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…
THE significant rainfall that the country has received since the end of last year is good news for the farming sector and the economy as a whole. As a result, business confidence — the forward-looking expectations of companies — continues to perk up, as the negative impact of El Niño weather patterns on the country’s…
ZIMBABWE-FOCUSED gold producer Caledonia Mining Corporation (Caledonia) says it expects to maintain the same production levels achieved last year, in 2024 at Blanket Mine in Gwanda. The Victoria Falls Stock Exchange-listed miner’s chief executive, Mark Learmonth, said after a challenging first half in 2023, the miner successfully met production guidance for the year, producing 75…
THE Zimbabwe Revenue Authority (Zimra) says the implementation of its new domestic Tax and Revenue Management System (TaRMS) is 80 percent complete. TaRMS is designed to address significant shortcomings under the current system and to improve further the country’s ease of doing business climate. Current system challenges cut across the core functions of the domestic…
CFI Holdings (CFI) says it will maintain its efforts to resolve all issues affecting its interests in its land banks to make way for progressive, orderly infrastructure development and service delivery to various settlements. The diversified group said its long-term focus remains directed towards the development of low-cost housing delivery in Harare South in support…
THE Chamber of Mines of Zimbabwe (CoMZ) has written to Mines minister Zhemu Soda pleading for a rethink on some of the recently introduced tax measures targeting the mining sector in the 2024 Finance Act. The letter, a copy of which was seen by The Financial Gazette and signed by chamber president Thomas Gono, was…
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