THE Victoria Falls Stock Exchange (VFEX) is targeting exchange-traded funds (ETFs), among other securities, to diversify its board. The US dollar-denominated market, which was launched in 2020, listed its sixth counter on Friday and is set to onboard at least two more securities in 2022. “Our thrust as VFEX is to increase the pool of…
FINANCE minister Mthuli Ncube says the country’s move to raise value added tax (VAT) to 15 percent from 14,5 percent starting next month will generate $300 billion that will fund at least five ministries. Ncube told a post-budget review meeting organised by the Confederation of Zimbabwe Retailers that VAT was still low compared to the…
ZIMBABWE’S foreign currency receipts have increased by 23,8 percent to US$9,9 billion between January and November 2022 from US$8 billion received during the same period last year, latest data shows. Export proceeds constitute the bulk of foreign currency receipts at 64 percent and remittances at 14 percent. Reserve Bank of Zimbabwe deputy governor Innocent Matshe…
IDEAS are the lifeblood of any business. They fuel innovation, which feeds capacity and growth. Indeed, the ability of a corporation to remain inventive ultimately determines its long-term success. This week, I’ll touch on why corporations and individuals should respect ideas, who owns them, and, most importantly, how to safeguard them. All of this falls…
INNSCOR Africa (Innscor) says it has started exploring solar generation and installing back-up generators in all of its key properties in light of rolling power cuts that have resulted in increased cost of doing business. Zimbabwe is currently facing acute power outages, which stretch for as long as 12-16 hours a day. This is resultantly…
THE Grain Marketing Board (GMB) says the country has sufficient grain reserves to see it through to next year’s harvest. This comes as the government has said marketing of grain during the 2022/23 season will be geared towards the revised target of 1,5 million metric tonnes, up from 500 000 metric tonnes. “We are talking…
THE Grain Millers Association of Zimbabwe (GMAZ) estimates that this year’s winter wheat crop will save the country $300 million in imports. According to official projections, the harvest will come in at a record 380 000 metric tonnes, 20 000 more metric tonnes than the annual requirement. “We used to import wheat worth US$300 million…
TEA production has declined by 34 percent as most plantations have been neglected, a recently released fourth edition of the annual Agricultural Sector Survey has shown. The survey is carried out jointly by the Zimbabwe Agricultural Society, CBZ Holdings and The Financial Gazette, who commissioned the African Economic Development Strategies (AEDS) as the technical partner.…
TIGERE Real Estate Investment Trust (Tigere REIT) says several international investors have expressed willingness to invest up to U$100 million into various real estate projects that are under development. REITs are an investment vehicle regulated under the Collective Investment Scheme Act following the issuance of SI 240 of 2019. In November of this year, Tigere…
THE National Railways of Zimbabwe (NRZ) says it is in talks with nine of its customers to strike public-private partnership deals to refurbish some of its aged locomotives and wagons. NRZ’s executive assistant to the general manager, Joseph Tamayi, told The Financial Gazette that the country’s sole rail operator sought to create partnerships with interested…
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