Warehouse Keeper & Tally Clerk (Harare)

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Operating theatre Nurse (Harare)

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Livelihoods Officer (Bindura)

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Recoveries Officers (Mutare & Bulawayo)

Laboratory Technician (Harare)

Econet Wireless Zimbabwe Limited has announced the departure of Chief Operating Officer, Kezito Makuni, after 16 years of service.
Makuni, who has extensive experience in the telecommunications industry, voluntarily decided to leave the company, with his official last day being 28 February 2025. A notice from Econet read:
<blockquote>
Econet Wireless Zimbabwe Limited announces the voluntary exit from the business of its Chief Operating Officer, Mr Kezito Makuni, with effect from 28th February 2025, to pursue other interests outside the company.
Mr Makuni, who has been with Econet Wireless Zimbabwe for sixteen years, played a key role in helping the business achieve significant milestones in its growth and digital transformation journey over the years.
</blockquote>
The Econet Group has seen several leadership changes recently.
EcoCash Holdings (which owns Steward Bank) underwent a major reshuffle, with eight directors resigning after Tawanda Nyambirai acquired a majority stake and was appointed as Group CEO.
Meanwhile, Cassava Technologies made key leadership changes, including appointing an AI Officer and rearranging some of its long-serving employees.
Last year, as part of a broader restructuring effort, the Econet Group offered voluntary exit packages to employees.

Pindula News

Econet Wireless Zimbabwe's Chief Operating Officer, Kezito Makuni, is leaving the company after 16 years. He chose to leave on his own and his last day is on 28th February 2025. The company thanked him for helping them grow and change digitally. The Econet Group has had other changes in leadership recently, like EcoCash Holdings and Cassava Technologies. They also offered employees voluntary exit packages last year as part of restructuring.

Econet Wireless COO Kezito Makuni Steps Down After 16 Years

The City of Harare has warned against illegal structures springing up across the city and vowed to demolish unauthorised developments.
The rise of informal businesses has led to an increase in new constructions and the conversion of old buildings into retail spaces.
Large commercial properties are being repurposed into shopping malls with subdivided units for multiple operators.
While this has proven profitable for property owners, concerns about the legality of these developments are growing, with some lacking approval from city authorities.
Harare City Council spokesperson Stanley Gama told <a href="https://businesstimes.co.zw/council-threatens-to-demolish-shopping-malls/">Business Times</a> that the municipality will take action against illegal structures and unlicensed operators. Said Gama:
<blockquote>
New malls or structures have to be approved and licensed by the City of Harare. Illegal structures will be demolished, while those operating without licences will have their businesses closed down. We don’t tolerate lawlessness.
</blockquote>
If the City of Harare follows through with its warnings, several newly established malls in the Central Business District may face demolition.
City regulations require that any change in business use comply with Section 26 of the Regional, Town, and Country Planning Act (Chapter 29:12 of 1996), which mandates prior approval from the relevant authorities.
An urban planning expert, who declined to be named, told Business Times, that the current increase in mall construction has largely been unregulated, with some developments not meeting the minimum operational standards required by law. Said the expert:
<blockquote>
There is an uncontrolled influx of retail spaces, and some of these structures obstruct pedestrian movement. The city was not designed to accommodate this level of commercial activity in such a disorganized manner.
</blockquote>

The City of Harare is warning against unauthorized shopping malls popping up everywhere. These malls are being built without permission from the city, and this is causing problems. The City Council says they will destroy these malls and shut down businesses without licenses. They want all new developments to be approved and licensed. If they go through with this, many new malls in the city may be destroyed. The city has rules for building new businesses, and they must be followed. Experts say the rapid increase in malls is not good for the city and is causing chaos.

Harare City Council Vows To Demolish Unapproved Shopping Malls

The month-on-month inflation rate in ZWG (ZiG) terms fell to 0.5% in February 2025, from 10.5% in January 2025, the Zimbabwe National Statistics Agency (ZIMSTAT) reported Wednesday.
This means that prices as measured by the all items ZWG CPI, increased by an average of 0.5% from January 2025 to February 2025. Said ZIMSTAT:
<blockquote>
The ZWG month-on-month Food and Non-Alcoholic Beverages inflation rate was 0.8 percent in February 2025, shedding 6.0 percentage points on the January 2025 rate of 6.8 percent while the month-on-month non-food inflation rate was 0.3 % shedding 4.3% on the January 2025 rate of 4.6%.
</blockquote>
ZIMSTAT reported that the USD month-on-month inflation rate for February 2025 was 0.2%, a significant decrease from 11.5% in January. This indicates that, on average, prices increased by 0.2% from January to February 2025, as measured by the all-items index.
For Food and Non-Alcoholic Beverages, the month-on-month inflation rate was also 0.2% in February, down from 16.8% in January. Similarly, the non-food inflation rate for February was 0.2%, a decrease from 9.1% in January.
In terms of year-on-year inflation, the USD Consumer Price Index (CPI) rose slightly from 14.6% in January to 15.1% in February 2025.

In Zimbabwe, prices only went up a little bit from January to February. Food prices went up less compared to January. Overall, prices went up slightly for both food and non-food items. The prices increased by 0.5% in February, which is a lot less than January. This is good news for the people in Zimbabwe.

Zimbabwe's Month-on-Month Inflation Plummets From 10.5% To 0.5%

OK Zimbabwe Limited has dismissed its senior executives and brought back former managers to guide the company through a major business review and restructuring.
Willard Zireva, who retired in 2017, has returned, along with Alex Siyavora, who led the company until 2021. They will lead OK Zimbabwe temporarily during this period of change.
This follows the recent closure of four OK Zimbabwe stores and ongoing stock shortages, highlighting struggles in the retail sector.
The company announced these changes in a statement dated February 26, 2025, from Company Secretary Margaret Munyuru.
The executives who have left the company include CEO Maxen Phillip Karombo, CFO Phillimon Mushosho, and Supply Chain Director Knox Mupaya.
The new leadership appointments are: CEO Willard Vimbai Zireva, CFO Alex Edgar Siyavora, and Supply Chain Director Muzvidzwa Richard Chingaira. Added Munyuru:
<blockquote>
The Board would like to acknowledge the outgoing Executive team for their service through this challenging period and to welcome back the team reposed with the remit to stabilise and turn the business around over the next six months whilst the Company engages in the process to identify the executive replacements.
</blockquote>

OK Zimbabwe has fired top bosses and brought back former managers to help fix the company. The retail sector is struggling and some stores have closed. The new leaders are Willard Zireva, Alex Siyavora, and Muzvidzwa Chingaira. They will work to stabilize the business in the next six months. The old CEO, CFO, and Supply Chain Director have left. The company hopes the changes will help them improve and find new executives in the future.

OK Zimbabwe Sacks Senior Executives

Police in Harare are investigating the production of Mauya drink in Waterfalls to assess whether the manufacturing process complies with the country’s relevant laws and regulations.
Earlier this week, police raided the company’s premises in response to allegations of producing illicit alcoholic beverages. However, it was later revealed that the company was manufacturing a ginger-based drink.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/GkpabKJXkAA3ner?format=jpg&amp;name=4096x4096"/>
The discovery of thousands of these beverages at the premises has led police to expand their investigation.
National police spokesperson Commissioner Paul Nyathi, speaking to <a href="https://www.herald.co.zw/police-crackdown-on-local-companies/">The Herald</a> after visiting the site on Tuesday, February 25, raised concerns about the operations of some businesses, particularly regarding public safety, health, and security. He said:
<blockquote>
The Zimbabwe Republic Police is concerned with the way some companies are operating, especially with regards to the safety, health, and security of the public.
As you can see, this is another raid by the Zimbabwe Republic Police, where we have established that this company was operating and, in the process, manufacturing a product— whether it’s a beverage, alcoholic or non-alcoholic — without clarity on its contents.
</blockquote>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/GkpabLcW8AAeOdI?format=jpg&amp;name=4096x4096"/>
Nyathi said that the company does not have the necessary license to produce the beverage in question and that the product has not been certified by the Medicines Control Authority of Zimbabwe (MCAZ). He said:
<blockquote>
Above all, they have no licence to produce this product. This product has also not been certified fit for sale or supply to the public by the Medicines Control Authority of Zimbabwe, especially considering some of the medicinal qualities being claimed on the labels. These claims have not been substantiated.
Then you also have the issue of food standards, where you find that some of the conditions under which this purported beverage is being manufactured are not safe for any product intended for public consumption.
As the police, we want to urge business people and companies that, in whatever they are doing, they must, first and foremost, consider the laws of the country. Secondly, they must prioritise the safety of the public.
Thirdly, they must ensure that all processes they undertake fully comply with Government regulations.
</blockquote>
Nyathi further revealed that several suspects had been taken into custody in connection with the case as investigations continue.

