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Market Watch 3 September 2019

SA violence Zim companies

The Zimbabwe Cross Borders Transport Association has warned that it will stop all South African cross border transport if reported attacks by South African nationals on foreign truck drivers proceed.

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Ongoing xenophobic attacks in South Africa have the potential to explode into a regional crisis. Regional leaders should move in to avert the looming crisis.

Ex-ZPC boss jailed

Former Zimbabwe Power Company chairperson Stanley Kazhanje was yesterday sentenced to three years in jail after he was convicted of concealing a US$10 000 bribe he received from controversial businessman Wicknell Chivayo’s company, Intratrek Zimbabwe.

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The country’s power utility has since independence been rocked by a series of corruption scandals. While government appears to have struck the right chord in fighting corruption, there is need for corporate governance reforms at institutions such as ZESA.

Fuel prices to track FOB, exchange rate

Zimbabwe’s energy regulator said the country’s fuel prices will now be indexed against FOB movement and foreign exchange movements.

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Consumers this week got a reprieve when fuel prices were slashed by up to 15 cents due to the above measure. This approach will however be short-lived due to the weakening local currency going forward.

Economic zone limits widened

The Special Economic Zones Authority has extended boundaries of Belmont, Donnington and Kelvin special economic zones in Bulawayo to include the Westondale industrial area.

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Government sees special economic zones as one of the solutions in restoring Zimbabwe’s second largest city as the industrial hub of the country. This however can only be completed if government improves on the ease of doing business among other reforms.

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