Senior Clerical Assistant (Administration) – Grade 5

Records Assistant

Assistant Registrar – Faculties (Gweru)

Security Guards (Gweru, Harare, Kwekwe & Zvishavane campuses)

Technical Sales Person/ Aluminium (Harare)

Regional Monitoring, Evaluation & Learning (MEL) Officer (Bulawayo)

Boiler Maker (Harare)

Marketing & Sales Officer (Harare)

Compliance Officer (Harare)

Safety, Health and Environment Officer (Harare)

Vehicle Sales Consultant - JAC (Harare)

Vehicle Sales Consultant – DONG FENG (Harare)

Billing Supervisor (Harare)

Sales Representative (Harare)

Auto Electrician: Artisan (Chipinge)

Sales Representatives (Harare)

Director Human Resource (Mutare)

Legal & Compliance Manager (Harare)

Processes Analyst (Harare)

Finance Manager Corporate (Harare)

Zimbabwe’s industries are worried that Chinese lenders, who financed the US$1.4 billion refurbishment of the Hwange Thermal Power Station, may “switch off” the facility due to ZESA Holdings’ struggles to service the debt.
If banks pull the trigger, Zimbabwe faces worsening power shortages, compounding the nation’s already dire economic situation, which includes inflation, foreign currency shortages, bankruptcies, and the loss of global brands.
Blackouts of up to 18 hours a day are already hindering industrial growth, with investors warning of long-term economic ramifications from the ongoing energy crisis.
Zimbabwe’s largest power source, the 600-megawatt Hwange plant, has become crucial after a drought severely reduced generation at the Kariba South Hydroelectric Power Plant, leading to the worst blackouts in 44 years, according to some industrialists.
ZESA began paying US$36 million in monthly instalments to Chinese lenders in October of last year.
However, it was only able to make its first payment after pushing for a tariff hike to improve its capacity to service the debt for the refurbishment of Hwange’s Units 7 and 8.
In an interview with the <a href="https://www.theindependent.co.zw/local-news/article/200035282/chinese-debt-threatens-to-switch-off-hwange">Zimbabwe Independent</a>, Christopher Mugaga, chief executive officer at ZNCC, urged authorities to ensure that the debt is paid. Said Mugaga:
<blockquote>
We have to pay the debt. We have been failing to service Hwange 7 and 8 in terms of debt repayment to the Chinese, which is an issue.
Even if units 7 and 8 continue firing on all cylinders, the debt position can make the Chinese switch off until we pay. This is the reason why I say the power situation is dire.
If you look at the impact of power shortages, they are having far and wide impacts in terms of literally all sectors of the economy.
We are looking at power outages on average of more than 60% of working hours.
The power challenges are eroding or threatening GDP (gross domestic product) growth by almost 0,8 percentage points.
</blockquote>
Mugaga said the ongoing electricity crisis has led to approximately 45,000 people losing their jobs or facing an industry downturn, leaving it unable to create new employment opportunities. He said:
<blockquote>
As I talk to you, if you look at the Kariba power station, we are generating an average of 100MW.
You can imagine how terrible it is. Units 7 and 8 are generating about 600MW. They are operating well. Unit 5 is literally dysfunctional; it has a capacity of about 150MW.
Then Units 1 to 4 are producing less than 100MW. They are always under repair and failing.
On average, you will see that we are not looking at less than 45 000 human bodies who could potentially have been employed but either are losing their jobs, or no jobs are created due to the power challenges alone.
</blockquote>
The Hwange Units 7 and 8 Expansion Project was financed by the China Exim Bank, which provided a loan of around US$1 billion. The bank also provided a loan of US$319 million for the expansion project at Kariba Hydro Power Station.
However, it remains unclear whether the lenders have legally binding authority to shut down the power station over the debt.
Zimbabwe and China maintain strong diplomatic relations, and analysts suggest that these ties will play a big role in shaping how Chinese lenders address the debt issue.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Zimbabwe owes a lot of money to China for fixing a power plant. If they don't pay, China might turn off the power plant, making things worse in Zimbabwe. The power plant is very important because it provides a lot of electricity for the country. Without power, businesses can't work properly, and more people might lose their jobs. The government is trying to increase electricity prices to pay back the debt, but it's still a big problem. China and Zimbabwe are friends, so they might find a solution together.

Chinese Lenders May "Switch Off" Hwange Power Plant Over Debt, Warns Industry

Delta Corporation Limited has paid US$20 million in sugar tax since the tax’s introduction in February 2024.
The tax, which came into effect at the start of 2024, charges beverage firms US$0.02 per gram of sugar in their products. In response to industry complaints, the tax was revised in March to US$0.001 per gram.
Delta executives have stated that the sugar tax has made the company less competitive within the region, particularly when comparing it to tax rates in neighbouring countries.
The full impact of the sugar tax on Delta’s financial performance will be felt in the financial year ending March 31, 2025, alongside other existing taxes.
At an analyst briefing on Wednesday, Delta’s CEO, Matlhogonolo Valela, told <a href="https://www.newsday.co.zw/business/article/200034671/delta-pays-us20m-sugar-tax-in-9-months">NewsDay</a> that the sugar tax in Zimbabwe is considerably higher than that in other regional markets. Said Valela:
<blockquote>
Well, since February, between ourselves and Schweppes, we have paid about US$20 million in sugar tax.
Obviously, the rates of sugar tax, we think, are very high compared to regional compatriots. Therefore, it brings a competitiveness issue.
That’s why you are seeing regional inflows of similar competing products into our territory. It is on the basis that we are slightly more expensive than what people can source from alternative markets around us.
</blockquote>
Delta has a 49% stake in Schweppes Holdings Africa Limited.
Valela said Delta is in talks with the government regarding the sugar tax, but any potential outcomes from these discussions are expected to be reflected in the 2025 National Budget.
Delta’s finance director, Alex Makamure, said the introduction of the sugar tax led the company to raise soft drink prices by 33%, which has hurt consumers. Said Makamure:
<blockquote>
So, it is a big tax from the rate at which it was imposed. So even at that US$0,001 per gramme, it is very high relative to other countries.
So, all our pleas to the government have always been, yes, it’s noble to introduce a sugar tax, but maybe look at the level…
Remember for us, your 300ml Coke was selling at US$0,25 or US$1 for four. We had to move to US$1 for three, which is a 33% increase. Quite huge from a consumer’s point of view.
Schweppes, for example, they were selling your 2-litre Mazowe at, I think it was, US$3,20 or U$3. They went to US$4.50.
They have sort of discounted, and now they are carrying some of the burden themselves. But it is very significant, particularly for your dilutable.
</blockquote>
Makamure said that Delta has no issue with the introduction of the sugar tax, but argued that it should be set at a level that minimises its impact on consumers while still encouraging a reduction in sugar consumption.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Delta Corporation Limited has paid $20 million in sugar tax since February 2024. The tax charges beverage companies for the amount of sugar in their products. Delta says the tax makes them less competitive compared to other countries. They have raised prices, hurting consumers. Delta is talking to the government about the tax. They want it to be lower to help consumers. The impact of the tax will be seen in the company's finances in 2025. Delta owns 49% of Schweppes, which is also affected by the tax.

Delta Pays US$20 Million Sugar Tax In 9 Months

Nampak Southern Africa Holdings Limited was compelled to sell its controlling stake of 51.43% in Nampak Zimbabwe as part of a strategy to reduce its substantial debt, reported <a href="https://businesstimes.co.zw/mounting-debt-forced-sa-firm-to-sell-off-nampak-zimbabwe/">Business Times</a>.
Analysts indicated that divesting assets in markets like Zimbabwe was the only viable solution to address the company’s financial issues.
From 2011 to 2014, Nampak Southern Africa Holdings struggled to manage significant debt incurred from its expansion efforts in other African countries, particularly Angola and Nigeria.
The company faced operational challenges in Nigeria, leading to heavy indebtedness.
By March 2019, Nampak’s debt had reached R7.6 billion (approximately US$432.76 million), prompting a mix of asset sales and rights offerings to mitigate the financial burden.
In 2023, Nampak SA entered into refinancing agreements, which require settling R2.7 billion (around US$153.75 million) of outstanding debt by March 31, 2026, through further asset disposals.
This situation led to the decision to sell a controlling stake in Nampak Zimbabwe for approximately R438 million (US$25 million).
In its latest market intelligence report, research firm Morgan &amp; Co said:
<blockquote>
The transaction is borne out of Nampak South Africa’s challenges with debt for the better part of the last decade.
It is on the back of this that Nampak South Africa resolved to dispose of several assets both locally and regionally in a bid to ease the weight of the debt, and the sale of Nampak Zimbabwe controlling stake to TSL is the latest disposal to make headlines.
</blockquote>
Under the deal, TSL will purchase 51.43% of Nampak Zimbabwe for a total consideration of US$25 million.
TSL will have until June 2025 to settle US$23 million of the total consideration, with the remaining balance to be paid off over the subsequent two years.
The relationship between TSL and Nampak Zimbabwe is not new; TSL previously held a 16.53% stake in Nampak Zimbabwe until its disposal in 2018.
According to the report, TSL primarily provides ancillary services to the agriculture sector and has been operational since 1957.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

A company called Nampak had too much debt, so they had to sell their part of a company in Zimbabwe. This was to help with the debt they had from expanding in other countries. They had to sell the stake for about $25 million. Another company called TSL will buy it and pay $23 million soon and the rest over two years. TSL was already involved with Nampak Zimbabwe before. The sale was needed to help Nampak with their financial problems.

