Regional Human Capital Operations Manager – Human Capital x2 (Harare)

SAP Support Analyst (F1) – ICT: LEVEL 9 (Harare)

ABAP Developer: Level 9 (Harare)

Procurement Manager: D5 (Harare)

Financial Accountant (Harare)

Sales Consultant (Kadoma)

Cervical Cancer & Clinical Service Mentor Nurse

Laboratory Technician (Harare)

Spport Driver (Harare)

Food Security and Livelihoods Head of Department (Harare)

Accountant (Harare)

Accounting Assistants x3 (Harare)

Communications Intern (Harare)

Corporate Legal Counsel (Kamativi)

Company Secretary (Harare)

Marketing Manager (Harare)

Sales Manager (Harare)

Procurement Manager (D5)

Director Policy and Market Development (Harare)

Assistant Valuer Grade 7

Town Planner Grade 10

Till Operator x2 (Bindura)

Ambulance Technician (Bindura)

Business Development Manager

Intellectual Property Manager

Chief Research Officer (Bindura)

Teaching Assistant: Banking and Finance (Bindura)

Technical Assistant: Natural Resource Management (Bindura)

Administrator (Bindura)

Faculties Manager (Harare)

Staff Development Fellow: Department of Veterinary Pathobiology x4 (Harare)

Staff Development Fellow: Department of Construction & Civil Engineering (Harare)

Officer: Student Residential and Logistical Services (Harare)

Student Development Officers (Harare)

Information Manager (Harare)

Graphic Designer x2 (Harare)

Marketing Officer (Harare)

Technical/Copy Editor x2 (Harare)

Proofreader x2 (Harare)

Typesetter x2 (Harare)

Acquisitions Editors x2 (Harare)

General Hand (Harare)

Locum Pharmacists (Mutare & Ngezi)

Drivers x2 (Harare Campus)

Graphic Designer (Gweru)

Drivers (Harare Campus)

Artisan Supervisor – Fleet Maintenance (Gweru)

Transport and Logistics Officer - Tracking (Gweru)

SHEQ Intern/ Attaché (Bulawayo)

Nutrition Officer (Mutare)

Team Leader (Mutare)

Project Field Officer (Mutare)

Monitoring and Evaluation Officer (Mutare)

Assistant Accountant-Retail (Harare)

Trainee Risk Officer (Harare)

Sales Manager (Bulawayo)

Retail chain Sai Mart will take over control of Choppies Zimbabwe outlets starting January 1, following Choppies Enterprises Limited’s announcement to exit the Zimbabwean market.
Sai Mart, owned by legislator and Deputy Minister of Industry and Commerce Raj Modi, currently operates six branches in Bulawayo.
During a media briefing in Bulawayo on Thursday, December 19, Modi confirmed that Choppies supermarkets will be rebranded as Sai Mart in the coming weeks. He said (via <a href="https://www.chronicle.co.zw/modi-acquires-choppies/">Chronicle</a>):
<blockquote>
As of January 1, 2025, we will take over Choppies Zimbabwe outlets, and they will be rebranded as Sai Mart.
</blockquote>
However, Modi did not specify whether the acquisition includes all Choppies outlets nationwide or only those in Bulawayo.
Choppies entered the Zimbabwean market in 2013 by acquiring several Spar shops and expanded its footprint in 2014 by opening a distribution centre in the country.
The retailer currently operates 30 grocery stores nationwide under its subsidiary, Nanavac (Pty) Ltd, trading as Choppies Zimbabwe.
On November 29, 2024, Choppies announced its plans to sell its Zimbabwean operations. In a notice issued to the Botswana Stock Exchange (BSE), Choppies highlighted the shift in Zimbabwe’s retail landscape over the past two years, with a growing trend towards informal retail activities.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pindula News

Raj Modi, who owns Sai Mart, will take over Choppies supermarkets in Zimbabwe starting January 1. Choppies decided to leave the Zimbabwean market. Choppies has 30 stores in Zimbabwe but it's not clear if all will be taken over by Sai Mart. Choppies entered Zimbabwe in 2013 and expanded in 2014. They decided to sell their Zimbabwe operations because of changing trends in retail. Modi confirmed the takeover during a media briefing in Bulawayo on December 19. The Choppies stores will be renamed Sai Mart.

Raj Modi Acquires Choppies Supermarkets

The Reserve Bank of Zimbabwe has granted Mukuru Financial Services Zimbabwe Limited authorization to conduct deposit-taking microfinance business under the Microfinance Act [Chapter 24:30].
This development allows Mukuru, renowned for its money transfer services, to now offer small loans to individuals and small to medium-sized enterprises (SMEs).
According to a notice from RBZ Registrar of Microfinance Institutions, P.T. Madamombe, the authorization is effective from December 16, 2024. Reads the notice:
<blockquote>
It is hereby notified that Mukuru Financial Services Zimbabwe Limited, licensed in October 2024, has been authorised to conduct deposit-taking microfinance business in terms of the Microfinance Act [Chapter 24:30], with efffect from 16 December 2024.
</blockquote>
This development means that, in addition to its remittance business, Mukuru now formally competes with EcoCash, Innbucks, OneMoney, and OMari.
EcoCash, which has been the leader in the mobile money sector for about a decade since its launch, faces new competition.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe has allowed Mukuru Financial Services to take deposits. They can now conduct deposit-taking microfinance business legally. The authorization is effective from December 16, 2024. This means that Mukuru can now help people save and borrow money, following the rules set by the government. It's a big step for Mukuru to become an official financial service provider in Zimbabwe.

Mukuru Now A Deposit-taking Microfinance Business

The government shut down a liquor hub owned by Deputy Minister of Industry and Commerce Raj Modi in Bulawayo on Saturday evening, as part of a nationwide crackdown on smuggled goods.
According to eyewitnesses who spoke to <a href="https://cite.org.zw/govt-shuts-down-deputy-minister-modis-liquor-outlet-amid-smuggling-clampdown/">CITE</a>, officials entered the premises while customers were still shopping and demanded documentation that was not immediately available. Said a source:
<blockquote>
We were in the shop around 6 pm when officials arrived. They asked for paperwork, but it was unavailable, so they ordered the shop to close.
</blockquote>
An informed source told CITE that an interministerial task force on smuggling, which includes security organs and the Zimbabwe Revenue Authority (ZIMRA), ordered the closure of the outlet over smuggling allegations.
When a CITE news crew visited the outlet, located along Fife Street between 4th and 5th Avenues, on Monday morning, it remained closed.
Contacted for comment, Modi confirmed the closure, describing it as a routine verification process. Modi stated:
<blockquote>
Yes, it’s true. There is nothing wrong with it. They said they wanted to check and verify everything, and that was the whole point.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government closed a liquor shop owned by Deputy Minister Modi in Bulawayo to crack down on smuggling. Officials demanded paperwork, which was not available, so they shut down the shop. A task force that includes security and customs ordered the closure due to smuggling allegations. The shop remained closed even after a visit by a news crew. Modi confirmed the closure, calling it a routine verification process. He said they wanted to check everything.

Government Shuts Down Deputy Minister Modi’s Liquor Outlet

The Zimbabwe Revenue Authority (ZIMRA) has ordered business owners in the construction, iron, and steel industries to register for tax purposes. Failure to comply may result in a fine of US$15,000 or the closure of their businesses.
In a public notice, ZIMRA announced plans to visit stakeholders in these industries to ensure compliance with all applicable tax categories.
According to ZIMRA, Construction Industry Stakeholder players include Construction companies, Building contractors, Surveyors, Civil Engineers, Electrical Engineers, Architectures, Land developers, Carpenters, plumbers, painters, Iron &amp; Steel, Foundries/Formers, Metal Related Products Consultancy/Services, Hardware, Brick moulding companies including products of cement Cement manufacturing companies, Iron and Steel manufacturing companies, Timber producers and retailers Electrical manufacturers, Quarry product producers, Machine Shops/Metal Workshops/Fabricators Iron &amp; Steel Merchants/Agents/Distributors, and Other construction related services. ZIMRA said:
<blockquote>
ZIMRA kindly reminds all taxpayers to submit any outstanding returns as soon as possible. Timely submission of returns and payments helps you to avoid penalties, interest and litigation. By staying compliant, you contribute to building a stronger and more sustainable economy.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZIMRA wants businesses in construction, iron, and steel to pay taxes. If they don't, they may need to pay $15,000 or close down. ZIMRA will check if they are following tax rules. Businesses like construction companies, engineers, and steel manufacturers must register. ZIMRA says to submit tax returns on time to avoid problems. It's important to pay taxes to help the economy.

