Browsing: zimbabwe

rtg1

Tourism and Hospitality management group, Rainbow Tourism Group (RTG) is upbeat of positive performance going forward offsetting the negative impacts of the Covid-19 pandemic in FY2020.

The Rainbow Tourism group which is located in Zimbabwe, has an extensive portfolio of owner-managed or leased hotels and conference facilities in Zimbabwe and Mozambique, as well as a tour operator company.

As countries implement Covid-19 vaccinations to its residents as part of efforts to limit the spread and severity of the pandemic, the group is hopeful of the economic recovery with anticipation healing on the travel and tourism sector across the globe.

“The tourism industry was adversely affected by the Covid-19 pandemic. While the current situation is likely to persist into early 2021, we remain confident that the tourism industry will in time rebound and set the hotel business on a path towards recovery.

“A glimmer of hope has come from the ongoing …

tob

Tobacco farmers in Zimbabwe are positive about this year’s marketing season that was officially opened on Wednesday will surpass the last year’s figures.

This year’s saw an increase in price of tobacco per Kg retailing at 4.30 U.S. dollars from 4 dollars last year.

According to estimates, about 200 million kg of tobacco will be sold this season, as compared to 180 million kg valued at 452 million dollars that were sold last year.

Tobacco Farmers from different parts of the country especially in Harare will mark the start of tobacco sales season in a market hall despite strict health restrictions.

Tobacco production in Zimbabwe is expected to grow by nearly 9% this year, according to the Tobacco regulatory authority.

“Our tobacco harvest was very good this season and we expect good profit this year and I can see good prices as well. The highest I saw was US$4.30 and …

zimbabwe food security

Zimbabwe's food security levels are quite low, but there is a promise of a better outcome from the previously anticipated situation. This is mainly because the country has received above-average levels of rainfall during the current rain season. There is hope that the expected bumper harvest will help bring resolution to the challenges of food insecurity.

However, there is still a need for food aid due to the deficit emanating from the two previous consecutive poor rainfall seasons experienced in most districts of Zimbabwe. The droughts resulted in poor harvests, which caused inadequate household food stock from personal production.…

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zimbabwe coronavirus

da630ffe3c228bff150aeb8033971504Businesses in  Zimbabwe are feeling the covid sting has the government moves to reinforce a strict countrywide lockdown in response to renewed breakout of Covid-19 infections.

The lockdown came to effect at the end of the week and involves restriction of movement as well as business operations. With borders closed, businessmen in the country fear worse losses than they are already suffering.

As of January 15, 2021 Zimbabwe had 25,365 confirmed coronavirus (COVID-19) cases and 636 deaths prompting more restrictions.

The lockdown means effective closure of what the country says are non-essential businesses and with it comes also the prohibition of large gatherings like weddings, parties and even religious events.

Issuing the announcement, Zimbabwe’s Vice-President Constantino Chiwenga said the government admits that there is a new Covid-19 outbreak and overwhelmed the country’s health institutions.

Chiwenga, who is also the Health Minister, said the lockdown also means a dusk-to-dawn curfew will …

zimbabwe flag

Zimbabwe’s Finance Minister Mthuli Ncube delivered an optimistic 2021 $426 billion worth national budget. The upcoming year’s budget under the theme: Building Resilience and Sustainable Economic Recovery, is meant to be a gateway for an economic revival in the struggling country. 

The budget allocated a sizable proportion of the funds towards the health and education sectors.  

Key Budget Highlights

  • Budget size $421.6 billion
  • Revenue collection projected at $390.8 billion
  • Public debt $1.9 million
  • The economy is expected to grow 7.4% in 2021 following a consecutive decline in the past two years.
  • Year on year inflation is projected to end the year 2021 at 9% 
  • Upward review of tax-free threshold on salaries and 2% transaction levy and bonus.
  • Foreign currency-denominated corporate tax payments.
  • Tightening of Informal sector tax (Presumptive tax) collections.