Police in Harare raided a company called Mauya Drink Brewery to check if they were following the law. They found out the company was making a ginger-based drink, not illegal alcohol. But they also discovered the company didn't have the right license to make the drink. The police are worried about public safety and health. They are investigating further and have arrested some people. The company must follow all laws and regulations when making products for the public.

Police Raid Mauya Drink Brewery

Emmanuel Fundira, the National Social Security Authority (NSSA) chairman, and former Rainbow Tourism Group (RTG) executive Paula January are accused of plotting to devalue RTG’s shares to buy them at a lower price.
As reported by <a href="https://thenewshawks.com/nssa-chairman-embroiled-in-underhand-rtg-takeover-bid/">The NewsHawks</a>, NSSA, which holds a 91.6% stake in RTG, plans to sell 56% of its shares, and Fundira is believed to be creating negative market sentiment to drive down the stock price.
Fundira, also involved in hospitality through African Sun and other ventures, is said to be in conflict due to his interests in both Nssa and RTG.
Despite an agreement not to engage in hospitality affairs, he is allegedly influencing events at RTG to support his personal interests.
The Zimbabwe Anti-Corruption Commission (ZACC) has launched an investigation into RTG’s executives, focusing on payments in salaries, gratuities, allowances and bonuses, and the agency has issued a warrant to seize documents.
RTG denies any wrongdoing, claiming the investigation is politically motivated.
Fundira, appointed NSSA chairman in 2023, is accused of manipulating the situation to lower RTG’s share price, allowing him and his allies to purchase shares at a discounted rate.
He is also accused of leaking information to Paula January, which she allegedly passed on to ZACC to settle personal scores.
ZACC investigators have reportedly kept Paula January informed about their probe, including sending her updates via WhatsApp during meetings with RTG board members.
However, Fundira denied the allegations when speaking to The NewsHawks, saying he has no working relationship with Paula January and dismissing claims of manipulating RTG’s share price for personal gain. He said:
<blockquote>
The true position is that I do not have any working relationship with so-called Paula January (whoever she is) nor do I have access to RTG financial information in as much as RTG is a subsidiary of NSSA of which I am a NED (non-executive director) and chairman.
It is however common cause that RTG have a reporting line to the executive at NSSA as a subsidiary and that as a public-listed entity they have their own board chaired by Mr Douglas Hoto.
</blockquote>
Paula January also denied knowing Fundira and claimed that the audio leaks, which allegedly showed frequent contact between them, were doctored. She said:
<blockquote>
Unfortunately, I don’t do voice notes after my past experiences with RTG. We are living in the times of technology and things can be doctored.
I moved on with my life and I have been here in Malawi for four years. I actually wish RTG well and by the way, who is Fundira and what does he do at RTG?
</blockquote>
In response to The NewsHawks‘ questions, RTG acknowledged the role of ZACC in fighting corruption but said it was challenging the search and seizure warrant. The company argued that seizing payroll and employee contracts could not prove the charge of money laundering.
RTG argued that stock exchanges worldwide are designed to be secure investment platforms, regularly audited and overseen by multiple regulatory bodies to ensure transparency and compliance.
RTG pointed out that during the period of interest, its activities had been reviewed by several entities, including the Reserve Bank of Zimbabwe (RBZ) and the National Economic Conduct Inspectorate (NECI), Zimbabwe Revenue Authority (Zimra), Financial Intelligence Unit (FIU) and external auditors.

NSSA Chairman, Emmanuel Fundira, and ex-RTG executive Paula January are accused of trying to take over RTG by lowering its share prices. Fundira, who works at NSSA and African Sun, is said to be causing a drop in RTG's stock price to benefit himself. ZACC is investigating RTG for alleged corruption related to salaries and bonuses. Fundira denies the accusations. RTG disputes the claims and says they are politically motivated. They argue that their activities are reviewed by various regulatory bodies. Paula January also denies any involvement with Fundira and claims that evidence against her is doctored.

NSSA Chairman And Ex-RTG Executive Accused of Plotting Underhand RTG Takeover Bid

Econet Wireless Zimbabwe has dismissed as false a widely circulated social media post claiming the company will deduct funds from EcoCash wallets of customers who use virtual private networks (VPNs) to access free data.
The post, which resembled an official Econet announcement, falsely alleged that the company had detected unauthorized VPN activity and would impose automated deductions to recover data costs.
The image, which appeared to be from Econet’s official X (formerly Twitter) page, was captioned “Scam Alert” and marked “FAKE” by the company, indicating that it was not an official statement. The fake post reads:
<blockquote>
We’ve detected unauthorized VPN activity that’s been compromising our network security and allowing unauthorized access to our data services. 
Unfortunately, this has resulted in some customers using our data for free.
To rectify this situation and ensure fairness for all, we’ll be implementing automated deductions from Ecocash wallets for customers who have been using the offending VPN application.
The deductions will be based on the amount of data used.
Please note that customers who haven’t used the VPN application will not be affected.
</blockquote>

Econet Wireless Zimbabwe says a post saying they will charge money from EcoCash wallets of people who use VPNs for free data is not true. The fake post claimed unauthorized VPN activity would lead to deductions from wallets. Econet marked the post as fake and said it was not official. The post said customers who used VPNs for free data would have money deducted from their wallets based on how much data they used. The company clarified that only people who did not use VPNs would not be affected by the deductions.

Econet Dismisses Viral Post On VPN Data Access Charges

OK Zimbabwe Limited has alerted the public about a fake message circulating on social media that falsely claims to offer jobs at their company.
In a statement, OK Zimbabwe said the advertisement was not legitimate and did not come from them.
The company advised prospective jobseekers that their real job openings are only posted on their official website and LinkedIn page. The statement reads:
<blockquote>
It has come to our attention that a fraudulent message is circulating on social media falsely claiming to offer employment opportunities at OK Zimbabwe Limited.
We would like to take this opportunity to inform the public that this information is not legitimate and did not originate from OK Zimbabwe Limited. We distance ourselves from this communication in its entirety.
As an equal opportunity employer, OK Zimbabwe Limited is committed to fair hiring practices. All legitimate job vacancies will only be posted through our official channels, which include our website 
www.okziminvestor.com and our LinkedIn page OK Zimbabwe Limited (Official Page).
We urge all job seekers to verify any employment opportunities directly through these platforms to avoid falling victim to scams.
We encourage the public to report any suspicious activity related to employment offers purportedly from OK Zimbabwe Limited.
</blockquote>

OK Zimbabwe told people a fake message is online about jobs at their company. They said it's not real. Real job openings are only on their website and LinkedIn. If you see a fake job ad, don't believe it. Check their official channels to be safe. Don't fall for scams. If you see anything suspicious, tell OK Zimbabwe. They want to hire people, but only through the right channels. Be careful about job offers online.