Mounting Debt Forced SA Firm To Sell 51.43% Of Nampak Zimbabwe

South African retail giant Pick n Pay Group Limited has written down its investment in TM Supermarkets (Pvt) Limited to zero, citing ongoing losses, reported <a href="https://www.theindependent.co.zw/business-digest/article/200034372/pick-n-pay-writes-off-tm-investment">The Zimbabwe Independent</a>.
Pick n Pay holds a 49% stake in TM through a partnership with Zimbabwean conglomerate Meikles Limited.
The decision is attributed to Zimbabwe’s challenging economic environment, characterised by hyperinflation, volatile currency rates, and increasing economic instability.
Formal retail operations in Zimbabwe are being threatened by declining disposable incomes which are forcing consumers to turn to cheaper options in the informal sector or smuggled goods.
In its half-year report for the period ending August 25, 2024, Pick n Pay reported a 6.9% year-on-year drop in sales across its African markets outside South Africa, totalling R1.9 billion (US$107.1 million).
While operations in Zambia have continued to perform well despite local disruptions, the deteriorating conditions in Zimbabwe led to the impairment of the TM investment to zero in early 2024. Pick n Pay’s half-year report reads in part:
<blockquote>
The group’s operations in Zambia delivered another strong trade performance, notwithstanding severe operational disruption from power outages in the region and the impact of local currency devaluation.
As a consequence of the deteriorating economic conditions in Zimbabwe, the group impaired its investment in its associate TM Supermarkets to a book value of zero in February 2024 and no further losses have been recognised.
The group is actively working to optimise its footprint outside of South Africa, including exiting Nigeria, restructuring the Botswana franchise into a company-owned model, and pursuing new growth opportunities in Namibia, following the termination of the existing master franchise agreement in that country.
</blockquote>
Pick n Pay also operates in eSwatini and Lesotho. In Zimbabwe, Pick n Pay and TM jointly operate 74 outlets across the country.
In light of TM’s ongoing losses, Pick n Pay has expressed limited optimism for future returns, indicating that dividends are unlikely and any potential profits would be minimal.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pick n Pay, a big store from South Africa, lost all the money they put into TM Supermarkets in Zimbabwe. They blame the bad economy in Zimbabwe for the loss. People there don't have much money, so they can't shop at big stores like TM. Pick n Pay also had less sales in other African countries. They say they won't make money in Zimbabwe anytime soon. They are looking at other countries to make money instead. It's not looking good for Pick n Pay in Zimbabwe.

Pick n Pay Writes Off TM Supermarkets Investment To Zero

Botswana retailer Choppies Enterprise Limited is considering withdrawing from Zimbabwe due to challenges faced by its local subsidiary, which has impacted the group’s financial performance.
These challenges are attributed to the instability of the Zimbabwe Gold (ZiG) currency, introduced in April to replace the Zimbabwe dollar as the official domestic currency.
Choppies holds a 100% stake in the local company Nanavac Investments (Pvt) Limited, which operates as Choppies Zimbabwe.
In its annual report for the period ending June 30, 2024, Choppies conceded that Zimbabwe continues to be a challenging environment. It said:
<blockquote>
Operations in Zambia remain fairly stable and should improve significantly, following the ending of the drought and El Niño conditions which affected hydroelectric generation resulting in power cuts.
Once Namibia reaches critical mass, we believe the business will be profitable. Zimbabwe, however, continues to be a challenging environment.
The new ZiG currency, which replaced the Zimbabwean dollar, has not as yet helped to stabilise the economy, and consequently, the Zimbabwean operation has experienced a decline in performance. We are evaluating our operations in the country and will address the situation.
</blockquote>
Choppies says it has 11 388 employees (10 289 Choppies, 1 099 Kamoso) in 287 stores (185 grocery retail, 75 liquor stores, 27 hardware stores) across Botswana, Namibia, Zambia and Zimbabwe.
In Zimbabwe, Choppies has 30 stores and employs 1 051 (567 male and 484 female), who could end up losing their jobs if the retailer pulls out of the country. Said Choppies chief executive officer Ramachandran Ottapathu:
<blockquote>
The long-term focus of our strategy is to reduce debt. We have exited all loss-making areas apart from Zimbabwe which is something we are currently considering. We are also looking into expansion plans throughout the group.
The economic challenges in Zimbabwe including high inflation, high unemployment levels and a shortage of foreign currency continued to impact our operations.
Due to the continued risk posed to the group, the company is weighing various options in Zimbabwe given the stress on the group’s financials.
</blockquote>
The local currency has undergone six name changes but has yet to achieve stability, confidence, trust, or sustainability due to inflation fueled by excessive money creation by the Government.
Its previous iterations include the original currency post-independence, that is, the Zimbabwe dollar, then later bearers’ cheques, traveller’s cheques, bond notes, RTGS dollars, and now ZiG.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Choppies, a store, might leave Zimbabwe because of problems with the currency. The currency keeps changing names but is still not stable. This has caused issues for Choppies' business in the country. Choppies has many employees and stores in Zimbabwe. The other countries where Choppies operates are doing better. Choppies is thinking about leaving Zimbabwe because the economy there is not good. This decision might mean that people could lose their jobs. The company is looking at its options to see what to do next.

Choppies Weighs Exit From Zimbabwe

Local manufacturers are grappling with severe power cuts lasting over 18 hours daily, forcing them to rely on expensive diesel generators, which significantly increases production costs.
Zimbabwe requires about 1,700 megawatts (MW) of electricity during peak hours, but the state-owned power utility, ZESA, was generating just over 800 MW on Wednesday, October 30.
The Confederation of Zimbabwe Industry (CZI), the country’s largest business lobby group, described the situation as dire. Said the CZI:
<blockquote>
Industry members have reported going for between 12-18 hours without electricity and report that power is being restored between 11 pm and 7 am in the majority of cases.
The absence of a load schedule that is strictly adhered to has exacerbated the effect of the power cuts as affected companies cannot plan employee deployment resulting in redundant working staff for periods when power is unavailable.
The other consequence of unscheduled power cuts is that machinery requires a systemized shutdown process in order to ensure raw materials are fully utilized and the machinery itself is properly shut down.
Sudden power outages result in loss of raw materials and equipment damage.
</blockquote>
Some machinery requires process heating, which involves applying heat during industrial operations. This heating can take 3 to 5 hours before production starts.
Consequently, if electricity is available for 8 hours, effective production time is limited to just 3 to 5 hours. The CZI said:
<blockquote>
However, the electricity bill will reflect usage of 8 hours against actual production of only 3-5 hours. In sectors that heavily rely on electricity such as the plastics and cement industry this can mean failing to achieve the economies of scale necessary to cover production costs.
This situation is particularly severe for companies that do not have dedicated power lines which are normally found in the small to medium sectors.
Companies have sought to mitigate the effects of power outages through the installation of solar energy and battery storage for use at night.
However, this is often very expensive and requires significant funding that many firms struggle to secure.
</blockquote>
Christopher Mugaga, CEO of the Zimbabwe National Chamber of Commerce (ZNCC), told <a href="https://businesstimes.co.zw/power-crisis-deepens-3/">Business Times</a> that power outages will significantly affect the country’s economic performance in 2024.
He said the ongoing rolling blackouts could reduce the Gross Domestic Product (GDP) by 0.6 percentage points.
Mugaga operating generators is costly, which companies are using for 14 to 18 hours daily.
This situation not only deters investments but also leads to substantial losses in foreign direct investment (FDI), estimated between $120 million and $150 million annually due to power shortages.
Oswell Binha, chairman of the CEO Africa Roundtable, said power outages can last 18 hours or more, and in some cases, the power quality is so poor that businesses cannot operate even when electricity is available.
He described the situation as critical, with many companies relying on costly generators. This dilemma forces businesses to choose between raising prices or facing severe shortages in stores.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Manufacturers in Zimbabwe are suffering because of long power cuts, lasting over 18 hours every day. This means they have to use expensive diesel generators, making production more costly. The lack of a proper schedule for power cuts is causing problems for companies who can't plan their work properly. Some companies are trying to use solar energy as a solution, but it's very expensive. The power cuts may harm the country's economy and lead to a loss of foreign investments. Overall, the situation is critical for many businesses in Zimbabwe.

