Wednesday 18 October 2017
(AFP (eng) 10/17/17)
Zimbabwe has banned the importation of fruit and vegetables to save scarce foreign currency in the face of a worsening economic crisis, state media reported Tuesday. Agriculture Minister Joseph Made told The Herald that President Robert Mugabe had directed that the importation of horticultural products be stopped "as they waste much-needed foreign currency". "This means that the importation of fruit and vegetables will be stopped immediately." "The foreign currency being wasted on the importation of carrots and grapes will now be utilised towards the purchase of more fertilisers and pesticides," he said. Zimbabwe in 2009 abandoned its own currency in favour of the US dollar due to hyperinflation. But it started running out of those...
(Xinhuanet 10/17/17)
Data released by the national statistics agency Zimstat on Monday showed that Zimbabwe recorded a sharp rise in annual inflation for the month of September to 0.78 percent from 0.14 percent a month earlier following arbitrary price increases of most basic commodities during the month. The jump in prices, one of the highest since the country came out of deflation in March, was fueled by false social media messages that alleged impending shortages of basic commodities, leading to panic buying by consumers and a hike in exchange rates on foreign currency parallel market, according to the agency. Zimbabweans engaged in panic buying of most basic food items last month after social media alleged that the goods will be in short...
(APA 10/16/17)
APA-Dakar (Senegal) - The president of the African Development Bank, Akinwumi Adesina, will deliver the Norman Borlaug Lecture on Monday 16 October as part of the World Food Prize events taking place from October 16 to 20, 2017 in Des Moines, Iowa, USA. The Norman Borlaug Lecture under the title: “Betting on Africa to Feed the World”, will be held on World Food Day, October 16, in conjunction with the annual World Food Prize celebration. AfDB President Adesina will receive...
(APA 10/13/17)
APA-Harare (Zimbabwe) - Zimbabwe’s integrated beverage company Delta Corporation is close to finalising a deal in which it will acquire a majority stake in Zambia’s National Breweries Plc, the company announced on Friday. Delta Corporation company secretary Alex Makamure said in a notice to shareholders that the equity was being acquired from Heinrich’s Syndicate, a subsidiary of Anheuser-Busch InBev SA/NV (AB InBev). “Delta Corporation is finalising a transaction to acquire a controlling stake in National Breweries Plc (Natbrew), the Zambian...
(AFP (eng) 10/10/17)
Economic growth in sub-Saharan Africa is set to accelerate to 3.4 percent next year, the International Monetary Fund said Tuesday, citing Nigeria's recovering oil and agricultural sectors. The IMF said in its latest World Economic Outlook report that the region would grow by 2.6 percent this year after 1.4 percent in 2016. "Growth is expected to rise gradually," it said, while noting that the rate would be uneven and "barely above population growth". GDP in the west African powerhouse Nigeria...
(Reuters (Eng) 10/05/17)
NAIROBI (Reuters) - Hilton Worldwide Holdings Inc. (HLT.N) plans to spend $50 million over the next five years to add 100 hotels to its chain in Africa, it said on Thursday, joining other chains keen to tap growing business and international travel on the continent. One property will open in the Kenyan capital Nairobi by the end of this year and another in the Rwandan capital Kigali in 2018, it said in a statement. There was 11 percent growth in...
(AFP (eng) 10/01/17)
Driving to work last week, Dennis Zhemi found his usually busy neighbourhood garage in the Zimbabwean capital Harare deserted and a forecourt attendant signalling "no fuel". For Zhemi, it was a worrying sign that Zimbabwe's chronic economic collapse could be heading for another vicious downwards spiral of basic shortages, hyperinflation and social chaos. Zhemi's heart sank as he drove on, hoping to refuel at the next station, but at least 40 other cars were queueing on the side of the...
(Xinhuanet 09/29/17)
The Zimbabwe government has enacted legislation to curb selling of cash by unlicensed dealers, Finance Minister Patrick Chinamasa said in a statement to the parliament on Thursday. The illegal practice has become rampant in the past few months as cash shortages in banks continue in the country. Chinamasa said President Robert Mugabe enacted the Exchange Control Regulations on Thursday. "These regulations will empower the police to arrest anyone trading in currency without a license as it is an offence," Chinamasa said. Because the banks have no sufficient cash for depositors, U.S. dollar notes and bond notes are available on the parallel market but the U.S. dollar is trading at a higher value than bond
(AFP (eng) 09/29/17)
Government shutdowns of the internet have cost sub-Saharan Africa about $237 million since 2015, according to a study released Friday, as authorities increasingly implement planned disruptions. At least 12 countries have had internet shutdowns, often before elections or when protests erupt, with mobile internet networks most recently suspended in Togo during opposition demonstrations. "Internet disruptions, however short-lived, undermine economic growth, disrupt the delivery of critical services, erode business confidence, and raise a country’s risk profile," the CIPESA report said. The Collaboration on International ICT Policy for East and Southern Africa (CIPESA) released its...