ZIMRA Moves To Enforce Tax Compliance In Construction, Iron, And Steel Industries

The Competition and Tariff Commission (CTC) is working with the Ministry of Primary and Secondary Education to address the issue of schools that require parents to purchase uniforms exclusively from them or selected suppliers.
This follows complaints from parents and guardians about inflated prices for uniforms, as well as concerns from small uniform manufacturers who feel excluded from the market.
In an interview with <a href="https://www.chronicle.co.zw/ctc-targets-school-uniform-monopolies/">The Chronicle</a> on the sidelines of World Competition Day commemorations in Bulawayo last week, CTC Mergers and Acquisitions Assistant Director Tatenda Zengeni revealed that the majority of schools are involved in this malpractice. Said Zengeni:
<blockquote>
We found out that they have been contravening the Competition Act and we issued a cease and desist order.
However, we found out that this practice is not unique to Warren Park High, but it was also prevalent in the majority of schools in Zimbabwe. So, we have decided to take a holistic approach.
We are engaging with the Ministry of Primary and Secondary Education to try and come up with some kind of regulation that will be communicated to schools, directing them to stop engaging in this kind of anti-competitive practice.
Many times, you realise that when you go to those schools that force you to buy school uniforms from their tuck-shops or their preferred suppliers, the price will be excessive, so that is against the tenets of competition.
We are hoping that very soon we will reach a point where we agree with the Ministry of Primary and Secondary Education and resolve this issue once and for all.
</blockquote>
As the number of small and medium enterprises (SMEs) involved in school uniform manufacturing continues to grow, forcing parents to purchase uniforms from specific suppliers creates a significant barrier for these small businesses.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Competition and Tariff Commission and the Ministry of Primary and Secondary Education are working together to stop schools from making parents buy uniforms only from them or selected suppliers. Many parents complained about high prices and small uniform makers felt left out. The CTC found that many schools were breaking the law and issued warnings. They are talking to the Ministry to come up with rules to stop this unfair practice. If parents have to buy from specific suppliers, it hurts small businesses. They want to fix this problem soon.

Competition And Tariff Commission Moves To End School Uniform Monopolies

The Competition and Tariff Commission (CTC), the competition regulator, has blocked CBZ Holdings Limited’s plan to acquire additional shares in First Mutual Holdings Limited (FMHL).
In 2023, CBZ purchased a 31.2% stake in FMHL from the National Social Security Authority (NSSA), increasing its total ownership to over 36%.
Under Zimbabwe Stock Exchange (ZSE) regulations, this required CBZ to make a mandatory offer to FMHL’s remaining shareholders. However, this proposal has now been halted.
In a notice to FMHL shareholders issued on December 05, CBZ’s Group Chief Governance Officer, Rumbidzayi Angeline Jakanani, said:
<blockquote>
Further to the Notice to Shareholders of First Mutual Holdings Limited (“FMHL”) issued by CBZ Holdings Limited (“CBZHL”) on 31 October 2024 relating to the Mandatory Offer in accordance with the Zimbabwe Stock Exchange Listings Requirements Sl 134 of 2019 and the Companies and Other Business Entities Act (Chapter 24:31), Shareholders are advised that the Competition and Tariff Commission (“CTC”) made its final decision on 29 November 2024 on CBZHL’s application for the approval of the acquisition of additional shareholding in FMHL through a Mandatory Offer.
The CTC has resolved that CBZHL must maintain 31.22% shareholding in FMHL which was initially approved by the Commission.
In light of the decision by the CTC, Shareholders of FMHL are hereby advised that CBZHL will no longer be proceeding with the Mandatory Offer to the Minority Shareholders in First Mutual Holdings Limited.
No further announcements will be made in respect of this issue.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Competition regulator says no to CBZ buying more shares in FMHL. CBZ bought a lot of shares in FMHL in 2023. They had to offer to buy more shares but now they can't. Shareholders of FMHL do not have to sell their shares to CBZ anymore. The Competition and Tariff Commission decided that CBZ can only have 31.22% of FMHL shares. CBZ will not be making any more offers to FMHL shareholders.

Competition Regulator Rejects CBZ's Bid For Additional FMHL Shares

The government has vowed to intensify its crackdown on suppliers and manufacturers across Zimbabwe who either refuse to transact in Zimbabwe Gold (ZiG) or charge parallel market exchange rates.
Presenting the 2025 National Budget, Finance, Economic Development, and Investment Promotion Minister Mthuli Ncube said that the Financial Intelligence Unit (FIU) will take action against businesses that refuse to accept ZiG or use parallel market rates. Said Ncube:
<blockquote>
The Financial Intelligence Unit (FIU), which has primarily concentrated on enforcement within the retail sector, is now broadening its scope to target non-compliant manufacturers and suppliers.
FIU offices will soon be established in areas beyond Harare to enhance monitoring and enforcement.
The FIU will take decisive action against businesses that refuse to accept ZiG or use parallel market rates.
</blockquote>
FIU Director General Oliver Chiperesa told <a href="https://businesstimes.co.zw/govt-intensifies-clampdown-on-non-compliant-businesses/">Business Times</a> that bank accounts of manufacturers and suppliers found violating regulations have been frozen. Said Chiperesa:
<blockquote>
Some manufacturers and suppliers continue to restrict the volume of ZiG they accept from downstream traders, which remains a challenge.
We are employing a dual approach of engagement and enforcement. Several accounts have already been frozen, and penalties imposed.
</blockquote>
He added that enhanced compliance within the manufacturing sector would generate positive ripple effects across the entire supply chain, ultimately benefiting consumers.
A manufacturer, who requested to remain anonymous, defended the pricing strategies, saying:
<blockquote>
We set prices that allow us to sustain production. Pricing policies that make operations unsustainable would lead to shutdowns. There is a need for engagement to foster mutual understanding.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government is getting tough on businesses in Zimbabwe that don't want to accept ZiG or use the right exchange rates. The Financial Intelligence Unit is going after these businesses and freezing their bank accounts. They want everyone to follow the rules to help the whole supply chain and consumers. Some businesses say they need to charge certain prices to stay in business, but the government wants everyone to work together to understand each other. The goal is for everyone to play fair and help the economy grow.

Crackdown On Businesses Rejecting ZiG And Charging Parallel Rates Set To Intensify

The Zimbabwe National Chamber of Commerce (ZNCC) has warned the government that the country’s foreign currency reserves, which stand at US$540 million, are insufficient to cover even one month of imports.
The warning comes as Zimbabwe faces a growing financial crisis, with the country being unable to access new credit lines from global lenders and its national debt soaring to US$21 billion.
In its latest industry and commerce report, released this week, the ZNCC said that Zimbabwe’s imports in October 2024 alone amounted to US$835.8 million, surpassing exports, which totalled US$698.1 million.
This growing disparity further exacerbates the country’s foreign currency shortage and deepens its economic challenges. Reads the report:
<blockquote>
Zimbabwe’s current foreign exchange reserves, amounting to approximately US$540 million as of 31 October 2024, are far from sufficient to inspire confidence.
While this figure reportedly provides more than three times the reserve money cover, it pales compared to the country’s import needs.
For perspective, Zimbabwe’s imports in October 2024 alone totalled US$835,8 million, significantly higher than exports, which amounted to US$698,1 million.
This means the country’s official reserves are insufficient to cover even one month’s import bill, raising serious concerns about the sustainability of the nation’s foreign currency management and the goal of exchange rate stability.
</blockquote>
While presenting the 2025 National Budget last Thursday, Finance Minister Mthuli Ncube announced that Zimbabwe’s foreign currency receipts had risen by 17.9%, reaching US$10 billion in the first nine months of 2024, up from US$8.5 billion during the same period in 2023.
This increase was largely attributed to higher export receipts and diaspora remittances, which contributed 59% and 25% of the total inflows, respectively.
However, in its latest report, the ZNCC expressed concern over the lack of confidence in the ZiG, which was introduced in April, by both households and businesses. It said:
<blockquote>
The policymakers’ statements regarding the expedited de-dollarisation framework following the new currency’s launch have further discouraged households and businesses from holding onto the ZiG for extended periods.
This reaction is rooted in memories of the policy steps taken in 2019 under similar circumstances.
Moreover, with the government being the largest employer and the ZiG essentially functioning as a ‘small change’, civil servants, other employees, and employers — whose incomes are predominantly in ZiG — face challenges.
Despite earning in ZiG, they must pay for essentials such as transportation, fuel, rent, and groceries, which are generally cheaper in US dollars.
As a result, many are offloading their ZiG earnings on the parallel market, irrespective of the prevailing rate, while others are offloading their ZiG balances on the formal market, taking advantage of the rate differentials.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Zimbabwe National Chamber of Commerce warns that Zimbabwe's foreign currency reserves are not enough to cover even one month of imports. The country's imports in October 2024 exceeded exports, deepening the financial crisis. Despite an increase in foreign currency receipts, there is concern over lack of confidence in the new currency introduced in April. Many people are offloading the new currency on the parallel market due to challenges in using it for everyday expenses. This situation raises doubts about the country's foreign currency management and exchange rate stability.

