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Accountant (Harare)

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Zimbabwean women and children’s rights activist, Rita Marque Lunga-Mbatha, has been awarded compensation after a lengthy legal battle spanning over 20 years. Lunga-Mbatha was unfairly dismissed by her former employer, the Confederation of Zimbabwe Industries (CZI), and she represented herself in court, presenting overwhelming evidence. In a separate case, she had also filed a sexual harassment lawsuit against her former boss at CZI, Farai Zizhou, who was the chief executive at the time.
Lunga-Mbatha has been awarded a total of US$227,850.01 in compensation. High Court Justice Gladys Mhuri awarded her US$47,850.01 for unfair dismissal, and she had previously won US$180,000 in damages for the sexual harassment case. Despite demanding US$500,000 from CZI, the court ruled in her favour and awarded her the aforementioned amounts.
Lunga-Mbatha spoke about the sexual harassment she endured at CZI, stating that she reported it to the then-president of the organisation, Anthony Mandiwanza, but was met with disbelief and dismissal due to her marital status, the NewsHawks reported. Following her report, she was dismissed from her job and had to pursue the matter through the Labour Court, enduring humiliating and demeaning questions during the hearings. Said Lunga-Mbatha:
<blockquote>
In 2003 I suffered debilitating sexual harassment at work at the hands of my former boss Mr Farai Zizhou who was then the chief executive officer of the CZI. I told the then president of the CZI, Mr Anthony Mandiwanza, who said as a married woman I should be ashamed to aver that I had been sexually harassed. After this, I was dismissed from employment and I went on to take the matter with the Labour Court. 
</blockquote>
However, her persistence paid off as the Supreme Court ruled in her favour in June 2017.
This judgment settles part of her case, the other half continues as the case against CZI is still ongoing.
Lunga-Mbatha explained that the sexual harassment she experienced occurred for about nine months. It began while she was still probation at her job. She was hired by CZI in September 2002 but was terminated in July 2003. Lunga-Mbatha believes that her dismissal was unjust and unfair. She claims that Zizhou was responsible for orchestrating her dismissal. She claims that he deliberately planned and executed it as an act of retaliation after she reported him for the sexual harassment she endured.
Observers argue that the justice system needs to reflect upon itself considering the 20-year duration it took to conclude this case. They point out that it is highly likely that the applicant or victim would have passed away before the case reached a resolution. Moreover, some commentators express disappointment with the awarded compensation of $47,000 after two decades of legal proceedings. They calculate that it amounts to approximately $195 per month. They also fear that it might take another 20 years for the victim to receive the full amount. This lengthy process and inadequate compensation discourage many individuals from pursuing legal action in similar cases. Others argue that the slow progress of the case indicates a possible involvement of bribery and corruption. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Zimbabwean Activist Rita Marque Lunga-Mbatha Wins Compensation After 20-Year Legal Battle

The government of Zimbabwe may suspend its unpopular decisions regarding trading and Value Added Tax (VAT) to engage in talks with businesses, <a href="https://newzwire.live/govt-may-suspend-controversial-moves-on-retail-and-vat-and-that-would-say-much-about-policy/">newZWire</a> reported citing a leading industry group. Finance Minister Mthuli Ncube announced new measures that required retailers to purchase goods only from wholesalers, excluding unregistered informal traders, who constitute a significant portion of Zimbabwe’s commerce, from buying goods directly from manufacturers and wholesalers. Additionally, VAT exemptions on certain basic goods were removed, leading to price increases for essentials like bread and meat.
The Confederation of Zimbabwe Industries (CZI) CEO, Sekai Kuvarika, stated that the government has agreed to a moratorium, allowing businesses to continue trading based on the conditions of December 2023 while discussions are ongoing. Kuvarika said:
<blockquote>
As business we met with government this (Saturday) morning to receive feedback on the various submissions we have made on the Finance Act as well as SI 249 of 2023 and SI 248 of 2023 and a moratorium was given. We are pleased to advise that the government has provided a moratorium so business can continue to trade on the basis of December 2023 conditions while the engagements are being finalised.
</blockquote>
The meeting between business representatives and the government addressed various issues, including the route-to-market problem, the zero-rating of basic goods, a sugar tax on beverages, and the 10% margin on the exchange rate for formal businesses. According to the CZI, the new trading measures will result in foreign goods replacing local products. CZI highlights that around 30% of certain manufacturing sectors are already occupied by smuggled goods, and giving up this market means losing revenue and jobs. This will lead to a decrease in industry capacity utilisation, job losses, and a decline in government tax revenue.
CZI argues that manufacturers should have the freedom to choose the trade channels that suit their products, rather than being obligated to sell exclusively to wholesalers. They emphasise the importance of maintaining the integrity of various trade channels, including small traders and the informal sector. CZI proposes a 3% presumptive VAT on goods sold to traders who are not registered for VAT, with the collected money being remitted to the Zimbabwe Revenue Authority (ZIMRA).
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Government Has Agreed To Suspend Decisions On Retail And VAT - CZI

