SURGING gold prices, which continue to hit all-time highs and have now comfortably breached the US$3 100 per ounce level, are breathing new life into Zimbabwe’s ailing economy.The stunning upswing in the precious yellow metal’s prices is being driven by heightened global uncertainty and fear of inflation that has been stoked by US President Donald…
ZIMBABWE’S trade deficit jumped to US$217,7 million in February 2025, as both imports and exports continued to decline.This comes as low production has hampered the country, and the informal sector has flooded the market with smuggled goods, which disproportionately burdens manufacturers with taxes and other costs.Consequently, retailers import many products to cut operating expenses.The Zimbabwe…
ZIMBABWE’S airports saw passenger traffic rise by 19 percent in 2024, reaching 2,28 million, up from 1,93 million in 2023.The Civil Aviation Authority of Zimbabwe (CAAZ) reported this increase, attributing it to stronger global and regional connections.These figures show significant growth in both international and domestic travel, proving a strong recovery in the aviation sector…
OK Zimbabwe (OK Zim) plans to raise US$30 million through a combination of a rights issue, private placement and debt instruments, which will be channeled towards recapitalisation.This comes as the company has been experiencing operational and financial difficulties, which it attributes to “endogenous and exogenous factors,” driven by a challenging operating environment.“The initiative is expected…
THE Zimbabwe Revenue Authority (Zimra) says it is targeting to collect US$7,16 billion in revenue this year, supported by various revenue enhancement measures.The national tax collector said the ambitious goal is supported by measures including improved tax compliance, expanded digital platforms and enhanced administrative efficiencies within Zimra.“Key to achieving this target will be the successful…
CBZ Holdings (CBZ) is preparing for a major regional expansion, with plans to enter South Africa, followed by Botswana and other key markets.The financial giant aims to tap into high-growth opportunities while leveraging partnerships, joint ventures, and mergers and acquisitions to strengthen its presence beyond Zimbabwe.CBZ Group chief executive, Lawrence Nyazema, confirmed that South Africa…
OLD Mutual Life Assurance Company Zimbabwe (OMLAC) is in the process of expanding the branch network for its funeral services division nationwide in an effort to improve access to customers and grow market share.OMLAC, a subsidiary of Old Mutual Zimbabwe, launched the fully-fledged funeral service in 2022 and has steadily grown its market presence in…
ZIMBABWE will maintain robust economic growth between 2026 and 2030, averaging 4,5 percent annually, according to research firm Fitch Solutions.This aligns closely with Africa’s regional average of four percent, positioning Zimbabwe as a growth leader in southern Africa.The head of Operational Risk and South Africa Research at BMI, Chiedza Madzima, shared these projections while noting…
THREE months after the 2025 national budget was presented, business leaders and economists are urging the government to reassess several measures, arguing they have increased compliance burdens on formal businesses while failing to rein in the informal sector.In December, Finance Minister Mthuli Ncube introduced new taxes on fast food, plastic bags, and gambling, alongside higher…
AUTHORITIES want to establish a Victoria Falls International Financial Services Centre to attract international companies to invest in various sectors of the economy.According to the latest Government Gazette, the centre would be headed by President Emmerson Mnangagwa together with Finance and Justice ministers, Mthuli Ncube and Ziyambi Ziyambi.“There is hereby established pursuant to section 78B…
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