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• Zimbabwe’s economic history has been turbulent with hyperinflation, currency devaluation, and a shortage of the Zimbabwean dollar.
• To cope with these challenges, Zimbabweans embraced digital payments.
• In H1 2023, digital payment values rose by 40%, with transaction volumes seeing a slight 4% decline.
• Mobile money services such as EcoCash, OneMoney, Innbucks, O’mari, and Telecash are now crucial for transactions in Zimbabwe.

For years, Zimbabwe has grappled with a severe shortage of physical currency. The nation’s economic turmoil commenced with hyperinflation, forcing the abandonment of its own currency in 2009. Instead, a mix of foreign currencies, primarily the US dollar, came in helping to steady the economy.

However, by 2015, the US dollar began vanishing from formal banks, resulting in a significant scarcity. Consequently, individuals and businesses started hoarding US dollars. The USD was considered a safe investment rather than a means of exchange.

Introduction of Bond Notes in Zimbabwe

To …

• RBZ Governor John Mangudya revealed that as of July 21st, the bank had conducted 11 issuances of GBDT.
• The Governor noted that the bank received 590 applications to purchase tokens equivalent to 325.02Kg of gold.
• In 2022, as the international economic environment worsened, Zimbabwe turned to gold coins were introduced to tame runaway inflation.

Zimbabwe’s struggles with hyperinflation has since been making headlines for decades. In 2009, inflation was so devastating that the country issued a new Zimbabwean dollar (ZWL), shedding twelve zeros from the earlier currency (ZWD).

By November 2022, the annual consumer price inflation for a compressed basket of goods was at 107 per cent in the country and in June, inflation rose to 175.8 per cent following devaluations of the local currency.

According to the Reserve Bank of Zimbabwe (RBZ) mid-term monetary policy statement, inflation increased to 86.5 per cent and 175.8 per cent in May and …

• Africa’s maritime trade, which hit $22Bn in 2018, will reach $48Bn by 2063 but relies heavily on fossil fuels.
• Shipping fuels global warming and is responsible for 2.5 per cent of greenhouse gas emissions.
• Africa urged to include maritime decarbonisation in NDCs for a greener future.

Africa’s maritime trade continues to grow exponentially. However, in light of the climate change crisis and the continent’s vulnerability, deliberations on decarbonising Africa’s maritime transport have emerged. During the Africa Climate Summit (ACS) in Nairobi, Kenya, a key focus point of the Nairobi Declaration was the urgent need to “accelerate all efforts to reduce emissions to align with goals outlined in the Paris Agreement.” Further, world leaders were urged to support and rally behind the proposed global carbon tax on fossil fuel trade and maritime transport.

During the summit, the “Creating Sustainable Pathways in Africa” session sought to realise eco-friendly shipping and economic growth …

Currently, financial inclusion is a target that all African countries must achieve. Boosting Africa’s financial inclusion will have a positive impact on economic growth and the prosperity of society. Through financial inclusion, everyone has access to a variety of quality, effective, and efficient financial services. Increasing public accessibility to financial service products will further reduce the level of economic and social inequality which in turn will improve the welfare of the community.

One of the efforts to achieve this financial inclusion target is through technology in the form of digital finance. When financial products and services use internet technology, it makes it easier for people to directly access various kinds of payments, shopping, savings, and investments, including loan and credit facilities. Among these digital financial elements, the payment facility is the service that is experiencing the fastest development and contributes greatly to the achievement of Africa’s financial inclusion targets.…

Despite rising investments in renewables as the world moves to realize net-zero emissions by 2050, the contribution of Africa’s wave energy remains very minimal. The Africa Climate Summit (ACS) was a pivotal platform to explore the potential of tapping oceans, one of Africa’s biggest resources.

With the summit’s overarching theme, “Driving Green Growth & Climate Finance Solutions for Africa and the World,” heightening the urgency to address the climate crisis; harnessing the potential of ocean water for clean energy could accelerate Africa’s journey to net-zero.…

Africa is home to nearly all the valuable minerals that are essential to generating wealth, producing commodities, and advancing technology. Approximately 30 per cent of the world’s mineral reserves are in Africa, but most mineral-rich countries remain poor with little to celebrate. Some of the key minerals found in Africa include oil, diamonds, gold, silver, copper, cobalt, coal, iron ore, uranium, and platinum.…

The COVID-19 pandemic drastically altered the global education landscape. Consequently, it pushed educators to innovate rapidly and adapt to new modes of teaching and learning. In Southern Africa, the pandemic prompted a swift shift towards blended learning. This involved a combination of in-person and online education, as schools and universities temporarily closed their physical doors. The need to ensure continuity in education while minimizing the risks of virus transmission drove this unprecedented change in the education sector. Among the various approaches adopted during this period, e-learning emerged as a powerful tool with the potential to revolutionize education in Southern Africa. As such, the region’s education sector can harness the power of gamification to shape a brighter future for its students.…

• Commodity exchanges are organized marketplaces that facilitate the trading of agricultural commodities such as grains, livestock, and even precious metals.
• These exchanges provide a structured environment for buyers and sellers to come together and exchange commodities based on standardized contracts.
• In Southern Africa, these exchanges have taken on a transformative role in empowering farmers and bolstering the agricultural sector.

Southern Africa’s agriculture is marked by its rich diversity of crops and products. According to International Fund for Agriculture (IFAD), agriculture is the largest sector in the East and Southern Africa region, employing 65 per cent of Africa’s labour force and accounting for over 30 per cent of the region’s GDP.

But it’s not without its hurdles. Smallholder farmers, who constitute a substantial portion of the agricultural workforce, often grapple with unpredictable market prices. They also suffer from limited access to credit, and inadequate information on market trends.

Additionally, the …

On the 1st of June 2023, African ministers for trade and industries adopted a protocol that prevents trading second-hand clothes across the continent under the preferences of the AfCFTA. This was during the high-level African Union – East African Community and the private sector forum, the second Ministerial Retreat of the Council of Ministers on the AfCFTA, held in Nairobi, Kenya, to assess the progress and address critical aspects of the agreement’s implementation.…

The United Nations Conference on Trade and Development (UNCTAD) recently published the Economic Development for Africa 2023 Report. The document, titled “The Potential of Africa to Capture Technology-Intensive Global Supply Chains,” looks at Africa’s capacity to become a prominent player in global supply chains for “high-technology” industries, which include automobiles, mobile phones, green energy, and healthcare.…