THE Agricultural Rural Development Authority (ARDA) says it is at advanced stages of exploring export markets for cannabis and industrial hemp. The government first announced plans to introduce industrial hemp farming in 2018 but met lukewarm interest due to steep licensing fees and other strict production conditions, which included a requirement to partner a government…
THE Constitution of Zimbabwe guarantees the right to a fair trial. Connected to this right is the right to be represented by a legal practitioner of one’s choosing. However, in some cases, litigants choose to represent themselves in legal proceedings. This is a perfectly normal and procedural thing to happen. It must be kept in…
HARARE magistrate Sheunesu Matore has removed from remand two Countryside Leaf Tobacco executives who are facing theft of trust property charges after they allegedly received US$30 000 for a tobacco sales floor system for the firm and converted it to their own use. Andrew Matenga (40), who is the firm’s operations director allegedly connived with…
THE most effective way of solving collateral issues, that have blunted agricultural funding and growth (of capital intensive crops), is through the use of a guaranteed free market system under contract farming, a new survey of the agriculture sector shows. Zimbabwean farmers have consistently failed to access funds from the country’s banking institutions since the…
STATE-owned chemical manufacturing company, Chemplex Corporation (Chemplex), says it has raised US$9 million from internal resources, out of a total US$36 million required for capital investment projects, and it expects the government to pump in the balance. The company produces an array of products including water treatment chemicals, fertilisers and raw materials used in the…
BUSINESS says fiscal authorities must review the foreign currency surrender requirements for the manufacturing sector to 20 percent from the current 40 percent. The Zimbabwe National Chamber of Commerce (ZNCC) noted in its draft pre-budget submission that government should consider that manufacturers spend a significant amount each year looking for markets, as well building the…
BUSINESS is hopeful that the accelerating depreciation of the Zimbabwe dollar on the foreign currency auction system will help to restore Zimbabwe’s economic stability. This comes as the government and organised business continue to collaborate on ways of enhancing the foreign currency market, following the recent turmoil, which pushed up prices and the cost of…
CAPACITY utilisation in Zimbabwean mines is next year seen rising to 83 percent from 80 percent this year, driven by new projects and expansions, as well as stable electricity supply, a State of the Mining Industry and Prospects for 2022 report has shown. According to the report commissioned by the Chamber of Mines of Zimbabwe…
ZIMBABWE’S mining sector is losing at least 20 percent of gross export proceeds on the back of exchange rate disparities, an industry survey has shown. The miners, who generated US$3,4 billion between January and October are the biggest contributors to the foreign currency auction, providing US$1,38 billion under the 40 percent export proceeds surrender requirements.…
THE Reserve Bank of Zimbabwe (RBZ) says it will support domestic savings in local currency, through instruments that compensate depositors for potential exchange rate depreciation next year. According to the central bank, most banks hold large transitory deposit accounts with little left for savings, as most depositors prefer to hold foreign currency as a store…
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