Manufacturers Struggle Under Burden of Daily 18-Hour Power Cuts

The ZWG (ZiG) inflation rate has surged to 37.2% month on month in October, the Zimbabwe National Statistics Agency (ZIMSTAT), announced on Friday.
This rise follows the rapid depreciation of the exchange rate, with the Reserve Bank of Zimbabwe (RBZ) devaluing the ZiG official rate by 43% in September.
Presenting the latest data Friday, ZIMSTAT Prices Statistics Manager, Thomas Chikadaya said:
<blockquote>
The month-on-month inflation rate was 37.2 per cent in October 2024, gaining 31.4 percentage points on the September 2024 rate of 5.8 per cent.
This means that prices as measured by the all-items ZWG CPI, increased by an average of 37.2 percent between September 2024 and October 2024.
</blockquote>
In September, before the devaluation, consumer inflation was at 5.8% month on month in local currency terms.
The year-on-year inflation rate (annual percentage change) for the month of October 2024 as measured by the all-items USD Consumer Price Index (CPI), was 4.1 per cent.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's money's value went down a lot, so everything got more expensive. The prices went up by 37.2% in October, which is much higher than before. The bank changed the money rate in September, and that made things worse. People in Zimbabwe had to pay a lot more for things compared to the year before. The new data was announced on Friday, and it showed how bad the situation was getting. Everyone in Zimbabwe is struggling because of this inflation.

Zimbabwe Inflation Surges To 37.2% After ZiG Currency Devaluation

The Reserve Bank of Zimbabwe (RBZ) has rejected calls from the business community to remove the Zimbabwe Gold (ZiG) currency from the country’s multi-currency regime.
On Tuesday, during a CEO Africa Roundtable (CEO ART) currency review breakfast meeting in Harare, CEO ART chairperson Oswell Binha argued that the ZiG had become a tool for arbitrage, causing more harm than good to the economy.
However, RBZ deputy governor Innocent Matshe countered this view, asserting that the ZiG is here to stay. Said Matshe (via <a href="https://www.newsday.co.zw/local-news/article/200033994/zig-must-go-business-but-rbz-thinks-otherwise">NewsDay</a>):
<blockquote>
Make no mistake about the ZiG, it is here and it is here to stay. Another thing that you need to remember is that the ZiG is not like the RTGS or the Zimbabwe dollar we used to have. The starting point here is that the country is not facing a currency crisis.
</blockquote>
Matshe also denied that ZiG was collapsing, saying instead, it was floating freely. He said:
<blockquote>
The Reserve Bank has allowed for greater flexibility in the interbank market.
The flexibility is what you wanted, and now you are saying that the ZiG is now in the graveyard. This cannot be called a crisis.
Let us not fool ourselves and think that just because there was a depreciation, the currency is collapsing.
</blockquote>
However, Economist and banker, Nigel Chanakira, who is also the past president of Zimbabwe Economic Society, said there was indeed a crisis. He said:
<blockquote>
What triggered what we are calling a crisis? We call it a crisis because we have a new currency that has features that promise us stability.
We have a new governor who said bad policies will not be done under my watch. I gave him the benefit of the doubt.
Only five months since the introduction, we have experienced a more than 40% devaluation of the ZiG. I think it’s astronomical.
</blockquote>
Binha remarked that the ZiG is facing a similar fate as its predecessors—the Zimbabwe dollar, RTGS dollar, and bond notes—which were all eventually scrapped. He said:
<blockquote>
So, deputy governor, let me start by provoking this conversation by calling for an immediate removal of the ZiG from the basket of currencies and allowing for the trading of other currencies until we get to such a time when we decide to have a stable currency.
We need to have time to have these serious conversations of a currency referendum involving everybody to navigate and decide which currency to use.
I think it is time that all economic players be given the opportunity to be involved and be able to make the right choices.
</blockquote>
Meanwhile, Economist Prosper Chitambara said the multi-currency regime should continue, but it must be accompanied by reforms aimed at restoring confidence and trust in the ZiG. Said Chitambara:
<blockquote>
A combination of monetary, institutional and fiscal reforms are critical in my view for the full restoration of confidence and trust in the local currency.
So, I think the current system is good without necessarily going either extreme to full de-dollarisation or full dollarisation.
</blockquote>
The value of ZiG plummeted in September this year, from ZWG13:US$1 dropping to ZWG27.44 to the US dollar on Thursday, 24 October. On the parallel market, ZiG is currently trading between ZWG40 and ZWG50 to the US dollar.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe doesn't want to remove the ZiG currency, even though some business people think it's causing problems. The RBZ says the currency is important and not collapsing. Some economists disagree and say there's a crisis because the ZiG has lost a lot of its value. Others say the multi-currency system should continue, but reforms are needed to build trust in the ZiG. The value of the ZiG has dropped a lot recently, causing concerns. Different people have different opinions about what should be done to fix the situation.

RBZ Rejects Business Calls To Scrap ZiG

Business leaders have urged the government to ditch the local currency, the Zimbabwe Gold (ZiG), which is increasingly losing its value, reported <a href="https://businesstimes.co.zw/ditch-zig-ceos/">Business Times</a>.
They argue that this devaluation is hurting businesses and threatening the viability of local companies.
The call comes as the government continues its strict enforcement of exchange rate regulations, including threats to revoke licenses of non-compliant businesses.
On Wednesday, October 23, Oswell Binha, chairman of the CEO Africa Roundtable, called for the removal of the ZiG from Zimbabwe’s basket of currencies. Said Binha:
<blockquote>
(As CEOs) we are calling for the immediate removal of the ZiG from the basket of currencies, allowing other currencies to trade until such time we stop arbitrage.
We sit here as decision-makers superintending over a country that cannot manage its own currency. We have a lot of cycles of value erosion, and we continue doing this and expect a difference.
We gather here amid scepticism about the ZiG due to the government’s history of printing (money). All we yearn for is for a currency that is capable of preserving value. Now we have the ZiG which is collapsing like a deck of cards.
Our authorities have proven beyond any reasonable doubt that they are incapable of managing our own currency. Instead, the local currency has been a tool for arbitrage in the economy.
It is no longer benefiting us anymore to be formal, we are too small as organised businesses to support the huge informalisation sector burden that the government is placing on us.
</blockquote>
William Mandisodza, the CEO of the Institute of Chartered Accountants of Zimbabwe (ICAZ), said:
<blockquote>
I am going to speak on behalf of the accountants, any variation above 5% is material and talking of 40% currency depreciation is a crisis in accounting. We are in a crisis.
Our role is to provide financial information or report economic transactions in a currency of choice. If a person is measuring economic performance in ZiG his or her results up to August 1, 2024, are over 40%, that’s a crisis in our (accountancy) profession.
I also want economists and the public to honestly look at the operating landscape we have and remove words like speculation and saboteurs.
When I am doing the work, I am employed to do and someone says I am speculating and I am a finance director to preserve the value of the shareholders, I will not take it lightly.
We are not speculators but preservers of value. For us, we don’t use the inflation data for the past, but we use inflation expectation.
We do this to replace the stock that I would have sold. If we use the past inflation, we will not be able to stock.
</blockquote>
Economist and banker, Nigel Chanakira, who is also the past president of the Zimbabwe Economic Society, said:
<blockquote>
What triggered what we are calling a crisis? We call it a crisis because we have a new currency that has features that promise us stability.
We have a new governor who said bad policies will not be done under my watch. I gave him the benefit of the doubt.
Only five months since the introduction, we have experienced a more than 40% devaluation of the ZiG. I think it’s astronomical.
</blockquote>
The value of ZiG plummeted in September this year, from ZWG13:US$1 dropping to ZWG27.44 to the US dollar on Thursday, 24 October. On the parallel market, ZiG is currently trading between ZWG40 and ZWG50 to the US dollar.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Business leaders want the government to get rid of the Zimbabwe Gold (ZiG) currency because it's losing value. They say it's hurting businesses. The CEO Africa Roundtable chairman said the ZiG should be removed from Zimbabwe's currencies. The CEO of the Institute of Chartered Accountants of Zimbabwe said a 40% drop in currency value is a crisis. The value of ZiG dropped a lot recently. Some experts feel the government is not managing the currency well. The business community is worried and wants the government to make changes.

