FOREIGN currency shortages and lack of capacity have held back independent power producers (IPPs), denying Zimbabwe an additional 7 000 megawatts (MW) at a time the country is relying on imports from South Africa and Mozambique, Parliament heard last week. Presenting a report on the state of IPPs in Zimbabwe, chairperson of the Portfolio Committee…
THE private sector has received the greenlight to import Covid-19 vaccines for its workforce through the National Vaccine Procurement Fund, Cabinet has announced. Information minister, Monica Mutsvangwa, made the announcement to the media after cabinet this week as she spelt out the guidelines to be used in the procurement and administration of the vaccines. “Following…
AGRO-INDUSTRIAL group, CFI Holdings, recorded a 73,2 percent inflation-adjusted revenue growth for the first quarter of its financial year ending December 31, 2020, on the back of firm demand during the period due to the above average rains received in the country. In a trading update for the quarter, the company said sales volumes in…
GOLD deliveries to Zimbabwe’s sole buyer of bullion Fidelity Printers and Refiners (FPR) amounted to 130, 9 tonnes over the past five years, the company’s general manager Fradreck Kunaka said. Speaking during an investor’s webinar held under the theme “Status of Zimbabwe’s Gold Sector: 2021 Gold Target,” organised by The Financial Gazette, Kunaka said smaller…
THE government’s continued support of the agriculture sector is creating an unsustainable cycle of subsidies and crowding out industry players from financing farmers, a business official has said. Following successive droughts and years of falling output, the government has initiated several farmer support schemes to lower the cost of farming but Graeme Murdoch, the operations…
ACTIVITY on the Zimbabwe Stock Exchange (ZSE) dropped to a four-month low in February as the market cooled-off following a spectacular rally in January. Official data shows that turnover on the market dropped by 56 percent during the month to $1,53 billion, while the benchmark All Share Index closed at 4 294,45 points, after gaining…
ZIMBABWE is expecting record maize production of between 2,5 and 2,8 million metric tonnes and 360 000 metric tonnes of traditional grains, but the bumper harvest might put pressure on authorities pressed to keep government spending in check to maintain economic stability. Deliveries to the Grain Marketing Board (GMB) are expected to receive two million…
UNIFREIGHT Africa’s (Unifreight) shares have gained a market topping 4 000 percent on the Zimbabwe Stock Exchange (ZSE) this year, spurred by an ongoing equity deal with Zimplow Holdings (Zimplow). The deal, which will see the logistics company disposing of its shareholding in Tredcor Zimbabwe (Tredcor) and Birmingham Investments (Birmingham) in exchange for a 12,5…
A PROPOSED chrome ore export tax in South Africa (SA) would boost investment in Zimbabwe’s chrome ore industry if it passes, experts have said. The proposed tax would make it more expensive for South African chrome producers to ship their unprocessed product overseas, pushing them instead to transform the raw material into ferrochrome inside the…
THE Reserve Bank of Zimbabwe (RBZ) this week began taking applications for its financial technology (fintech) regulatory sandbox, which it says was established to “promote safe and responsible innovation” in the financial services sector. In a document published this week, the apex bank said it had noted a growing number of fintech start-ups which “require…
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