STARAFRICA Corporation (Starafrica) says it is exploring business prospects that could see the revival of its wholesale business unit, Red Star. This comes as the wholesale market is a space that has been lucrative and has opened opportunities for various businesses. For some time, analysts have been asking if there are any opportunities, whether they…
ZIMBABWE’S trade deficit grew by 82,8 percent in December 2023, reaching US$268,7 million, according to the Zimbabwe National Statistical Agency (ZimStat). The December deficit marks a significant increase from the November figure of US$147 million, highlighting a worrying trend. Historically, Zimbabwe has grappled with a trade imbalance, with the average deficit between 1991 and 2023…
LOCALISATION efforts in Zimbabwe’s fertiliser industry could hinge on securing a hefty US$115 million, according to a recent report. Challenges range from missing raw materials to costly imports, highlighting the complexities of boosting domestic production. The report, ‘Development of Local Content Thresholds for the Fertiliser, Packaging and Pharmaceutical Sectors in Zimbabwe 2023’, identifies several hurdles.…
ZIMBABWE’S agricultural sector faces a major challenge from high production costs driven by expensive local inputs, a leading economist has said. Ashok Chakravat told a recent business conference that this was hindering the country’s ability to develop a competitive agricultural value chain. “We have productive farmers, but agriculture in Zimbabwe is expensive. You cannot develop…
BOTSWANA Diamonds spent £113 904 (US$145 057) in exploration expenditure for the year ended June 30, 2023 as the explorer keeps looking for ventures that might be profitable. The exploration and mining development company that holds licences in Botswana and South Africa, is focused on short-term production targets at Marange and advanced kimberlite pipe projects…
ZIMBABWE’S banking sector is aiming at the unbanked population, launching a strategic push towards financial inclusion through low-cost services and digital solutions. This initiative comes amid rising criticism of bank charges and a central bank keen on boosting financial inclusion. Bankers Association of Zimbabwe chief executive, Fanwell Mutogo, outlined the industry’s focus on expanding access…
THE taxation of sugar-sweetened beverages (SSBs) has been brought to the forefront as a key public health intervention strategy amidst the global health crisis. The SSB taxation is endorsed by the World Health Organisation (WHO) and the United Nations Children’s Fund (UNICEF) and is hailed as a “best buy” policy to curb the proliferation of…
ZIMBABWE’S formal retail sector is teetering on the brink as stringent currency controls hamper competitiveness and drive consumers towards the burgeoning informal market. The crux of the issue lies in the in-store “willing buyer-willing seller” exchange rate, currently set at 10 percent above the central bank’s auction rate. Retailers argue this “artificially inflated” rate puts…
THE Zimbabwean banking sector anticipates a brighter 2024, buoyed by the relative stability witnessed in inflation and currency rates during the latter half of 2023, according to the Bankers Association of Zimbabwe (BAZ). BAZ chief executive Fanwell Mutogo expressed optimism for the coming year, citing the 2023 positive trends in inflation and exchange rate management.…
SIMBISA Brands’ mobile money service, InnBucks, has gained access to the national payments platform, Zimswitch, marking a significant step towards seamless financial transactions across the country. This inclusion, long advocated for by users, facilitates smoother interactions with other mobile money operators and banks. “It’s operational,” confirmed Zimswitch chief executive Zabron Chilakalaka, dating the integration back…
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