Business Community Urges Government To Abandon Failing ZiG Currency

EcoCash has launched EcoPay, a new online payment system designed to allow organisations to make instant payments to over 100,000 beneficiaries simultaneously.
EcoPay enables businesses and organisations to pay salaries, disburse pensions, pay farmers for agricultural produce, and distribute relief funds to communities efficiently, using a secure, fast, and transparent payment processing platform.
Speaking at the launch of EcoPay in Harare on Tuesday, an EcoCash commercial executive, Gilbert Tsongorera, said:
<blockquote>
EcoPay is tailor made to meet the payment needs of a diverse range of organisations, from corporate entities to non-governmental organisations (NGOs) as well as those in the agricultural sector.
It offers a fast and seamless solution for handling large-scale disbursements with enhanced control, efficiency and great transparency.
It helps organisations process payments securely and promptly, ensuring better financial management.
</blockquote>
Tsongorera explained that the platform’s advanced, web-based interface allows organisations to streamline their bulk payment processes, effectively eliminating the need for manual interventions. He said:
<blockquote>
This not only speeds up disbursements but also enhances transparency, making it easier for organizations to initiate, approve and track payments through a user-friendly interface.
</blockquote>
He also said that EcoPay boasts several advanced features, such as instant account balance viewing, which aids users in making timely cash flow and expenditure decisions.
The platform generates comprehensive reports, providing organizations with clear insights into their payment transactions, while also eliminating errors and validating EcoCash numbers during payments. Said Tsongorera:
<blockquote>
The platform has user-friendly informative dashboards that offer real-time updates and business analytics, making it easier for organizations to track and manage their payments.
</blockquote>
EcoPay also allows organisations to upload documents, generate reports and track payments progress independently. Said Tsongorera:
<blockquote>
EcoPay’s self-service approach gives organizations greater autonomy.
Corporates, government departments, NGOs and even farmers can now upload payment instructions, generate real-time reports, and track disbursements on their own.
This not only enhances operational control but also boosts productivity across various sectors.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

EcoCash launched EcoPay, a new online payment system for organizations to pay many people at once. It helps businesses pay salaries, pensions, farmers, and relief funds quickly and safely. EcoPay has features like instant balance checking and generating reports for better financial management. It makes payments easy and transparent, with no need for manual work. Organizations can track payments and manage them independently. EcoPay aims to help different groups like companies, NGOs, and farmers to handle payments efficiently.

EcoCash Launches EcoPay For Instant Bulk Transactions

Zimbabwe’s Ministry of Environment, Climate and Wildlife plans to attach South African Airways (SAA) assets for allegedly owing US$2.4 million in unpaid fees, despite the Zimbabwean government owing the airline $59 million in blocked funds, reported <a href="https://www.businesslive.co.za/bd/national/2024-10-22-breaking-news-saa-optimistic-it-can-resolve-impasse-after-zimbabwe-attaches-assets/">BusinessDay</a>.
According to the report, about US$62 million in revenue earned by SAA in Zimbabwe has been blocked since 2016 due to foreign exchange repatriation challenges.
SAA has been negotiating with the Reserve Bank of Zimbabwe (RBZ) and its finance and economic development department to unblock the funds.
SAA claims it has already paid US$877,435 towards the debt but Zimbabwe’s environment ministry proceeded with legal action and obtained a court order for US$1.6 million.
The ministry obtained a writ of execution against SAA’s property in Zimbabwe on October 8, 2024.
According to SAA, this is despite a senior Zimbabwe official having agreed in a phone conversation with CEO John Lamola to an offset approach.
The South African airliner views the ministry’s actions as malicious and disruptive, proposing that the debt be offset against the blocked funds. Said Lamola:
<blockquote>
The conduct of the Ministry of Environment in Zimbabwe is contrary to the letter and spirit of our protracted engagements, first with the Reserve Bank of Zimbabwe and later with the Ministry of Finance, on collecting the major debt of around R1bn due to SAA.
Our doors of engagement remain open. We are optimistic that an amicable solution to the current impasse will be found, and that Zimbabwe’s Ministry of Environment will desist from its threatened action against SAA’s operations in Zimbabwe.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe wants to take South African Airways assets because they owe money. Even though Zimbabwe owes SAA more money, they still want the debt paid. SAA's revenue in Zimbabwe has been stuck since 2018. SAA has paid some money but Zimbabwe wants more. The Ministry of Environment in Zimbabwe took legal action to get the money. SAA thinks this is unfair and wants to talk to find a solution. They are still hopeful that they can settle the issue without losing their assets in Zimbabwe.

Zimbabwe Threatens To Attach South African Airways Assets

Renco Mine workers have pledged to continue their strike, now on its 11th day, until all outstanding salaries are paid.
The miners downed tools on October 9, 2024, over unpaid wages dating back to July. Renco Mine is a subsidiary of the RioZim Limited Group.
One worker who preferred anonymity told <a href="https://businesstimes.co.zw/renco-mine-workers-down-tools/">Business Times</a>: “We’ve had enough of empty promises. We can’t continue working without being paid for months on end. Management needs to resolve this once and for all.”
When contacted by Business Times for a comment, Renco Mine’s general manager, Irvine Taurayi Nyamukondiwa, directed all inquiries to the corporate communications department.
The publication reported that all attempts to obtain a comment from the corporate communications department were unsuccessful.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Renco Mine workers are on strike because they have not been paid their wages since July. They want their money before they go back to work. The strike has been going on for 11 days. The workers are tired of promises and want the issue resolved. The mine's manager is not saying anything and the company's communications department is not responding to requests for comments. The workers are determined to keep striking until they get their money.

Renco Mine Workers Vow To Continue Strike Until Salaries Are Paid

A 19-year-old man tragically died after being run over by a Toyota Coaster driven by his father near Landa Shops in Ushewekunze, Harare.
Police said the teenager had gone under the vehicle to fix a mechanical fault while the engine was running.
Unfortunately, the vehicle moved and crushed the man’s head. He succumbed to his injuries while being transported to Sally Mugabe Hospital for medical care. Police said:
<blockquote>
ZRP is investigating a fatal road traffic accident which occurred on 18/10/24 along an unnamed road near Landa Shops, Ushewekunze, Harare. A 19-year-old man died after he was run over by a Toyota Coaster vehicle registration number ABS 2996 which was being driven by his father. The victim had allegedly gone under the vehicle to fix a mechanical fault that the vehicle had developed while the engine was running. As a result, the vehicle moved and crushed the victim’s head. The victim died on his way to Sally Mugabe Hospital.
</blockquote>
In a separate incident, Police said eight people were injured when a Stallion Cruise bus with 16 passengers on board was involved in a serious road traffic accident which occurred at the 60-kilometre peg along Mutare-Masvingo Road on Saturday.
The bus veered off the road to the left, overturned once and landed on its left side. The injured victims were taken to Mutambara Mission Hospital for treatment.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

A 19-year-old boy died after his father accidentally ran over him with their car while trying to fix it. The boy was taken to the hospital but couldn't survive. In another incident, a bus with passengers crashed, injuring eight people.

Teenager Dies After Being Run Over By Father's Car

The Consumer Protection Commission (CPC) has warned businesses operating without Point-of-Sale machines, that they are doing so against the law. Below is an official statement from the CPC on this matter:
<blockquote>
1. The Consumer Protection Commission notes with concern the practice by some unscrupulous businesses who are operating without Point-of-Sale machines, in clear violation of the laws of the Republic of Zimbabwe and infringing consumers’ right to choose when carrying out their daily transactions.
2. The Consumer Protection Act Chapter 14.44 Section 51 (h) prohibits businesses from engaging in any unfair trade practices, which include but not limited to violating consumers’ right to choose. Furthermore, the Finance Act Number One of 2018, which amended Section 10 of the Bank Use Promotion and Suppression of Money Laundering Act (Chapter 24:24) require businesses to acquire any device that facilitates the electronic payment of its goods or services (commonly known as Point-of-Sale machines) or facilitates the payment of its goods or services electronically using a mobile telephone device or computer.
3. To protect consumers from unfair business practices, the Consumer Protection Commission is carrying out enforcement blitz, starting with the fuel retail industry, where several service stations have been found wanting and issued with Compliance Notices by the Commission in line with Section 68 of the CPA. The Commission found out that out of the 27 service stations inspected, 80% of them did not have Point-of-Sale machines.
4. This enforcement blitz is being extended to all businesses so that they comply with provisions of the law. Those businesses found not to be complying will be penalised in line with the requirements of the law.
5. Members of the public are being urged to assist the Commission by reporting businesses not giving consumers the option of swiping for their goods and services through the following hot line numbers:
<ul>
<li>+263 719 176 856 /861 /865 Or</li>
<li>Netone tollfree number 08012301 Or</li>
<li>call centre number +263 867 701 0043</li>
</ul>
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Businesses in Zimbabwe are being warned by the Consumer Protection Commission that they must have Point-of-Sale machines for electronic payments. This is because it is against the law to not give customers the option to pay electronically. The law is aimed at protecting consumers and preventing unfair business practices. Some businesses, like service stations, have already been found in violation of this law. If businesses do not comply, they will face penalties. The public is encouraged to report businesses not following this law to the Consumer Protection Commission through specific hot lines.