Zimbabwe’s US$540 Million Forex Reserves Not Enough To Cover One Month, Warns ZNCC

Economists argue that the Reserve Bank of Zimbabwe’s (RBZ) tightened monetary policies, designed to stabilise the ZiG currency and control inflation, have unintentionally disrupted business operations, constrained access to credit, and sparked turmoil in capital markets.
The ongoing cash crunch has also cast a shadow over the upcoming festive season, as both businesses and consumers face financial uncertainty.
In October, the RBZ introduced liquidity-tightening measures in response to the sharp depreciation of the ZiG in September.
As part of these measures, the central bank adjusted the official exchange rate from ZWG14:US$1 to ZWG24:US$1. By Thursday, December 5, the ZiG was trading at ZWG25.6:US$1.
To further stabilize the currency, the RBZ reduced the money supply, a move that has left many businesses struggling with limited cash flow and operational challenges.
In an interview with <a href="https://businesstimes.co.zw/liquidity-crunch-sparks-chaos/">Business Times</a>, Christopher Mugaga, who is the CEO of the Zimbabwe National Chamber of Commerce (ZNCC), said:
<blockquote>
The scarcity of the ZiG is evident, making credit access increasingly difficult for businesses. While controlling liquidity can stabilize the exchange rate, this approach without a corresponding increase in production risks further economic instability.
If liquidity is not linked to production, inflationary pressures and a loss of confidence in the local currency are inevitable. Increasing output is critical to absorbing liquidity without stoking inflation.
</blockquote>
Economist Vince Musewe said that liquidity control must be carefully balanced to prevent stalling economic transactions and hindering growth.
Industry stakeholders have raised concerns that the current liquidity crunch is diminishing aggregate demand, lowering production levels, and threatening overall business viability.
A senior banker, speaking on condition of anonymity, said:
<blockquote>
The liquidity squeeze has curtailed lending, leaving businesses unable to secure the funds they need.
This is particularly harmful during the festive season and for farmers who require post-drought financing.
</blockquote>
Monetary Policy Committee member Persistence Gwanyanya said while tight liquidity conditions may support short-term stability, achieving sustainable growth requires a careful balance between maintaining stability and fostering increased economic output.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe made rules to help the currency and control inflation, but it hurt businesses and made it hard to get money. The lack of cash is causing problems for businesses and people during the holidays. The exchange rate got worse, and businesses are struggling with not enough money. Experts say that controlling money must be done carefully so that the economy can still grow. The lack of money is stopping loans for businesses and farmers. Stability is good in the short term, but the economy needs to grow in the long term.

RBZ's Monetary Policies Hurting Business And Credit Flow

The government says the reconstruction of Mbare Musika, which was devastated by fire, began this November and is expected to be completed within seven months.
Presenting the 2025 National Budget on Thursday, Finance Minister Mthuli Ncube revealed that the newly rebuilt Mbare Musika will provide space for at least 10,000 traders. Said Ncube:
<blockquote>
Following the fire outbreak that completely destroyed Mbare Musika, Government in partnership with the private sector, through a PPP arrangement has started the reconstruction process of a modern market facility, capable of accommodating at least 10 000 SME traders.
The reconstruction aims to provide a safer and more organised environment for vendors, while revitalising the area as a thriving commercial hub.
Scheduled to begin in November 2024, the reconstruction is expected to take seven months to complete.
</blockquote>
Ncube added that the government, in partnership with the Harare City Council, has provided temporary trading spaces for vendors to continue operating while the reconstruction of Mbare Musika is underway. He said:
<blockquote>
During the reconstruction phase, Government through the Harare City Council has provided temporary trading space for vendors, which is located at opposite Carter House to enable traders to continue with their trading operations.
This reconstruction project is part of the Government’s “Building Back Better” initiative, that was launched following the declaration by His Excellency, the President, Dr. E. D Mnangagwa of the fire at Mbare Musika a State of National Disaster.
</blockquote>
Ncube added that the reconstruction of Mbare Musika is a vital initiative aimed at strengthening the resilience and efficiency of Zimbabwe’s markets, setting a benchmark for the development of future market infrastructure across the country.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government is rebuilding Mbare Musika market after a fire. It will take 7 months, provide space for 10,000 traders, and be safer and more organized. Temporary trading spaces are available during reconstruction. This project is part of the government's plan to improve markets in Zimbabwe.

Reconstruction Of Mbare Musika Begins, Set For Completion In 7 Months

Botswana’s retail giant, Choppies Enterprises Limited, has revealed plans to divest from its wholly-owned subsidiary, Nanavac (Pty) Ltd, which operates as Choppies Zimbabwe. The sale is subject to regulatory approval.
In a notice issued to the Botswana Stock Exchange (BSE) on November 29, Choppies highlighted a significant shift in Zimbabwe’s retail landscape over the past two years, with a growing trend towards informal retail activities. Reads the cautionary announcement:
<blockquote>
The Listings Requirements of the Botswana Stock Exchange (“BSE”) require the Company to announce any circumstances or events that have or are likely to have a material effect on market activity or the price or value or trading of the Company’s securities.
The board of directors of Choppies (“Board”) hereby advises all shareholders that the Company has entered into discussions regarding a possible sale of the business operations of Nanavac (Pty) Ltd trading as Choppies Zimbabwe for cash (“Possible Sale”), which, if successfully concluded, could have an impact on the Company’s share price.
Choppies Zimbabwe is wholly owned by the Company and is a grocery retailer with 30 stores in Zimbabwe.
The Possible Sale, which is subject to certain conditions and regulatory approval, is aligned with the strategic intent of Choppies to focus on profitable retail.
In Zimbabwe, over the last two years, there has been a significant shift to the informal retail sector, leaving the formal retail sector to battle a reduction of up to 30% in footfall and having to compete with the informal sector.
While we believe in the country’s long-term viability, Choppies as a group needs more capital to support its Zimbabwean operations for extended periods and has already invested significant capital to support the operations.
Due to the factors mentioned above, we have decided to exit the country.
Shareholders are cautioned that there is no certainty at this stage that the discussions will lead to a formal transaction, and approval from the Zimbabwean Competition and Tariff Commission is required.
Accordingly, shareholders are advised to exercise caution when trading in their Choppies shares until a further announcement is made.
The Company has a primary listing on the BSE and a secondary listing on the JSE.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Choppies, a big store in Botswana, wants to sell its stores in Zimbabwe because small shops are getting more popular there. The big stores are losing customers. Choppies has 30 stores in Zimbabwe, but they want to focus on making money in other places. They need more money to keep going in Zimbabwe, so they decided to leave. The sale is not final yet, and they need approval from the government first. People who own shares in Choppies should be careful when trading until a decision is made.

Choppies To Sell Zimbabwe Business As Tuckshops Take Over Retail Sector

Industry and Commerce Minister Mangaliso Ndlovu said that the government has stepped up efforts this upcoming festive season to combat smuggling and the trade in counterfeit products, which pose risks to public health and the economy.
Ndlovu admitted the influx of illegally imported goods, such as baby formula, detergents, and harmful substances, has been a long-standing issue.
However, he stated that the government has implemented measures to safeguard the public from potential harm while supporting the local manufacturing sector.
These measures include the deployment of personnel to marketplaces and border points to intercept and eliminate smuggled and counterfeit products. Said Ndlovu:
<blockquote>
We want to ensure that smuggled and counterfeit goods do not enter Zimbabwe this December. Our goal is to protect consumers from potential violations during this period.
We have declared war on counterfeit goods and are strengthening our institutions to tackle this issue effectively.
This will significantly reduce the influx of counterfeit and substandard products, which are particularly prevalent during this season.
</blockquote>
The increase in smuggled goods on the local market is primarily fueled by porous borders and high demand for cheaper alternatives.
Areas like Mbare and downtown Harare have been identified as hotspots where unscrupulous traders repackage substandard products to deceive consumers.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The government of Zimbabwe is working hard to stop people from bringing in fake and bad food and other things from other countries. They want to keep people safe and help local businesses. They are sending people to places where these fake things are sold to stop them from being sold. They are also making sure everyone knows that these things are not good for them. People are bringing in fake things because it's cheaper, but the government wants to stop this. They are focusing on places like Mbare and downtown Harare where people sell fake things to trick others.