According to economists and business executives, the demand for commodities and services has started to weaken due to the rising cost of living. The depreciation of the Zimbabwe dollar has eroded the buying power of many people, particularly those formally employed and earning local currency.
Economics professor <a href="https://www.pindula.co.zw/Gift_Mugano/">Gift Mugano</a> stated that disposable incomes have been significantly eroded by inflation, leaving consumers with little to spend. While 80% of transactions are now conducted in US dollars, there is not enough liquidity in that currency to stimulate demand. Mugano believes that the majority of workers in the formal and informal sectors are not earning enough to stimulate demand. He said last week:
<blockquote>
It’s not about dollarisation or the US dollar dominance, but it is about liquidity, which is quite small.
That is why we have seen prices in the US dollars going down because there is no money to stimulate demand.
Buying power has been eroded and the US dollar incomes have been typically quite low.
</blockquote>
The <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries/">Confederation of Zimbabwe Industries (CZI)</a> president, Kurai Matsheza, stated that companies are beginning to witness a massive decline in aggregate demand. He said:
<blockquote>
Certainly until and unless the pay adjustments match the depreciation (of the currency), aggregate demand naturally diminishes and more importantly, would the employers be able to match the salaries to the levels of (currency) depreciation? I don’t think so.
 What we are seeing in our businesses is the coming down of demand; it is drying up even the order quantities have also come down.
</blockquote>
However, the chief executive of the <a href="https://www.pindula.co.zw/ZNCC/">Zimbabwe National Chamber of Commerce (ZNCC),</a> Christopher Mugaga, believes that aggregate demand is not determined by incomes and salaries from the formal sector because they are insignificant and compensated by artificial demand. He said:
<blockquote>
Aggregate demand is not determined by incomes and salaries from the formal sector because they are very insignificant. That insignificant portion is compensated by artificial demand because there are already fears of shortages of products.
</blockquote>
According to some analysts, the decline in order quantities for manufacturers may not be due to weakening demand, but rather changes in trading terms. Schweppes managing director, Charles Msipa said companies are now insisting on upfront Zimbabwe dollar payments, which has become difficult for some. Msipa added that it is still too early to determine the demand patterns due to these changes, particularly in the formal sector, which predominantly uses the Zimbabwe dollar. Msipa stated that it is hard to know if the uptake of the product is low when retailers do not have their products on their shelves.
Last month, the Finance and Economic Development Minister, Prof <a href="https://www.pindula.co.zw/Mthuli_Ncube/">Mthuli Ncube</a>, announced policy measures to stabilize the economy. However, the domestic currency has depreciated by roughly 393% against the US dollar.
While some suggest dollarisation may help, Reserve Bank of Zimbabwe Governor, Dr <a href="https://www.pindula.co.zw/John_Mangudya/">John Mangudya</a>, stated that full dollarisation of the economy would lead to weakening demand for goods and services. He said the rate at which US dollars go out is faster than the rate at which they come in, and dollarisation would lead to companies scaling down and job losses.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Business Executives: Demand Weakens Due To Rising Cost Of Living

Industry warns that paying electricity tariffs in US$ will worsen Zimbabwe’s economic crisis. <a href="https://www.pindula.co.zw/ZESA">Zimbabwe Electricity Supply Authority (ZESA)</a> has announced that it will charge power usage in US$, but this move is seen as exacerbating the already dire situation faced by companies, which are experiencing prolonged power outages of up to 20 hours a day.
The <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries">Confederation of Zimbabwe Industries (CZI)</a> acknowledges that ZESA imports electricity and pays in US$, but urges the authority to assume the responsibility of obtaining foreign currency and to remove it from the burden of companies. NewZimbabwe cites CZI as saying:
<blockquote>
However, while this need is clear, the liability for raising this foreign currency should not be passed on to business.
Rather, ZESA should be able to purchase foreign currency from the auction or WBWS like every other importer, rather than getting the prerogative of charging in only one currency in a dual currency environment, where businesses earn a portion in ZWL$.
</blockquote>
The industry in Zimbabwe is experiencing increased costs due to power cuts, which are causing damage to machines and increased production costs due to the usage of alternative energy sources.
CZI added that the payment of electricity tariffs in US$ is making it more difficult to do business and promoting dollarisation, which has more disadvantages than advantages for the industry. However, there is hope for improvement in the situation in 2023, as Kariba water levels are expected to improve from April to November of that year due to improved rainfall patterns.
The Zimbabwe Electricity Transmission and Distribution Company (ZETDC) expects Kariba Power Station to feed 775MW by mid-April to May 2023, up from the current 350MW.
Hwange Unit 7 was added to the national grid in March 2023 and Hwange 8 is expected to be complete by June 2023. The two power stations are expected to add 600MW to the grid, which would see power cuts declining by May 2023.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Paying Electricity Tariffs In US$ Will Worsen Things - Industry

Captains of industry say the successful synchronisation of Hwange Thermal Power Station’s Unit 7 with a generation capacity of 300 megawatts (MW) with the national grid will not meaningfully end the current electricity challenges bedeviling the economy.
Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza on Wednesday told <a href="https://businesstimes.co.zw/hwange-deal-wont-rid-zim-of-power-crisis/">Business Times</a> that the hope is that the new unit will operate at full capacity consistently. Said Matsheza:
<blockquote>
We hope that it will be on the grid on a sustainable basis and hopefully, it will operate at the capacity of 300MW and if that stands a test of time, this will assist industry and other sectors of the economy though it will not eliminate the power challenges completely.
</blockquote>
Zimbabwe National Chamber of Commerce president Mike Kamungeremu said the development is welcome. He said:
<blockquote>
We hope that Unit 8 will come soon and that will be commendable. We hope that may result in load shedding hours reduced as right now it is not sustainable for businesses to run for hours as the cost is too huge resulting in some firms closing.
All the same, we are happy with the development, though we need more power.
</blockquote>
<h2>Hwange Unit 7</h2>
Unit 7 was successfully synchronised with the national grid and started feeding electricity on Monday, 20 March.
The synchronisation sought to establish if the electricity being generated from Unit 7 would flow into the national grid.
The Zimbabwe Power Company (ZPC) said that power from Unit 7 will be progressively fed into the grid until it reaches 300MW.
ZPC said it expects the second 300MW thermal unit (unit 8) to start generating power in October.
<h2>Depressed Power Generation</h2>
According to power generation statistics, ZESA ‘s five power stations in Kariba, Hwange, Bulawayo, Munyati and Harare on Wednesday collectively produced 361MW against a national demand of 1 800MW.
Hwange Thermal Power Station has the capacity to generate 1 220MW, while Kariba South Hydroelectric Power Plant has the capacity to generate 1 050MW.
On Friday, 24 March, Hwange was generating 530MW, Kariba, 350MW, and Munyati, 18MW to give a total of 898MW. Harare and Bulawayo were not generating anything.
<h2>ZESA Loadshedding, Debts</h2>
To cover for the shortfall, ZESA is load-shedding consumers as well as importing from South Africa, Mozambique and Zambia.
A <a href="https://www.263chat.com/zambia-to-switch-off-zim-over-power-supply-debt/">recent report</a> claimed that Zambia’s power utility ZESCO Limited was set to disconnect supply to Zimbabwe on 14 March over non-payment of US$10.7 million debt for the month of February and March.
ZETDC commercial service director Gift Ndhlovu was recently quoted as saying the overall debt to regional suppliers has increased to over US$100.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Hwange Unit 7 Will Not End Zimbabwe's Power Crisis

