THE American dollar’s growing use in Zimbabwe — as manifested by the government’s expanding hard currency exemptions for many sectors — lays bare the daunting challenges that authorities face as they chase market de-dollarisation, experts say. This comes as senior government officials, including President Emmerson Mnangagwa and Finance minister Mthuli Ncube, have asserted implausibly in…
LISTED agro-industrial concern, Ariston Holdings (Ariston) says the invasion of its farms has continued to hamper its progress. The company, which runs five estates across Zimbabwe, has had to contend with multiple cases of intrusion on its farms since the beginning of the fast-track land reform programme in the early 2000s. “Occurrences of disturbances on…
BINDURA Nickel Corporation (BNC) says nickel prices are expected to remain volatile in the short-term as dynamics in the global market of the base metal continue to shift. Over the past five years, the price of nickel has fluctuated between US$7 500 to US$18 500 per tonne. “In the short-term outlook period, the London Metal…
THE Institute of Chartered Accountants of Zimbabwe (ICAZ) says a number of tax challenges have emerged as a result of Zimbabwe’s recent fiscal and monetary reforms. The reforms — headlined by a controversial return of the Zimbabwe dollar — have so far failed to bring the much-needed relief to an ailing economy. Speaking at The…
LACK of tax compliance by the country’s growing informal sector has hampered domestic revenue collection, the Zimbabwe Revenue Authority (Zimra) said. Speaking at The Financial Gazette’s Annual Tax Review Breakfast, last Thursday, Zimra commissioner-general Faith Mazani said there were challenges in tapping into the revenues from the informal sector with the main one being income…
STARAFRICA Corporation (Starafrica) says intermittent water supply from the local authority weighed down production at its Goldstar Sugars Harare plant (GSSH) during the quarter ended December 2019. The plant has also been facing power supply challenges, and had to be shut down in July and August last year. “The quarter October to December 2019 ……
INSURERS say government should localise all or at least some of the insurance on national projects to support the local industry. Even though the law states that all risks that originate in Zimbabwe should be insured locally, players in the industry complain that government and companies involved in big projects are prejudicing local insurers by…
. . . as ED govt is literally between a rock and a hard place ZIMBABWE’S anti-corruption fight will always stutter, as President Emmerson Mnangagwa’s government fears a robust attack on “racketeers” will also sink Zanu PF and its leaders since the alleged offenders’ activities are intricately linked to the party’s survival, analysts say. This…
POVERTY levels in Zimbabwe will increase this year if monetary authorities fail to contain inflation, a World Bank (WB) official has said. According to Zimstat, extreme poverty in Zimbabwe rose from 22 percent in 2012 to 29 percent in 2017, and is likely to have risen further to as much as 38 percent in 2019…
ZIMBABWE’S annual broad money supply stood at Z$34,98 billion in December 2019, up from Z$31,82 billion recorded in November 2019, latest figures have revealed. According to the Reserve Bank of Zimbabwe (RBZ) monthly economic review for December 2019, growth in money supply reflected increased lending to both public and private sectors, in support of economic…
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