AGRICULTURE minister Anxious Masuka says the government is reviewing one of its major blueprints, the Agricultural and Food Systems Transformation Strategy (AFSTS) after achieving the envisaged US$8,2 billion target two years ahead of schedule. The AFSTS was launched in 2020 and sought to reach the targeted economy size by 2025, but according to the Agriculture…
THE Insurance and Pensions Commission (Ipec) says it is pushing for a US dollar-indexed minimum capital requirement for funeral assurers in Zimbabwe to build resilience within the sector. In its latest report on the industry, the regulator said it had proposed to the Treasury a threshold of US$750 000. “The commission awaits the gazetting of…
BRICKMAKER Willdale says poor electricity supply has hampered its operations, particularly in the extrusion and firing of structured kilns, resulting in reduced output. Since last year, the nation has had erratic power supplies, which has hit businesses that have had to rely on costly alternative diesel-powered generators. The brickmaker’s chief executive, Nyasha Matonda, told shareholders…
INNSCOR Africa (Innscor) says Zimbabwe’s current economic challenges will persist for the foreseeable future, as the market continues to navigate local inflationary pressures worsened by an uncertain outlook across international commodity and financial markets. This comes as the country has for some time experienced reduced inflationary pressures and currency volatility with experts however, cautioning that…
NMB Bank (NMB) says discussions are at various stages with five partners for potential additional lines of credit of US$53 million, for exporting clients through ring-fenced arrangements. The financial institution is already one of the largest financiers of blueberries, which are primarily sold on the international market. NMB’s chief finance officer, Margret Chipunza, told The…
NATIONAL Foods (NatFoods) says it is focusing on projects that improve its diversity through a larger basket of products. The country’s biggest food manufacturer is currently constructing a new mill at its Bulawayo site, which is set to open this month, while it is also upgrading its Aspindale Harare rice plant. The company is also…
PENSION funds’ aggregate holdings in stocks almost halved in 2022 following a slump on the local bourse, a new industry report shows. The Zimbabwe Stock Exchange All-share index advanced 80,1 percent during the year compared to 310,5 percent in the prior year. The bourse also saw its longest slump since 2016 last year, which analysts…
WOMEN Affairs minister Sithembiso Nyoni says the government is committed to capacitating women to enter the export market after over 100 female entrepreneurs completed a mentorship programme with trade development and export promotion body, ZimTrade. Nyoni was speaking at the official closing of the first edition of the programme dubbed the Next She Exporter, as…
ZIMBABWE plans to scale up its biofuel technology and venture into sustainable aviation fuels in pursuit of global environmental standards, a government official has said. Speaking at a recent seminar on sustainable aviation fuels, Infrastructure Development deputy minister Michael Madiro said the country’s biofuels programme has resulted in gasoline blends of up to 25 percent.…
RAINBOW Tourism Group (RTG) says it is now operating above pre-Covid-19 levels after its occupancy closed 2022 at 51 percent compared to 31 percent in the prior year. The hotelier said volumes improved significantly during the year, buoyed by accommodation, outside catering, Heritage Expeditions Africa activities, as well as Gateway Stream revenue channels. RTG’s chairman,…
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