Full Text: Businesses Face Legal Action For Operating Without POS Machines

The Consumer Protection Commission is targeting businesses that are rejecting Point-of-Sale (POS) machine transactions to ensure that all businesses accept POS transactions.
POS machines can be linked to ZiG and US dollar bank accounts, allowing consumers to choose the currency for transactions.
One major advantage of POS machines is that they reduce the risk of robberies by eliminating the need for people to carry large amounts of cash.
In a statement issued over the weekend, the commission said it noted with concern the practice by some unscrupulous businesses that were operating without point-of-sale machines.
The CPC said that failure by businesses to avail POS machines is in clear violation of the laws of the country and infringes on consumers’ right to choose when carrying out their daily transactions. It said:
<blockquote>
To protect consumers from unfair business practices, the Consumer Protection Commission is carrying out an enforcement blitz, starting with the fuel retail industry where several service stations have been found wanting and issued with compliance notices by the commission in line with Section 68 of the Act.
The commission found out that out of the 27 service stations inspected, 80 per cent of them did not have point-of-sale machines…
Those businesses found not to be complying will be penalised in line with the requirements of the law.
</blockquote>
The CPC said the Finance Act Number One of 2018, which amended Section 10 of the Bank Use Promotion and Suppression of Money Laundering Act, mandates businesses to obtain any device that enables electronic payment for their goods or services.
This law also stipulates that businesses must facilitate electronic payments through mobile phones or computers.
In an interview with <a href="https://www.herald.co.zw/swipe-machines-now-mandatory-commission/">The Herald</a>, Confederation of Zimbabwe Retailers (CZR) President Denford Mutashu stressed the importance of compliance among all businesses. Said Mutashu:
<blockquote>
CZR implores all shops formal or informal to comply with regulatory and statutory obligations guiding their operations like installation of working point-of-sale machines for the convenience of transacting public.
The multi-currency policy is law and both the ZiG and USD are legal tender in equal measure. Banks should expedite the issuance of point-of-sale machines across the country’s economy.
It is illegal to deny a consumer access to swipe or pay via mobile platforms in local currency.
</blockquote>
Meanwhile, the CPC has urged the public to help the commission by reporting businesses that do not provide the option of swiping for goods and services. Reports can be made through hotline numbers.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

All businesses must have swipe machines for electronic payments. This helps customers choose currency and reduces risk of robberies. Businesses without swipe machines are breaking the law and will be punished. All shops must follow the law and provide swipe machines for customers. If you see a business not following the rules, report them. The law says businesses must accept electronic payments and have swipe machines. Let's all work together to make sure businesses follow the rules and keep customers safe.

Swipe Machines Now Mandatory For All Businesses - Commission

African Sun Limited, a hospitality group, has called off the highly publicised sale of its two properties, the Beitbridge Express Hotel and Great Zimbabwe Hotel in Masvingo, which were to be sold for a combined US$6.9 million to TD Hotels and Leisure (Private) Limited, a rising local hospitality company.
Initially, African Sun had stated that the sale was intended to generate capital by offloading assets deemed non-essential to the group’s future.
However, in a recent announcement to shareholders, the Victoria Falls Stock Exchange-listed company revealed that it has reversed its decision. The group in the latest trading update:
<blockquote>
Regarding the disposal of the Great Zimbabwe Hotel and associated hotel business in Masvingo for a gross consideration of US$4 445 000, and the disposal of the Beitbridge Express Hotel, in Beitbridge for a gross consideration of US$2 500 000, all to TD Hotels &amp; Leisure (Private) Limited.
The board advises of the termination of the previously announced agreements with TD Hotels &amp; Leisure (Private) Limited, classified as a Category three transactions.
</blockquote>
It did not give reasons for the termination of the agreements.
Negotiations for the Beitbridge Hotel led to an executed sale agreement on July 18th this year. 
Following this, discussions for the sale of the Great Zimbabwe Hotel (GZH) with the same buyer concluded last month, resulting in another sale agreement.
African Sun Limited manages ten hotels strategically located throughout Zimbabwe.
Of these, the group owns seven properties: Holiday Inn Mutare, Monomotapa Hotel, Troutbeck Resort, Elephant Hills Resort and Conference Centre, Hwange Safari Lodge, Great Zimbabwe Hotel, and Caribbean Bay Resort. The group also leases three properties: Holiday Inn Harare, Holiday Inn Bulawayo, and The Victoria Falls Hotel.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

African Sun Limited was going to sell two hotels for a lot of money, but now they changed their mind. They didn't say why. The hotels are in different parts of Zimbabwe. The company owns some hotels and rents others. They didn't explain why they decided not to sell the hotels anymore.

African Sun Limited Calls Off Hotel Sale

President Emmerson Mnangagwa has declared a State of Disaster following the devastating fire at Mbare Traders Market on 8th October 2024.
The blaze, which took hours to extinguish and whose cause remains unknown, has severely affected over 4,000 traders by destroying the entire retail section and parts of the wholesale market.
In a statement issued on 14th October 2024, the Ministry of Local Government and Public Works announced that this disaster declaration will aid in mobilising resources to rebuild the market and support the affected traders. Reads the statement:
<blockquote>
His Excellency, the President of the Republic of Zimbabwe, Cde Dr. E.D. Mnangagwa has, in terms of Section 27(1) of the Civil Protection Act [Chapter 10:06], declared A State of Disaster following a destructive fire at the Mbare Traders Market on 8th October 2024.
The unfortunate inferno, which razed down the whole retail section and parts of the wholesale market, affected over 4 000 traders whose livelihoods have been negatively impacted.
The declaration will thus assist in mobilising necessary resources, in cash and kind, to support rebuilding of the market as well as assist affected entrepreneurs resuscitate their businesses.
The nation is advised that Government in collaboration with the private sector and other stakeholders, is working flat out to build back better.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

President Mnangagwa said a big fire at Mbare Traders Market is a disaster. The fire hurt over 4,000 people by breaking the whole retail part and some of the wholesale part. The government will help rebuild the market and help the traders. They will get money and other things they need. The government and other groups are working together to make things better.

Mnangagwa Declares State Of Disaster After Mbare Market Fire

The Standards Association of Zimbabwe (SAZ) has announced that recent tests on six popular mealie meal brands have confirmed the absence of harmful levels of glyphosate, a cancer-causing herbicide commonly used in agriculture.
In a statement released on Monday, 14 October, SAZ detailed that it tested Ngwerewere Super Refined Meal, Red Seal Super Roller Meal, Sunrise Roller Meal, Mega Roller Meal, Pearlenta, and Chibataura Roller Meal at the request of the Grain Millers Association of Zimbabwe (GMAZ).
SAZ Director General Duncan Madambe affirmed that the tests revealed the products available on the market are safe and adhere to international safety standards. Said Madambe:
<blockquote>
The Grain Millers Association of Zimbabwe tasked the laboratory to analyse mealie meal samples for Glyphosate levels.
The six samples of mealie meal for the following brands; Ngwerewere Super refined meal, Red seal Super Roller meal, Sunrise Super Roller meal, Mega Roller meal, Pearlenta and Chibataura Roller meal were then analysed.
In all the analyzed samples, the levels of glyphosate were below (&lt;) 0.5 parts per million (ppm) which is the Limit of Detection for the method of test.
It is important to note that there are governing limits for every pesticide, known as Maximum Residue Levels (MRLS).
These are the maximum concentrations in or on food/feed of plant and animal origin that is legally tolerated for it to be considered safe.
Our National Standard for maize meal (ZWS 760) makes reference to the CODEX (Internationally agreed Food Standards) limits for glyphosate in maize to which manufacturers should comply with.
The CODEX 158:2006 glyphosate limit for maize is 5 parts per million (ppm). This means that the detected levels are below the maximum residue limits and the analyzed mealie meal samples are safe for consumption.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Standards Association of Zimbabwe tested six popular mealie meal brands and found no harmful levels of cancer-causing herbicide. The brands include Ngwerewere, Red Seal, Sunrise, Mega, Pearlenta, and Chibataura. The director general of SAZ confirmed that the products are safe and meet international safety standards. The levels of glyphosate in the samples were below the maximum allowed, making them safe to eat. This is good news for consumers as the mealie meal brands have been cleared of any health risks related to the herbicide.

Zimbabwe Six Major Mealie Meal Brands Cleared Of Cancer-Causing Herbicide

Meikles Limited has named Matthew John Moxon as its acting Chief Executive Officer. Announcing the appointment, company secretary Thabani Mpofu said that Moxon succeeds Malcolm Mycroft, who has stepped down from the CEO position but will continue to serve as Managing Director of TM Supermarkets. Reads the statement:
<blockquote>
Shareholders are hereby advised that Meikles Limited has experienced changes in its executive structure. As of 2 October 2024, Mr Malcolm Mycroft vacated the position of Chief Executive Officer of Meikles Limited.
He remains the Managing Director of TM Supermarkets (Private) Limited, a subsidiary of Meikles Limited.
The Board of Directors appointed Mr Matthew John Stewart Moxon, as Acting Chief Executive Officer, on 4 October 2024 until a substantive Chief Executive Officer is appointed.
Matthew Moxon has a strong academic foundation and experience in retail and property management.
He holds a Bachelor of Arts in Political Science and History from Stellenbosch University, a Bachelor of Laws from the University of Cape Town.
He recently completed his Master of Business Administration (MBA) at the University of Cape Town’s Graduate School of Business.
Matthew began his career at Shoprite Checkers, where he completed their rigorous Management Training Programme, advancing through project management and operations roles in their Buying and Mozambique Divisions.
In 2017, he joined Meikles Limited, where his strategic leadership and business development skills have been instrumental in driving growth.
Currently, Matthew serves as the Managing Director of Thomas Meikle Properties (Private) Limited.
He is also a Director of Tanganda Limited, where he plays a role in guiding the strategic direction.
His dynamic leadership style, combined with his legal and business expertise, continues to foster growth and innovation.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Meikles Limited has a new acting CEO named Matthew John Moxon. He replaces Malcolm Mycroft, who will still be in charge of TM Supermarkets. Matthew has a good education and experience in retail and property. He used to work at Shoprite Checkers and has been with Meikles Limited since 2017. Matthew's leadership skills and knowledge are helping the company grow. He will be the acting CEO until they find a permanent one.

