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Afreximbank to inject US$1bn into Zimbabwe economy
The African Export-Import Bank (Afreximbank) has announced a substantial financial commitment of US$1 billion to support Zimbabwe's economic growth, with funds allocated to various sectors in both the...Published: 14 Nov 2024 at 09:21hrs | 175 | by Staff reporter
Mnangagwa in Bulawayo for ZimTrade indaba
President Emmerson Mnangagwa arrived in Bulawayo yesterday, where he is set to officially open the ZimTrade Annual Exporters Conference today. The event, hosted at the Zimbabwe International Exhibitio...Published: 17 Oct 2024 at 08:50hrs | 108 | by Staff reporter
The power crisis farce: Unpacking Mnangagwa's broken promise to Zimbabwe
Zimbabwe's power crisis has been a perennial problem, plaguing the country for decades.In August 2023, President Emmerson Dambudzo Mnangagwa proudly declared that the commissioning of the new ...Published: 08 Oct 2024 at 17:30hrs | 512 | by Tendai Ruben Mbofana
Zimbabwe shops impose limits amid panic-buying?
Some shops across Zimbabwe have imposed "one item per person" rules for products such as milk to fend off panic-buying triggered by a new loss of faith in the country's latest currency.Last we...Published: 02 Oct 2024 at 07:57hrs | 1181 | by Staff reporter
Zimbabwe prepares for Sadc payments platform
Zimbabwe is preparing to join a regional payments system developed by the Southern African Development Community (Sadc) to facilitate cross-border transactions. This move comes as part of Sadc's broad...Published: 03 Aug 2024 at 13:05hrs | 388 | by Staff reporter
Chiwenga to officiate at Investment Forum
The Ministry of Industry and Commerce is preparing to host the Investment Forum next Monday, attracting key stakeholders and policymakers from across Africa. The forum, held in collaboration with the ...Published: 26 Jul 2024 at 06:38hrs | 207 | by Staff reporter
Mutapa Fund facilitates US$431m loan for NRZ
The Mutapa Investment Fund (MIF) is facilitating a US$431 million loan from Afreximbank to support the National Railways of Zimbabwe (NRZ) in its infrastructural rehabilitation efforts. This developme...Published: 17 Jun 2024 at 09:00hrs | 2 | by Staff reporter
Intra-Africa exports surge
At the 31st Afreximbank Annual Meetings in Nassau, The Bahamas, Kwazulu-Natal premier Nomusa Dube-Ncube highlighted Africa's growing intracontinental commerce, which now constitutes 16.3% of total tra...Published: 13 Jun 2024 at 10:26hrs | | by Staff reporter
'Bond notes, Zimdollar had no backing'
BOND notes and the Zimdollar (ZWL$) did not have any backing during their tenure, the central bank has said, raising questions on the facilities that were bandied to be supporting the local currency....Published: 12 Apr 2024 at 09:49hrs | 2 | by Staff reporter
Zimbabwe's new ZiG spins markets into trading disruptions and uncertainty
Zimbabwe's newly introduced ZiG currency is causing market disruptions and transaction bottlenecks despite central bank assurances that it is backed by gold and foreign currency reserves, amid sceptic...Published: 09 Apr 2024 at 06:24hrs | | by Staff reporter
Half ZiG and coins to start circulating on April 30
The Reserve Bank of Zimbabwe (RBZ) in the 2024 Monetary Policy Statement introduced a new "structured currency" termed ZiG (Zimbabwe Gold) on April 5. A "structured currency" is a currency tha...Published: 07 Apr 2024 at 21:08hrs | 2 | by Staff reporter
Zimbabwe's new currency requires bold measures to succeed
JOHN Mushayavanhu, the new Reserve Bank of Zimbabwe (RBZ) governor, yesterday put his head on the block declaring that "not under my watch" will the apex stray from its core functions as he launched a...Published: 06 Apr 2024 at 08:10hrs | | by Staff reporter
Govt critic slams introduction of Zimbabwe's new 'structured currency'
Prominent economist Gift Mugano has dismissed the government's proposed introduction of a "structured currency" as merely a repetition of past unsuccessful endeavors. This move is seen as the latest e...Published: 03 Apr 2024 at 08:53hrs | 1 | by Staff reporter
Bulawayo Thermal Power Station decommissioning to hit jobs
THE Bulawayo Progressive Residents Association ((BPRA) has warned of massive job losses in the country's second largest city as the power utility Zesa moves to decommission the Bulawayo thermal power ...Published: 02 Feb 2024 at 17:20hrs | 3 | by Staff reporter
Is China good for Zimbabwe?
IMAGINE your father having an "all-weather friend" who appears to stand by him in every situation.This seemingly "all-weather friend", however, looks away as your father brutally batters your ...Published: 20 Dec 2023 at 09:10hrs | 10 | by Tendai Ruben Mbofana
Is China really helping suffering Zimbabweans?