The <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries">Confederation of Zimbabwe Industries (CZI)</a>, has urged the government to take measures to urgently restore the function of the Zimbabwe dollar.
The Zimbabwe dollar was reintroduced in June 2019 after being ditched for a decade and it has been shedding value since then raising fears that it will collapse for a second time, according to <a href="https://www.businessweekly.co.zw/czi-begs-govt-to-rescue-zimdollar/">Business Weekly</a>.
CZI says the Zimbabwe Dollar is now at the periphery of the bulk of transactions in the economy as it continues to lose value against other currencies hence the need to find measures to restore its functionality.
In a research paper titled “Inflation and currency developments” released earlier this month CZI, said a recent report by ZIMSTAT indicated that on average, about 77 per cent of transactions were now executed entirely in US dollars. CZI said: 
<blockquote>
Zimbabwe is in a multi-currency regime and the policy stated goal is to move to a mono-currency regime.
However, Zimbabwe is slowly but surely moving towards full dollarisation. While full dollarisation will completely eliminate persistent inflation challenges being faced by Zimbabwe, the cost of full dollarisation tends to outweigh the benefits.
While controlling Zimbabwe inflation remains the only way to enhance the store of value function, there is an urgent need to at least restore the function of the (Zimbabwe dollar) as a medium of exchange.
Currently, there is no demand for the local currency, especially among those that earn foreign currency, as the dual economic nature of Zimbabwe means that they can do all transactions in US dollars.
The main reason why the efforts aimed at ensuring stability have failed is that the efforts are mainly targeted at the supply side, especially controlling money supply growth and managing Zimbabwe dollar liquidity.
However, these efforts also need demand side management policies to succeed. Currently, there is not much being done on the demand side, which could see any business seeing the need to hold on to the Zimbabwe dollar.
</blockquote>
The industrial lobby also said:
<blockquote>
1). full dollarisation could cause economic contraction, as the country would have migrated to a high-cost economy, which will make it difficult for local firms to compete in the international market.
2). full dollarisation would curtail the central bank’s ability to act to assist banks in distress and avert financial system crises.
3). adopting the US dollar as the sole transaction currency would lead to a loss of monetary policy independence, which entails the ability to influence the growth trajectory of an economy using the usual monetary policy tools.
4). the negative impact of the US dollar monetary regime could drive the economy into huge current account deficits, as it would inevitably become cheaper for economic agents holding US dollar balances to import goods into the country.
</blockquote>
CZI added that the current Willing Buyer Willing Seller (WBWS) platform was also failing to serve as a market-based platform because willing buyers were unlimited while there was a shortage of willing sellers on the platform.
Measures to protect Zimbabwe dollar currency
CZI suggested migrating certain taxes to being payable only in local currency.
It also recommended the full liberalisation of the forex exchange.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

CZI: Urgently Restore Zimbabwe Dollar

Nearly 20% of local companies reported job cuts during the first nine months of 2022 despite reporting growth in profit post-COVID-19 restrictions, according to the Confederation of Zimbabwe Industries (CZI).
When the pandemic broke out in 2019, most nations had to reevaluate their goals for economic growth as they struggled to slow the virus’s spread and deal with overburdened healthcare systems.
According to the CZI, most companies reported growth in profit post-COVID-19. The CZI’s third-quarter report shows:
<blockquote>
Although job creation is positive, unfortunately, there were also some firms that retrenched workers. This also includes those that created new jobs; about 8% of the firms that created jobs also retrenched, and these are mainly in the wholesale sector, which could reflect casual workers on short contracts.
On the overall, about 17% of the firms indicated that they had retrenched employees during the period under review. The agriculture sector is also among those sectors with a ratio of firms indicating that they had retrenched exceeding the national average. In terms of the actual level, on average, firms that retrenched parted company with about 16% of their total employees over the nine months to September 2022.
The distribution of the retrenchment patterns with respect to age shows that among those that retrenched, firms that are still relatively new (10 years and below) had a higher ratio of workers leaving compared to those fairly older in business.
</blockquote>
The report also shows that almost 41% of the businesses indicated that the profitability of their businesses had improved during the first nine months of 2022.
However, about 28 per cent of the businesses indicated that their profitability had dropped, with close to a third of the businesses believing there were not many changes in profitability. 
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

"Nearly 20% Of Local Companies Reported Job Cuts Post-COVID-19" - CZI

The industries of Zimbabwe have demanded tougher action to combat persistent inflationary pressures.
The <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries">Confederation of Zimbabwe Industries (CZI)</a> expressed concern about the sharp increase in month-to-month inflation towards the end of 2022, even after a drop in the annual rate.
Zimbabwe’s annual inflation rate dropped from a peak of 285% in August to 243% in December as the government proceeded to evaluate the terms of payment for commodities and the central bank stepped up its market-cooling operations.
CZI said additional austerity measures are required to lower the rate which is unquestionably the highest in the world.
 In its examination of inflationary tendencies for 2023 titled “2022 Inflation and Currency Developments Round-Up,” CZI said:
<blockquote>
Annual inflation ended the year 2022 at 243,8%, shrinking by 11,2 percentage points from the November inflation rate..
The December annual inflation rate was above the 2022 national budget end period target of between 15% and 20%, as well as above the February monetary policy statement target of 25% to 35%.
The beginning of the year is associated with new policy measures for the year, which may hold inflation down but (these) seem to fail to stay the course as it (inflation) surges again. Delayed policy responses seem to sustain high inflation or its upward movement.
</blockquote>
CZI said the sudden rise in December’s month-over-month inflation (2.4%) is cause for concern as it may indicate the need for new policies.
In Zimbabwe, inflation typically responds to depreciation in the exchange rate, particularly the rate on the black market which began to decline in December 2022. 
The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> (RBZ)’s <a href="https://zero.pindula.co.zw/rbz-forex-auction-zimbabwe-dollar-official-rate-as-of-17-january-2023/">foreign currency auction results</a> on Tuesday show that the Zimbabwe dollar is currently trading at $732 to the US dollar, continuing its freefall versus the US dollar.
The Zimbabwe dollar is trading at $1100 to the US dollar on the black market up from $900 recorded last week.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

