THE Insurance and Pensions Commission (Ipec) says viability challenges faced by employers have led to an increase in the number of inactive pension funds in Zimbabwe. This also comes as the National Social Security Authority (NSSA) has said as many as five million Zimbabweans are threatened with old age poverty due to a social security…
THE Zimbabwean tax system has been impacted by currency changes introduced in February 2019 by Statutory Instrument 33 of 2019. In 2016 when the bond note was introduced as a surrogate currency it carried the same value as the United States Dollar. Indications that the economic was reeling from currency started kicking in November 2018…
ONE of the main concerns surrounding the outbreak of the Coronavirus has been low productivity as output in different sectors of the economy drops. This does not only apply to factories but also includes primary activities such as farming. We expect rapid population growth and increased economic prosperity to create substantial demand for food in…
THE government has issued a staggering 320 statutory instruments (SIs) over the past 15 months alone — illustrating both the authorities’ growing desperation and their chaotic policy making. Experts who spoke to The Financial Gazette this week said the sad reality was that none of these ill-conceived decrees would help to rescue the country’s battered…
THE purported fungibility ban of Old Mutual (OM), PPC and SeedCo’s shares has neither legal basis nor economic rationality, as it violates rules governing dually-listed stocks, documents show. This comes as Zimbabwe’s chaotic policy-making regime — marked by knee-jerk interventions and somersaults — has wreaked havoc in the economy, as manifested by rising foreign currency…
INNSCOR Africa (Innscor) says its bakery division saw a 45 percent decline in bread production in 2019 due to flour supply challenges caused by price controls. The company operated within the confines of a regulated pricing framework for much of the period under review. “Extremely limited flour availability at the necessary pricing level needed to…
THE Institute of Chartered Accountants of Zimbabwe (ICAZ) says it is overhauling the CA(Z) qualification to enhance skills relevant in the contemporary environment. Fungai Kuipa, ICAZ’s president said the institute is aware of the changing world and is preparing for the future. “Yesterday’s accountant and the future accountant are worlds apart… ICAZ is embarking on…
PRESIDENT Emmerson Mnangagwa’s decision to parcel out a fifth of the chrome mining claims which were expropriated from Zimbabwe Alloys (ZimAlloys) to war veterans has received condemnation, with analysts warning that the move could deter foreign investment into the sector. Last week, Information minister Monica Mutsvangwa told journalists that 2 348 hectares of the 11…
THE Insurance and Pensions Commission (Ipec) says it has issued the industry with guidelines on revaluation of assets and liabilities in response to recent currency changes for the benefit of policy holders and pension fund members. A 2015 presidential inquiry into policy conversions during Zimbabwe’s previous currency conversion episode in 2009 found that holders lost…
ZIMBABWE is under-estimating the likely economic impact of coronavirus on the fragile country, as the pandemic has emerged as one of the biggest threats to major economies, analysts say. While the health concerns of the highly-infectious and microscopic agent have been ventilated in some detail locally, planning for disruptions that this global disaster could inflict…
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