Business

The US$27 million medical cannabis farm and processing plant at Mount Hampden set up by Swiss Biocieuticals Limited was commissioned yesterday by President Mnangagwa who urged others with permits for natural resource businesses to follow the company’s lead and open their businesses. He said the rapid development of the processing …

The continuous assumption by the government of secret debts accrued by the Reserve Bank of Zimbabwe (RBZ) is harmful to Zimbabweans as they are forced to pay back these funds, the Zimbabwe Coalition on Debt and Development (ZIMCODD) has said. These observations from ZIMCODD, a social and economic justice watchdog, come after …

On May 7, President Emmerson Mnangagwa announced a cocktail of measures he said were aimed at stabilising the rapidly depreciating local currency. The measures included an indefinite suspension of lending by banks. One of the local banks, BancABC, sent the following analysis of the president’s speech to its customers: Restoration …

VARIOUS stakeholders and experts roundly condemned economic stabilisation measures introduced by President Emmerson Mnangagwa to “stop economic hitmen” from sabotaging his under-fire administration. They said the measures, mainly the banning of lending by banks, were unconstitutional, inadequate, and ill-advised. Experts also said the measures would result in a serious economic …

LOW pensions payouts by both private and public sectors to workers has forced many to shun retirement. Some workers have reportedly gone to the extent of misrepresenting their dates of birth to postpone retirement from the organisations they would have served. 360p geselecteerd als afspeelkwaliteit What makes it worse is that the ongoing …

Zimbabwe’s freeze on bank lending is a temporary measure which is meant to contain inflation and stabilise its economy, central bank governor John Mangudya told state television on Tuesday. President Emmerson Mnangagwa on Saturday ordered the suspension with immediate effect, saying the move was meant to stop speculation against the …

ZIMBABWE will most likely miss its 5,5% gross domestic product (GDP) forecast due to prolonged hyper-inflationary conditions as the country’s local currency continues to tumble against the United States dollar. In its April 2022 economic review, the Zimbabwe Coalition on Debt and Development (Zimcodd) said government had projected a 5,5% …

JOHANNESBURG, South Africa – Robert Mugabe may be long gone, but Zimbabwe’s monetary madness lives on. With annual inflation nearing triple digits, Harare’s financial mandarins are trying to shore up confidence in the US$32 billion economy by banning bank lending. As with the other blunt policy tools it has deployed, …

Padenga expects to double gold output in 2022, backed by a US$29 million investment to start underground mining at Pickstone Mine and production from the newly reopened Eureka Mine. Eureka, which returned to production last year after being shut down for 20 years, poured its first gold in July and …

President Emmerson Mnangagwa recently announced a raft of measures that he says are necessary to stabilize the exchange rate. Flanked by Finance Minister Mthuli Ncube and RBZ governor John Mangudya, Mnangagwa said “strong fundamentals” such as forex inflows show that the “recent exchange rate depreciation is driven by factors outside …