Zimbabwe "Declares War" On Smuggled, Counterfeit Groceries Ahead Of Christmas

Illegally imported counterfeit goods, including soft drinks, detergents, and baby formula, have flooded the Zimbabwean market, posing serious health and economic risks.
A recent market surveillance by the Consumer Protection Commission (CPC) revealed that the influx is driven by porous borders and high demand for cheaper alternatives.
Some of the smuggled products were found with toxic additives, pathogens, and spoiled ingredients.
These dangerous goods can cause foodborne illnesses, allergic reactions, and long-term health issues.
Small retail shops in Mbare and downtown Harare are hubs for repackaging substandard goods.
Low-grade rice is being rebranded as premium Mahatma rice, and counterfeit Mazoe orange juice from Zambia is widely available.
Responding to questions from <a href="https://www.sundaymail.co.zw/smuggled-counterfeits-goods-flood-zim">The Sunday Mail</a>, CPC research and public affairs manager Kudakwashe Mudereri said:
<blockquote>
The commission took part in market surveillance and intelligence gathering ahead of an anticipated anti-smuggling blitz.
The commission focused on the proliferation of smuggled, counterfeits and substandard products in the market. It was noted that the market is flooded with products from Zambia, South Africa and Mozambique.
The products included soft drinks, sugar, flour, infant formula, detergents… The commission has also noted that there is an increase in the availability of smuggled, counterfeit and substandard electrical gadgets, gas tanks and solar panels in the market.
These products often contain harmful substances, including toxic additives, pathogens and spoiled ingredients, which can lead to severe health issues such as food-borne illnesses, allergic reactions and long-term chronic conditions.
</blockquote>
Mudereri said the counterfeit goods not only undermined local industries, resulting in revenue losses and job cuts within sectors such as agriculture and retail, but also eroded consumer trust, destabilised the market and jeopardised the community’s well-being. He said:
<blockquote>
The practice of selling counterfeit/fake products is more prevalent in Mbare and other hotspot areas, where various products are being repackaged using wrong packaging, thereby deceiving and short-changing unsuspecting consumers.
Some of the products which were allegedly being repackaged were rice, wherein these unscrupulous individuals took low-grade or substandard rice and repackaged it as Mahatma rice…
Selling of smuggled goods such as Coke soft drinks, Powerplus drinks, Mazoe Orange Crush, and Lactogen, which are being smuggled from Mozambique and Botswana, is very common in downtown tuckshops.
Tuckshops selling these products are suspected of being owned by foreigners from the Democratic Republic of Congo and Zambia; therefore, there is a need for further investigations by the Immigration Department of Zimbabwe.
Mazoe from Zambia; sugar from Malawi; makanyanisi, Castle Lite, Detroit, Corona, Bahama, Hunters, Mayfair and Cremora from South Africa; Cerevita and Impilo mealie meal from DRC; Minute Maid from Zambia have also been observed to be flooding Zimbabwean markets.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

People are bringing fake stuff into Zimbabwe, like soft drinks and baby formula, which can be dangerous. The border is not well controlled, so the bad goods come in easily. These fake products can make you sick and cause big problems. Some shops are tricking people by putting bad rice in good rice packages. The country is losing money and jobs because of this. It's important to stop this and keep everyone safe.

Illegally Imported Counterfeit Goods Flood Zimbabwe

Zimbabwe’s industries are worried that Chinese lenders, who financed the US$1.4 billion refurbishment of the Hwange Thermal Power Station, may “switch off” the facility due to ZESA Holdings’ struggles to service the debt.
If banks pull the trigger, Zimbabwe faces worsening power shortages, compounding the nation’s already dire economic situation, which includes inflation, foreign currency shortages, bankruptcies, and the loss of global brands.
Blackouts of up to 18 hours a day are already hindering industrial growth, with investors warning of long-term economic ramifications from the ongoing energy crisis.
Zimbabwe’s largest power source, the 600-megawatt Hwange plant, has become crucial after a drought severely reduced generation at the Kariba South Hydroelectric Power Plant, leading to the worst blackouts in 44 years, according to some industrialists.
ZESA began paying US$36 million in monthly instalments to Chinese lenders in October of last year.
However, it was only able to make its first payment after pushing for a tariff hike to improve its capacity to service the debt for the refurbishment of Hwange’s Units 7 and 8.
In an interview with the <a href="https://www.theindependent.co.zw/local-news/article/200035282/chinese-debt-threatens-to-switch-off-hwange">Zimbabwe Independent</a>, Christopher Mugaga, chief executive officer at ZNCC, urged authorities to ensure that the debt is paid. Said Mugaga:
<blockquote>
We have to pay the debt. We have been failing to service Hwange 7 and 8 in terms of debt repayment to the Chinese, which is an issue.
Even if units 7 and 8 continue firing on all cylinders, the debt position can make the Chinese switch off until we pay. This is the reason why I say the power situation is dire.
If you look at the impact of power shortages, they are having far and wide impacts in terms of literally all sectors of the economy.
We are looking at power outages on average of more than 60% of working hours.
The power challenges are eroding or threatening GDP (gross domestic product) growth by almost 0,8 percentage points.
</blockquote>
Mugaga said the ongoing electricity crisis has led to approximately 45,000 people losing their jobs or facing an industry downturn, leaving it unable to create new employment opportunities. He said:
<blockquote>
As I talk to you, if you look at the Kariba power station, we are generating an average of 100MW.
You can imagine how terrible it is. Units 7 and 8 are generating about 600MW. They are operating well. Unit 5 is literally dysfunctional; it has a capacity of about 150MW.
Then Units 1 to 4 are producing less than 100MW. They are always under repair and failing.
On average, you will see that we are not looking at less than 45 000 human bodies who could potentially have been employed but either are losing their jobs, or no jobs are created due to the power challenges alone.
</blockquote>
The Hwange Units 7 and 8 Expansion Project was financed by the China Exim Bank, which provided a loan of around US$1 billion. The bank also provided a loan of US$319 million for the expansion project at Kariba Hydro Power Station.
However, it remains unclear whether the lenders have legally binding authority to shut down the power station over the debt.
Zimbabwe and China maintain strong diplomatic relations, and analysts suggest that these ties will play a big role in shaping how Chinese lenders address the debt issue.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe owes a lot of money to China for fixing a power plant. If they don't pay, China might turn off the power plant, making things worse in Zimbabwe. The power plant is very important because it provides a lot of electricity for the country. Without power, businesses can't work properly, and more people might lose their jobs. The government is trying to increase electricity prices to pay back the debt, but it's still a big problem. China and Zimbabwe are friends, so they might find a solution together.

Chinese Lenders May "Switch Off" Hwange Power Plant Over Debt, Warns Industry

Delta Corporation Limited has paid US$20 million in sugar tax since the tax’s introduction in February 2024.
The tax, which came into effect at the start of 2024, charges beverage firms US$0.02 per gram of sugar in their products. In response to industry complaints, the tax was revised in March to US$0.001 per gram.
Delta executives have stated that the sugar tax has made the company less competitive within the region, particularly when comparing it to tax rates in neighbouring countries.
The full impact of the sugar tax on Delta’s financial performance will be felt in the financial year ending March 31, 2025, alongside other existing taxes.
At an analyst briefing on Wednesday, Delta’s CEO, Matlhogonolo Valela, told <a href="https://www.newsday.co.zw/business/article/200034671/delta-pays-us20m-sugar-tax-in-9-months">NewsDay</a> that the sugar tax in Zimbabwe is considerably higher than that in other regional markets. Said Valela:
<blockquote>
Well, since February, between ourselves and Schweppes, we have paid about US$20 million in sugar tax.
Obviously, the rates of sugar tax, we think, are very high compared to regional compatriots. Therefore, it brings a competitiveness issue.
That’s why you are seeing regional inflows of similar competing products into our territory. It is on the basis that we are slightly more expensive than what people can source from alternative markets around us.
</blockquote>
Delta has a 49% stake in Schweppes Holdings Africa Limited.
Valela said Delta is in talks with the government regarding the sugar tax, but any potential outcomes from these discussions are expected to be reflected in the 2025 National Budget.
Delta’s finance director, Alex Makamure, said the introduction of the sugar tax led the company to raise soft drink prices by 33%, which has hurt consumers. Said Makamure:
<blockquote>
So, it is a big tax from the rate at which it was imposed. So even at that US$0,001 per gramme, it is very high relative to other countries.
So, all our pleas to the government have always been, yes, it’s noble to introduce a sugar tax, but maybe look at the level…
Remember for us, your 300ml Coke was selling at US$0,25 or US$1 for four. We had to move to US$1 for three, which is a 33% increase. Quite huge from a consumer’s point of view.
Schweppes, for example, they were selling your 2-litre Mazowe at, I think it was, US$3,20 or U$3. They went to US$4.50.
They have sort of discounted, and now they are carrying some of the burden themselves. But it is very significant, particularly for your dilutable.
</blockquote>
Makamure said that Delta has no issue with the introduction of the sugar tax, but argued that it should be set at a level that minimises its impact on consumers while still encouraging a reduction in sugar consumption.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Delta Corporation Limited has paid $20 million in sugar tax since February 2024. The tax charges beverage companies for the amount of sugar in their products. Delta says the tax makes them less competitive compared to other countries. They have raised prices, hurting consumers. Delta is talking to the government about the tax. They want it to be lower to help consumers. The impact of the tax will be seen in the company's finances in 2025. Delta owns 49% of Schweppes, which is also affected by the tax.