Zimbabwe Industries Demand Tougher Measures To Combat Inflation

The <a href="https://www.pindula.co.zw/National_Social_Security_Authority">National Social Security Authority (NSSA)</a> has said nearly 600 000 new formal jobs were created in various sectors between 2018 and December 2022.
NSSA said at least 591 000 “decent jobs” were created between January 2018 and December 2022.
<h2>Jobs created per year:</h2>
<blockquote>
i). 2018 – 20 640.
ii). 2019 – 242 998.
iii). 2020 – 78 409.
iv). 2021 – 121 145.
v). 2022 – 129 051.
</blockquote>
NSSA’s general manager Dr Charles Shava told The Sunday Mail that the agriculture sector was the biggest employer during the period under review.
This was followed by the retail and general business sectors.
Also, there was a considerable decline in the number of people leaving their jobs, as most departures from work were caused by retirement, old age, invalidity or death. Shava noted:
<blockquote>
Exits from employment are on a declining trend as shown . . . with a 21 percent decline from 2018 to 2022, thus indicating an improvement in employee retention in the market.
The exits data provided in this report tries to mimic retrenchment information.
However, some exits from the NSSA main scheme are due to old age, invalidity and death.
</blockquote>
The data from NSSA is in sync with a recent report from the <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries">Confederation of Zimbabwe Industries (CZI)</a>, a business lobby group which noted that capacity utilisation was 58 per cent by the end of the first quarter of 2022.
CZI president Mr Kurai Matsheza said increased capacity utilisation by industries is good for the economy as it means increased output, more fiscal revenue from the increased output, increased employment numbers and increased economic activity. 
Economic analyst Mr Trust Chikohora lauded the Reserve Bank of Zimbabwe’s auction market which he said had provided the much-needed foreign currency for companies to re-tool.
The <a href="https://www.pindula.co.zw/Zimbabwe_National_Statistics_Agency_(ZIMSTAT)">Zimbabwe National Statistics Agency (ZIMSTAT)</a> describes an employee as anyone who works for a public or private employer for more than 30 hours per week, while an employer is any individual or entity that employs a worker for more than 30 hours per week.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>

NSSA Says Nearly 600 000 New Formal Jobs Were Created Between 2018 And 2022

A High Court judge has awarded US$180 000 to a woman who was fired from her job after reporting her boss for sexual harassment almost 20 years ago.
Rita Marque Mbatha said she was sexually harassed by former Confederation of Zimbabwe Industries (CZI) CEO Farai Bwatikona Zizhou between 2002 and 2003 when she worked as his personal assistant.
When she reported the matter, the CZI responded by firing her.
Last week Justice Joseph Mafusire hailed for her tireless determination as she won a lawsuit against Zizhou.
Mbatha sued both Zizhou and CZI for a total of US$500 000. The suit against CZI is pending.
In one incident, Zizhou emailed Mbatha saying he would be visualising her when he is bathing with his wife.
He told her that the sight of his naked wife was “torture and unbearable” to him.
In his ruling, Justice Mafusire noted that it was discouraging that Zizhou never showed any remorse. Said Mafusire:
<blockquote>
The matter has had a long turbulent history. The wheels of justice have turned slowly for her.
There can be no denying that. She has been to this court. She strives for closure. Any lesser mortal would probably have given up.
Plainly, Mbatha is no lesser mortal. Her tenacity and fighting spirit have moved mountains. She is still fighting.
… There has never been an apology. One thinks it would have been quite salutary and a measure of atonement for the injured brain.
At the arbitration, Zizhou sought to dismiss his reprehensible conduct as mere jokes. He was callous.
He engineered Mbatha’s dismissal from employment. After the incident and the dismissal, she was not treated with sensitivity.
… the proper level of damages for sexual harassment perpetrated by the defendant from September 2002 to June 2003 is US$180 000… or equivalent thereof in local currency convertible at the interbank rate at the time of payment.
</blockquote>
Justice Mafusire ruled that Zizhou should pay interest on the amount and cost of the lawsuit.
Mbatha is now the director of Women’s Comfort Corner Foundation (WCCF) and a board member of the International Alliance of Women (IAW).
<h4>More: <a href="https://www.zimlive.com/2021/12/06/woman-wins-us180000-in-20-year-old-sexual-harassment-lawsuit/">ZimLive</a></h4>

Woman Wins US$180 000 In Sexual Harassment Damages

The Confederation of Zimbabwe Industries (CZI) has cancelled its planned business conference with the Rwanda business delegation, which was scheduled for Harare today.
This follows Rwanda’s suspension of inbound and outbound flights from Southern Africa. Said the largest industry body in the latest update:
<blockquote>
CZI would like to advise of the cancellation of the planned Rwanda Zimbabwe Business Conference, which was scheduled for the 29th of November at Rainbow Towers, Harare as the Rwanda team travel documents were made complex by the recently discovered Omicron variant in South Africa.
As a result of this heightened covid-19 risk, several flights bound for Southern Africa were cancelled.
</blockquote>
The conference was meant to facilitate increased business synergies between Zimbabwe and Rwanda.
The meeting was a follow up to the signing of memoranda of understanding (MoU) between CZI and Rwanda Private Sector Federation in September this year. 
Zimbabwe and Rwanda have sealed five MoUs that are set to transform economic relations between the two countries in information and communication technology (ICT), e-Government, agriculture and livestock development, tourism and business events, environment and climate change, and another between CZI and the Rwanda Private sector.
CZI earlier said the visit by the Rwanda Business was aimed at exploring business opportunities in the Zimbabwean market and discussing opportunities for local businesses in the Rwanda market.
More: <a href="https://www.chronicle.co.zw/czi-rwanda-business-conference-cancelled-due-to-omicron-covid-19-variant/">The Chronicle</a>

