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Wednesday, 22 January 2020
2590 times
The government will deploy significant funding to the country’s power utility, ZESA, as part of efforts to extricate the troubled company from a crisis. Finance Minister Mthuli Ncube said, the government has decided to pursue a proactive strategy in helping ZESA. Under the new plan, the government will inject fresh capital into ZESA in the first quarter of 2020. However, Ncube did not disclose the magnitude of the funds to be disbursed to support ZESA…
Tuesday, 07 January 2020
2417 times
ZSE in lackluster performance: Foreign investors desert ZSE Foreign investors are continuing to sell off Zimbabwean stocks amid erosion of currency values as well as struggling entities. The local bourse was one of the institutions in the region to be hit by a foreign currency drought following the shock abandonment of the multi-currency system in June this year. After the decoupling of the greenback from the local currency, Zimbabwe witnessed a return of the interbank…
Wednesday, 18 December 2019
2224 times
As the curtain comes down on the year, one cannot stop pondering on what the future—yes the immediate future has in store for long suffering Zimbabweans. As Econometer Global Capital, we consistently sifted through Zimbabwe’s political economy, attempting to unpack why a country that has so much potential appears to be sliding back. In our analyses, issues relating to ruinous government policy and confusion relating from inconsistencies were played out. Another issue that we would…
Monday, 16 December 2019
2639 times
Zanu PF concluded its annual conference at the weekend where the state of the economy and corruption within government were some of the issues topping the agenda. The conference ran under the theme “Mechanise, modernise and grow the economy towards vision 2030”. President Emmerson Mnangagwa’s administration is facing a myriad of socio-economic problems which include rising inflation, unemployment, investor fatigue and a restless civil service. An underperforming economy remains the elephant in the living room.…
Monday, 09 December 2019
1913 times
Zimbabwe economic woes continued to mount after foreign participation on the local bourse declined by 45 percent in November. Latest figures obtained from the Zimbabwe Stock Exchange (ZSE) show that foreign purchases dropped to $19 million in November from $34 million. Foreign investor participation slowed down when government introduced the mono-currency system which outlawed the multicurrency system which had been in place since 2009. As the economy floundered blue chips on the ZSE have also…
Thursday, 05 December 2019
1296 times
Source: Zimbabwe Power Company The Zimbabwe National Chamber of Commerce has launched its Energy Sector survey at a time the economy is going through turbulence. Just when many thought the onset of the rains would improve generating capacity at the country’s largest hydro-powered station, its dark city again. The country’s power utility is supplying electricity for less than 6 hours every day. This has had serious socio-economic problems. As Zimbabwe faces erratic fuel supplies, business…
Tuesday, 03 December 2019
1084 times
The Reserve Bank of Zimbabwe Monetary Policy Committee (MPC) held its third meeting on 29 November 2019. The Committee met and deliberated on a number of issues including the potential monetary implications of the 2020 National Budget and the liquidity situation in the economy. One of the take-away points from the meeting was the country’s expansionary fiscal policy which is expected to pile inflationary pressure on the economy. The Committee noted that the 2020 National…
Thursday, 28 November 2019
1547 times
Government has plans to overhaul the country's interbank foreign exchange market amid concerns that the current system is fraught with irregularities. For central bank authorities, the move is an admission that the interbank market which was introduced in February is not very efficient. Nearly 10 years after the introduction of the multicurrency system, the adoption of the interbank foreign exchange system effectively devalued the local currency which was initially pegged at par with the United…
Tuesday, 26 November 2019
1140 times
Source: Ministry of Finance & Development Partners Last week China rebuked Zimbabwe after Harare understated Beijing’s financial support to the southern African nation. Zimbabwe stated that it had received US$3.6 million in development support from China from January to September. China disputed this figure saying it had provided US$136.8 million during the period under review and that does not include the other bilateral support such as the expense of expert assistance and the embassy’s aid to…
Monday, 18 November 2019
1991 times
Source: Ministry of Finance 2020, Budget Growth Projections Finance minister Mthuli Ncube announced the 2020 National Budget on Thursday and many are still reconciling its main takeaway points. No game-plan for energy Turning to the capital-intensive energy sector, Ncube said government has budgeted ZWL$8.4 billion for the expansion of Hwange Thermal Power Station which has been on and off the grid during the greater part of the year. In our view, Hwange thermal is not…
Wednesday, 13 November 2019
1638 times
As it becomes increasingly clear that Zimbabwe’s economy is heading south and prospects of meeting growth targets set out in the Transitional Stabilization Programme appear dim, Finance minister Mthuli Ncube brew a shocker ahead of the 2020 National Budget that the fiscal policy document will focus on productivity, growth and job creation. Wait a minute. How he would do that would be the most logical question that begs an answer. Let us take you aback.…
Friday, 08 November 2019
