Browsing: zimbabwe

• Reduced commodity prices will hamper Zimbabwe’s economic growth aspirations in 2024. Commodities produced by Zimbabwe include platinum, gold, and diamonds.
• Over the last two years, the country earned record foreign exchange export receipts due to booming commodity prices. However, exports have started to slow and are expected to continue into 2024.
• Zimbabwe will face a perfect storm of economic headwinds, combining factors such as persistent soft commodity prices, anticipated El Nino conditions leading to reduced agricultural output, and lower power generation, all contributing to a reduction in economic growth.

Zimbabwe’s economic growth in 2024 will face challenges due to headwinds within its economy, compounded by external factors undermining its growth aspirations. Global commodity prices have recently decreased, posing a significant concern for countries dependent on producing these commodities for economic sustenance.

Over the last two decades, mining has increased significantly in Zimbabwe’s economy. While agriculture was once central to the …

• They will also receive comprehensive mentorship and coaching as part of a 12-month accelerator program.
• This year’s focus was on female-owned enterprises pioneering Fourth Industrial Revolution (4IR) technologies such as artificial intelligence, big data analytics, virtual reality, robotics, IoT among others.
• The winning ventures, led by women from across Africa, focus on sectors affected by climate change.

African enterprises have triumphed in the 2023 YouthAdapt challenge, with eight dynamic women-led businesses securing victory. Each of these enterprises is set to receive grant funding of up to $100,000.

They will also receive a comprehensive mentorship and coaching as part of a 12-month accelerator program. Since its launch in 2021, the YouthADAPT initiative has provided more than $5 million to 33 young entrepreneurs from 19 African nations.

Jointly organised by the African Development Bank Group (AfDB) and the Global Center on Adaptation, supported by the Africa Climate Change Fund, YouthADAPT is …

• CBZ Holdings, FBC Holdings, and ZB Financial Holdings have all played a pivotal role in shaping Zimbabwe’s banking sector this year.
• One of the most notable transactions in 2023 involves CBZ’s acquisition of a 36.35 per cent stake in First Mutual Holdings Limited.
• 2023 saw FBC Holdings execute a strategic move by acquiring Standard Chartered Bank Zimbabwe Limited. 

This year has proven to be a transformative period for Zimbabwe’s banking sector, witnessing significant acquisitions that have reshaped the landscape. In particular, three major players, CBZ Holdings Limited (CBZ), FBC Holdings Limited (FBC), and ZB Financial Holdings (ZB), have played a pivotal role in these developments.

These acquisitions signify a dynamic shift in Zimbabwe’s banking sector, with key players strategically positioning themselves for growth and market dominance.

Acquisitions shaping Zimbabwe’s banking sector

One of the most notable transactions in 2023 involves CBZ’s acquisition of a 36.35 per cent stake in First …

• Artificial Intelligence (AI) offers new job opportunities for tech-savvy African graduates.
• African policymakers must, however, protect current employees from job losses in the new AI era.
• Gen AI has the potential to offer solutions for Africa’s medical, nutrition, and financial difficulties.

Artificial intelligence (AI) is the new frontier, offering numerous possibilities for efficient productivity. However, what does it mean for Africa’s job sector?

AI means new job opportunities for tech experts. Yet, it also means lost jobs for less tech-savvy staff. For example, Generative Artificial Intelligence (Gen AI) can generate text, images, or other media using generative models. This implies that graphic designers, copywriters, artists, personal assistants, and others are no longer needed.

“Gen AI is being embedded in everyday tools like email, word processing applications, and meeting software, which means the technology is already positioned to radically transform how people work,” writes Sandra Durth, a researcher with consulting firm, …

• Econet Wireless Zimbabwe, a Telecommunications company founded by Strive Masiyiwa, has introduced the country’s first eSIM service.
• eSIM is a digital SIM card embedded in smartphones, eliminating the need for a physical SIM card and allowing users to have multiple phone numbers on one device.
• Econet’s adoption of eSIM technology aligns with global trends and promises to bring numerous benefits to both consumers and the company itself.

Econet Wireless Zimbabwe, one of the country’s leading telecommunications companies, has taken a bold step by introducing the country’s first eSIM service. This innovative technology, known as eSIM (Embedded Subscriber Identification Module), is a digital SIM card that is embedded in smartphones, eliminating the need for a physical SIM card.

Econet Wireless Zimbabwe’s introduction of eSIM technology is not merely a technological advancement but a strategic move to provide its customers with a better, more flexible, and sustainable communication experience.

Econet’s eSIM technology

• Chido Mpemba is the youngest senior official in the African Union and advocates for young Africans to have a prominent role on the global stage.
• Deniece Laurent-Mantey, a Special Advisor at the US State Department, cites African innovation, culture, talent, and creativity in addressing global challenges.
• Areej Noor aims to bridge the gap between African and diaspora women filmmakers and the international market.

At the just-ending United Nations General Assembly, the Unstoppable Africa Summit showcased a group of exceptional young African women who are reshaping the narrative of Africa’s global influence.

These three remarkable individuals represent the forefront of a transformative era, one marked by innovation, resilience, and the indomitable spirit of a continent on the cusp of a new era.

Chido Mpemba, the youngest senior official ever appointed in the African Union and the cabinet’s youngest diplomat epitomizes Africa’s boundless youth potential. She advocates for amplifying the voices …

• 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 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.…

• 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 …

Africa’s e-mobility is gaining momentum, largely driven by the daunting climate change crisis, fueling the need to decarbonize transport systems. African countries remain in pursuit of e-mobility solutions and advancement to low-carbon economies. Africa’s endowment with minerals key to the global green transition offers a significant advantage.…