OK Zimbabwe Disowns False Employment Ads Circulating Online

President Emmerson Mnangagwa has reportedly ordered the sale of the People’s Own Savings Bank (POSB) to a consortium led by ZANU PF-supporting cleric Morris Brown Gwedegwe.
According to <a href="https://www.zimlive.com/posb-ordered-to-open-vaults-to-mnangagwas-handpicked-new-investors/">ZimLive</a>, the sale went ahead despite advice from the Zimbabwe Investment and Development Agency (ZIDA), which raised concerns about the source of funds for Gwedegwe’s Hebrew Investment Group.
POSB, now under the Mutapa Investment Fund, is one of several government-owned parastatals being sold off.
Instead of opening the sale to public bids, Mnangagwa, through Attorney General Virginia Mabiza, chose Hebrew Investment Group as the investment partner.
Under the terms of the deal, Hebrew Investment Group will acquire 70% of POSB by contributing US$70 million of the US$100 million needed to recapitalize the bank.
The Zimbabwe government will keep a 10% stake, funded through existing POSB assets, while the remaining 20% will be financed by private individuals.
A joint venture agreement signed between Mabiza and Hebrew Investment Group CEO Professor Emile Kue on December 18, 2024, also includes a US$6 billion loan from Hebrew Investment Group to the Zimbabwe government.
The loan, with a 0.3% interest rate per year, will be repaid over 30 years using dividends from the government’s POSB shareholding.
ZimLive reports that ZIDA questioned the legitimacy of the company’s funds and tried to delay the signing of the agreement, but Mnangagwa and Mabiza pushed it through.
Gwedegwe, a former Anglican bishop who was expelled over alleged embezzlement, was appointed to the Zimbabwe Defence Commission by Mnangagwa in May 2019.
Last year, the Zimbabwe Council of Churches distanced itself from Gwedegwe after he attended the ZANU PF annual conference in Bulawayo, claiming to represent the council.
Questions from ZimLive to Attorney General Mabiza had not been answered at the time of reporting.

President Mnangagwa sold POSB bank to Morris Gwedegwe's group. ZIDA raised concerns about where the money came from. Mnangagwa did not open the sale to public bids. Hebrew Investment Group will own 70% of POSB. The loan from Hebrew Investment Group will be repaid over 30 years. ZIDA questioned where the money came from, but Mnangagwa went ahead with the deal. Gwedegwe was appointed to the Zimbabwe Defence Commission. Council of Churches distanced themselves from Gwedegwe. Attorney General Mabiza did not answer questions about the deal.

Mnangagwa’s Handpicked Investors Take Over POSB

An audacious break-in attempt at Delta Beverages’ Southerton plant was foiled after an employee discovered a tunnel linked to the stormwater drainage system.
The unusual attempt came to light on 17 February 2025, when the employee noticed signs of unauthorized activity beneath the brewery grounds.
Delta Beverages confirmed the incident in a statement, but offered few details on the intruders’ motives or whether they managed to steal anything.
The company assured the public that operations at the plant were not disrupted by the breach. Part of the statement reads:
<blockquote>
Delta Beverages Private Limited, a leading manufacturer of lagers in Zimbabwe, is currently investigating alleged attempt by unknown persons to illegally access premises at Southerton brewery through a pre-existing water storm drainage tunnel.
The incident, which was discovered on 17 February 2025 by Delta Beverages employees, has not caused disruption to our operations.
We are working closely with the police and responsible authorities to determine the veracity of the report and the possible motive and identity of the perpetrators.
We take the safety and security of our employees, facilities, and our assets very seriously.
We are cooperating fully with all responsible authorities involved in the investigation and are conducting our standard incident management and review processes.
We urge anyone with information about this incident to come forward and contact the police or 
our company directly.
</blockquote>

Someone tried to break into Delta Beverages' Southerton plant by digging a tunnel, but they were caught before they could do any harm. The company is investigating the incident with the help of the police. Thankfully, the brewery's operations were not affected by this breach. Delta Beverages wants to ensure the safety and security of their employees and assets, and they are asking for anyone with information about the incident to come forward.

Intruders Dig Tunnel In Bold Attempt To Break Into Delta Beverages' Brewery

Truworths, currently undergoing corporate rescue, along with its subsidiaries, Topic Stores and Bravette Manufacturing Company, is set to hold a crucial shareholder meeting on 25 February in Harare.
Trading of Truworths’ shares was suspended on 7 March 2024 after the company requested a voluntary suspension.
The retailer has been struggling with inflationary pressures and tight liquidity, which have led to reduced demand and declining consumer spending.
As reported by the <a href="https://www.chronicle.co.zw/crucial-shareholder-meeting-for-truworths/">Chronicle</a>, the primary agenda of the meeting will be to implement Section 10 of the corporate rescue plan, which includes the acquisition of shares by Valfin Investments for US$1 and the delisting of Truworths from the Zimbabwe Stock Exchange.
The resignation of the current board and the appointment of a new one will also be discussed.
An update on the approval of Valfin as an investor in Truworths, as well as the potential merger of the two businesses, will be reviewed during the meeting.
Truworths is a well-known retailer offering a wide range of fashion apparel, including clothing, footwear, bags, shoes, perfumes, and homeware products for men, women, teenagers, and children.

Truworths is having a meeting to decide what to do next because they are having money problems. Their shares were stopped from being sold in March 2024 because of this. They want to buy shares from Valfin Investments, and they might also stop being on the stock exchange in Zimbabwe. The current board might leave and a new one could come in. They also want to talk about whether Valfin can invest in Truworths and if they can merge with another company. Truworths sells lots of things like clothes, shoes, bags, and perfumes for everyone in the family.

Truworths To Finalise Corporate Rescue Plan And Delisting At 25 February Meeting

African Sun Limited has announced the sale of the Great Zimbabwe Hotel and its associated hotel business to Mewame Family Trust for a total of US$4.2 million, reported <a href="https://businesstimes.co.zw/african-sun-offloads-great-zimbabwe-hotel-in-us4-2-million-deal/">Business Times</a>.
The deal follows African Sun’s decision in March 2024 to divest select assets, including the Great Zimbabwe Hotel. After months of negotiations, the agreement was finalised on January 28, 2025.
Under the terms of the transaction, Mewame Family Trust will acquire the 20.4-hectare Mundells Plot A property in Masvingo for US$3.2 million. The hotel business and its assets will be purchased as a going concern for US$1 million.
The sale is contingent upon full payment, due diligence, and regulatory approvals, which are expected to be completed by April 1, 2025.
African Sun, which operates ten hotels across Zimbabwe, is strategically divesting non-core assets to fund upgrades at its primary properties.
Meanwhile, Mewame Family Trust, a key player in tourism and property, aims to expand its hospitality portfolio with this acquisition.

African Sun sold the Great Zimbabwe Hotel to Mewame Family Trust for $4.2 million. The sale was part of African Sun's plan to sell some assets. The deal was finalized in January 2025. Mewame Family Trust will get the hotel property for $3.2 million and the hotel business for $1 million. The sale will be completed by April 2025 after payment and approvals. African Sun is selling non-core assets to improve its main hotels. Mewame Family Trust wants to grow its hospitality business by buying the hotel.