Meikles Limited Names Matthew John Moxon As  Acting CEO

Ropafadzo Msipa, a 25-year-old housekeeper at a local lodge in Chiredzi, has won a smart house and an Econet Smart House security system through the 2024 Econet Tapinda Sesingenile Promotion.
Ropafadzo entered the promotion by recharging a US$5 airtime voucher, which led to her winning a smart house in Penrose Estate, Nyabhira, located about 32 kilometres from Harare along Chinhoyi Road.
The new smart house includes three bedrooms, is solar-powered, and comes with fitted cupboards
In an interview with <a href="https://masvingomirror.com/chiredzi-maid-25-wins-house-in-econet-promo/">The Mirror</a>, Ropafadzo expressed her astonishment at the win, saying she is at a loss for words. She said:
<blockquote>
I could not believe it when I received a call from an unknown number and the person told me that I had won a smart house from Econet promotion.
At first I thought it was a prank and I refused to give the caller my identification details.
I later received another call in September and I was told to come to Harare, I went there and they took me to my house and I signed all the papers, what is left is for me to go and stay at my new house.
I am grateful to Econet Zimbabwe for giving back to community, just imagine I recharged with US$5 only and I won a house, I had no hopes of becoming a landlord anytime soon.
</blockquote>
Econet posted Ropafadzo’s name and those of other winners on its website. Other recipients of the promotion included Rebecca Mushuku from Gutu, Memory Chinyama, and Joel Dube, among others.
Besides the smart house, other winners received solar kits, gas stoves, smartphones, airtime, cash, and branded merchandise during the promotion, which ran from November 2023 to February 2024.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Ropafadzo, a 25-year-old housekeeper, won a smart house and security system by recharging $5 airtime. The house has three bedrooms, solar power, and cupboards. Ropafadzo was surprised and grateful, as she never expected to own a house. Other winners got solar kits, smartphones, and more. The Econet promotion ran from November 2023 to February 2024.

Chiredzi Maid (25) Wins Three-bedroom House In Econet Promotion

Businesses in Zimbabwe are grappling with supply chain management challenges posed by the country’s dual currency system, where transactions can be conducted using both the United States dollar and the locally-introduced ZiG currency.
Zimbabwe adopted a multi-currency framework in 2009, with the majority of transactions since then being carried out in foreign currencies.
However, in April 2024, the government introduced a new gold-backed currency, called the Zimbabwe Gold (ZiG), to replace the RTGS dollar, which had lost 80% of its value since the beginning of the year.
The challenges posed by this dual currency regime have come to the forefront after Simbisa Brands, a major Zimbabwean company, wrote to its suppliers seeking a modification to their payment terms. The letter states:
<blockquote>
Given the trading environment where we are receiving less than 50% of our sales in United States dollars, we find ourselves unable to settle our suppliers exclusively in US dollars on the current terms. We are therefore writing this letter to request a change in payment terms effective immediately.
The new terms will be as follows: Simbisa to settle 50% of the before VAT (value added tax) invoice amount in USD and the balance to be converted and settled in ZiG. VAT thereon will be settled 100% in USD in line with Zimra requirements. Other terms remain the same as agreed, supplier to continue invoicing in USD 100%.
</blockquote>
Speaking to The Independent, economist Chenaimoyo Mutambasere said suppliers are now increasingly demanding payments in United States dollars due to the volatility of the ZiG. She said:
<blockquote>
Businesses in Zimbabwe, including Simbisa Brands, are navigating complex challenges due to the dual currency system.
The partial payment of sales in US dollars creates significant complications in managing supply chains.
Many suppliers now demand payment in USD due to the volatility of the ZiG, especially considering the fact that international suppliers and certain key inputs can only be sourced with foreign currency.
This has put immense pressure on businesses to maintain adequate United States dollar reserves…
Many businesses, including Simbisa, are increasingly forced to negotiate payment terms in USD to avoid the risks associated with the local currency.
</blockquote>
Another economist Prosper Chitambara said it makes sense for people to change their U.S. dollars on the black market into the local ZiG currency and then use the ZiG to pay for services or goods. Said Chitambara:
<blockquote>
Given the destruction that we were witnessing on the foreign exchange markets, it actually makes sense for people to pay for services or even for goods using ZiG.
But of course that then affects a lot of businesses that are not able to have their foreign exchange requirements fully satisfied on the interbank market.
So, because of the distortions, it actually makes sense for a person to change his USD on the black market into ZiG then go into a formal retail outlet and buy commodities.
I think this letter by Simbisa shows they are also feeling the impact. They are not able to fully mobilise foreign exchange through the interbank market. They are just trying to make sure that at least 50% of their payment will be in USD.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Businesses in Zimbabwe are having a hard time managing both the US dollar and the new ZiG currency. Many companies like Simbisa Brands are struggling to pay their suppliers in US dollars because they are getting less income in that currency. Suppliers want US dollars because the ZiG is unreliable. Some experts say it might be better to use ZiG for payments, but many companies still need US dollars. This is causing a lot of problems for businesses in Zimbabwe.

Currency Chaos: Businesses Struggle With Multi-Currency System

The Supreme Court has ordered Innscor Africa Limited to divest from Profeeds after ruling that the merger of Profeeds and National Foods (owned by Innscor) created a near monopoly in the stockfeed industry, reported <a href="https://www.zimlive.com/supreme-court-orders-innscor-out-of-profeeds-for-breaches-of-competition-laws/">ZimLive</a>.
The Supreme Court judges found that the merger of the two previously competing companies under Innscor’s ownership resulted in the creation of a dominant unit that could reasonably become a monopoly. This was deemed contrary to the public interest.
Innscor, through its subsidiary Ashram Investments, had acquired a 59% stake in Profeeds in 2013, which the Competition Tariff Commission (CTC) initially prohibited.
Innscor then formed another merger with Profeeds in 2015, this time with a 49% stake, but failed to inform the CTC within the required 30-day period.
Although the law mandates that companies notify the CTC of any merger exceeding US$1.2 million within 30 days, the companies delayed this notification until 2019, two years after Innscor’s new legal team advised them to do so.
The CTC again prohibited the second transaction and imposed a ZWL$40 million fine on Innscor.
Innscor challenged the CTC’s decision at the Administrative Court and won, but the CTC then appealed to the Supreme Court.
Justice Tendai Uchena of the Supreme Court, along with Justices Nicholas Mathonsi and Felistus Chatukuta concurring, stated in their October 3 judgment that the Administrative Court made an error in ruling in favour of Innscor. Ruled the judges:
<blockquote>
The court aquo failed to consider the potential harmful effects of the merger. It therefore did not make its decision in terms of all the applicable factors in assessing a merger…
Monopolistic tendencies must be carefully assessed because they may initially appear favourable, but in the long run they may – when the monopolists get to a point where the market has no other option but to buy their goods – turn around and control even the economy of a country by producing highly priced goods or substandard goods sold at high prices. They may also destroy small business in the future.
</blockquote>
The Supreme Court judges said the Administrative Court ought to have carefully considered the fact that Innscor retained a controlling interest in both National Foods and Proceeds, which specialise in stock feeds. The Supreme Court said:
<blockquote>
Innscor also has a controlling interest in Irvines Zimbabwe, a major customer of both Profeeds and National Foods.
An analysis of Innscor’s conduct shows that it desires to wholly control the stock feeds market which is not permissible.
</blockquote>
The judges added that the merger “concentrated industrial power in the two biggest companies in the stock feed industry” and that the fine imposed on Innscor was reasonable given the company’s apparent affinity for anti-competition activities.
The court said the Profeeds merger was the third time Innscor had contravened competition laws.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Supreme Court told Innscor to sell Profeeds because their merger made a monopoly, which is bad. Innscor got in trouble for not telling the right people about the merger, and they got fined. The court said Innscor wanted too much power in the stock feed industry, so they had to sell. This was the third time Innscor did something against competition laws. The court said it's important to watch out for big companies trying to control everything. It's not fair to small businesses or the economy.