Delta Pays US$20 Million Sugar Tax In 9 Months

Nampak Southern Africa Holdings Limited was compelled to sell its controlling stake of 51.43% in Nampak Zimbabwe as part of a strategy to reduce its substantial debt, reported <a href="https://businesstimes.co.zw/mounting-debt-forced-sa-firm-to-sell-off-nampak-zimbabwe/">Business Times</a>.
Analysts indicated that divesting assets in markets like Zimbabwe was the only viable solution to address the company’s financial issues.
From 2011 to 2014, Nampak Southern Africa Holdings struggled to manage significant debt incurred from its expansion efforts in other African countries, particularly Angola and Nigeria.
The company faced operational challenges in Nigeria, leading to heavy indebtedness.
By March 2019, Nampak’s debt had reached R7.6 billion (approximately US$432.76 million), prompting a mix of asset sales and rights offerings to mitigate the financial burden.
In 2023, Nampak SA entered into refinancing agreements, which require settling R2.7 billion (around US$153.75 million) of outstanding debt by March 31, 2026, through further asset disposals.
This situation led to the decision to sell a controlling stake in Nampak Zimbabwe for approximately R438 million (US$25 million).
In its latest market intelligence report, research firm Morgan &amp; Co said:
<blockquote>
The transaction is borne out of Nampak South Africa’s challenges with debt for the better part of the last decade.
It is on the back of this that Nampak South Africa resolved to dispose of several assets both locally and regionally in a bid to ease the weight of the debt, and the sale of Nampak Zimbabwe controlling stake to TSL is the latest disposal to make headlines.
</blockquote>
Under the deal, TSL will purchase 51.43% of Nampak Zimbabwe for a total consideration of US$25 million.
TSL will have until June 2025 to settle US$23 million of the total consideration, with the remaining balance to be paid off over the subsequent two years.
The relationship between TSL and Nampak Zimbabwe is not new; TSL previously held a 16.53% stake in Nampak Zimbabwe until its disposal in 2018.
According to the report, TSL primarily provides ancillary services to the agriculture sector and has been operational since 1957.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

A company called Nampak had too much debt, so they had to sell their part of a company in Zimbabwe. This was to help with the debt they had from expanding in other countries. They had to sell the stake for about $25 million. Another company called TSL will buy it and pay $23 million soon and the rest over two years. TSL was already involved with Nampak Zimbabwe before. The sale was needed to help Nampak with their financial problems.

Mounting Debt Forced SA Firm To Sell 51.43% Of Nampak Zimbabwe

South African retail giant Pick n Pay Group Limited has written down its investment in TM Supermarkets (Pvt) Limited to zero, citing ongoing losses, reported <a href="https://www.theindependent.co.zw/business-digest/article/200034372/pick-n-pay-writes-off-tm-investment">The Zimbabwe Independent</a>.
Pick n Pay holds a 49% stake in TM through a partnership with Zimbabwean conglomerate Meikles Limited.
The decision is attributed to Zimbabwe’s challenging economic environment, characterised by hyperinflation, volatile currency rates, and increasing economic instability.
Formal retail operations in Zimbabwe are being threatened by declining disposable incomes which are forcing consumers to turn to cheaper options in the informal sector or smuggled goods.
In its half-year report for the period ending August 25, 2024, Pick n Pay reported a 6.9% year-on-year drop in sales across its African markets outside South Africa, totalling R1.9 billion (US$107.1 million).
While operations in Zambia have continued to perform well despite local disruptions, the deteriorating conditions in Zimbabwe led to the impairment of the TM investment to zero in early 2024. Pick n Pay’s half-year report reads in part:
<blockquote>
The group’s operations in Zambia delivered another strong trade performance, notwithstanding severe operational disruption from power outages in the region and the impact of local currency devaluation.
As a consequence of the deteriorating economic conditions in Zimbabwe, the group impaired its investment in its associate TM Supermarkets to a book value of zero in February 2024 and no further losses have been recognised.
The group is actively working to optimise its footprint outside of South Africa, including exiting Nigeria, restructuring the Botswana franchise into a company-owned model, and pursuing new growth opportunities in Namibia, following the termination of the existing master franchise agreement in that country.
</blockquote>
Pick n Pay also operates in eSwatini and Lesotho. In Zimbabwe, Pick n Pay and TM jointly operate 74 outlets across the country.
In light of TM’s ongoing losses, Pick n Pay has expressed limited optimism for future returns, indicating that dividends are unlikely and any potential profits would be minimal.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Pick n Pay, a big store from South Africa, lost all the money they put into TM Supermarkets in Zimbabwe. They blame the bad economy in Zimbabwe for the loss. People there don't have much money, so they can't shop at big stores like TM. Pick n Pay also had less sales in other African countries. They say they won't make money in Zimbabwe anytime soon. They are looking at other countries to make money instead. It's not looking good for Pick n Pay in Zimbabwe.

Pick n Pay Writes Off TM Supermarkets Investment To Zero

Botswana retailer Choppies Enterprise Limited is considering withdrawing from Zimbabwe due to challenges faced by its local subsidiary, which has impacted the group’s financial performance.
These challenges are attributed to the instability of the Zimbabwe Gold (ZiG) currency, introduced in April to replace the Zimbabwe dollar as the official domestic currency.
Choppies holds a 100% stake in the local company Nanavac Investments (Pvt) Limited, which operates as Choppies Zimbabwe.
In its annual report for the period ending June 30, 2024, Choppies conceded that Zimbabwe continues to be a challenging environment. It said:
<blockquote>
Operations in Zambia remain fairly stable and should improve significantly, following the ending of the drought and El Niño conditions which affected hydroelectric generation resulting in power cuts.
Once Namibia reaches critical mass, we believe the business will be profitable. Zimbabwe, however, continues to be a challenging environment.
The new ZiG currency, which replaced the Zimbabwean dollar, has not as yet helped to stabilise the economy, and consequently, the Zimbabwean operation has experienced a decline in performance. We are evaluating our operations in the country and will address the situation.
</blockquote>
Choppies says it has 11 388 employees (10 289 Choppies, 1 099 Kamoso) in 287 stores (185 grocery retail, 75 liquor stores, 27 hardware stores) across Botswana, Namibia, Zambia and Zimbabwe.
In Zimbabwe, Choppies has 30 stores and employs 1 051 (567 male and 484 female), who could end up losing their jobs if the retailer pulls out of the country. Said Choppies chief executive officer Ramachandran Ottapathu:
<blockquote>
The long-term focus of our strategy is to reduce debt. We have exited all loss-making areas apart from Zimbabwe which is something we are currently considering. We are also looking into expansion plans throughout the group.
The economic challenges in Zimbabwe including high inflation, high unemployment levels and a shortage of foreign currency continued to impact our operations.
Due to the continued risk posed to the group, the company is weighing various options in Zimbabwe given the stress on the group’s financials.
</blockquote>
The local currency has undergone six name changes but has yet to achieve stability, confidence, trust, or sustainability due to inflation fueled by excessive money creation by the Government.
Its previous iterations include the original currency post-independence, that is, the Zimbabwe dollar, then later bearers’ cheques, traveller’s cheques, bond notes, RTGS dollars, and now ZiG.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Choppies, a store, might leave Zimbabwe because of problems with the currency. The currency keeps changing names but is still not stable. This has caused issues for Choppies' business in the country. Choppies has many employees and stores in Zimbabwe. The other countries where Choppies operates are doing better. Choppies is thinking about leaving Zimbabwe because the economy there is not good. This decision might mean that people could lose their jobs. The company is looking at its options to see what to do next.