Imagine your father has an 'all-weather friend', who appears to stand by him in every situation.He looks away as your father brutally batters your mother and does not appear to give a hoot whe...Published: 14 Dec 2023 at 12:39hrs | 10 | by Tendai Ruben Mbofana
Secrecy surrounding resource-backed loans in Zimbabwe
IntroductionTO realize the aspirations of Vision 2030, Zimbabwe needs to invest US$2 billion in infrastructure development in five consecutive years to close the infrastructure asset gap, a hu...Published: 07 Dec 2023 at 05:29hrs | 13 | by Mbongeni Nhliziyo
US$115m loan for NRZ imminent
The National Railways of Zimbabwe is on the verge of finalizing a loan agreement of US$115 million with the African Export-Import Bank (Afreximbank). Out of this amount, $81 million will be allocated ...Published: 29 Oct 2023 at 12:25hrs | | by Staff reporter
Mnangagwa back home from United Nations summit
President Emmerson Mnangagwa has returned to Zimbabwe from New York, USA, where he attended the 78th Session of the United Nations General Assembly (#UNGA78). During the UN General Assembly conference...Published: 25 Sep 2023 at 08:35hrs | 2 | by Staff reporter
Zimbabwe to clear its foreign debt by the end of 2025
ZIMBABWEAN Finance Minister Mthuli Ncube says Harare will do all it can to clear its foreign debt by December 2025 to open fresh lines of credit that would help in revamping the floundering economy....Published: 07 Aug 2023 at 06:36hrs | 1 | by Staff reporter
'US$400m facility won't stabilise Zimbabwe economy'
OLD Mutual Investment Group (OMIG) says the US$400 million funding secured by the government from the African Export-Import Bank (Afreximbank) is insufficient to restore stability to the local currenc...Published: 19 Jul 2023 at 06:43hrs | | by Staff reporter
Mnangagwa says global capital safe in Zimbabwe
PRESIDENT Mnangagwa yesterday invited investors from the United States and the rest of the world to partner with the Government in unlocking vast investment opportunities across economic value chains,...Published: 13 Jul 2023 at 06:59hrs | 2 | by Staff reporter
Masiyiwa receives Afreximbank award
STRIVE Masiyiwa, the founder and chairperson of the Econet Group and Cassava Technologies, has expressed his appreciation at the recognition he received at the Afreximbank's Pan-African Business and D...Published: 25 Jun 2023 at 18:21hrs | 13 | by Staff reporter
RBZ backs Pan-African payment, settlement system
Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya has thrown weight behind the Pan-African Payment and Settlement System, a cross-border, financial market infrastructure enabling payment system...Published: 21 Jun 2023 at 06:17hrs | 2 | by Staff reporter
Mnangagwa expected in Ghana
PRESIDENT MNANGAGWA is expected in Ghana today, where he will join continental and Caribbean leaders for the 30th African Export-Import Bank (Afreximbank) meetings.His participation symbolises...Published: 18 Jun 2023 at 08:32hrs | 1 | by Staff reporter
President Ruto asks Africans to ditch the US Dollar
President William Ruto has asked African leaders to take first steps towards ditching the globally-bullish US dollar by signing up to a pan-African payments system to facilitate trade within the conti...Published: 30 May 2023 at 22:32hrs | | by Erick Matotoba
King Mswati III arrives in Zimbabwe for State visit
King Mswati III of the Kingdom of Eswatini arrives in the country on Tuesday for an official State visit, which begins on Thursday, where he is expected to hold talks with President Mnangagwa....Published: 23 Apr 2023 at 07:46hrs | 4 | by Staff reporter
Hwange Thermal Power Station Unit 7, 99% complete
THE expansion of the Hwange Thermal Power Station's Unit 7 is 99 percent complete and is set to add 300MW into the national grid upon completion, Minister of Energy and Power Development Zhemu Soda ha...Published: 13 Feb 2023 at 21:00hrs | | by Staff reporter
$3 billion for RG Mugabe Airport upgrade, amid faulty radar system
THE upgrading of the Robert Gabriel Mugabe International Airport in Harare has been allocated ZW$3.1 billion by Finance minister Mthuli Ncube as fears mount that the port of entry has become a major c...Published: 29 Nov 2022 at 17:59hrs | 1 | by Staff reporter
Zimbabwe govt pays US$50,28m to service external debt
TREASURY paid out US$50,28 million between January and September this year towards servicing its active debt portfolio while token payments were also made for debt arrears owed to International Financ...Published: 29 Nov 2022 at 05:15hrs | | by Staff reporter
Mnangagwa invites African finance houses for talks
ZIMBABWE is ready to tap into available financial services provided by the Africa Export and Import Bank (Afreximbank) and the African Development Bank (AfDB) to bolster its industrial transformation ...Published: 28 Nov 2022 at 04:54hrs | | by Staff reporter
Mnangagwa's govt turns to Treasury bills, bonds
THE cash-strapped government is likely to print money to finance its $575,5 billion budget deficit, economic analysts warned yesterday after Finance minister Mthuli Ncube announced next year's $4,5 tr...Published: 25 Nov 2022 at 05:12hrs | | by Staff reporter
China-funded Hwange power generator turned on