African Sun Sells Great Zimbabwe Hotel For US$4.2 Million

OK Zimbabwe Limited experienced a challenging trading environment in the third quarter of 2024, driven by reduced consumer spending, local currency devaluation, and liquidity shortages.
In its trading update for the quarter ending 31 December 2024, released on 14 February 2025, OK Zimbabwe reported stockouts caused by limited supplies and increased operating costs due to frequent power outages, which led to temporary branch closures. Group Company Secretary Margaret Munyuru said:
<blockquote>
The operating environment was largely subdued due to lower-than-expected consumer spend in the quarter under review.
Acute local currency liquidity shortages re-access to the much-needed funding to cover working capital cycles across the formal retail sector.
The local currency unit, ZWG, experienced a sharp devaluation in September 2024 as monetary authorities sought to improve the viability of the exchange rate system for the broader economy.
Invariably, the devaluation had the net nearly doubling existing US dollar-denominated obligations in loans and creditors’ balances.
</blockquote>
During the quarter under review, OK Zimbabwe experienced frequent stockouts, with daily availability levels averaging only 50% of normal stocking levels. Reads the update:
<blockquote>
The Group experienced episodes of stockouts during the quarter under review as evidenced by daily availability levels of around 50% of normal stocking levels stockouts arose from restricted supplies from manufacturers and distributors.
The Group had outstanding and overdue creditors’ balances which were predon denominated in US Dollars against a backdrop of low US Dollar sales collection, at times reaching as low as 20% of sales revenue.
The low stocking levels are a manifestation of sub-economic pricing arising out of exchange rate distortions and suppliers’ need for foreign currency invoicing to cover their operational and raw needs.
Suppliers continued to insist on shorter trading terms and in some cases prepayments for supplies invoiced in local currency.
This exerted pressure on the working capital and necessitated the need to access short-term funding.
</blockquote>
Load shedding negatively impacted the company by disrupting operations and driving up costs, as the business had to rely more on alternative power sources. Said Munyuru:
<blockquote>
Power outages worsened during the trading period resulting in disruptions in business operations and increases in operating costs as the business relied more on alt sources of power.
To mitigate against rising operating costs, the Group resolved to close four branches in Glen Norah, Kuwadzana 5, Chitungwiza Town Centre and Manyika Street, all in Harare.
Review and consideration of the future of branches saddled with the stifling impact of unsustainable operating cost structures and licencing requirements is in progress.
</blockquote>
OK Zimbabwe registered a 36% decline in sales volumes compared to last year, but year-to-date growth of 10%. Reads the update:
<blockquote>
Volumes decreased by 36% in comparison to the same period last year. However, on a year-to-date basis, the Group recorded volume growth of 10% over the same period.
The reduction in volumes recorded during the quarter translated to a decline in revenue of 36% as compared to the prior period.
The company is restocking with supplier support and financial aid while exploring alternative procurement models.
</blockquote>
The company’s future depends on economic stability and policy changes to improve market conditions. Said Manyuru:
<blockquote>
The business has begun restocking the operating units with support from supplier partners as well as financial institutions that continue to assist with short-term structures.
New alternative procurement models have been developed which include, but are not limited to, a structured stock supply arrangement with third p supplier assurance purposes as the business works to restore critical supply relationships with both local and foreign suppliers.
</blockquote>
The Group is confident of restoring stocking levels before the closure of the current financial year.
The fortunes of the country’s formal retail sector are hinged on the stability of our exchange rate regime.
Consultations with both Fiscal and Monetary Authorities have relaxed the very strict policing of applicable in-store exchange rates.
<blockquote>
The Group welcomes the recently announced Monetary Policy Statement measures which number of limitations and introduced some level of flexibility within the foreign exchange market.
However, there is a need for absolute clarity on the roadmap toward a market-determined exchange rate system.
Such a liberalized system will go a long way in restoring the competitiveness of the formal retail sector.
</blockquote>

OK Zimbabwe had a hard time in the third quarter of 2024 because people weren't spending a lot of money and there was a shortage of money. There were not enough supplies, and the currency lost value. The company had to close some branches because of power cuts. Sales went down by 36%, but things were better compared to last year. The company is trying to get back on track by restocking and getting help from suppliers and banks. They hope things will get better by the end of the year. The company is waiting for the government to make some changes to help the economy.

OK Zimbabwe Reports 36% Decline In Sales Volumes For Q3 2024

EcoCash Holdings Zimbabwe Limited (EHZL) has appointed new directors following the resignation of several others.
Eddie Chibi, who has served as CEO since 2018, has stepped down from his position, with Tawanda Nyambirai appointed as his successor.
Nyambirai, a longtime associate of Strive Masiyiwa dating back to the early days of Econet in the 1990s, has extensive experience with the company, both as a lawyer and in business.
Nyambirai acquired Steward Bank, a subsidiary of EcoCash, in 2013.
Darlington Mandivenga, a key figure in the establishment and rapid growth of EcoCash, has also resigned.
Mandivenga played a key role in turning EcoCash into a dominant player in the local payments industry.
In total, 8 directors have resigned, including the chairperson, while 10 new directors have been appointed.
In a notice to shareholders dated 14 February 2025 and signed by Group Company Secretary C.R. Daniels, EcoCash announced that Sherree Gladys Shereni has stepped down as Board Chairperson. The following people have resigned as Directors:
<ul data-end="1489" data-is-last-node="" data-start="1079">
<li data-end="1153" data-start="1079">Sherree Gladys Shereni (Chairperson, Independent Non-Executive Director)</li>
<li data-end="1208" data-start="1154">Zienzile Dillon (Independent Non-Executive Director)</li>
<li data-end="1249" data-start="1209">Hardy Pemhiwa (Non-Executive Director)</li>
<li data-end="1301" data-start="1250">Darlington T. Mandivenga (Non-Executive Director)</li>
<li data-end="1359" data-start="1302">Michael L. Bennett (Independent Non-Executive Director)</li>
<li data-end="1416" data-start="1360">Christopher Maswi (Independent Non-Executive Director)</li>
<li data-end="1451" data-start="1417">Eddie Chibi (Executive Director)</li>
<li data-end="1489" data-is-last-node="" data-start="1452">Theresa Nyemba (Executive Director)</li>
</ul>
EcoCash added:
<blockquote>
The Shareholders, Directors, Management and Staff are grateful for Mrs. Shereni’s contribution and dedication to the Bank during her tenure as Board Chairman.
The Board also acknowledges the service of the departing Directors.
Mr Dominic Musengi and Ms. Elizabeth T Masiyiwa remain as Directors of the EHZL Board.
</blockquote>
The following individuals have been appointed as Directors of EcoCash Holdings Zimbabwe Limited (EHZL), effective from 27 January:
<ul data-end="723" data-is-last-node="" data-start="132">
<li data-end="196" data-start="132">Titus Murefu (Chairperson, Independent Non-Executive Director)</li>
<li data-end="239" data-start="197">Rugare Chidembo (Non-Executive Director)</li>
<li data-end="282" data-start="240">Roy Chimanikire (Non-Executive Director)</li>
<li data-end="338" data-start="283">Nadine Gabi Levy (Independent Non-Executive Director)</li>
<li data-end="395" data-start="339">Evaristo Mudhikwa (Independent Non-Executive Director)</li>
<li data-end="448" data-start="396">Morgen Mufowo (Independent Non-Executive Director)</li>
<li data-end="519" data-start="449">James Andrew Kufakunesu Mushore (Independent Non-Executive Director)</li>
<li data-end="581" data-start="520">David Alexander Rhodes (Independent Non-Executive Director)</li>
<li data-end="653" data-start="582">Tawanda Nyambirai (Group Chief Executive Officer, Executive Director)</li>
<li data-end="723" data-is-last-node="" data-start="654">Hazvinei Kapfunde (Banking Operations Director, Executive Director)</li>
</ul>

Eddie Chibi has resigned as the CEO of EcoCash and Tawanda Nyambirai is the new CEO. Tawanda Nyambirai has a lot of experience with the company. Darlington Mandivenga has also resigned. 8 directors have resigned and 10 new directors have been appointed. The company thanked the departing directors for their service. Some new directors have been appointed to the board. Nyambirai is the new CEO, and other new directors have also been appointed.

Eddie Chibi Resigns, Tawanda Nyambirai Takes Over As EcoCash CEO

The Confederation of Zimbabwe Industries (CZI) has expressed doubts about the central bank’s ability to meet its inflation targets for 2025, following price increases in January.
CZI, in its January inflation and currency developments report for January, noted that while the 2025 National Budget and Monetary Policy Statement (MPS) aimed to keep monthly inflation below 3 per cent through strict fiscal and monetary policies, the high inflation recorded in January 2025 could jeopardize the central bank’s targets. CZI said:
<blockquote>
The elevated ZiG month-on-month inflation rate poses a significant challenge to achieving a low annual ZiG inflation rate by May 2025, when the annual inflation figure will be reported.
</blockquote>
Zimbabwe’s month-on-month inflation for January 2025 surged to approximately 10.5%, marking a 6.8 percentage point increase from the 3.7% recorded in December 2024. Noted the CZI:
<blockquote>
A month-on-month inflation rate of over 10 per cent is significantly high and generally disruptive in the economy as it erodes purchasing power and causes uncertainties, resulting in a loss of confidence in the local currency.
</blockquote>
CZI warned that the high inflation rate for January jeopardized the achievement of the policy target to keep monthly inflation below 5%.
The US dollar-denominated monthly inflation also began the year at a higher rate of approximately 11.5% in January 2025, marking the highest level in the past four years. CZI said:
<blockquote>
In Zimbabwe, US dollar inflation is normally a response to ZiG inflation, as retailers adjust their prices in line with ZiG prices to avoid being accused by the RBZ’s Financial Intelligence Unit (FIU) for using the parallel market rates…
A double-digit US dollar inflation under a highly dollarised environment is a cause for concern, as prices are generally expected to be stable in US dollar terms.
</blockquote>
Presenting the 2025 MPS, Reserve Bank of Zimbabwe Governor John Mushayavanhu said that inflation is expected to maintain a downward trajectory, with month-on-month inflation projected to average below 3% throughout 2025. He added:
<blockquote>
Given the base effects caused by the spike in monthly inflation in October 2024, annual inflation is expected to be elevated from April 2025 to September 2025 before significantly moderating to the end of the year 20-30 percent.
</blockquote>

The CZI is worried the RBZ won't meet 2025 inflation targets as prices increased in January. Inflation was high at 10.5%, up from 3.7% in December 2024, which could hurt the central bank's goals. The US dollar inflation was also high at 11.5%, the highest in four years. CZI said this could cause instability and lack of trust in the local currency. The RBZ Governor still hopes to keep inflation below 3% in 2025, but CZI doubts this due to the high rates seen in January.