CZI-Rwanda Business Conference Has Been Cancelled

The Confederation of Zimbabwe Industries (CZI) has welcomed the relaxation of restrictions under the COVID-19 Level 2 lockdown regulations by President Emmerson Mnangagwa.
In a State of the Nation Address (SONA) on the COVID-19 pandemic response yesterday, President Mnangagwa reviewed the lockdown to Level 2, from Level 4, allowing more time for business to operate.
CZI chief executive officer, Sekai Kuvarika, told Finance &amp; Business that the previously limited trading hours had started to take a toll on businesses. She said:
<blockquote>
This development is welcomed by industry, as businesses had started to show signs of stress due to COVID-19 induced (shorter) trading hours.
</blockquote>
According to the new Level 2 regulations, businesses are now allowed to operate from 8 am to 7 pm, while the curfew period will run from 10 pm to 5:30 pm.
Mnangagwa also allowed restaurants and bars within hotels and lodges to operate from 10 am to 10 pm while bottle stores are to open between 10 am and 4 pm.
Intercity travel is now permitted in strict adherence to COVID-19 health measures while public gatherings will not exceed 100 people.
<h4>More: <a href="https://www.herald.co.zw/industry-welcomes-more-trading-hours/">The Herald</a></h4>

Industry Welcomes Extended Trading Hours

The Confederation of Zimbabwe Industries (CZI), which groups some of the country’s biggest companies, has called for the immediate suspension of Statutory Instrument 127 of 2021 saying the new law threatens the progress industry had made towards recovery.
The government last week gazetted SI 127 of 2021 which compels business to peg prices of goods and services in line with the official exchange rate.
The new regulations penalise those found on the wrong side of the law including businesses refusing to transact in the local dollar.
But in a statement, CZI said the SI must be suspended to allow for dialogue between government and business. It said:
<blockquote>CZI believes that SI 127 should be immediately suspended. CZI agrees with the issues that the Ministry of Finance is trying to resolve; control inflation, eradicate the use of the black and informal markets, bring stability/sanity to the foreign currency markets, and prevent abuse of the foreign currency obtained on the auction for profiteering and other opaque activity.
It is our submission that the SI127 does the exact opposite of the above and indeed will; reduce the amount of foreign currency in the official and formal channels, create USD inflation to achieve a perceived required return by business, bring businesses that previously were able to generate forex into the auctions.</blockquote>
CZI further contended that there were only a few corporate entities that access forex at the Auction rate and yet price at the alternative market rates.
It said this is not representative of the entire industry, and therefore engagement between industry and the government can resolve such aberrations. CZI said:
<blockquote>The industry body does not support such behaviour in any way, but we also believe it does not warrant the blanket SI which has far-reaching adverse implications for the economy.
Pursuant to the foregoing, CZI, therefore, calls for urgent dialogue with the Ministry of Finance and monetary authorities to map out a way forward.</blockquote>
CZI said the immediate impact of applying the SI would be that US dollar prices will be hiked so as to result in the same ZWL price prevailing prior to the SI.
It said the use of the auction rate would result in consumers converting their US dollars to ZWL on the parallel market prior to purchasing.
This practice has already been rampant outside the major retail chains such as Pick n Pay, OK and Bon Marche and will further deprive companies of what has become their main source of foreign currency.
<h4>More: <a href="https://newzwire.live/czi-wants-si127-suspended-industry-was-recovering-before-latest-forex-rules/" rel="noopener" target="_blank">newZWire</a></h4>

Industry Wants New Forex Rules Suspended

Zimbabwe’s ruling ZANU PF has said it is concerned by the recent surge in the prices of goods and services across the country.
The party’s spokesperson, Simon Khaya Moyo said the development signified greed by some business entities as there was no market factor that could have triggered the spike. In a statement, Simon Khaya Moyo said:
<blockquote>The revolutionary Zanu-PF Party is concerned by the recent spike of cost of goods and services particularly basic commodities. Such a development has no grounding in basic economics and it is merely a manifestation of greed in some of our business entities.
Surely, this practice weighs heavily on the poor and must be nipped in the bud. Certainly, the ordinary citizen needs protection.
The deadly pandemic has not spared our economy hence the need to take care of each other. The WHO protocols relevant to this virus and Ministry of Health and Child Care regulations must be observed religiously.
We are indeed all endangered species and times are very hard. Therefore, there is no need for unscrupulous and speculative behaviour, which has led to this situation-soaring of prices.</blockquote>
Meanwhile, some attribute the spike to the demand and supply relationship saying the lockdown meant limited inflow of goods from other countries while the demand remained high.
The local industry is collapsed and therefore cannot sustain the local demand.
Others said the “cost of goods and or services is determined by inflation, labour, overheads like fuel and electricity,” of which they have been on a steady upward trend in recent months.
Moreso, the Confederation of Zimbabwe Industries (CZI) recently complained that the Reserve Bank of Zimbabwe (RBZ) was releasing funds from the auction late prompting businesses to cover the gap by getting the scarce foreign currency from the black market which is costly compared to getting it from the official market.
More: <a href="https://www.chronicle.co.zw/just-in-zanu-pf-condemns-businesses-that-are-increasing-prices/" rel="noopener" target="_blank">Chronicle</a>

Zanu-PF Party "Is Concerned By Recent Price Hikes"

The President of the Confederation of Zimbabwe Industries (CZI), Henry Ruzvidzo has reiterated calls for the lifting of the national lockdown to allow local companies to resume operations.
Before President Mnangagwa extended the lockdown by further 14 days, CZI had urged the government to lift the lockdown saying that it was adversely affecting the local industry which is on the verge of collapsing.
Speaking to The Zimbabwe Independent, Ruzvidzo said that the country, at the expiry of the extended lockdown this Sunday, allow companies to operate. He said:
<blockquote>We made our recommendation before the latest lockdown extension was effected. We expect the lockdown to end on Sunday to allow all companies to resume operations.
Ideally, we expect the lockdown to end.</blockquote>
Ruzvidzo speaks when the number of coronavirus cases in the country has just increased from 32 to forty, the greatest jump made in a day so far.
Some who are opposed to the idea of lifting the lockdown, though they admit that it has worsened the economic and humanitarian crisis in the country, assert that hunger is better than death.
Meanwhile, President Mnangagwa has hinted that the lockdown will be further extended.
More: <a href="https://www.theindependent.co.zw/">The Zimbabwe Independent</a>