Choppies Weighs Exit From Zimbabwe

Local manufacturers are grappling with severe power cuts lasting over 18 hours daily, forcing them to rely on expensive diesel generators, which significantly increases production costs.
Zimbabwe requires about 1,700 megawatts (MW) of electricity during peak hours, but the state-owned power utility, ZESA, was generating just over 800 MW on Wednesday, October 30.
The Confederation of Zimbabwe Industry (CZI), the country’s largest business lobby group, described the situation as dire. Said the CZI:
<blockquote>
Industry members have reported going for between 12-18 hours without electricity and report that power is being restored between 11 pm and 7 am in the majority of cases.
The absence of a load schedule that is strictly adhered to has exacerbated the effect of the power cuts as affected companies cannot plan employee deployment resulting in redundant working staff for periods when power is unavailable.
The other consequence of unscheduled power cuts is that machinery requires a systemized shutdown process in order to ensure raw materials are fully utilized and the machinery itself is properly shut down.
Sudden power outages result in loss of raw materials and equipment damage.
</blockquote>
Some machinery requires process heating, which involves applying heat during industrial operations. This heating can take 3 to 5 hours before production starts.
Consequently, if electricity is available for 8 hours, effective production time is limited to just 3 to 5 hours. The CZI said:
<blockquote>
However, the electricity bill will reflect usage of 8 hours against actual production of only 3-5 hours. In sectors that heavily rely on electricity such as the plastics and cement industry this can mean failing to achieve the economies of scale necessary to cover production costs.
This situation is particularly severe for companies that do not have dedicated power lines which are normally found in the small to medium sectors.
Companies have sought to mitigate the effects of power outages through the installation of solar energy and battery storage for use at night.
However, this is often very expensive and requires significant funding that many firms struggle to secure.
</blockquote>
Christopher Mugaga, CEO of the Zimbabwe National Chamber of Commerce (ZNCC), told <a href="https://businesstimes.co.zw/power-crisis-deepens-3/">Business Times</a> that power outages will significantly affect the country’s economic performance in 2024.
He said the ongoing rolling blackouts could reduce the Gross Domestic Product (GDP) by 0.6 percentage points.
Mugaga operating generators is costly, which companies are using for 14 to 18 hours daily.
This situation not only deters investments but also leads to substantial losses in foreign direct investment (FDI), estimated between $120 million and $150 million annually due to power shortages.
Oswell Binha, chairman of the CEO Africa Roundtable, said power outages can last 18 hours or more, and in some cases, the power quality is so poor that businesses cannot operate even when electricity is available.
He described the situation as critical, with many companies relying on costly generators. This dilemma forces businesses to choose between raising prices or facing severe shortages in stores.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Manufacturers in Zimbabwe are suffering because of long power cuts, lasting over 18 hours every day. This means they have to use expensive diesel generators, making production more costly. The lack of a proper schedule for power cuts is causing problems for companies who can't plan their work properly. Some companies are trying to use solar energy as a solution, but it's very expensive. The power cuts may harm the country's economy and lead to a loss of foreign investments. Overall, the situation is critical for many businesses in Zimbabwe.

Manufacturers Struggle Under Burden of Daily 18-Hour Power Cuts

The ZWG (ZiG) inflation rate has surged to 37.2% month on month in October, the Zimbabwe National Statistics Agency (ZIMSTAT), announced on Friday.
This rise follows the rapid depreciation of the exchange rate, with the Reserve Bank of Zimbabwe (RBZ) devaluing the ZiG official rate by 43% in September.
Presenting the latest data Friday, ZIMSTAT Prices Statistics Manager, Thomas Chikadaya said:
<blockquote>
The month-on-month inflation rate was 37.2 per cent in October 2024, gaining 31.4 percentage points on the September 2024 rate of 5.8 per cent.
This means that prices as measured by the all-items ZWG CPI, increased by an average of 37.2 percent between September 2024 and October 2024.
</blockquote>
In September, before the devaluation, consumer inflation was at 5.8% month on month in local currency terms.
The year-on-year inflation rate (annual percentage change) for the month of October 2024 as measured by the all-items USD Consumer Price Index (CPI), was 4.1 per cent.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe's money's value went down a lot, so everything got more expensive. The prices went up by 37.2% in October, which is much higher than before. The bank changed the money rate in September, and that made things worse. People in Zimbabwe had to pay a lot more for things compared to the year before. The new data was announced on Friday, and it showed how bad the situation was getting. Everyone in Zimbabwe is struggling because of this inflation.

Zimbabwe Inflation Surges To 37.2% After ZiG Currency Devaluation

The Reserve Bank of Zimbabwe (RBZ) has rejected calls from the business community to remove the Zimbabwe Gold (ZiG) currency from the country’s multi-currency regime.
On Tuesday, during a CEO Africa Roundtable (CEO ART) currency review breakfast meeting in Harare, CEO ART chairperson Oswell Binha argued that the ZiG had become a tool for arbitrage, causing more harm than good to the economy.
However, RBZ deputy governor Innocent Matshe countered this view, asserting that the ZiG is here to stay. Said Matshe (via <a href="https://www.newsday.co.zw/local-news/article/200033994/zig-must-go-business-but-rbz-thinks-otherwise">NewsDay</a>):
<blockquote>
Make no mistake about the ZiG, it is here and it is here to stay. Another thing that you need to remember is that the ZiG is not like the RTGS or the Zimbabwe dollar we used to have. The starting point here is that the country is not facing a currency crisis.
</blockquote>
Matshe also denied that ZiG was collapsing, saying instead, it was floating freely. He said:
<blockquote>
The Reserve Bank has allowed for greater flexibility in the interbank market.
The flexibility is what you wanted, and now you are saying that the ZiG is now in the graveyard. This cannot be called a crisis.
Let us not fool ourselves and think that just because there was a depreciation, the currency is collapsing.
</blockquote>
However, Economist and banker, Nigel Chanakira, who is also the past president of Zimbabwe Economic Society, said there was indeed a crisis. He said:
<blockquote>
What triggered what we are calling a crisis? We call it a crisis because we have a new currency that has features that promise us stability.
We have a new governor who said bad policies will not be done under my watch. I gave him the benefit of the doubt.
Only five months since the introduction, we have experienced a more than 40% devaluation of the ZiG. I think it’s astronomical.
</blockquote>
Binha remarked that the ZiG is facing a similar fate as its predecessors—the Zimbabwe dollar, RTGS dollar, and bond notes—which were all eventually scrapped. He said:
<blockquote>
So, deputy governor, let me start by provoking this conversation by calling for an immediate removal of the ZiG from the basket of currencies and allowing for the trading of other currencies until we get to such a time when we decide to have a stable currency.
We need to have time to have these serious conversations of a currency referendum involving everybody to navigate and decide which currency to use.
I think it is time that all economic players be given the opportunity to be involved and be able to make the right choices.
</blockquote>
Meanwhile, Economist Prosper Chitambara said the multi-currency regime should continue, but it must be accompanied by reforms aimed at restoring confidence and trust in the ZiG. Said Chitambara:
<blockquote>
A combination of monetary, institutional and fiscal reforms are critical in my view for the full restoration of confidence and trust in the local currency.
So, I think the current system is good without necessarily going either extreme to full de-dollarisation or full dollarisation.
</blockquote>
The value of ZiG plummeted in September this year, from ZWG13:US$1 dropping to ZWG27.44 to the US dollar on Thursday, 24 October. On the parallel market, ZiG is currently trading between ZWG40 and ZWG50 to the US dollar.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

The Reserve Bank of Zimbabwe doesn't want to remove the ZiG currency, even though some business people think it's causing problems. The RBZ says the currency is important and not collapsing. Some economists disagree and say there's a crisis because the ZiG has lost a lot of its value. Others say the multi-currency system should continue, but reforms are needed to build trust in the ZiG. The value of the ZiG has dropped a lot recently, causing concerns. Different people have different opinions about what should be done to fix the situation.