CZI Doubts RBZ's Ability To Meet 2025 Inflation Targets

More than 4,000 traders who lost goods worth over US$20 million in the devastating fire at Mbare Musika in October 2024 are frustrated by the government’s failure to deliver on its promise of interest-free loans to help them recover.
<a href="https://www.newzimbabwe.com/government-leaves-over-4000-mbare-fire-victims-high-and-dry-as-interest-free-loans-promise-fails-to-materialise/">NewZimbabwe.com</a> visited the traders in Mbare, where many have resorted to setting up makeshift stalls and tents to keep their businesses running.
One trader, Oscar Mwedzi, said that he had received no assistance from the government despite the promises made. Said Mwedzi:
<blockquote>
We were expecting the government to support us, but we haven’t received anything yet. I came back with a very small stock because I can’t afford to sit at home. My family needs food.
</blockquote>
Another fire victim, Memory Chiguru, said the government only collected their details days after the fire, then disappeared, leaving them stranded. As a result, they had no choice but to turn to well-wishers for help.. She said:
<blockquote>
Our names were taken down two days after the fire. They asked us about our families, dependents, and the value of the goods that were burnt.
But since then, no support has come our way. As for me personally, I took out a loan from the bank to restart my business. A few relatives helped me.
</blockquote>
Farai Hokonya, Deputy Director of the Civil Protection Unit (CPU), told NewZimbabwe.com that government officials are scheduled to tour the new market this week and will provide an update at that time.
In the meantime, traders have raised concerns over the registration and allocation of vending stalls, particularly after a controversial list was released through a state-owned newspaper last month.
The list contained numerous errors, and there are allegations that it is heavily skewed in favour of ZANU PF supporters, many of whom were not affected by the October fire that devastated the market.
Denford Ngadziore, chairperson of the City of Harare’s Small and Medium Enterprise Committee, said that the responsibility to allocate vending spaces at the new Mbare Musika Market lies with the council, not the government.
Ngadziore further explained that while the new market is a joint project between the council and the government, it is the council’s responsibility to allocate spaces.
He stressed that any allocation by others would be illegal, and priority would be given to traders who lost goods in the fire last year.

Over 4,000 traders lost goods in a fire at Mbare Musika. The government promised interest-free loans to help them but has not delivered. Many traders are struggling to restart their businesses. The government collected their details but did not help. Traders are setting up makeshift stalls to keep going. There are concerns about unfair allocation of vending stalls. The responsibility for allocation lies with the council, not the government. Traders are waiting for an update from government officials on the situation.

Government's Failure To Provide Interest-Free Loans Leaves Mbare Musika Traders In Limbo

The Reserve Bank of Zimbabwe (RBZ) has stepped in to address concerns over discriminatory pricing by mobile network operators and internet service providers.
In the 2025 Monetary Policy Statement, RBZ Governor John Mushayavanhu said that operators are accused of favouring USD transactions over Zimbabwean dollars (ZiG). For instance, they offer internet data promotions only in USD, not ZiG. Said Mushayavanhu:
<blockquote>
The Reserve Bank has received complaints from stakeholders during the consultative meetings alleging that some mobile money operators are applying discriminatory pricing practices against ZiG in preference for USD transactions.
For instance, promotions for internet data packages are only available in US dollars and not in ZiG.
The Reserve Bank has since engaged the regulatory authority, the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ), and the Telecommunications Operators Association of Zimbabwe (TOAZ).
The Reserve Bank, through the Financial Intelligence Unit (FIU), will continue to monitor adherence to this requirement by TOAZ members.
</blockquote>
The central bank governor added that industry players have agreed to adjust their pricing structures, allowing customers to purchase internet data packages using their preferred currency.

The Reserve Bank of Zimbabwe is making sure internet prices are fair for everyone. Some companies were only offering discounts in USD, not Zimbabwean dollars. The RBZ governor said this was unfair. The bank is now working with regulators and companies to fix this. They want to make sure people can buy internet data in any currency they want. The companies have agreed to change their prices to make things more fair for everyone. The RBZ will keep an eye on this to make sure it stays fair.

RBZ Orders Fairer Pricing For Internet Data Packages

The Reserve Bank of Zimbabwe (RBZ) has raised concerns about a growing trend in which millions of dollars are sitting idle in cash deposit boxes across the country, warning that this practice is depriving the economy of vital liquidity.
In his 2025 Monetary Policy Statement released last Thursday, RBZ Governor John Mushayavanhu the keeping of cash in cash deposit boxes is hindering economic growth by restricting the flow of much-needed capital within the economy.
He said the Financial Intelligence Unit of the Reserve Bank will not tolerate this malpractice and will take decisive action to address the situation. Said Mushayavanhu:
<blockquote>
The Reserve Bank has noted with concern the increasing abuse of safe deposit boxes and the proliferation of “shadow banks”.
It has been observed that some businesses are not banking all or most of their cash receipts and are, instead, keeping such cash in safe deposit boxes held with financial institutions and security companies.
This trend is not only a violation of the Bank Use Promotion and Suppression of Money Laundering Act [Chapter 24:24] which requires businesses to bank all their cash receipts, but it also promotes tax evasion and money laundering.
The Reserve Bank is working with the Financial Intelligence Unit and other Law Enforcement Agencies to curtail such practices and encourage the use of normal banking channels, in line with the Bank Use Promotion and Suppression of Money Laundering Act [Chapter 24:24].
</blockquote>
Many Zimbabweans, both individuals and businesses, prefer to keep their money in safe deposit boxes rather than in banks for several reasons, including a lack of trust in financial institutions, frequent regulatory changes, and the growing prevalence of a cash-based economy.
The country’s economic instability and past experiences have led some to question the banking system’s ability to protect their funds, resulting in a lack of confidence in traditional banking channels.
Zimbabwe’s largely multicurrency system, with cash being the primary method of transaction, has made it easier for people to store cash in safe boxes, as it aligns with the daily needs of individuals and businesses.

The RBZ in Zimbabwe is worried that lots of money is kept in cash boxes instead of banks, which is not good for the economy. Businesses are not putting their cash receipts in banks like they should, which is against the law and promotes bad things like tax evasion. The RBZ is working to stop this and encourage businesses to use banks. People don't trust banks in Zimbabwe because of past problems, so they keep cash in boxes instead. The country uses a lot of cash for transactions, which makes keeping money in boxes easier and more convenient for everyone.

RBZ Targets Businesses "Abusing" Cash Deposit Boxes

The industry and commerce sectors in Zimbabwe have once again called for government intervention as more companies are forced to shut down due to the country’s struggling economy.
The formal retail sector continues to face major challenges, including high inflation, foreign currency shortages, and growing competition from informal traders.
In an interview with <a href="https://www.newsday.co.zw/local-news/article/200038004/industry-pleads-for-govt-intervention-as-more-companies-shut-down">NewsDay</a> this week, Zimbabwe National Chamber of Commerce (ZNCC) president Tapiwa Karoro said that the 5% withholding tax on non-registered micro, small, and medium enterprises (MSMEs) has discouraged informal traders from engaging with formal wholesalers, leading many transactions to move further underground. Said Karoro:
<blockquote>
This has resulted in low tax compliance, reduced productivity, constrained investment and limited access to social security benefits.
While the 5% withholding tax on non-registered MSMEs [micro, small and medium enterprises] measure seeks to enforce tax compliance, it has inadvertently discouraged informal traders from engaging with formal wholesalers, thereby pushing more transactions underground.
</blockquote>
Karoro has urged the government to introduce a graduated tax structure with lower initial rates to encourage voluntary registration among businesses.
He asserted that formalising the economy is vital for sustainable economic growth, increased tax revenue, improved business productivity, and greater investor confidence.
He further stressed that a combination of incentives, regulatory reforms, enforcement mechanisms, and digital transformation would be key to fostering a balanced and inclusive economic environment.
Meanwhile, the Consumer Council of Zimbabwe (CCZ) has expressed concern over the ongoing closure of formal retailers.
In a statement this week, the CCZ cited unfair competition from informal traders as a factor factor driving this trend.
The council also voiced its worries about the continued shutdown of formal retailers and wholesalers.