Local Industry "Expects The Lockdown To End On Sunday"

The CZI after asking the government to lift lockdown restriction measures to allow companies to resume operation has offered the following recommendations to the government to deal with the COVID-19 economic fallout according to Newzwire.
<ol>
<li>The government should drop all “hugely wasteful” subsidies, including those on fuel prices. The exchange should also be allowed to float freely so that it converges with the black market rate.</li>
<li>Informal traders should be allowed to order goods from formal industries and use carts to distribute them directly to customers in residential areas.</li>
<li>With many countries having stopped exporting medical materials, Zimbabwe should respond by building the capacity of local pharmaceutical products.</li>
<li>Allow the key mining sector to keep operating.</li>
<li>Zimbabwe should seek a temporary suspension of repayments of Afreximbank loans, some of which are gold-backed. “If such an extension is granted it would free up valuable resources to help keep the country going during the crisis.</li>
<li>The business will be unable to pay back loans. Banks, the Public Accountants and Auditors Board and the RBZ must jointly work on a plan on the treatment of loans.</li>
<li>The government should provide guarantees to allow companies to borrow and restart operations. “Companies could pay a fee for these guarantees which could then be used to fund any losses that the guarantee scheme may end up with.”</li>
<li>RBZ must provide liquidity support for banks, “in line with international best practice and consistent with maintaining a stable monetary base”.</li>
<li>Landlords should “show compassion” to businesses that will be unable to pay rent “for reasons which are simply beyond their control”.</li>
<li>On mortgages and other secured loans, rollovers and extensions of time should be encouraged. Courts should carefully consider any foreclosures, to ensure that due consideration of the crisis can be demonstrated.</li>
<li>Effective 1 April 2020, PAYE bands must be increased by 200%.</li>
<li>Employers must be allowed to offset any 2% tax paid in any given month against PAYE due for that month. This will help to subsidise wages and allow employers to sustain the employees during the period of the lockdown.</li>
<li>The 2% Tax Exempt transaction limit must rise from Z$100 to Z$500. The tax could also be cut to 1% to stimulate demand in the economy</li>
<li>To avoid stoking inflation, these bailouts must be funded by existing local currency resources, and not by creating new balances.</li>
</ol>
More: <a href="https://newzwire.live/czi-82-of-companies-cant-pay-more-than-a-months-salary-lift-lockdown/">Newzwire </a>

LIST: CZI's 14 Recommendations On How The Government Can Deal With The COVID-19 Economic Fallout

The <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries" rel="noopener noreferrer" target="_blank">Confederation of Zimbabwe Industries (CZI)</a> said the increase in money supply as the government borrows to fund its excessive expenditure is stoking inflation.
A CZI official urged the government to desist from making one-off payments to its suppliers, but rather pay in tranches so that they won’t rush to the parallel market to buy foreign currency.
Speaking before the Budget, Finance and Economic Development Parliamentary Committee on Monday, CZI chief economist Tafadzwa Bandama said:
<blockquote>The problem we are having in the economy is the growth in the money supply. Just to highlight that in the last quarter of 2019, the money supply was $35 billion and in the first quarter of 2020, it is now at $46 billion, which is quite a huge growth in the money supply.
We also want to highlight as CZI that supply of services to the government must be rationalised, especially when it comes to payment. If say a supplier does a job for $3 million, for example, instead of giving them the whole $3 million which they will use to rush to the parallel market, it’s better to pay in tranches so that we do not have a run on the exchange rate.</blockquote>
Several business executives who appeared before the Committee blamed government policies for the economy’s poor performance.
<h4>More: <a href="https://www.newsday.co.zw/2020/03/tell-ed-the-truth-about-economy/" rel="noopener noreferrer" target="_blank">NewsDay</a></h4>

Business Blames Govt For Driving Inflation & Spike In Parallel Exchange Rates

Capacity utilisation in the manufacturing sector is expected to drop by 18% in 2019 to 30% as the economic turmoil bites, The Chronicle reports. This was revealed by <a href="https://www.pindula.co.zw/Confederation_of_Zimbabwe_Industries">CZI</a> Matabeleland Chamber President Mr Robert Chawira who said the manufacturing industry this year suffered a number of constraints which have eroded the previous year’s gains.
Said Mr Chawira:
<blockquote>We are this year forecasting at around 30 percent, which is down from about 48 to 50 percent, which was last measured in January.We also have a challenge of unnecessary importation of goods and services consuming 82 percent of our import expenditure.
With these factors there is no doubt that our industry is faced with many challenges as our country is in a deep economic decline. These factors, while they are many, they differ in a way they have affected business.</blockquote>
Many businesses lamented the exchange rate woes that saw some <a href="https://news.pindula.co.zw/2019/09/21/mono-currency-switch-made-zesa-lose-4-billion-report/">losing billions of dollars at the back of policy changes</a> by the government among other factors.
More; <a href="https://www.chronicle.co.zw/capacity-utilisation-to-drop-to-30-czi/">The Chronicle </a>

Manufacturing Sector Capacity Utilisation Projected To Drop To 30% - Report

Consumers and business have been united in rage by the latest increase in the price of fuel. The development is expected to result in an increase in prices of other commodities including transport and food.
The Zimbabwe Energy Regulatory Authority (Zera) announced on Tuesday that fuel prices had gone up for the third time within six months. Petrol and diesel respectively went up from RTGS$4,97 to RTGS$5,26 and from  RTGS$4,89 to RTGS$5,07.
Henry Ruzvidzo, the president of the Confederation of Zimbabwe Industries (CZI) told the Daily News yesterday that stability was urgently needed in the fuel sector to avoid hurting business. Ruzvidzo said:
<blockquote>We are going to see another round of (price) increases after this development. As industry, we are concerned since customers are already struggling to afford our products,”</blockquote>
The president of the Confederation of Zimbabwe Retailers, Denford Mutashu lamented the development saying it is affecting workers whose incomes have been eroded by inflation. Mutsshu said:
<blockquote>Finance minister (Mthuli Ncube) should explain the implication of having a budget surplus in a country where prices of necessities like fuel, medication, basic commodities and (the) general cost of living keeps rising. Otherwise the surplus, if not directed to the productive sector and needy areas of the economy, remains a fallacy as long as the majority continue to swim in poverty.</blockquote>
Above sentiments were reiterated by National Consumer Rights Association advocacy and campaigns advisor Effie Ncube who called upon the government to adopt a culture of consulting the stakeholders.
More: <a href="https://www.dailynews.co.zw/articles/2019/06/13/fuel-price-increase-fuels-public-anger-consumers-business-unite-in-rage" rel="noopener noreferrer" target="_blank">Daily News</a>