1100 times
Finance minister Mthuli Ncube will next Thursday announce the 2020 Budget Statement at a time the domestic economy is facing serious headwinds stemming from a devastating drought, rising inflation and erratic fuel and power supplies. Ncube said the budget theme will be on productivity, growth and job creation. His central assumption is that, Zimbabwe which experienced one of its worst droughts in living memory as well as a Cyclone that led to loss of lives…
Friday, 08 November 2019
1109 times
Zimbabwe Stock Exchange heavyweight Old Mutual Zimbabwe has appointed Sam Matsekete as the group CEO-designate as the group embarks on its restructuring exercise against the backdrop of a floundering economy. The group announced on Thursday that Matsekete, who is currently First Capital Bank (formerly Barclays Bank Zimbabwe) managing director will succeed Jonas Mushosho with effect from January 2020. Mushosho, who replaced Luke Ngwerume in September, 2012, had been with Old Mutual for 28 years. Old…
Wednesday, 30 October 2019
1327 times
The Monetary Policy Committee, which was appointed a few months back, held its first press briefing where plans to attain macroeconomic stability were announced. Reserve Bank of Zimbabwe governor John Mangudya who chairs this meeting announced that the central bank would within the next fortnight inject new domestic bank notes and coins to ease the cash system. His boss, Finance minister Mthuli Ncube later in the day said authorities would pump in notes into…
Tuesday, 29 October 2019
1581 times
The Reserve Bank of Zimbabwe this week announced that exports for the quarter ending June dipped 8.3 percent to US$860 million while imports headed north. According to latest figures released by the central bank, the country’s trade balance widened from a deficit of US$165.9 million registered in Q1 to a deficit of US$450.7 million in the second quarter. According to the central bank, the country’s import bill was mainly composed of diesel, unleaded petrol, crude…
Tuesday, 29 October 2019
5910 times
Mokgweetsi Masisi was declared president of Botswana last Friday, retaining his position and the ruling Botswana Democratic Party’s stronghold despite a strong opposition challenge. The country’s ruling surpassed the 29-seat threshold needed in the national assembly to secure the presidency. Masisi who crossed swords with an opposition party supported by his predecessor has a solid record and is popular with business and farmers. The BDP has ruled Botswana since independence from Britain in 1966 and…
Wednesday, 23 October 2019
53125 times
As Zimbabwe slides into hyperinflation, there has been mistrust between government and business. Forget the much-hyped Tripartite Negotiating Forum which was revived early this year—prices in Zimbabwe are now rising weekly with some daily. The manufacturing sector which is operating sub-optimally due to antiquated equipment, high production costs and erratic power supplies is in limbo and cannot match regional peers. During a mock survey carried by out by Econometer Global Capital we observed that most…
Wednesday, 23 October 2019
1040 times
President Emmerson Mnangagwa’s administration this week declared Friday, October 25, a public holiday as the southern African nation makes a case for removal of sanctions imposed by the United States in particular. The United States through Zidera, imposed sanctions on Zimbabwe as well as preconditions from the removal of these restrictive measures. Zimbabwe has over the last two decades adopted alternative means to counterbalance the impact of the sanctions. Lines of credit have dried up…
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Monday, 14 October 2019
1074 times
Zim GDP growth Economic growth has often raised living standards around the world. Countries like China, whom in 1980 where almost the size of Zimbabwe’s economy have grown to become economic powerhouses over the years. However, modern economies have lost sight of the fact that the standard metric of economic growth, gross domestic product (GDP), merely measures the size of a nation's economy and doesn't reflect a nation's welfare. Persuading policy-makers and politicians of GDP’s limitations is no easy feat. This week…
Wednesday, 09 October 2019
1177 times
Finance minister Mthuli Ncube has released the 2020 Pre-budget Strategy Paper which will shift from the current thrust on austerity to productivity. He said building on the accomplishments of the ongoing reform agenda, the thrust of the 2020 National Budget is to transition from austerity policy position to supporting growth and productivity, without compromising medium to long term fiscal sustainability. For many Zimbabweans, the term austerity has become a synonym for belt-tightening measures and hardships.…
Monday, 07 October 2019
914 times
The Reserve Bank of Zimbabwe (RBZ) last week tightened exchange control regulations on locals earning foreign currency. The apex bank tightened regulations on withdrawals of foreign currency by Zimbabweans who earn their salaries in foreign currency. Zimbabwe’s economy is facing serious headwinds and what it needs now is protection of investment and policies that stimulate growth. Sadly that is not happening at the moment. The latest decision by the central bank to tighten foreign currency…
Thursday, 03 October 2019
1216 times
The Reserve Bank of Zimbabwe has reversed its decision to ban cash in and cash outs from mobile money transfer platforms after it introduced new caps for the facility. Government on Monday ordered the shutdown of the cash-in and cash-out facilities citing Section 10 of the National Payment Systems Act in an attempt to stem illegal foreign currency trades which has seen the US$:ZWL$ rate hitting its lowest point since the reintroduction of the multicurrency…