Supreme Court Orders Innscor To Divest From Profeeds

A Spar outlet situated at Five Avenue Shopping Centre in Harare was among the shops raided by officials from the Ministry of Lands, Agriculture, Fisheries, Water and Rural Development on Thursday.
The government launched a crackdown against shops and supermarkets selling counterfeit, expired and smuggled goods that have flooded the markets in the capital, Harare, and other cities across the country.
Zimbabwe has become a haven for smuggled goods, including alcohol and non-alcoholic beverages, which are often sold at below-market prices at shops and on street pavements.
This influx of illicit products has posed a challenge for local manufacturers, who have been voicing their concerns about the unfair competition to the government.
In an interview with <a href="https://www.newsday.co.zw/local-news/article/200033431/govt-raids-shops-over-imitations">NewsDay</a> yesterday, senior agricultural economist Simbarashe Masanga said shops should follow proper procedures when bringing goods into the country. Said Masanga:
<blockquote>
So they know that these products require permits, but they are actually doing the delivery. So that’s why we are seizing this flour from Spar Five Avenue.
The permit requirements are just a simple registration with AMA. Then you apply for a plant import permit from Plant Quarantine Services Institute.
Then we also issue a control of goods import permit straight from the Ministry of Agriculture and then you are good to go. And if the quantities are not even limited, you can import as much as you want.
</blockquote>
Masanga said that some of these smuggled products are not even in short supply, but are being illegally imported despite local production of the same goods.
He said the smuggled goods pose unfair competition for legitimate local brands that can easily compete.
Masanga said to address this issue, the authorities have launched a crackdown, raiding shops and supermarkets found selling counterfeit, expired or smuggled products.
He also warned that businesses caught selling these illicit goods will face heavy fines, which the AMA intends to make punitive enough to deter such practices.
The agency plans to expand these enforcement efforts across all shops to “bring sanity into the agricultural marketing space.”
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government in Zimbabwe raided a Spar supermarket for selling fake, expired, and smuggled goods. Many shops in the country are selling illegal items like alcohol and non-alcoholic drinks at cheap prices, which hurts local businesses. Government officials are cracking down on these shops and warning of heavy fines for those caught. They want to stop this unfair competition and bring order to the market. Everyone should follow the rules for bringing goods into the country to help local businesses thrive.

Government Raids Supermarkets Over Counterfeit And Smuggled Goods

The Zimbabwe Diamond and Allied Minerals Workers Union (ZDMWU) is outraged by the treatment of workers at South Mining (Private) Limited following a viral video that showed an employee cleaning a toilet without appropriate protective equipment.
In a letter addressed to South Mining’s Human Resources Manager, M. K. Mutunja, dated October 7, ZDMWU Secretary General Justice Chinhema said the “blatant disregard for workers’ safety and their well-being” has to stop. He wrote:
<blockquote>
It has come to our attention that your management has been constantly failing to provide Personal Protective Equipment (PPE) to workers, forcing them to work in hazardous conditions.
This egregious abuse of workers’ rights will no longer be tolerated. We demand immediate action to address this critical issue.
</blockquote>
Chinhema called on South Mining to immediately provide adequate personal protective equipment (PPE) for all workers, including general hand workers, and to implement regular inspections to ensure compliance with safety regulations.
The ZDMWU also demanded that the company conduct training on the proper use and maintenance of PPE and take disciplinary action against supervisors and managers responsible for neglecting safety protocols.
In the letter, Chinhema warned South Mining that failure to meet ZDMWU’s demands within seven days would lead to the matter being referred to the relevant regulatory authorities and the filing of a formal complaint with labour authorities.
ZDMWU also threatened to organise protests and demonstrations against the company’s management and consider industrial action, including a potential strike. Added Chinhema:
<blockquote>
Occupational health and safety of workers should be priority of your management not profit, cases of unsafe working environment has been reported by workers at your mine with so many accidents happening unreported due to lack of safety standards.
The labour requires your management to take appropriate actions that promote health and safety of workers because they have a rights to safe work and fair labour standards not what we have seen on social media.
We seek to so your management addressing and build a work environment that promote, protect and observe workers ‘rights, job security, safety and health.
</blockquote>
South Mining is a prominent coke-producing company which operates primarily out of Hwange, with its head office located in Harare.
The company runs three coke oven batteries with a total production capacity of 250,000 tons of coke annually.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Zimbabwe Diamond and Allied Minerals Workers Union (ZDMWU) is upset about a video showing workers cleaning toilets at South Mining without proper protective gear. They sent a letter demanding the company provide safety equipment and training for workers. If South Mining doesn't act in seven days, the matter will be reported to authorities. ZDMWU may protest or even go on strike if things don't improve. They want the company to prioritize the safety and health of workers over profit, as there have been reports of unsafe conditions leading to accidents. The company is based in Hwange and produces 250,000 tons of coke a year.

Viral Video Of Workers Cleaning Toilets At South Mining With Bare Hands Sparks Outrage

Over 300 workers at the RZM Murowa diamond mine in Mazvihwa, Midlands province, have gone on strike after not receiving pay for two months.
As reported by <a href="https://www.zimlive.com/murowa-diamond-mine-workers-on-strike-over-outstanding-salaries/">ZimLive</a>, the workers declared a strike on Monday, citing multiple grievances, including unfair labour practices, lack of spare parts for broken equipment, no company transport, poor communication from management, and delayed salary payments.
The workers believe that production could increase with a better equipment maintenance plan and criticized the company for employing casual workers on short-term contracts, often dismissing them without notice.
A list of demands presented to management includes full payment of outstanding salaries and bonuses, timely future payments, adequate provision of spare parts and personal protective equipment, resumption of staff transport, timely communication, and good corporate governance to prevent fund misappropriation.
In November 2023, the Zimbabwe Diamond and Allied Mineral Workers Union (ZDAMWU) criticised Murowa over salary delays, saying the high productivity has not led to corresponding salary disbursements or benefits for workers.
On Tuesday, the workers said they were being threatened with loss of jobs by management.
Murowa, which is part-owned by Rio Zim, produced 419,042 carats in 2022.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Over 300 workers at a diamond mine in Zimbabwe went on strike because they haven't been paid for two months. The workers complained about unfair treatment, broken equipment, lack of spare parts, no company transportation, and delayed payments. They want better maintenance of equipment, fair treatment of casual workers, and improvements in communication and payment practices. They demand full payment of salaries, bonuses, and better working conditions. The workers also criticized the company for not sharing profits from high productivity with them. The workers are also facing threats of losing their jobs. The mine is part-owned by Rio Zim and produced over 400,000 carats in 2022.

Murowa Diamond Mine Workers Down Tools Over Unpaid Wages

Dairibord Holdings has denied claims that it has shuttered its Zimbabwe operations and relocated to South Africa.
In a statement issued on Tuesday, October 8, Dairibord Group Chief Executive Mercy Ndoro reaffirmed the firm’s commitment to its Zimbabwean roots and said it will continue to operate within the country while investing in capacity enhancement. Reads the statement:
<blockquote>
Dairibord notes with concern various online media reports on the purported closure of its Zimbabwe operations and subsequent relocation to South Africa. These reports reflect inaccuracies which this statement seeks to clarify.
The position is that Dairibord has a longstanding history of successfully exporting its heritage brands to South Africa and other regional markets, failing to meet demand.
Resultantly, Dairibord has initiated strategies to optimise supply and distribution channels in South Africa. The intention is to replicate this model in adjacent markets such as Zambia, Botswana and Mozambique.
This will increase the company’s foreign currency generation capacity which will not only benefit the company, but also the country at large. The Africa Continental Free Trade Area (AfCFTA) makes regional positioning a major strategic priority.
Dairibord remains firmly committed to its Zimbabwean roots and will continue to operate within the country. The company is investing in capacity enhancement to support its growth ambition.
These investments are a clear demonstration of the company’s confidence in its future, and unwavering dedication to serving the local and regional markets.
Dairibord is the largest milk processing company in Zimbabwe. We work with small and large-scale farmers to grow raw milk as part of the country’s import substitution strategy. The company receives and processes about 40% of the national raw milk produced.
The Group manufactures a wide range of products from its four plants in Chitungwiza, Chipinge, Harare Simon Mazorodze and Harare Rekayi Tangwena.
Dairibord Holdings is listed on the Zimbabwe Stock Exchange and remains dedicated to serving the interests of its shareholders, who are largely Zimbabwean.
With a proud history of over 70 years, Dairibord is a trusted and reliable brand that has consistently delivered high-quality products to consumers.
Dairibord remains steadfast in its commitment to providing quality, nutritious milk, food, and beverage products to Zimbabwe and beyond, as the Zimbabwean operations remain the backbone of the expansion drive.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Dairibord Holdings says it is not shutting down in Zimbabwe, only expanding to other countries in Africa. They want to sell more of their products in South Africa and other nearby places to make more money. Dairibord is a big milk company in Zimbabwe and will keep making milk for people there. They are also listed on the stock exchange. They want to make sure their customers keep getting good quality milk, food, and drinks. Dairibord is not leaving Zimbabwe, they are just growing to help more people in Africa.