Consumers & Business Unite In Rage Over Fuel Prices

The Confederation of Zimbabwe Industries (CZI) has said that Zimbabwe’s problems are coordinative in nature. This was said in a statement delivered following an urgent meeting held by the members of the organisation.
The organisation held the crisis meeting to receive a report on the interbank market from economists and to find ways to stablise the economy.
Said part of the statement:
<blockquote>Business in Zimbabwe acknowledges there is need to accelerate engagement on the economic stabilisation and growth agenda as a collective effort across the different sectors so as to achieve effective coordination and implementation of interventions. This is from recognizing that a big part of the economic challenges are coordinative in nature. Our economy is in a position of imbalance due to distortions that need to be attended to so as to bring it back into balance with actions that will stabilise the exchange rate and also restore the purchasing power of consumers. If these distortions are not attended to they will continue to cause further distortions and damage across all sectors of the economy.</blockquote>
The government last week said that bread makers had tried in incite an uprising in Zimbabwe when they raised prices in the week of 18 April 2019. The meeting recommended a process to ‘help to identify standards of disciplined behaviour that we need to adhere to as business, labour and Government in order to achieve economic growth and stability.’
Read the <a href="https://news.pindula.co.zw/2019/05/18/czi-holds-currency-pricing-crisis-meeting/">full statement here</a>.

Zimbabwe's Pricing & Currency Crisis 'Coordinative In Nature': CZI

Confederation of Zimbabwe Industries (CZI) president Sifelani Jabangwe told The Herald that selling in US dollars only is bad for the economy.
Jabangwe said Zimbabwe’s economy will shrink by about 50% if the country dollarises. Said Jabangwe:
<blockquote>We see more companies wanting to sell in US dollars, but the issue is that we don’t need dollarisation as an economy. The economy will shrink by as much as 50 percent if we dollarise so for me it is not the right way to go. We have seen it with US dollars in the past that we won’t be competitive when using the US dollar.</blockquote>
More: <a href="https://www.herald.co.zw/redollarisation-unwise-czi/">Herald</a>

Using US Dollars Bad For The Economy- CZI President

In an interview with The Chronicle, Confederation of Zimbabwe Industries (CZI) Matabeleland Chamber president Mr Joseph Gunda said companies have cut working hours due to shortage of raw materials caused by shortage of foreign currency.
Gunda appealed to the Reserve Bank of Zimbabwe (RBZ) to prioritise allocating foreign currency to the mining equipment manufacturers and suppliers. Said Gunda:
<blockquote>We are in a tight spot as forex shortages hit industries harder. Generally most of us, it has been almost three weeks with no allocations and most of the industries rely on the importation of raw materials and without allocations the situation is getting worse. We are appealing to the Reserve Bank of Zimbabwe to prioritise allocating the mining equipment manufacturers and suppliers.</blockquote>
More: <a href="https://www.herald.co.zw/byo-firms-cut-working-hours-cite-lack-of-raw-materials/">Herald</a>

Bulawayo Companies Cut Working Hours Due To Shortage Of Raw Materials

The Confederation of Zimbabwe Industries (CZI) has made an about turn and urged the nation to support Finance Minister Mthuli Ncube’s 2 per cent tax on money transfers. The CZI had originally opposed the tax saying that it was going to have devastating effects on the economy as it would cut into business’ margins. Addressing the media on Friday, CZI president Sifelani Jabangwe said,
<blockquote>
CZI was therefore initially opposed to an uncapped 2% tax and had proposed a cap which would achieve the aim of widening the tax base without over taxation. However, given the gravity of the current crisis in confidence, we recognise that it is vital that the fiscal deficit is dealt with immediately…The 2% tax, as subsequently modified by the Minister of Finance on 5 October, with further adjustments in consultation with the private sector, should go a long way towards closing the fiscal deficit and restoring stability to the economy… We, therefore, call on all stakeholders to accept this painful necessity to stabilise the economy.</blockquote>
The CZI also said that the government should become fully transparent about its expenditures and borrowing to prevent the situation from occurring again.
More: <a href="https://newzwire.live/accept-2-tax-as-short-term-shock-therapy-czi-urges/" rel="noopener" target="_blank">NewZWire</a>

Industry Makes U-Turn, Urges Nation To Accept Mthuli Ncube's "Shock Therapy" Of 2 Percent Tax

The Confederation of Zimbabwe Industries (CZI) has called on the government to put a cap on the new money transfer taxes because they are not sustainable. <a href="https://news.pindula.co.zw/2018/10/01/govt-increases-tax-on-money-transfers/" rel="noopener" target="_blank">Minister of Finance and Economic Development Mthuli Ncube’s announcement that the government had reviewed the amount charged for every money transfer transaction from 5 cents per transaction to 2 cents for every dollar per transaction to widen the tax base.</a> However, Industry said the new tax regime would increase the cost of doing business which would hurt the economy. Confederation of Zimbabwe Industries (CZI) president, Sifelani Jabangwe told state media,
<blockquote>
It will result in the increase in the cost of doing business if left in the current form. It’s good that it will help widen the tax base including the informal sector but the challenge is that if it left open-ended it has adverse effects on the economy… Our recommendation is that it be made two percent with a cap, say with a maximum of $2 because what will happen for big businesses is that whenever we pay salaries we pay two percent more, whenever we pay for anything we pay two percent more. It will increase the cost to the value of that payment, It will be unsustainable…So, by capping it at $2 it will ensure the objective of tax collection but not at the expense of business.</blockquote>
<a href="https://news.pindula.co.zw/2018/10/02/increase-in-tax-for-money-transfers-is-creatively-destructive-and-will-destroy-industrys-margins-united-refineries-ceo/" rel="noopener" target="_blank">Chief Executive Officer at United Refineries Limited Busisa Moyo also said that the increase in the taxes will destroy industry’s margins.</a>
More: <a href="https://www.chronicle.co.zw/outcry-over-new-tax-regime/" rel="noopener" target="_blank">Herald</a>

