHARP increased marketing expenditures in the year ended September 30, 2023, in response to growing competition from imports. Local industrialists are crying foul over the influx of cheap imported commodities. The leading manufacturer of ballpoint pens, rulers, and markers is a division of Amalgamated Regional Trading (Art). “Eversharp’s partnership with Luxor (India) helped to broaden…
AFC Holdings’ mooted US$10 million agro-bills for financing the 2023/24 summer cropping season have been given prescribed asset status by the government. In a note, the diversified financial institution said the agro-bills were guaran – teed by the government and also have a liquid asset status and tax exemption. “AFC Holdings Limited intends to issue…
ZIMBABWE’S investment performance in 2024 will be heavily influenced by inflation expectations, fuelled by a depreciating local currency and persistent political and economic uncertainties, the Old Mutual Investment Group (OMIG) has warned. This comes as authorities are struggling to preserve the value of the local currency whose depreciation is the key driver of inflation. “Environment…
ZIMBABWE’S dairy industry is experiencing a boom, with milk output in November 2023 reaching a record high of 9,32 million litres. This 15 percent increase over the same period in 2022 marks the highest monthly production in the past 18 years, according to the latest figures from the Agriculture Ministry’s Dairy Services Department. While the…
THE Reserve Bank of Zimbabwe’s (RBZ) says its foreign currency auction system has allotted US$4,12 billion, since its launch in June 2020, to local businesses and individuals, primarily for raw materials, machinery, and equipment. This initiative was conceived to stabilise exchange rates and ease access to hard currency when it was scarce. Before the auction…
ECONET Wireless Zimbabwe (Econet) is in talks with its fintech offshoot EcoCash Holdings (EcoCash) for a potential restructuring that could see the transfer of some non-banking assets to the parent. This move comes five years after Econet spun off EcoCash, then known as Cassava SmartTech, in 2018 to create a dedicated fintech powerhouse. Under the…
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