ECONOMISTS say Zimbabwe needs to commit to implementing its arrears clearance and debt resolution reforms that have been agreed upon with creditors. This comes as the Finance minister, Mthuli Ncube, recently revealed that the country is making progress on clearing arrears, with trust and goodwill growing among partners. In December last year, the government established…
OUTGOING minister of Finance, Mthuli Ncube, is confident of retaining his office after this week’s general election where he was a parliamentary candidate in Bulawayo’s Cowdray Park constituency. Ncube expressed his optimism soon after casting his ballot in the constituency as he highlighted his vision for the area. “I think they will vote wisely for…
THE Deposit Protection Corporation (DPC) says it is considering investing offshore to protect its portfolio from domestic economic shocks. Established in 2003 under the Deposit Protection Act, DPC provides deposit insurance to eligible depositors in the event of a bank failure. Gift Chirozva, DPC’s former acting chief executive, told shareholders at a recent annual general…
ZIMBABWE customs clearing agents’ associations recently came together to formulate a common code of conduct and ethics, which they hope will help build public confidence in the sector. Chairperson of one of the associations, the Zimbabwe Network of Customs and Excise Experts, Weekmore Homera, acknowledged that the industry had been fingered in acts of corruption…
CHIEF executive of Dandemutande Investments, Never Ncube, has been appointed the Technology Sector Leader on the Global Opportunities Committee (GOC) by the CEO Africa Roundtable. The role will see Ncube representing the CEO Africa Roundtable in its partnership with the Atlanta Black Business Council (ABC). “The appointment follows a successful trade mission by CEO Africa…
BRICKMAKER Willdale says tight liquidity in Zimbabwe’s economy has affected its cashflows. The country has been experiencing constrained Zimdollar liquidity after authorities enforced measures to curb currency volatility. “The business model remains viable and is generating sufficient resources to support operations in the foreseeable future. However, the tight monetary measures implemented to stabilise the economy…
HIPPO Valley says it plans to heighten its thrust on engaging in sustainable practices. In a recent trading update, the company said it aimed to do this both “in its processes and within the community in which it operates, with special focus on improving its ESG (environmental, social and governance) footprint”. ESG aspects are emerging…
An employee is a person who performs services for an entity under the direction and control of that entity for remuneration. Employees are levied tax in terms of the 13th Schedule to the Income Tax Act (ITA). An employee’s tax on remuneration should be deducted by an employer. Every employer should withhold employees’ tax from…
CALEDONIA Mining Corporation (Caledonia) suffered a US$3,6 million foreign exchange loss in the quarter ended June 30, 2023 owing to the significant devaluation of the local currency against the US dollar. The foreign exchange loss is from a foreign exchange gain of U$4,2 million recorded in the same quarter last year. In June this year,…
THE Reserve Bank of Zimbabwe says there was a decline in the country’s foreign currency inflows during the first half of 2023, as the surge in metal prices that followed the onset of the Russia-Ukraine conflict eases. In his mid-term monetary policy statement last week, the central bank’s governor, John Mangudya, reported “a transitory decline…
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