Zimbabwe Stock Exchange has been one of Africa's best performing stock markets during the years 2019 to 2021 Zimbabwe's economy officially dollarized for the second time since 2009 when it first abandoned the use of the Zimbabwe dollar. The Zimbabwe Stock Exchange is home to some high quality companies that generate consistent quality returns. When dollarization first occurred in 2009 companies in Zimbabwe were left poorly capitalized and in need of fresh capital in hard currency. The need for fresh capital resulted in a flurry of rights issues from companies listed on the Zimbabwe Stock Exchange which for the most part were poorly subscribed leading to the dilution of existing shareholders who could not pursue their rights when dollarization initially occurred. This second phase of dollarization will be like the initial phase for investors who are not prepared for it but will also be a significant opportunity for those with liquidity in hard currency. Government has resisted dollarization but should now anticipate it. Looking at recent developments on the Zimbabwe Stock Exchange one remembers that Edmund Burke once said, “… those who do not remember history are destined to repeat it…” There are few places in the world where history
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