Introducing a new currency was Zimbabwe’s only viable option

Introducing a new currency was Zimbabwe’s only viable option

By Prof Mthuli Ncube Zimbabwe, the country I serve as finance minister, has been in the news for restricting the use of the US dollar and other international currencies as legal tender. Why would we want to return to our own currency, given such recent, home-made, experience of monetary turmoil? The answer can be found in our recent history. Following hyperinflation at the close of 2009, and to stem the instability produced by bad governance and fiscal ill-discipline, a mixture of other nations’ bills — the US dollar, British pound,…

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SIRDC to manufacture vaccines locally

SIRDC to manufacture vaccines locally

By Staff Reporter THE Government of Zimbabwe has assigned the the Zimbabwe Scientific and Industrial Research and Development Centre (SIRDC) to produce livestock vaccines for the nation, SIRDC CEO, Roby Mafoti has said. Speaking at the Annual National Agribusiness Conference (ANAC), Mafoti said the country will have the first vaccines by the end of the year. “It is important to note that Zimbabwe already has capacity to produce and formulate some of the vaccines of national economic importance as proven at the Department of Veterinary Services (DVS).Government has taken a…

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DHAT offers heartwarming interventions for disabled

DHAT offers heartwarming interventions for disabled

Feature By Tendai Sahondo SHE walks around in a barren maize field picking up dry leaves, her three toddlers follow her around, oblivious to their mother’s deteriorating mental health. Wielded in her hands is a stick to scare away friends and strangers that might interrupt her senseless routines, no one dares, her bashing escapades are well known in the dusty streets of Nyabira. She looks at us with sinister eyes, scrutinizes us for a minute then continues her leaf picking routine. Sophie (pseudonym) suffers from the twin misfortune of HIV…

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Rural entrepreneurs remembered at ZAS

Rural entrepreneurs remembered at ZAS

HAND in Hand Zimbabwe, a local non-profit organisation took advantage of the just ended Zimbabwe Agricultural Show (ZAS) platform to link emerging rural entrepreneurs with both local and external markets in a bid to build socio-economically resilient communities. The organisation used the esteemed trading platform to showcase wares and products from different and diverse enterprises owned by the entrepreneurs in the seven districts it operates in (Bulilima, Chikomba, Chirumanzu, Gwanda, Lupane, Nkayi and Shurugwi). The products and wares, which are exclusively made by entrepreneurs, include baskets, jams, dried vegetables, nutritional…

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SAZ to host standards week in Vic Falls

SAZ to host standards week in Vic Falls

By Tendai Sahondo THE Standards Association of Zimbabwe (SAZ) is set to host the Zimbabwe Standards Week in November, SAZ Director General (DG), Dr Eve Gadzikwa has revealed. In an interview with The Business Connect Gadzikwa said the event will be hosted in the resort town of Victoria Falls under the theme: ‘Business Resilience and Growth in a VUCA Environment’ “SAZ is excited to host the Zimbabwe Standards Week from the 20th of November. The theme highlights that standards can allow you to improve your resilience and grow your business….

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Padenga divesture sails through

Padenga divesture sails through

By Tendai Sahondo SHAREHOLDERS of Padenga Holdings yesterday approved the firm’s proposed divesture into gold mining, which will see the firm acquiring a 50.1% stake in Dallaglio Investments. In line with the deal, the listed crocodilian skin producer is now expected to deliver mining equipment worth $20mln to Eureka mine in Guruve. The divesture is expected to minimise the company’s concentration risk, allowing it to spread its tentacles into an alternative hard currency generating venture. Padenga has significant client concentration risk with 79% of sales being ultimately to one luxury…

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Zimbabwe needs to attract investors: UN

Zimbabwe needs to attract investors: UN

By Staff reporter OUTGOING United Nations Resident Coordinator Ambassador Bishow Parajuli applauded the Zimbabwean government over its Transitional Stabilisation Programme (TSP) and re-engagement strategy, but says the country need to create an environment that attract investors. Addressing journalists yesterday on his last engagement with the media in Harare, the UN representative urged the government to change its policies to attract investment. “What Zimbabwe needs at the moment is to attract investors, it needs more resources so the whole agriculture sector can be transformed. “There is a huge need for investment…

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ASA to offload BNC stake to Zim company

ASA to offload BNC stake to Zim company

By Natalie Chiwomadzi and Tendai Sahondo ASA Resource Group (ASA) has agreed to sell its 74.73% shareholding in BNC to an undisclosed third party based in Zimbabwe, Business Connect can reveal. In a cautionary statement published by, BNC board chairman Muchadeyi Masunda said the stake up taker is a Zimbabwean based mining firm involved in the production of ferrous metals, non-ferrous metals and precious metals. “Shareholders are advised that the ultimate holding company of BNC, Asa Resource Group Plc (currently under Administration), has entered into a Sale and Purchase Agreement…

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Zim faced with 1090MW daily power deficit: ZERA

Zim faced with 1090MW daily power deficit: ZERA

By Tendai Sahondo ZIMBABWE faces a crippling daily power gap of over 1000MW, Zimbabwe Energy Regulatory Authority (ZERA) Chief Executive Officer (CEO), Edington Mazambani has said. Speaking before a parliamentary portfolio committee on energy and power development, Mazambani said government is exploring various avenues to address the crisis as the country does not have the capacity to import that much power. “Zimbabwe is currently experiencing a daily power gap of 1090MW owing to the low levels of water in the Kariba dam, which is currently operating at 30% capacity. Our…

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Mthuli condemns populace to more suffering

Mthuli condemns populace to more suffering

By Tendai Sahondo FINANCE and economic development minister Mthuli Ncube’s mid-term policy measures have heightened the suffering of hard pressed Zimbabweans as the prices of basic commodities have shot up beyond the reach of many. Zimbabweans who had been expecting the review to provide some measure of relief were bitterly disappointed as the policy pronouncements made last week only added salt to wounds. Triggering the escalation has been the unprecedented hike on fuel prices owing to the introduction of 45% and 40% excise duty per litre of petrol and diesel,…

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