The industry and commerce sectors in Zimbabwe want the government to help as more companies are closing due to economic problems. Retail stores have issues like high prices, lack of foreign money, and competition from informal sellers. The Zimbabwe National Chamber of Commerce wants the government to change the tax rules to help small businesses. They think following the rules can make the economy better. Also, the Consumer Council is worried about stores closing because of competition from informal sellers. They want the government to help keep formal stores open.

Industry And Commerce Sectors Call For Government Intervention As Companies Close

The Zimbabwe Revenue Authority (ZIMRA) has addressed frequently asked questions regarding the submission of PAYE returns through the Employee Management Module.
Key points include the need for employers to update permissions/roles in the TaRMS system, the retention of existing TINs for employees, and the inability of payroll administrators to make tax payments on behalf of clients.
Other topics covered are the processing of midyear hires, registration of employees without IDs, assignment of different individuals for uploading earnings, and the choice between averaging and forecasting calculation methods:
Q: Should the current permissions/roles in TaRMS be updated?
A: Yes, the Employer through the Public Officer should reassign permissions/roles to allow those given the permissions to access the Employee Management Module and the PAYE Return. Therefore, the employer can manage who has access to the PAYE return (containing only PAYE and AIDS Levy amounts) and also who will have access to the detailed earnings.
Q: What happens when an employee already has a TIN?
A: Upon registration by the employer in the system the employee retains the existing TIN.
Q: Is it possible for Payroll administrators to pay tax due on behalf of their clients?
A: The Single Account concept makes this impossible. The taxpayer is the only one who can make payments through the bank that is linked with the Taxpayer’s TIN.
Q: How do we process the earnings of an employee who has joined midyear?
A: The employee is added and earnings are created for the Non-FDS case, the employee will then submit an ITF 1 after the end of the year of Assessment.
Q: Can an employee be registered multiple times with different employers?
A: Yes, it is possible but the employee retains the same TIN generated on initial registration.
Q: What happens to the registration of employees without IDs?
A: The system has no provision for such. Employers are advised to encourage their employees to acquire National IDs.
Q: Is it possible to assign different individuals to upload earnings for different employees on different levels e.g. Executive, Management and lower-level employees for the same company?
A: Yes, it’s possible through the Assignee Management module, the end result is that the PAYE and Aids Levy computed by the different Assignees will accumulate on the same PAYE return for the respective tax period.
Q: Can the employer see the calculations or tax payable on the PAYE template before uploading?
A: No, on the PAYE template the tax payable cannot be seen. It can only be viewed after uploading the PAYE Template.
Q: Which method of calculation are we supposed to choose between Averaging and Forecasting?
A: One can choose either of the two methods of calculation. However, you cannot switch within one tax year. Both methods give the same result at the end of the year.
Q: Do you register casual labour on employee management?
A: Yes, they are registered. All employees should be registered.
Q: Can we remove an employee when the employee is terminated from employment?
A: No, an employee cannot be removed but the employer can capture the end date on the employee’s details under the Employee Management module.
Q: How does the system grant credits?
A: When registering the employee, one must declare marital status, whether blind or not, physical disabilities of the employee and their children and the date of birth of the employee in order for the system to automatically grant tax credits accruing to that employee. Other tax credits such as medical aid and medical expenses credits will be captured as the employer declares the employee’s earnings.
Q: Which template should we use to upload the earnings?
A: Download the template that is in the system.

ZIMRA explains new rules for submitting PAYE returns. Employers need to update roles in the system. Employees keep the same TIN even if they switch jobs. Payroll admins can't pay taxes for clients. New employees added mid-year need to submit ITF 1 after year ends. Employees without IDs should get one. Different people can upload earnings for different employees. Employers can't see tax calculations before uploading. Choose between Averaging and Forecasting for calculations. Casual laborers should also be registered. Employees can't be removed when terminated, but end date can be added. System grants credits based on employee info like marital status and disabilities. Use the system's template to upload earnings.

ZIMRA Explains New PAYE Return Submission Procedures In Detailed FAQ Response

Botha Gold Mine, a gold mining company in Bindura, Mashonaland Central Province, has accused certain people of attempting a hostile takeover using fraudulent court orders.
In a statement released on February 6, 2025, the company said that the fraudulent court orders, HCH4802/24 and HCH4255/24, were obtained by a group of minority shareholders.
These orders have been overturned by High Court judge, Siyabona Paul Musithu under HCH5865/24, and any actions based on them are now invalid. Part of the statement reads:
<blockquote>
This development nullifies any claims or actions taken pursuant to the fraudulent order. In light of this, we hereby notify the public that the miscreant minority shareholders, who recently attempted to illegitimately seize control of the company, are not directors and do not represent Side Electrical (Pvt) Ltd. or Botha Gold Mine in any platform. The public is warned.
</blockquote>
Botha Gold Mine made it clear that the persons behind the fraud—Munyaradzi Nzarayapenga, Leonard Rwambiwa, Dudzai Ruzvidzo Kajokoto, Ashley Ziyarura Zulu, Simbarashe Nzenza, and Tendai Chinyani—are not directors or representatives of the company.
The company has reported the fraud to the Zimbabwe Republic Police, and the perpetrators will face legal action.
Botha Gold Mine also said the suspensions linked to the fraudulent court order are not valid, adding that the current management team, led by General Manager Angela Mpofu-Chisvo, remains in control of the company.
The company apologized to anyone wrongfully accused during the situation, particularly to Themba Hlongwani and Angela Mpofu-Chisvo, who were accused of financial wrongdoing.
The company confirmed that these accusations were part of a plot by the fraudulent shareholders to take over the business. It said:
<blockquote>
Furthermore, the alleged suspensions mischievously issued in connection with the fraudulent court order remain null and void.
The Executive Management team, led by General Manager Mrs. Angela Mpofu-Chisvo, remains in place and continues to manage the affairs of Botha Gold Mine.
We take this opportunity to sincerely apologise to all innocent individuals who may have been maliciously slandered during this debacle.
We particularly apologise to Mr. Themba Hlongwani and Mrs. Angela Mpofu-Chisvo, who were wrongly accused of misappropriating funds and concealing information as part of the decoy that was created by the fraudsters in order to gain credence in the public domain.
We put the record straight that no such incident occurred, and the malicious accusations were perpetrated by devious minority shareholders in a bid to illegitimately acquire control of the company.
</blockquote>
Botha Gold Mine has warned that it will not accept or honour any agreements, contracts, or transactions made by the individuals mentioned earlier.
The company also said that it completely distances itself from any actions or representations made by these individuals or anyone claiming to represent them, unless they are part of the authorised Executive Management team. The statement reads:
<blockquote>
The public is warned to exercise caution and not engage in any business transactions with these individuals, as Botha Gold Mine will not be held liable for any consequences arising from such dealings.
</blockquote>

Botha Gold Mine, a gold mining company in Zimbabwe, says some shareholders tried to take over the company with fake court orders. The company says the orders were fraud and have been overturned by a judge. The people behind the fraud are not directors or representatives of the company. The company's management team is still in control. The company apologized to innocent people accused in this situation. Botha Gold Mine warns people not to do any business with the individuals behind the fraud. They will not honor any agreements made by them.

