Business

HARARE – The Insurance and Pensions Commission (Ipec) says implementing recommendations of the Commission of Inquiry on the conversion of insurance and pension values from the now-defunct Zimbabwean dollar to United States dollars without reforms would be catastrophic to the local industry. Ipec’s acting commissioner Blessmore Kazengura said while many insurance and pension stakeholders —…

HARARE – Zimbabwe should dump its discredited bond notes and real time gross settlement (RTGS) system and re-introduce the United States dollar as a way of solving the country’s fragile currency situation and reduce inflation, economist Steve Hanke has said. The southern African country introduced the surrogate currency, which government pegged at 1:1 with the…

HARARE – Zimbabwe is expected to continue relying on electricity imports for the next eight years due to lack of investment in the sector, a leading international think-tank has said. The southern African country requires 2 400 megawatts (MW) per day to meet national demand, while it only produces an average of 1 200MW. In…

HARARE – Zimbabwe will struggle to get financial support from international financial institutions due to its high debt levels, the International Monetary Fund (IMF) has said. Gerry Rice, the IMF spokesperson, said  the southern African country need policies that would stabilise the economy. “I would say that of course Zimbabwe is facing major challenges and…

HARARE – Industry and commerce, the transport sector, the informal sectors and the Zimbabwe Stock Exchange incurred terrible loses during last week’s shutdown.  Zimbabwe Congress of Trade Unions president Peter Mutasa and #ThisFlag leader Evan Mawarire called on citizens to stay at home from January 14 to 16 to protest against President Emmerson Mnangagwa’s move…

HARARE – As Zimbabwe continues to face a deteriorating economic situation created by recent monetary policies pronounced by government, the Daily News on Sunday spoke with various Zimbabwean economists to seek their views on what government should do to save the country’s economy. Kipson Gundani  Government should take its hands off the market and allow…

HARARE – Zimbabwe recorded a 17,5 percent increase in the number of tourists who entered the country in 2018, the department of Immigration has said. The number of travellers cleared around the country’s ports of entry and exit rose to 11 172 231 in 2018 as compared to 10 655 625 in 2017. Department of…

HARARE – Renowned United States economist and currency expert Steve Hanke says Zimbabwe’s annual inflation rate is at 236 percent, much higher than the official figure of 42,09 percent published by Zimbabwe National Statistics Agency (ZimStats). The statistics agency reported that year-on-year inflation rate for the month of November 2018 had gained 10,16 percent, surging…

HARARE – In the heart of Sandton – a vibrant, high energy commercial centre in Johannesburg – is a premier business centre minting top dollar. The mansions here, with their long, gated driveways and million-dollar views, are part of a hamlet called African Medallion Group (AMG). Locals have another name for these moneyed lanes: “new…

HARARE – The agriculture sector has been hit hard by a worsening cash crisis, fuel shortages and price hikes. Commercial Farmers Union (CFU) chief executive officer Ben Purcell-Gilpin told the Daily News on Sunday this week that the prevailing economic crisis has dented production. He said farmers are in a dire situation as suppliers want…