BOOMING infrastructure projects and a thirst for property investments are expected to propel Zimbabwe’s construction sector to an 8 percent growth spurt in 2024, according to research firm First Mutual Wealth (FMW). The industry, still recovering from the Covid-19 slump that stalled numerous projects, is now basking in resurgent activity. The government itself is expecting…
FINANCE minister Mthuli Ncube’s “user-pay model” is key for Zimbabwe’s roads development, as the country seeks to achieve regional parity in infrastructural financing. The development comes as his Treasury secretary George Guvamatanga has said “sanctioned Harare must find creative ways of unlocking funding for its socio-economic goals” and the government has unveiled quite several measures…
HOTELS in Victoria Falls recorded a modest one percent increase in occupancy over the festive season, underpinned by individual travellers and the diaspora. This comes despite local travel traditionally driving the holiday rush, particularly for families and couples seeking year-end breaks. Matabeleland North chairman for the Hospitality Association of Zimbabwe (HAZ), Chiku Mulinde, acknowledged the…
ZIMBABWEAN businesses should prepare to navigate turbulent economic waters in 2024, warns financial services firm Mark and Associates. Its recent report predicts that uncertainty and policy shifts will create both winners and losers in the year ahead. The country’s economy has grappled with policy inconsistencies for years, as authorities battle issues like inflation and exchange…
NAMPAK Zimbabwe (Nampark)’s margins are likely to decline owing to El Nino, power cuts and low disposable incomes, despite its revenue reaching a five-year high on record tobacco output, a research firm has predicted. Given the southern African nation’s past experiences with drought in critical years such as 1991-1994, 2002, 2004, 2012, 2016 and 2017,…
THE Confederation of Zimbabwe Retailers (CZR) has sounded the alarm for a potentially turbulent 2024, urging wholesalers and retailers to prioritise cost reduction and sales optimisation for survival. Finance minister Mthuli Ncube has predicted a slowdown in economic growth to 3,5 percent, from 5,5 percent last year, citing an expected slump in agriculture and a…
ZIMBABWE is actively negotiating with private investors to establish a lithium battery manufacturing plant, according to Finance minister Mthuli Ncube. This move reflects the country’s eagerness to capitalise on its abundant lithium resources and add value to its mineral exports. Boasting some of the world’s largest hard rock lithium reserves, Zimbabwe is strategically positioned to…
KARO Mining Holdings (Karo) says it is currently in advanced negotiations to raise US$260 million in debt capital for its platinum project in Zimbabwe, with a US$160 million term sheet already agreed upon by a consortium of lenders. This comes amid the development of Karo’s open-pit PGM asset on the Great Dyke. In a statement…
THE Chamber of Mines of Zimbabwe (CoMZ) has painted a mixed picture of the sector’s prospects this year, highlighting both glimmers of hope and significant challenges. While 2023 brought the commissioning of promising new projects, the industry faced a tough year marked by declining revenues, subdued commodity prices, and persistent power outages. “The year was…
ZIMBABWE’S domestic credit grew by 22,79 percent in the third quarter of 2023, reaching $13,2 trillion, according to data from the Reserve Bank of Zimbabwe (RBZ). This growth was fuelled primarily by a $2,9 trillion increase in net government borrowing, which rose from a negative $321 million in June to a positive $2,6 billion by…
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