Dairibord Denies Reports Of Shutting Down Zimbabwe Operations

National Foods Limited, Zimbabwe’s largest food manufacturer, has bemoaned a severe shortage of foreign currency in the official market, which is hindering business operations.
In announcing the company’s half-year results, NatFoods chairman Edwin Manikai lamented the scarcity of US dollars on the official market and called for urgent measures to promote greater acceptance of the ZiG (ZWG) within the market. Said Manikai:
<blockquote>
The final quarter of the year under review saw currency reform measures instituted by the monetary authorities through the introduction of a new structured currency, the Zimbabwe Gold (ZWG).
Notwithstanding these progressive steps to broaden the multi-currency basket, market liquidity in the form of access to local debt facilities and foreign exchange via the WBWS platform remains severely constrained…
Whilst the Group welcomes the addition of the ZWG to the multi-currency basket, the success of this initiative will be dependent on further supportive measures, which amongst other things, will allow users to seamlessly interchange between currencies; this will naturally result in greater market acceptance, and use, of the new local currency.
</blockquote>
The ZiG, introduced on April 5, 2024, marks Zimbabwe’s sixth attempt to establish a viable local currency in the past 15 years. It is backed by gold, precious minerals, and foreign currency reserves held by the central bank.
Initially, it maintained a stable exchange rate of US$1: ZiG 13.86 for the first four months. However, the ZiG has since weakened on the parallel market, prompting the central bank to devalue the currency by 43% recently to address the disparity.
Industry lobby groups have cited limited access to foreign currency in the Willing Buyer, Willing Seller market as a key factor contributing to the exchange rate pressures.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

National Foods Limited, which is a big food company in Zimbabwe, is upset because they don't have enough foreign currency to run their business. They are asking for more support for their local currency, the ZiG, to be accepted in the market. The ZiG was introduced to help with currency issues in the country, but it has started to lose its value. This is causing problems for companies who need foreign currency to operate. The government has devalued the ZiG to try to fix this problem. Other industry groups are also facing similar issues with foreign currency shortages.

National Foods Decries Forex Shortages On Formal Market

Ecobank Zimbabwe Limited has expressed deep concern following a robbery at its Parkade Branch in Bulawayo on October 3, 2024.
In a statement released on Friday, October 4, 2024, Managing Director and SADC Cluster Head Moses Kurenjekwa affirmed that the bank is working with local law enforcement to ensure a comprehensive investigation.
Kurenjekwa said that the bank has implemented immediate measures to ensure security and response protocols across all branches to safeguard the well-being of both customers and staff. He said:
<blockquote>
Ecobank Zimbabwe Limited regrets to inform you of the unfortunate incident that occurred at our Parkade Branch in Bulawayo on 3rd October 2024, where armed robbers targeted the branch during cash repatriation by a security company.
We are deeply concerned about this event and are actively working with local law enforcement to ensure thorough investigations.
The safety and security of our customers and staff remain our utmost priority. We therefore reassure you that we have taken immediate measures to enhance security and response protocols across all our branches.
We understand that incidents of this nature may raise concerns among our customers regarding safety and security.
We hereby reassure you that all necessary protocols are in place to protect your funds and personal information.
We are committed to keeping you informed as more details on the incident become available. Our operations will continue as usual.
</blockquote>
The Safeguard security guards, travelling in a single van, had just collected the money, US$4 million, from the Ecobank branch at the NRZ Building, with orders to deliver it to Harare.
As the guards were loading the cash boxes into their van, a white single-cab Ford Ranger pulled up. Six armed men, wearing face masks and bucket hats, jumped out with their weapons drawn.
In a rapid and coordinated attack, the robbers quickly overpowered the guards, seized the cash boxes, and loaded them into their pickup—all within two minutes—before fleeing the scene with the stolen money.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Ecobank in Zimbabwe got robbed of US$4 million. The robbers stole the money while it was being moved to another place by security guards. The bank is working with the police to investigate. They are also improving security at all branches to keep customers and staff safe. The robbers wore masks and hats, quickly took the money, and ran away within two minutes. The bank is sorry for what happened and is making sure all money and personal information are safe. They will keep updating people as they find out more information.

Ecobank Pledges To Boost Security Following US$4 Million Armed Robbery

Ecobank has temporarily shut down its Bulawayo branch in the aftermath of an armed robbery on October 3, 2024, which resulted in the theft of US$4 million.
In a statement released on Friday, October 4, the bank announced that customers can continue to conduct their banking transactions seamlessly through its digital channels during the closure. Reads the statement:
<blockquote>
We regret to inform you that our Parkade Branch will be temporarily closed on Friday October 4, 2024, following the armed robbery incident that occurred on October 3, 2024. The safety and security of our customers and staff remain our utmost priority.
During this closure, we encourage you to utilize our digital channels for all banking transactions. Please note that our online and mobile banking services are available for your convenience. 
For any in-branch services, please visit our Bradfield Branch located at Zonkizizwe Shopping Centre where our team will be ready to assist you.
We appreciate your understanding and support during this time. If you have any questions or need assistance, please contact your relationship manager or customer service team on email ALLEZW CONTACTCENTRE@ecobank.com/assist@ecobank.com or call/WhatsApp 263771397171 and Toll free 08080157 (Econet numbers only).
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Ecobank's Bulawayo branch is closed because of a robbery where $4 million was stolen. The bank says customers can use online banking while the branch is shut. They ask customers to go to a different branch for help. The bank wants customers to know they care about their safety. They are sorry for the inconvenience and ask for support. If customers need help, they can contact the bank through email or phone. The bank is trying to keep things running smoothly during this difficult time.

Ecobank Temporarily Closes Bulawayo Branch After US$4 Million Heist

The Confederation of Zimbabwe Industries (CZI) has dismissed the Reserve Bank of Zimbabwe’s latest proposal to defend the Zimbabwe Gold (ZiG) currency, calling it misguided.
RBZ Governor John Mushayavanhu told the <a href="https://www.theindependent.co.zw/local-news/article/200033147/zig-defence-plan-doomed">Zimbabwe Independent</a> that the government had approved the central bank’s plans to compel companies to pay 50% of their corporate tax in ZiG, with the remaining 50% in foreign currency, to boost demand for the local currency.
However, a comprehensive 12-page analysis by CZI, conducted before the ZiG’s depreciation and subsequent 43% devaluation, reveals that companies were already reporting significant losses, making it unlikely that corporate tax payments would stimulate demand for the currency.
Instead, CZI proposes an alternative solution in its report, “Inflation and Currency Developments Update and Review of the Mid-Term Monetary Policy Statement”, suggesting that Pay As You Earn (PAYE) could be used as a basis to drive demand for ZiG. Reads the report:
<blockquote>
Corporate tax is currently the worst-performing tax head in terms of overall tax contribution. Thus, selecting such a tax head as the basis for the demand for ZiG is bound to have very little traction.
Government needs to be bold enough and select a performing tax head, such as PAYE as the basis for the requirement to pay 50% in local currency.
It is not expected that the inflationary pressures will (taper) within the short term unless these measures aimed at creating demand for local currency are enhanced beyond the current QPDs (quarterly payments dates) as most businesses are in loss positions and hence remain unaffected.
</blockquote>
PAYE is a system that is used to calculate how much from your gross earnings your employer is going to deduct to pay the Zimbabwe Revenue Authority (ZIMRA) Income Tax on your behalf.
According to ZIMRA’s first-half data, corporate tax collections fell short of targets by 14%. The revenue authority attributed this shortfall to the competition from the informal sector, which is estimated to dominate a staggering 72% of the economy. The CZI added:
<blockquote>
While the requirement to pay QPDs in local currency was a positive step, for most firms the ZiG that they get from the surrender requirements is more than enough to settle their QPDs as profitability has significantly shrunk as businesses try to remain competitive.
The depreciating ZiG on the parallel market has a risk of causing long-lasting inflationary pressures unless it is controlled.
Controlling the parallel market exchange rate can be achieved by enhancing access to foreign currency by a wider market.
However, given that currently there is not enough foreign currency for every possible importer, there is need for policies to continue to prioritise demand for the local currency.
</blockquote>
The CZI urged the central bank to intensify its efforts to curb the parallel market premium, which is exerting upward pressure on prices and undermining economic stability. It said:
<blockquote>
The parallel market premium should be among the critical variables which the RBZ should be seeking to contain.
The widening parallel market premium was not acknowledged (in the August 30 monetary policy) as a problem, even though it has a key role in destabilising prices and, hence creating inflationary effects.
As already mentioned, the premise that the exchange rate is stable could be the undoing of the monetary policy, as the parallel market exchange rate has a role in influencing market behaviour.
Currently, the market has rejected the official exchange rate as market driven hence the parallel market is again considered as the market rate and already used in service and product pricing.
The adjustment of US dollar prices in formal retail shops to very high levels compared to the informal sector is an indication that the exchange rate – induced distortions are already fully at play.
The RBZ should prioritise achieving alignment between parallel and official exchange rates by allowing banks the flexibility to set exchange rates based on the price expectations of willing sellers.
The RBZ can intervene strategically to maintain market stability and orderly trading conditions.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Confederation of Zimbabwe Industries (CZI) doesn't agree with the Reserve Bank of Zimbabwe's plan to boost the local currency, ZiG. They think that making companies pay 50% of their corporate tax in ZiG won't work. Instead, CZI suggests using PAYE to increase demand for ZiG. Corporate tax collections are not meeting targets, and the informal sector is dominating the economy. CZI wants the central bank to control the parallel market premium to stabilize the economy. They say the exchange rate needs to align with the market rate to prevent inflation.

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