(Voice of America 09/28/17)
Zimbabwe’s President Robert Mugabe is lashing out against businesses that he believes are defying his orders to reverse price hikes for basic commodities. Mugabe is accusing those who defy his order of being "saboteurs" against his government, some of whom he said were from within his own ruling Zanu PF party. He promised to take corrective measures but some analysts are calling for the government to stabilize the economy, rather than blame businesses. The past two weeks have seen a...
(AfricaNews 09/28/17)
 
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As Zimbabwe’s economy continues its downward spiral, fashion designers also feel the negative effects. Tungamira Mavi, who has dressed well-known musicians and celebrities in the country, had to close his store in Harare for work at home because of low incomes, high rental costs and rigorous competition for cheap second-hand clothes.
(The Herald Online 09/28/17)
It's not an opinion that Zimbabwe is facing economic challenges characterised by foreign currency shortages to retool and modernise industries, unemployment and general increase in the cost of basic commodities. Simple economics implies that no country can generate enough foreign currency, let alone have reserves if the manufacturing sector does not produce goods to satisfy local consumption and then for the export market. Therefore the responsibility to generate foreign currency should not be saddled on a few corporates, but everyone...
(Bloomberg 09/27/17)
Studio 189, a label founded by actress Rosario Dawson and fashion executive Abrima Erwiah, is reinvesting in its African roots. It’s hard enough to build a fashion brand, let alone an empire. Rare is the person who makes a mission of using fashion to build communities. Such is the case with Studio 189, a label founded by longtime friends Abrima Erwiah (formerly a marketing executive at Bottega Veneta) and Rosario Dawson (an enduring star most recently seen in Netflix’s Marvel...
(Reuters (Eng) 09/26/17)
Israel’s Elbit Systems Ltd said on Tuesday it won a contract worth $240 million to provide a wide array of defense electronic systems to an unnamed country in Africa. The contract, which will be carried out over a two-year period, is comprised of Directed Infra-red Counter Measure (DIRCM) systems to protect aircraft from shoulder fired missiles, based on passive infrared systems, and includes missile warning systems, radio and communication systems, land systems, mini-unmanned air systems and helicopters upgrade.
(Bloomberg 09/25/17)
Zimbabwe will access a $600 million credit line from African Export-Import Bank in an effort to stave off a foreign-currency shortage that’s afflicted importers of everything from food to fuel. The southern African nation needs the assistance “especially during the foreign-exchange drought, which runs from October to February next year,” Finance Minister Patrick Chinamasa said at a ceremony Saturday in the capital, Harare, where the agreement was signed by the Cairo-based lender and Zimbabwe’s central bank. Zimbabwe’s foreign-currency earnings traditionally slump after sales of tobacco end in the second half of the year and the government gears to provide inputs to farmers for crops such as corn and soy.
(Xinhuanet 09/25/17)
Zimbabwe's central bank has dismissed social media reports claiming that there will be shortages of basic goods on the market due to foreign currency shortages. "Peddling of such fake news is quite unfortunate. There are no shortages of basic commodities in Zimbabwe. On the contrary, foreign exchange allocation for basic and essential commodities has been increased to ensure that shortages of commodities do not occur within the economy," John Mangudya, governor of Reserve Bank of Zimbabwe, said in a statement...
(APA 09/25/17)
The African Export-Import Bank (Afreximbank) has entered into a memorandum of understanding (MOU) to provide a $600-million line of credit to the Reserve Bank of Zimbabwe (RBZ). The President Afreximbank, Dr. Benedict Oramah, signed the MOU on behalf of Afreximbank during a ceremony in Harare while Dr. John Mangudya, Governor of RBZ, signed for his institution. According to the terms of the MOU, the line of credit will support RBZ in the financing of trade-related transactions and projects in Zimbabwe...
(News24 09/25/17)
Cash shortages and currency uncertainties have taken a turn for the worse in Zimbabwe, as a combination of unfavourable elements and panicking individuals have seen grocery prices skyrocket in the past week. In a move reminiscent of the 2008 hyperinflation era, prices of several basic products have doubled or tripled in the past few days as panic griped Zimbabweans trying to exhaust their bank balances before they completely lost value. Currency rates on the black market have also skyrocketed, with...
(Voice of America 09/25/17)
African first ladies and activists hailed progress that some governments on the continent are making on gender equality. They met on the sidelines of the United Nations General Assembly in New York. “We used to have 23 percent female representation in parliament but, with the stroke of a pen it went up to 48 percent. So, we managed to double our female representation with that decision,” said Namibia’s first lady Monica Geingos at a roundtable invitation-only event co-hosted by the...
(Reuters (Eng) 09/21/17)
Zimbabwe’s gold production rose 10 percent in the first eight months of this year to 14.6 tonnes, buoyed by higher output from small and informal producers, official data showed on Thursday. Gold is Zimbabwe’s single largest mineral export. Statistics from Fidelity Printers and Refiners, a subsidiary of the central bank which buys all the country’s gold output, showed that small-scale miners delivered 7.2 tonnes of bullion during the period, up from 5.5 tonnes the previous year. Deliveries from large producers...

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