One of the two power generators being built at Hwange Thermal Power Station was successfully turned on for the first time on Tuesday, bringing the country closer to producing an additional 300 megawat...Published: 18 Nov 2022 at 05:23hrs | | by Staff reporter
Afreximbank Zimbabwe trade centre on cards
AFRICAN Export-Import Bank (Afreximbank) Bank has taken the first step to establish a trade centre in Zimbabwe which will cater for the southern African region.This comes at a time when the co...Published: 10 Sep 2022 at 06:22hrs | | by Staff reporter
Zimbabwe's diaspora remittances hit US$800 million
ZIMBABWE'S diaspora remittances reached US$797 million in the first six months of the year, representing a 23 percent increase in the corresponding period last year.An estimated three million ...Published: 16 Aug 2022 at 06:35hrs | 2 | by Staff reporter
Policy flaws chasing Forex from the formal market
It is estimated that US$2.5 billion is circulating outside the formal banking system in Zimbabwe with households, businesses and foreign investors preferring to store their hard-earned foreign currenc...Published: 11 Aug 2022 at 12:05hrs | 8 | by Victor Bhoroma
Power imports cost Zesa US$17m monthly
THE Zimbabwe Electricity Supply Authority (Zesa) requires US$17 million per month for power importation to augment local supplies which are set to receive a major boost with coming on line of Hwange u...Published: 27 Jul 2022 at 06:27hrs | | by Staff reporter
Backlash over Chinese loans
ZIMBABWE'S debt-stricken administration last year struggled to access fresh loans to scale up ambitious plans to revamp key infrastructure projects after accumulating significant arrears on lifelines ...Published: 23 Jun 2022 at 06:47hrs | | by Staff reporter
'Timely IMF boost saved Zimbabwe'
A PAN African lender has ranked Zimbabwe among the biggest beneficiaries of the US$33 billion injected into the region's economies by the International Monetary Fund (IMF) last year.Africa Exp...Published: 14 Jun 2022 at 06:41hrs | | by Staff reporter
Monetary policy inconsistency sinking economy
On the 17th of May 2022, the Reserve Bank of Zimbabwe (RBZ) issued a circular cancelling the order announced by the head of state on the suspension of bank lending one week earlier. The head of state ...Published: 08 Jun 2022 at 07:19hrs | | by Victor Bhoroma
Why Zimbabwe's de-dollarization route flopped
The Zimbabwean government has announced measures to promote the wider use of the domestic currency (The Zimbabwean Dollar) in a last-ditch effort to save it from the re-dollarization onslaught. Part o...Published: 08 Jun 2022 at 07:08hrs | 11 | by Victor Bhoroma
Zesa needs US$300m to address backlog
ZESA Holdings has a backlog of 305 000 domestic customers who need to have electricity connected to their homes, but requires a whooping US$300 million to connect all of them, a senior official has sa...Published: 06 Jun 2022 at 09:59hrs | 1 | by Staff Reporter
Zimbabwe's US$3bn platinum deal all but collapses in a shambles
IT was noisily touted as a game changer for Zimbabwe's mining sector, and the economy; a centrepiece of government's ambitious yet unrealistic US$12 billion target for the industry by next year and ca...Published: 31 May 2022 at 07:38hrs | 9 | by Staff reporter
Zimbabwe govt desperate for Western bailout
Zimbabwe has taken its begging bowl to the international community as it desperately seeks financial sponsors to help pay off nearly US$2.5 billion in external arrears owed to the World Bank and the A...Published: 30 Apr 2022 at 16:25hrs | | by Staff reporter
Packed programme as ZITF roars to life
THE 62nd edition of the Zimbabwe International Trade Fair (ZITF) begins tomorrow with Kenyan President Uhuru Kenyatta now unable to come for the official opening as earlier scheduled following the dea...Published: 25 Apr 2022 at 08:50hrs | | by Staff reporter
Blocked funds choke NMB
NMBZ Holdings Limited (NMB) registered US$13,4 million debt because of blocked funds with the central bank which it owes to various line of credit providers, it has been revealed.NMB's financi...Published: 18 Apr 2022 at 10:30hrs | 1 | by Staff reporter
RioZim's coal power project seeks other backing after China's U-turn
A Zimbabwean company that had been banking on Chinese financing to build a major coal-fired power plant says it is now looking for alternative backers as China pulls back on funding such projects over...Published: 31 Mar 2022 at 09:01hrs | 10 | by Staff reporter
One year of free trading in Africa calls for celebration despite teething problems
Wamkele Mene, Secretary-General AfCFTA Secretariat, says significant progress expected in 2022.Free trading under the auspices of the African Continent...Published: 19 Feb 2022 at 08:41hrs | | by Kingsley Ighobor
'Zimbabwe needs US$17m a month to import power'
ZESA Holdings says it needs at least US$17 million a month to import power, and keep lights on amid rolling electricity outages lasting several hours.In a statement, Zesa said it was engaged i...Published: 20 Jan 2022 at 05:36hrs | | by Staff reporter
Rogues wreak havoc on forex auction, says RBZ
ZIMBABWE'S foreign currency auction system is under siege from a cartel of rogue local and international companies externalising millions of United States dollars (USD) under a well-orchestrated schem...Published: 07 Jan 2022 at 19:40hrs | 6 | by Staff reporter
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