RBZ Rejects Business Calls To Scrap ZiG

Business leaders have urged the government to ditch the local currency, the Zimbabwe Gold (ZiG), which is increasingly losing its value, reported <a href="https://businesstimes.co.zw/ditch-zig-ceos/">Business Times</a>.
They argue that this devaluation is hurting businesses and threatening the viability of local companies.
The call comes as the government continues its strict enforcement of exchange rate regulations, including threats to revoke licenses of non-compliant businesses.
On Wednesday, October 23, Oswell Binha, chairman of the CEO Africa Roundtable, called for the removal of the ZiG from Zimbabwe’s basket of currencies. Said Binha:
<blockquote>
(As CEOs) we are calling for the immediate removal of the ZiG from the basket of currencies, allowing other currencies to trade until such time we stop arbitrage.
We sit here as decision-makers superintending over a country that cannot manage its own currency. We have a lot of cycles of value erosion, and we continue doing this and expect a difference.
We gather here amid scepticism about the ZiG due to the government’s history of printing (money). All we yearn for is for a currency that is capable of preserving value. Now we have the ZiG which is collapsing like a deck of cards.
Our authorities have proven beyond any reasonable doubt that they are incapable of managing our own currency. Instead, the local currency has been a tool for arbitrage in the economy.
It is no longer benefiting us anymore to be formal, we are too small as organised businesses to support the huge informalisation sector burden that the government is placing on us.
</blockquote>
William Mandisodza, the CEO of the Institute of Chartered Accountants of Zimbabwe (ICAZ), said:
<blockquote>
I am going to speak on behalf of the accountants, any variation above 5% is material and talking of 40% currency depreciation is a crisis in accounting. We are in a crisis.
Our role is to provide financial information or report economic transactions in a currency of choice. If a person is measuring economic performance in ZiG his or her results up to August 1, 2024, are over 40%, that’s a crisis in our (accountancy) profession.
I also want economists and the public to honestly look at the operating landscape we have and remove words like speculation and saboteurs.
When I am doing the work, I am employed to do and someone says I am speculating and I am a finance director to preserve the value of the shareholders, I will not take it lightly.
We are not speculators but preservers of value. For us, we don’t use the inflation data for the past, but we use inflation expectation.
We do this to replace the stock that I would have sold. If we use the past inflation, we will not be able to stock.
</blockquote>
Economist and banker, Nigel Chanakira, who is also the past president of the Zimbabwe Economic Society, said:
<blockquote>
What triggered what we are calling a crisis? We call it a crisis because we have a new currency that has features that promise us stability.
We have a new governor who said bad policies will not be done under my watch. I gave him the benefit of the doubt.
Only five months since the introduction, we have experienced a more than 40% devaluation of the ZiG. I think it’s astronomical.
</blockquote>
The value of ZiG plummeted in September this year, from ZWG13:US$1 dropping to ZWG27.44 to the US dollar on Thursday, 24 October. On the parallel market, ZiG is currently trading between ZWG40 and ZWG50 to the US dollar.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Business leaders want the government to get rid of the Zimbabwe Gold (ZiG) currency because it's losing value. They say it's hurting businesses. The CEO Africa Roundtable chairman said the ZiG should be removed from Zimbabwe's currencies. The CEO of the Institute of Chartered Accountants of Zimbabwe said a 40% drop in currency value is a crisis. The value of ZiG dropped a lot recently. Some experts feel the government is not managing the currency well. The business community is worried and wants the government to make changes.

Business Community Urges Government To Abandon Failing ZiG Currency

EcoCash has launched EcoPay, a new online payment system designed to allow organisations to make instant payments to over 100,000 beneficiaries simultaneously.
EcoPay enables businesses and organisations to pay salaries, disburse pensions, pay farmers for agricultural produce, and distribute relief funds to communities efficiently, using a secure, fast, and transparent payment processing platform.
Speaking at the launch of EcoPay in Harare on Tuesday, an EcoCash commercial executive, Gilbert Tsongorera, said:
<blockquote>
EcoPay is tailor made to meet the payment needs of a diverse range of organisations, from corporate entities to non-governmental organisations (NGOs) as well as those in the agricultural sector.
It offers a fast and seamless solution for handling large-scale disbursements with enhanced control, efficiency and great transparency.
It helps organisations process payments securely and promptly, ensuring better financial management.
</blockquote>
Tsongorera explained that the platform’s advanced, web-based interface allows organisations to streamline their bulk payment processes, effectively eliminating the need for manual interventions. He said:
<blockquote>
This not only speeds up disbursements but also enhances transparency, making it easier for organizations to initiate, approve and track payments through a user-friendly interface.
</blockquote>
He also said that EcoPay boasts several advanced features, such as instant account balance viewing, which aids users in making timely cash flow and expenditure decisions.
The platform generates comprehensive reports, providing organizations with clear insights into their payment transactions, while also eliminating errors and validating EcoCash numbers during payments. Said Tsongorera:
<blockquote>
The platform has user-friendly informative dashboards that offer real-time updates and business analytics, making it easier for organizations to track and manage their payments.
</blockquote>
EcoPay also allows organisations to upload documents, generate reports and track payments progress independently. Said Tsongorera:
<blockquote>
EcoPay’s self-service approach gives organizations greater autonomy.
Corporates, government departments, NGOs and even farmers can now upload payment instructions, generate real-time reports, and track disbursements on their own.
This not only enhances operational control but also boosts productivity across various sectors.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

EcoCash launched EcoPay, a new online payment system for organizations to pay many people at once. It helps businesses pay salaries, pensions, farmers, and relief funds quickly and safely. EcoPay has features like instant balance checking and generating reports for better financial management. It makes payments easy and transparent, with no need for manual work. Organizations can track payments and manage them independently. EcoPay aims to help different groups like companies, NGOs, and farmers to handle payments efficiently.

EcoCash Launches EcoPay For Instant Bulk Transactions

Zimbabwe’s Ministry of Environment, Climate and Wildlife plans to attach South African Airways (SAA) assets for allegedly owing US$2.4 million in unpaid fees, despite the Zimbabwean government owing the airline $59 million in blocked funds, reported <a href="https://www.businesslive.co.za/bd/national/2024-10-22-breaking-news-saa-optimistic-it-can-resolve-impasse-after-zimbabwe-attaches-assets/">BusinessDay</a>.
According to the report, about US$62 million in revenue earned by SAA in Zimbabwe has been blocked since 2016 due to foreign exchange repatriation challenges.
SAA has been negotiating with the Reserve Bank of Zimbabwe (RBZ) and its finance and economic development department to unblock the funds.
SAA claims it has already paid US$877,435 towards the debt but Zimbabwe’s environment ministry proceeded with legal action and obtained a court order for US$1.6 million.
The ministry obtained a writ of execution against SAA’s property in Zimbabwe on October 8, 2024.
According to SAA, this is despite a senior Zimbabwe official having agreed in a phone conversation with CEO John Lamola to an offset approach.
The South African airliner views the ministry’s actions as malicious and disruptive, proposing that the debt be offset against the blocked funds. Said Lamola:
<blockquote>
The conduct of the Ministry of Environment in Zimbabwe is contrary to the letter and spirit of our protracted engagements, first with the Reserve Bank of Zimbabwe and later with the Ministry of Finance, on collecting the major debt of around R1bn due to SAA.
Our doors of engagement remain open. We are optimistic that an amicable solution to the current impasse will be found, and that Zimbabwe’s Ministry of Environment will desist from its threatened action against SAA’s operations in Zimbabwe.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe wants to take South African Airways assets because they owe money. Even though Zimbabwe owes SAA more money, they still want the debt paid. SAA's revenue in Zimbabwe has been stuck since 2018. SAA has paid some money but Zimbabwe wants more. The Ministry of Environment in Zimbabwe took legal action to get the money. SAA thinks this is unfair and wants to talk to find a solution. They are still hopeful that they can settle the issue without losing their assets in Zimbabwe.

Zimbabwe Threatens To Attach South African Airways Assets

Renco Mine workers have pledged to continue their strike, now on its 11th day, until all outstanding salaries are paid.
The miners downed tools on October 9, 2024, over unpaid wages dating back to July. Renco Mine is a subsidiary of the RioZim Limited Group.
One worker who preferred anonymity told <a href="https://businesstimes.co.zw/renco-mine-workers-down-tools/">Business Times</a>: “We’ve had enough of empty promises. We can’t continue working without being paid for months on end. Management needs to resolve this once and for all.”
When contacted by Business Times for a comment, Renco Mine’s general manager, Irvine Taurayi Nyamukondiwa, directed all inquiries to the corporate communications department.
The publication reported that all attempts to obtain a comment from the corporate communications department were unsuccessful.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Renco Mine workers are on strike because they have not been paid their wages since July. They want their money before they go back to work. The strike has been going on for 11 days. The workers are tired of promises and want the issue resolved. The mine's manager is not saying anything and the company's communications department is not responding to requests for comments. The workers are determined to keep striking until they get their money.

Renco Mine Workers Vow To Continue Strike Until Salaries Are Paid

A 19-year-old man tragically died after being run over by a Toyota Coaster driven by his father near Landa Shops in Ushewekunze, Harare.
Police said the teenager had gone under the vehicle to fix a mechanical fault while the engine was running.
Unfortunately, the vehicle moved and crushed the man’s head. He succumbed to his injuries while being transported to Sally Mugabe Hospital for medical care. Police said:
<blockquote>
ZRP is investigating a fatal road traffic accident which occurred on 18/10/24 along an unnamed road near Landa Shops, Ushewekunze, Harare. A 19-year-old man died after he was run over by a Toyota Coaster vehicle registration number ABS 2996 which was being driven by his father. The victim had allegedly gone under the vehicle to fix a mechanical fault that the vehicle had developed while the engine was running. As a result, the vehicle moved and crushed the victim’s head. The victim died on his way to Sally Mugabe Hospital.
</blockquote>
In a separate incident, Police said eight people were injured when a Stallion Cruise bus with 16 passengers on board was involved in a serious road traffic accident which occurred at the 60-kilometre peg along Mutare-Masvingo Road on Saturday.
The bus veered off the road to the left, overturned once and landed on its left side. The injured victims were taken to Mutambara Mission Hospital for treatment.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

A 19-year-old boy died after his father accidentally ran over him with their car while trying to fix it. The boy was taken to the hospital but couldn't survive. In another incident, a bus with passengers crashed, injuring eight people.