Botha Gold Mine Accuses Minority Shareholders Of Attempted Hostile Takeover With Fake Court Orders

Econet Wireless Zimbabwe said that it has resolved network issues that affected some customers’ ability to make calls, use mobile data services, or transact using EcoCash between 2 PM and 3:30 PM on Wednesday, 5 February 2025.
In a statement issued later on Wednesday, the company confirmed that all services had been fully restored. It said:
<blockquote>
We experienced some issues on the platforms that enable our subscribers to make calls, use data or carry out EcoCash transactions, resulting in some of our customers being unable to use the services for about an hour and half, starting around 2pm to 3:30pm today (February 5, 2025).
We are pleased to advise that the challenges have since been successfully resolved, and all services have been fully restored.
We sincerely apologise for the inconvenience this may have caused our valued customers.
</blockquote>

Econet Wireless Zimbabwe had some problems with their network that stopped some customers from making calls, using data, or using EcoCash on February 5, 2025, between 2 PM and 3:30 PM. They fixed the issues and all services are working again. The company apologized for any inconvenience this may have caused to their customers.

Econet Resolves Network Issues, Restores Services After Brief Outage

National Foods Holdings Limited (Natfoods), the country’s largest food producer, has terminated its listing on the Victoria Falls Stock Exchange Limited (VFEX).
In 2024, Natfoods announced its decision to delist, saying it no longer needed capital from public equity markets in the near term.
In a statement issued on 03 February, the Head of VFEX Markets, Robert Mubaiwa, said that Natfoods traded on VFEX for the last time on 31 January. Said Mubaiwa:
<blockquote>
The Victoria Falls Stock Exchange Limited (“VFEX”) hereby notifies the investing public of the voluntary termination of the listing of ordinary shares of National Foods Holdings Limited (NTFD.vx) with effect from 31 January 2025.
The shareholders of NTFD.vx met on 18 December 2024 and passed the resolution for the voluntary termination of its listing on the VFEX in accordance with Section 11 of the VFEX Listing Requirements. 
NTFD.vx applied for the voluntary termination of listing on the VFEX in terms of the provisions of Section 11 of the VFEX Listing Requirements.
As required by Section 64 (1) (a) (i) of the Securities and Exchange Act [Chapter 24:25], the VFEX sought and was granted permission by the Securities and Exchange Commission of Zimbabwe to delist NTFD.vx from the VFEX official list.
In terms of Section 15(1) (d) of the VFEX Listing Requirements, holders of National Foods Holdings Limited’s securities are hereby advised that the securities can no longer be traded on VFEX with effect from 31 January 2025.
</blockquote>

Natfoods, the big food company, has decided to stop being listed on the VFEX stock exchange. They don't need money from the public right now. The last day they traded on VFEX was January 31, 2025. The shareholders of Natfoods agreed to stop being listed on December 18, 2024. The VFEX stock exchange got permission from the government to remove Natfoods from the official list. After January 31, 2025, you can't trade Natfoods shares on VFEX anymore.

Natfoods Delists From Victoria Falls Stock Exchange

FBC Securities Private Limited, a Zimbabwe Stock Exchange-listed stockbroker, has urged the government to take action following the US foreign aid freeze, warning that the move could destabilise critical sectors, worsen exchange rate volatility, and accelerate inflationary pressures.
This call follows the announcement by US President Donald Trump of the country’s withdrawal from the World Health Organisation (WHO) and the freezing of funding to PEPFAR (President’s Emergency Plan for AIDS Relief).
The ban on US foreign aid spending threatens to disrupt antiretroviral drug (ARV) supplies and resources for HIV, tuberculosis (TB), and malaria programs in Zimbabwe.
In a statement titled “US Foreign Aid Halt: Impact on Zimbabwe’s Economy,” FBC Securities Pvt Ltd noted that the aid freeze exacerbates liquidity constraints, foreign currency shortages, and inflationary pressures.
Foreign aid has historically been important to Zimbabwe, supporting healthcare, food security, infrastructure, and social programmes.
Now, with reduced donor inflows, the banking sector, stock markets, and formal businesses may struggle to maintain stability. The statement reads:
<blockquote>
To mitigate these challenges, the Zimbabwean Government must take decisive action by strengthening domestic revenue mobilisation, restoring investor confidence, restructuring state-owned enterprises (SOEs) and improving governance and fiscal discipline,.
Pursuing debt resolution efforts with multilateral institutions, diversifying export earnings and fostering a stable macroeconomic environment will be crucial for weathering the impact of declining external support and ensuring long-term economic resilience.
</blockquote>
FBC Securities suggested that Zimbabwe could seek alternative funding from other international donors, regional partners, and non-traditional allies such as the African Union, Southern African Development Community (SADC), and countries in the global south for financial and technical assistance.
The organisation noted that donor-funded projects and direct humanitarian assistance contribute to local foreign currency liquidity circulation, with NGOs and humanitarian organisations distributing US dollar payments to local suppliers, employees, and contractors.
FBC Securities revealed that NGOs contributed 10 per cent and 9 per cent of total foreign currency receipts into Zimbabwe from January to September 2023 and January to September 2024, respectively. 
The organisation warned that the reduction in these cash inflows would result in less disposable income, affecting consumer spending, particularly in rural and vulnerable communities. FBC Securities said:
<blockquote>
The freeze will also exacerbate foreign currency shortages in the economy, making it harder to finance imports and working capital requirements of private sector businesses.
</blockquote>
FBC Securities highlighted several impacts, including reduced deposits in Foreign Currency Accounts (FCAs), decreased foreign currency inflows, lowered stock market liquidity, and increased volatility in blue-chip stocks.

US aid freeze from the US could hurt Zimbabwe's economy. This could make it hard to get medicine for diseases like HIV and malaria. The country needs to find new ways to get money and help from different countries. The government must work hard to fix the economy and keep things stable. Without help from the US, Zimbabwe may struggle to pay for important things like imports and businesses may face difficulties. It's important for Zimbabwe to find new ways to get money and keep their economy strong.

US Aid Freeze Poses Risk To Zimbabwe’s Economic Stability, Says FBC Securities

CBZ Holdings Limited has laid off 347 workers out of a total staff of 1,448 following a restructuring exercise.
In a statement issued on Saturday, February 1, Group CEO Lawrence Nyazema said the restructuring was aimed at aligning the company’s strategic direction with the evolving business landscape.
Nyazema assured that the company is committed to supporting the affected employees during this transition and providing the necessary resources to assist them in their next steps. Reads the statement:
<blockquote>
In October 2024, we undertook a restructuring exercise across our Group of Companies to better align our strategic direction with the evolving business landscape.
This initiative has been a key component of our broader efforts to enhance operational efficiency, strengthen our market position and ensure long-term sustainability.
By adapting to the changing environment, we aim to position the organization for continued growth and success in a competitive market.
We would like to confirm that we have now concluded the restructuring exercise as of 31 January 2025. As part of the process, a total of 347 staff roles were impacted in the second phase of the restructuring out of a total staff complement of 1448.
We are deeply grateful for the contributions of all affected employees, and we are committed to supporting them during this transition and providing the necessary resources to assist in their next steps.
As CBZ Holdings, we remain fully committed to strengthening the organization for the future while continuing to serve our stakeholders with excellence.
</blockquote>

CBZ Holdings, a company, recently let go of 347 workers out of their total staff of 1,448 to make changes that will help them succeed. The CEO, Lawrence Nyazema, said this was to make sure the company can do well in a changing world. The company is giving support to the workers who were affected and helping them find new jobs. They are trying to make the company better and keep doing a good job for their customers.

