Author: Albert Nangara

All sales of the gold coin, weighing 33.93g, by the agents would be subject to normal know-your-customer (KYC) principles in line with international best practices, which include the declaration of the source of funds.

“The gold coins shall be sold at the prevailing international price of gold plus 5% to cover the cost of production and distribution of the coin on a payment vs delivery basis,” the guidelines read in part.

“The bank shall publish the Mosi-oa-Tunya gold coin price by 0800 hours daily, which shall be based on the previous day’s London Bullion Market Association (LBMA) PM Fix plus the cost of producing the coin. The Mosi-oa-Tunya gold coins shall be sold with an accompanying bearer certificate with security features.”

The Zimbabwe Electricity Supply Authority (ZESA) is now legally able to incorporate drones in its infrastructure management. This announcement was made at an event the national power company held to mark its acquisition of a Remotely Piloted Aircraft Operator’s Certificate (ROC).

According to an article by Newsday published on June 15, 2022, speaking at ZESA’s drone technology certification ceremony in Harare Executive Chairman Sydney Gata said certification of the use of drone technology in their day-to-day operations is expected to improve service delivery.

“This will enable a quicker turn-around in fault finding and rectification resulting in the continuous and consistent provision of electricity to our customers. Drone technology will also assist ZETDC in its fight against vandalism and theft of electricity.”

ZESA is battling a myriad of challenges including incessant faults, mainly emanating from aging power distribution infrastructure. This has seen the country grappling with endless power cuts.

The new coins will be available for sale from 25 July in local currency, US dollars, and other foreign currencies at a price based on the prevailing international price of gold and the cost of production.

“The gold coins will be available for sale to the public from 25 July 2022 in both local currency (ZW$) and United States Dollars (US$) (and other foreign currencies) at a price based on the prevailing international price of gold and the cost of production. The coins will be sold through the Bank and its subsidiaries, Fidelity Gold Refinery (Private) Limited and Aurex (Private) Limited, local banks, and selected international banking partners. Entities selling the coins shall be required to apply to Know Your Customer (KYC) principles,” read the statement.

Aurex Private, a subsidiary of the central bank, is involved in diamond cutting and polishing over and above the manufacturing of jewellery.

Zimbabwe is anticipating the listing of some Real Estate Investment Trusts (REITs) this year. ZSE is expected to list the fifth ETF, Cass Saddle Agriculture ETF this week FINSEC introduced automated contract writing and derivatives trading, complete with direct integration of the trading, clearing, custody, and settlement facilities VFEX introduced broker-controlled accounts to ensure convenience in trading on the US dollar-denominated stocks trading platform VFEX is expected to launch its mobile securities trading platform, VFEX-Direct, at the end of this month in a move meant to simplify trading This year is shaping up to be a defining year for Zimbabwe’s…

Zambia is Africa’s largest copper producer, which is one of the reasons it has one of the strongest currencies on the continent. The country possesses abundant natural resources, and because copper is the most prevalent metal, copper mining is carried out on a massive scale. This provides Zambia with a significant rise in foreign currency earnings from the sale of metals to other countries.

Bscholarly notes that the value of a currency is significant because it determines the economic performance of a country. This has a direct impact on a currency’s demand on the global market. Exchange rates compare one currency to another and provide an overview of a currency’s strength in the global marketplace. According to financial analysts, factors like interest rates, economic policies, and stability determine the strength of any currency.

Mining liberalization, a debt restructuring programme following default on debt repayments in 2020, and high commodity prices have also had a positive impact on the performance of the local currency.

The African Development Bank (AfDB)’s Board of Directors has approved the establishment of the African Pharmaceutical Technology Foundation, a new ground-breaking institution that will significantly enhance Africa’s access to the technologies that underpin the manufacture of medicines, vaccines, and other pharmaceutical products.

Africa has great potential for drug discovery. The continent has natural resources, indigenous knowledge, and human capacity

AfDB Group President, Dr. Akinwumi Adesina said: “This is a great development for Africa. Africa must have a health defence system, which must include three major areas: revamping Africa’s pharmaceutical industry, building Africa’s vaccine manufacturing capacity, and building Africa’s quality healthcare infrastructure.”

The World Trade Organization and the World Health Organization, respectively, also welcomed and lauded the AfDB’s decision to establish the African Pharmaceutical Technology Foundation.

The widespread adoption of information and communication technology (ICT) by manufacturing companies the world-over is driving competition and permanently disrupting the playing fields. According to an article by Cision PRNewswire published on May 11, 2022, the competition for a strong manufacturing industry is a global one, and initiatives to promote and advance manufacturing from other governments include Germany’s “Industrie 4.0”,  France’s “Industrie du Futur,” and China’s “Made in China 2025”. Japan has planned Society 5.0 (Industry 4.0), targeting its economic and social challenges, such as an aging population, labor shortages, and weak growth through advanced technologies. Germany Industrie 4.0 Initiative aims to create an…

Africans and African diaspora across the world commemorated Africa Day on May 25, 2022. The day truly serves to integrate the diverse continent into one identity. This year bears extra importance as it is also the 20th anniversary of the African Union (AU). The theme for this year was “Strengthening Resilience in Nutrition and Food Security on the African Continent”. Yet, the celebration was tarnished by rising food prices as a result of Covid-19, climate-induced drought in parts of Africa, and the Ukraine crisis, according to Hindustan Times. According to an article by Hindustan Times published on June 17, 2022,…

The economies of African countries’ are dominated by agriculture and the continent’s growth relies heavily on the performance of the sector. However, climate change is a threat to agrarian operations and one of the biggest challenges to food security systems in Africa. Russia’s invasion of Ukraine has yielded devastating effects exhibited by acute food and commodity shortages the world over. This has ratcheted pressure on Africa as a continent to rely on its produce by using climate-smart techniques. Africa imported a range of agricultural products worth US$6.9 billion from Russia and Ukraine in 2020. According to the World Bank, more…

FINSEC introduces automated contract writing and derivatives trading, complete with direct integration of the trading, clearing, custody, and settlement facilities. The market will be on a 6-month trial window to enable market participants and investors to familiarize themselves with the newly established market. A derivative is an agreement between traders for selling or buying of shares, commodities, and currency in the future at an agreed price Zimbabwe’s alternative trading platform, Financial Securities Exchange (FINSEC), has introduced the first-ever derivatives trading platform in Zimbabwe. This should further widen investment options for investors in the country. FINSEC continues to be the torch…