Teenager Dies After Being Run Over By Father's Car

The Consumer Protection Commission (CPC) has warned businesses operating without Point-of-Sale machines, that they are doing so against the law. Below is an official statement from the CPC on this matter:
<blockquote>
1. The Consumer Protection Commission notes with concern the practice by some unscrupulous businesses who are operating without Point-of-Sale machines, in clear violation of the laws of the Republic of Zimbabwe and infringing consumers’ right to choose when carrying out their daily transactions.
2. The Consumer Protection Act Chapter 14.44 Section 51 (h) prohibits businesses from engaging in any unfair trade practices, which include but not limited to violating consumers’ right to choose. Furthermore, the Finance Act Number One of 2018, which amended Section 10 of the Bank Use Promotion and Suppression of Money Laundering Act (Chapter 24:24) require businesses to acquire any device that facilitates the electronic payment of its goods or services (commonly known as Point-of-Sale machines) or facilitates the payment of its goods or services electronically using a mobile telephone device or computer.
3. To protect consumers from unfair business practices, the Consumer Protection Commission is carrying out enforcement blitz, starting with the fuel retail industry, where several service stations have been found wanting and issued with Compliance Notices by the Commission in line with Section 68 of the CPA. The Commission found out that out of the 27 service stations inspected, 80% of them did not have Point-of-Sale machines.
4. This enforcement blitz is being extended to all businesses so that they comply with provisions of the law. Those businesses found not to be complying will be penalised in line with the requirements of the law.
5. Members of the public are being urged to assist the Commission by reporting businesses not giving consumers the option of swiping for their goods and services through the following hot line numbers:
<ul>
<li>+263 719 176 856 /861 /865 Or</li>
<li>Netone tollfree number 08012301 Or</li>
<li>call centre number +263 867 701 0043</li>
</ul>
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Businesses in Zimbabwe are being warned by the Consumer Protection Commission that they must have Point-of-Sale machines for electronic payments. This is because it is against the law to not give customers the option to pay electronically. The law is aimed at protecting consumers and preventing unfair business practices. Some businesses, like service stations, have already been found in violation of this law. If businesses do not comply, they will face penalties. The public is encouraged to report businesses not following this law to the Consumer Protection Commission through specific hot lines.

Full Text: Businesses Face Legal Action For Operating Without POS Machines

The Consumer Protection Commission is targeting businesses that are rejecting Point-of-Sale (POS) machine transactions to ensure that all businesses accept POS transactions.
POS machines can be linked to ZiG and US dollar bank accounts, allowing consumers to choose the currency for transactions.
One major advantage of POS machines is that they reduce the risk of robberies by eliminating the need for people to carry large amounts of cash.
In a statement issued over the weekend, the commission said it noted with concern the practice by some unscrupulous businesses that were operating without point-of-sale machines.
The CPC said that failure by businesses to avail POS machines is in clear violation of the laws of the country and infringes on consumers’ right to choose when carrying out their daily transactions. It said:
<blockquote>
To protect consumers from unfair business practices, the Consumer Protection Commission is carrying out an enforcement blitz, starting with the fuel retail industry where several service stations have been found wanting and issued with compliance notices by the commission in line with Section 68 of the Act.
The commission found out that out of the 27 service stations inspected, 80 per cent of them did not have point-of-sale machines…
Those businesses found not to be complying will be penalised in line with the requirements of the law.
</blockquote>
The CPC said the Finance Act Number One of 2018, which amended Section 10 of the Bank Use Promotion and Suppression of Money Laundering Act, mandates businesses to obtain any device that enables electronic payment for their goods or services.
This law also stipulates that businesses must facilitate electronic payments through mobile phones or computers.
In an interview with <a href="https://www.herald.co.zw/swipe-machines-now-mandatory-commission/">The Herald</a>, Confederation of Zimbabwe Retailers (CZR) President Denford Mutashu stressed the importance of compliance among all businesses. Said Mutashu:
<blockquote>
CZR implores all shops formal or informal to comply with regulatory and statutory obligations guiding their operations like installation of working point-of-sale machines for the convenience of transacting public.
The multi-currency policy is law and both the ZiG and USD are legal tender in equal measure. Banks should expedite the issuance of point-of-sale machines across the country’s economy.
It is illegal to deny a consumer access to swipe or pay via mobile platforms in local currency.
</blockquote>
Meanwhile, the CPC has urged the public to help the commission by reporting businesses that do not provide the option of swiping for goods and services. Reports can be made through hotline numbers.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

All businesses must have swipe machines for electronic payments. This helps customers choose currency and reduces risk of robberies. Businesses without swipe machines are breaking the law and will be punished. All shops must follow the law and provide swipe machines for customers. If you see a business not following the rules, report them. The law says businesses must accept electronic payments and have swipe machines. Let's all work together to make sure businesses follow the rules and keep customers safe.

Swipe Machines Now Mandatory For All Businesses - Commission

African Sun Limited, a hospitality group, has called off the highly publicised sale of its two properties, the Beitbridge Express Hotel and Great Zimbabwe Hotel in Masvingo, which were to be sold for a combined US$6.9 million to TD Hotels and Leisure (Private) Limited, a rising local hospitality company.
Initially, African Sun had stated that the sale was intended to generate capital by offloading assets deemed non-essential to the group’s future.
However, in a recent announcement to shareholders, the Victoria Falls Stock Exchange-listed company revealed that it has reversed its decision. The group in the latest trading update:
<blockquote>
Regarding the disposal of the Great Zimbabwe Hotel and associated hotel business in Masvingo for a gross consideration of US$4 445 000, and the disposal of the Beitbridge Express Hotel, in Beitbridge for a gross consideration of US$2 500 000, all to TD Hotels &amp; Leisure (Private) Limited.
The board advises of the termination of the previously announced agreements with TD Hotels &amp; Leisure (Private) Limited, classified as a Category three transactions.
</blockquote>
It did not give reasons for the termination of the agreements.
Negotiations for the Beitbridge Hotel led to an executed sale agreement on July 18th this year. 
Following this, discussions for the sale of the Great Zimbabwe Hotel (GZH) with the same buyer concluded last month, resulting in another sale agreement.
African Sun Limited manages ten hotels strategically located throughout Zimbabwe.
Of these, the group owns seven properties: Holiday Inn Mutare, Monomotapa Hotel, Troutbeck Resort, Elephant Hills Resort and Conference Centre, Hwange Safari Lodge, Great Zimbabwe Hotel, and Caribbean Bay Resort. The group also leases three properties: Holiday Inn Harare, Holiday Inn Bulawayo, and The Victoria Falls Hotel.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

African Sun Limited was going to sell two hotels for a lot of money, but now they changed their mind. They didn't say why. The hotels are in different parts of Zimbabwe. The company owns some hotels and rents others. They didn't explain why they decided not to sell the hotels anymore.

African Sun Limited Calls Off Hotel Sale

President Emmerson Mnangagwa has declared a State of Disaster following the devastating fire at Mbare Traders Market on 8th October 2024.
The blaze, which took hours to extinguish and whose cause remains unknown, has severely affected over 4,000 traders by destroying the entire retail section and parts of the wholesale market.
In a statement issued on 14th October 2024, the Ministry of Local Government and Public Works announced that this disaster declaration will aid in mobilising resources to rebuild the market and support the affected traders. Reads the statement:
<blockquote>
His Excellency, the President of the Republic of Zimbabwe, Cde Dr. E.D. Mnangagwa has, in terms of Section 27(1) of the Civil Protection Act [Chapter 10:06], declared A State of Disaster following a destructive fire at the Mbare Traders Market on 8th October 2024.
The unfortunate inferno, which razed down the whole retail section and parts of the wholesale market, affected over 4 000 traders whose livelihoods have been negatively impacted.
The declaration will thus assist in mobilising necessary resources, in cash and kind, to support rebuilding of the market as well as assist affected entrepreneurs resuscitate their businesses.
The nation is advised that Government in collaboration with the private sector and other stakeholders, is working flat out to build back better.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

President Mnangagwa said a big fire at Mbare Traders Market is a disaster. The fire hurt over 4,000 people by breaking the whole retail part and some of the wholesale part. The government will help rebuild the market and help the traders. They will get money and other things they need. The government and other groups are working together to make things better.

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