Business

Zimbabwe is working on new measures to stabilise its local currency including linking the exchange rate to hard assets such as gold and creating a currency board, Finance Minister Mthuli Ncube said on Monday. The Zimbabwean dollar has fallen about 40 percent since the start of the year, hurt by …

Twenty-one public entities, mostly enterprises where the State is just an investor rather than a manager, including the Reserve Bank of Zimbabwe and its subsidiaries, have been exempted from the requirements of the Public Procurement and Disposal of Public Assets Act. The Act allows the President, after consulting the Procurement …

Zimbabwe’s state sovereign wealth fund has now acquired all of state mining company Kuvimba Mining House Ltd., in a bid to end speculation about its ownership. Kuvimba holds some of Zimbabwe’s best mining assets, which were once owned by a company controlled by US- and UK-sanctioned tycoon Kudakwashe Tagwirei, an …

The local currency has lost so much value in the past three years such that the country is virtually dollarised again, but experts believe that letting the foreign currency market free might save whatever is left of the local currency. Zimbabwean economists say a pressing need for revision in the …

DELTA Corporation has launched two new flavours of its Chibuku Super beer brand under the sorghum segment as the firm seeks to offer differentiated products and choices to meet the market’s dynamic needs. The latest flavours — ginger and pineapple, are already in the market with consumers now able to …

Reputable award-winning academy, Impact Training Institute (ITI) continues to scale heights in Zimbabwe’s academic space after being accredited to two international examination boards, Nhau/Indaba has established. Renowned for its Christian background, ITI was recently officially approved as a centre for Associate of the Business Management Association (ABMA) and Institute of …

Analysts and industry stakeholders say Zimbabwe will not attain the upper middle-income society status by 2030 if the manufacturing growth rate continues at a rate below 10 percent per annum. These sentiments were aired during the Zimbabwe National Industrial Development Policy (ZNIDP) consultative workshop hosted by the Ministry of Industry …

As Zimbabwe’s parallel market reels under the strain of a currency crisis, central bank governor, John Mangudya, assures the public that this turmoil is merely passing. This grey market, operating outside formal banking channels, has experienced volatility for the past three weeks, causing ripples of uncertainty among businesses and individuals …

President Emmerson Mnangagwa has predicted Zimbabwe’s moribund economy will turn around this year following the recent discovery of oil and gas near the country’s border with Mozambique and Zambia and improvement in the country’s mining and tourism sectors. Economists are not as optimistic, as Zimbabweans continue to leave the country. …

Zimbabwe anticipates a 17,4 percent surge in electricity production this year, as the country seeks to reduce expensive imports and load shedding that negatively affected businesses and households in 2023. The optimistic outlook is based on the expected full incorporation of Hwange Thermal Power Station units 7 and 8, and …