ZIMBABWEAN businesses should prepare to navigate turbulent economic waters in 2024, warns financial services firm Mark and Associates. Its recent report predicts that uncertainty and policy shifts will create both winners and losers in the year ahead. The country’s economy has grappled with policy inconsistencies for years, as authorities battle issues like inflation and exchange…
NAMPAK Zimbabwe (Nampark)’s margins are likely to decline owing to El Nino, power cuts and low disposable incomes, despite its revenue reaching a five-year high on record tobacco output, a research firm has predicted. Given the southern African nation’s past experiences with drought in critical years such as 1991-1994, 2002, 2004, 2012, 2016 and 2017,…
THE Confederation of Zimbabwe Retailers (CZR) has sounded the alarm for a potentially turbulent 2024, urging wholesalers and retailers to prioritise cost reduction and sales optimisation for survival. Finance minister Mthuli Ncube has predicted a slowdown in economic growth to 3,5 percent, from 5,5 percent last year, citing an expected slump in agriculture and a…
ZIMBABWE is actively negotiating with private investors to establish a lithium battery manufacturing plant, according to Finance minister Mthuli Ncube. This move reflects the country’s eagerness to capitalise on its abundant lithium resources and add value to its mineral exports. Boasting some of the world’s largest hard rock lithium reserves, Zimbabwe is strategically positioned to…
KARO Mining Holdings (Karo) says it is currently in advanced negotiations to raise US$260 million in debt capital for its platinum project in Zimbabwe, with a US$160 million term sheet already agreed upon by a consortium of lenders. This comes amid the development of Karo’s open-pit PGM asset on the Great Dyke. In a statement…
THE Chamber of Mines of Zimbabwe (CoMZ) has painted a mixed picture of the sector’s prospects this year, highlighting both glimmers of hope and significant challenges.Advertisements While 2023 brought the commissioning of promising new projects, the industry faced a tough year marked by declining revenues, subdued commodity prices, and persistent power outages. “The year was…
ZIMBABWE’S domestic credit grew by 22,79 percent in the third quarter of 2023, reaching $13,2 trillion, according to data from the Reserve Bank of Zimbabwe (RBZ). This growth was fuelled primarily by a $2,9 trillion increase in net government borrowing, which rose from a negative $321 million in June to a positive $2,6 billion by…
RETAIL group OK Zimbabwe says authorities should consider relief for businesses procuring fuel for productive purposes in light of the increased reliance on generators due to power cuts. This comes as the country has, over the past few months, been experiencing its worst power crisis on record, with businesses and households having to endure power…
NATIONAL Foods (NatFoods) says it is importing maize from South Africa (SA) to cover the local deficit to ensure an uninterrupted supply of its food manufacturing processes. Zimbabwe’s largest food manufacturer requires 200 000 tonnes of maize annually. Maize is one of the key raw materials for the agro-processing firm. National Foods’s chief executive, Michael…
STARAFRICA Corporation (Starafrica) says it has increased its refined sugar production to between 6 000 and 7 000 tonnes per month, enough to meet growing demand. The sugar processor carried out a refurbishment of the dry section of the sugar refining plant. A replacement of centrifugal machines, rehabilitation of the raw sugar warehouse and procurement…
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