Industry Says New Taxes Will Have Adverse Effects On Economy, Calls For Cap Of $2 Per Day

Confederation of Zimbabwe Industries (CZI) president Sifelani Jabangwe has said that about  US$2bn is needed to revive Zimbabwe’s manufacturing sector.
Said Jabangwe:
<blockquote>I think we need about US$2 billion. This will give us a very good start. It will be funding that will go towards working capital and it will also go towards companies that need to import equipment for purposes of retooling.</blockquote>
Jabangwe also highlighted that they quite happy with the announcement of a new cabinet.
Said Jabangwe:
<blockquote>The vision has already been given by his Excellency, which is to make Zimbabwe a middle-income economy by 2030. From our own calculations, it requires a 9% growth rate per annum in order to achieve this. This requires that we accelerate the pace at which the economy is currently operating. Currently the economy for 2018 is expected to range between 4,5 and 6%. What we need is 9%. What this means is that the appointed Cabinet must accelerate all issues to do with the ease of doing business and issues of investment promotion to ensure that they speed up economic growth.</blockquote>
More : <a href="https://www.theindependent.co.zw/2018/09/23/us2bn-needed-to-revive-manufacturing-jabangwe/" rel="noopener" target="_blank">Zimbabwe Independent </a>

US$2bn Needed To Revive Manufacturing Sector

The Confederation of Zimbabwe Industries (CZI), is pressing government to clear 40 of its members who were “wrongly” listed as money externalisers by President Emmerson Mnangagwa.
Speaking to Daily News, CZI president Sifelani Jabangwe said 32 of the 40 companies under its auspices have submitted full documentation proving they were wrongly implicated and want to clear their names. Jabangwe said they are meeting Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya on Monday to discuss the issue. Said Jabangwe:
<blockquote>We have therefore fixed a meeting with the RBZ governor on Monday as part of efforts to clear ourselves and return to normal business. Thirty two of our companies have come forward and submitted documents seeking to clear their names. We believe the remaining eight are either sorting their documents or they are returning the money if they truly externalised. We have examined the documents and realised that trading issues were mistaken for externalisation. We are going to be explaining to the governor that it’s not possible that all those companies could have externalised funds. The companies have supplied us with documents indicating they were simply exporting or importing but the transactions could not be processed on time for various reasons and the bank thought it was externalisation.  For example, if a payment for import or export has been made for 90 days and there is a delay, it could easily be mistaken for externalisation. We have companies which have those issues; whose payments were overdue. Remember Zimbabwe has a poor credit rating and when you are exporting for example, the foreign partner will only pay when they have received the goods.</blockquote>
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More: <a href="https://www.dailynews.co.zw/articles/2018/04/01/business-pressures-govt-on-externalisation">Daily News</a>

Mnangagwa Wrongly Listed 40 Companies On Looters List: CZI

Confederation of Zimbabwe Industries (CZI), which represents the country’s manufacturing sector and the Zimbabwe National Chamber of Commerce (ZNCC) expressed displeasure over the inclusion of some of its companies on a list of looters released by President Emmerson Mnangagwa on Monday.
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CZI Matabeleland region chapter president, Mr Joseph Gunda said some of the companies that appeared on the list of looters had submitted their acquittals to the Reserve Bank of Zimbabwe (RBZ) on time. Gunda said the inclusion of some companies on the list tarnishes their image and reputation. Said Gunda:
<blockquote>We are still examining that list. There are some of our members that have already submitted their acquittals to RBZ but when the list of externalisers came out, they were still included. We also want to get a comprehensive report on how many of our members have been affected after, which we will then find a common position to get the matter addressed.</blockquote>
A ZNCC member who declined to be named said that it is surprising that their company is on the list of looters when the machines they imported are still at the border. Said the ZNCC member:
<blockquote>It’s sad, I am on the list yet the machines I imported are still at the border. We have been applying for extension but our banks and the central bank are letting us down. How on earth can someone externalise $11 000.</blockquote>
More: <a href="http://www.chronicle.co.zw/business-cries-foul-over-looters-list/">Chronicle</a>

Mnangagwa Looters List: Business Organisations Express Displeasure

The Confederation of Zimbabwe Industries (CZI) has lamented the massive corruption in Zimbabwe, saying that foreign currency allocations by the Reserve Bank of Zimbabwe were being diverted for other purposes. CZI chief executive Clifford Sileya described the corruption as “murderous” and alleged that money was being diverted from the intended beneficiaries without the knowledge of John Mangudya, the governor of the central bank.
Addressing participants at the Employers’ Confederation of Zimbabwe (Emcoz) collective bargaining summit in Nyanga, Sileya said:
<blockquote>One company which supplies oxygen to hospitals has not received an allocation of foreign currency for three months.
The Reserve Bank governor (John Mangudya) nearly fell off his chair when he heard this saying he sent an allocation weekly. Seriously this is corruption which is certainly murderous.</blockquote>
More: <a href="https://www.theindependent.co.zw/2017/12/01/corruption-hampers-forex-allocation-czi/">The Independent</a>

CZI Complains Of Massive Corruption In The Allocation of Forex By The RBZ

Confederation of Zimbabwe Retailers president Mr Denford Mutashu said they have approached Government and requested that licences of retailers who were overpricing should be revoked.
Said Mutashu:
<blockquote>Presently, we are going around noting the names of retailers charging speculative prices, and we have forwarded their names to Government and the Financial Intelligence Unit of the RBZ. Though we are engaging, we have only sent names of those retailers we felt were not complying. We went to Manicaland, Masvingo, Midlands, Mashonaland Central and Mashonaland East, and many retailers were complying. We do not have arresting powers ourselves, but we are working with Government. We are considering drastic action, including even withdrawing their licences. As a nation, we need to get to a stage where we call a spade a spade.</blockquote>
More: <a href="http://www.sundaynews.co.zw/shops-lose-licences-over-prices/">Sunday News</a>

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