Economic Recovery 

The minister presented optimistic growth metrics. The budget projects an anticipated 7.4% economic growth trajectory following two

gold

Zimbabwe’s Mining Sector,

In the 6th State Of The Mining Industry Prospects For 2021 Report, Zimbabwe’s mining sector representatives projected an optimistic outlook for 2021, citing an improvement in COVID-19 control, rising commodity prices, and an improved fiscal environment.

The mining sector faced a difficult year on the back of falling commodity prices. The situation was exacerbated by the impact of the COVID-19 pandemic which ravaged the entire globe.

The findings of the report indicate that the mining sector business confidence index is expected to improve to +3.1 in 2021 from 2.2 in 2020. The mining sector business confidence index is a measure of optimism (or lack of it) among mining executives.

Of the respondent interviewed, 90% of the miners in the country said they are looking forward to expanding their businesses in the coming year. This is in contrast with the 10% that don’t foresee any change in

zimbabwe flag

The government of Zimbabwe has set in motion an economic roadmap for the next 5 years. The new blueprint is anticipated to achieve a 5% growth in the country’s economy over a period of 5 years to 2025

Dubbed the National Development Strategy (NDS) 1, the economic blueprint replaces the transitional development strategy phase which the government says has achieved critical success.

The NDS 1 will therefore be rolled out under better economic conditions than the TSP and carries with it bold strategies and policies to catapult economic growth,” Mnangagwa said.

The country’s president Emmerson Mnangagwa announced the new plan which he said was supported by accelerated growth on the back of improvements in mining, agriculture tourism, and the manufacturing sector. 

The country is finance minister is expected to deliver the financial banking of this plan when he presents his budget this month

Some of the highlights of the economic

Zimbabwe Projects Inflation

A pre-budgetary statement released by the Ministry of Finance projects a slowdown in inflation to an estimated 134% at the end of 2020 from 660%. The inflation slowdown will ride on the back of the foreign exchange auction system that has been adopted by Zimbabwe’s monetary regulators. There is anticipation that this system will lead to sustained exchange rate stability. 

The Reserve Bank has also proffered a strong grip on money supply to curtail the inflation rate. Money supply growth has been one of the major reasons for the burgeoning rate of inflation. 


source: tradingeconomics.com

The finance minister also projected economic growth of 7.4% in 2021 from a 2020 slowdown of 0.4%. The minister, in addition, promised to sharpen the investment climate and attract fresh capital to the struggling nation to realize these ambitious growth figures.

Recovery from the Covid-19 pandemic, resumption of global economic activity as well as

Victoria Falls, Zimbabwe -The Exchange (www.theexchange.africa)

Victoria Falls Stock Exchange

Zimbabwe’s newest stock exchange, The Victoria Falls Stock Exchange will open its doors to trading on Monday 26 October 2020. The VFEX will trade in foreign currency only. 

The exchange will be a wholly-owned subsidiary of the Zimbabwe Stock Exchange, with reports indicating that there are plans to bring in an equity partner.

The launch and official opening to be graced by Zimbabwe’s Minister of Finance and Economic Development, former AfDB Vice-President Professor Mthuli Ncube is set to take place this Friday.

The Zimbabwe Stock Exchange experienced a hiatus from trading as instructed by the Finance ministry in a crackdown on parallel market activity earlier this year. It was to open its floors a month later but in the absence of fungible counters. The Victoria Falls Stock Exchange is therefore expected to start off trading with the fungible counters that were suspended from trading on

On October 1st, the re-opening of the Zimbabwe border will enable cross-border trade between the majority of Zimbabwe's SME's, enabling access to goods from South Africa.  

 Faced with the drastic impact of Covid-19, Zimbabwe is finally re-emerging from a state of complete lockdown.  

Only recently, Zimbabwean authorities have started reopening the economy in stages, as the country grapples to create economic momentum. A day after the Zimbabwe recorded a rise in COVID-19 recoveries on the 15th of September 2020, the Information Minister Monica Mutsvangwa announced a raft of relaxation protocols. Business operating hours where extended to 18:30 pm up from 16:30 pm, the national imposed curfew was reduced from 6pm -6am to 8pm - 6am.   

The government went further and approved the resumption of inter-city travel in a move to open up the economy following nearly six months of restrictions due to