CBZ Holdings Lays Off 347 Workers

OK Zimbabwe, the country’s largest retailer by store numbers, has shut down five branches due to a challenging trading environment, reported <a href="https://www.businessweekly.co.zw/ok-zimbabwe-treading-in-choppy-waters-closes-five-branches/">Business Weekly</a>.
However, critics point to several factors behind the closures, including a bloated management structure with at least nine directors and over 30 senior executives, all with luxury vehicles and high perks.
Questions have been raised about decisions made by the company’s leadership, such as multiple land acquisitions and dividend declarations, which have reportedly tied up cash or misallocated funds in recent years.
In addition, OK has faced difficulties restocking, with many outlets experiencing empty shelves, particularly in food products. Suppliers are reportedly unwilling to provide goods on credit or in local currency.
The company is also struggling with US$17 million and ZiG537 million in outstanding payments to suppliers, some of whom have withheld supplies despite part payments.
In an internal memo, OK announced plans to cut its workforce, closing five outlets—Robson Manyika, Glen Norah, Kuwadzana Express, Mbare (all in Harare), and Chitungwiza Town Centre, as well as Entumbane in Bulawayo. A sixth branch is scheduled to close in March.
The closures will result in job losses, primarily targeting low-level workers, with severance pay set at one month’s salary for every year worked, along with three months’ notice pay and payment for unused leave.
The branches being closed are among those making losses or operating from rented spaces. OK operates 72 branches across Zimbabwe.
A company executive, who wished to remain anonymous, told Business Weekly that OK’s troubles are due to currency and economic issues in the US dollar-dominated economy. 
The retailer’s situation worsened after receiving goods on credit in US dollars, which they now struggle to pay off due to cash flow issues.
Despite the introduction of the Zimbabwe Gold (ZiG) in April 2024, which stabilized the local currency, it hasn’t improved OK’s fortunes.
The retailer also faces intense competition from the informal sector, where suppliers prefer cash transactions in US dollars, allowing informal traders to offer lower prices due to fewer regulatory burdens and tax obligations.
Award-winning journalist Hopewell Chin’ono, citing industry insiders, said that six more OK branches will be closing soon. He added:
<blockquote>
These closures bring unemployment not only to OK Zimbabwe but also to downstream and upstream industries.
Downstream industries are businesses that rely on OK Zimbabwe to sell their products, such as farmers, suppliers, and manufacturers of goods stocked in the supermarkets.
Upstream industries are businesses that provide logistics like truckers that moved goods to OK Zimbabwe, packaging and maintenance service providers.
</blockquote>

OK Zimbabwe, the biggest store in the country, closed five branches because they were struggling. People are blaming the company's leaders for making bad decisions and not managing money well. Suppliers don't want to give them products unless they pay in US dollars. The company owes a lot of money to suppliers too. They are cutting jobs and closing more branches to try to save money. The company is having a hard time because of the economy and competition from other stores. Even though the local currency got better, OK Zimbabwe is still struggling.

Retail Giant OK Zimbabwe Shuts Down Five Branches

Listed wine and spirits manufacturer African Distillers Limited (Afdis) is optimistic that the ongoing crackdown on illicit and smuggled alcohol will help reduce unfair competition from the informal market, reported <a href="https://www.herald.co.zw/afdis-optimistic-as-crackdown-on-smuggling-intensifies/">The Herald</a>.
Afdis, a subsidiary of Delta Corporation, has long highlighted the negative impact of illicit products—often non-compliant with regulations—and the rise of irregular imports from neighbouring countries on its sales volumes and overall operations.
Delta Corporation company secretary Faith Musinga in the third quarter trading update to December 2024, said:
<blockquote>
It is hoped that the current blitz against illicit and smuggled alcohol will curtail unfair competition.
</blockquote>
In terms of performance for the reviewed period, Afdis achieved a 14% volume growth for the quarter compared to the previous year, and a 12% growth year-to-date.
The Ready-to-Drink (RTD) and Wine segments, which grew by 12% and 47% respectively, benefited from improved product supply and a decline in informal imports.
The government has ramped up efforts to crack down on smuggled goods in a bid to boost the competitiveness of local industries.
The Zimbabwe Revenue Authority (ZIMRA) has urged travellers and cross-border traders to fully comply with customs regulations to avoid penalties from law enforcement agencies.
Travellers are required to present valid proof of their customs declarations at designated roadblocks.
Failure to declare goods—whether intentional or not—can lead to serious consequences, including hefty fines and the confiscation of goods.

Afdis, a company that makes wine and spirits, is happy about the crackdown on illegal alcohol. They hope it will help them compete better. Afdis had a 14% growth in sales compared to last year. The government is also trying hard to stop illegal imports to help local businesses. People traveling must follow customs rules or face fines and losing their goods. This news shows that Afdis is doing well and wants to keep growing despite the challenges from illegal products.

Afdis Eyes Continued Growth Amid Crackdown On Smuggled Alcohol

Zimbabwe’s inflation rate saw a sharp rise in January, both in U.S. dollars and in local currency, the ZiG.
Month-on-month inflation in U.S. dollar terms increased to 11.5% in January, up from 0.6% in December.
In local currency terms, inflation also surged, reaching 10.5% in January, compared to a 3.7% rise in December 2024.
Year-on-year inflation in U.S. dollar terms accelerated to 14.6% in January, following a 2.5% increase in December.
In an update on Tuesday, the Zimbabwe National Statistics Agency (ZimStat) said:
<blockquote>
The USD month-on-month inflation rate was 11,5% in January 2025, gaining 10,9 percentage points on the December 2024 rate of 0,6%. This means that prices as measured by the all items USD CPI, increased by an average of 11,5% from December 2024 to January 2025.
The USD month-on-month Food and Non-Alcoholic Beverages inflation rate was 16,8% in January 2025, gaining 14,9 percentage points on the December 2024 rate of 1,9%. The December 2024 USD month-on-month non-food inflation rate was 9,1%, gaining 9,1 percentage points on the December 2024 rate of 0,0%.
</blockquote>
ZimStat’s acting director of macroeconomics, Mable Chimhore, said Zimbabwe’s inflation increased by 6.8 percentage points, rising from 3.7% in December 2024. She said:
<blockquote>
The ZiG month-on-month inflation rate was 10,5% in January 2025, gaining 6,8 percentage points on the December 2024 rate of 3,7%.
For the month of January 2025, the ZiG CPI for housing, water, electricity, gas and other fuels contributed mostly to the month-on-month change in index (inflation rate) by a magnitude of 6,3% and followed by food and non-alcoholic beverages with a magnitude of 2,4%.
</blockquote>
Independent economist Prosper Chitambara told Reuters that last year’s severe regional drought, along with new taxes introduced this month, likely contributed to the rise in inflation. Said Chitambara:
<blockquote>
It could be the new taxes that have taken effect this month. The huge cost is passed on to consumers. Before the next harvest season we are likely to see an upward trend of inflation as drought continues to exert inflationary pressures.
</blockquote>

Zimbabwe's prices went up a lot in January. Prices increased by 11.5% in U.S. dollars and 10.5% in local currency. Inflation also went up from last year. The increase in prices was mainly in food and non-alcoholic drinks. An economist thinks the drought and new taxes are making prices go up. Prices may keep going up until the next harvest because of the drought.

Zimbabwe Sees Sharp Rise In Inflation Rates For January, Both In USD And ZiG

The Government of Zimbabwe has placed 19 products under the anti – smuggling watch list as it widens its crackdown on smuggling and illicit trade.
Under the Customs and Excise (Designated Deemed Smuggled Goods) Regulations, 2025, the government has introduced measures to curb smuggling. With immediate effect, ‘imported’ goods will be deemed smuggled unless the importer (wholesalers, retailers and individuals) produces valid evidentiary documents (including payment of duties and validly issued receipts).
Among some of the goods are alcoholic and non-alcoholic beverages, electrical appliances, dairy products, detergents, tyres and sugar. It appears these interventions are meant to restore sanity in the retails sector that has in recent months witnessed big players such as OK and “Pick n Pay” recording significant setbacks.  
Businesses found in possession of goods listed under the Customs and Excise (Designated Deemed Smuggled Goods) Regulations, 2025, will be heavily penalized by the Zimbabwe Revenue Authority (ZIMRA) in terms of the schedule.
Legal expert, Mr. Lenon Rwizi has remarked:
<blockquote>
‘Ordinarily once goods deemed to have been smuggled are ceased by ZIMRA, appeals directed to the Commissioner should be lodged, setting out the grounds upon which they should be released. We are yet to see how these Regulations are going to practically operate but judging from social media reactions, they might not be a lasting remedy to the problem of smuggling”.
</blockquote>

The Zimbabwe government is cracking down on smuggling and illicit trade by putting 19 products on a watchlist. People need to have valid documents to prove they are not smuggling goods like beverages, appliances, dairy products, detergents, tires, and sugar. Businesses caught with these goods will be penalized by Zimbabwe Revenue Authority. People can appeal if they think their goods were wrongly seized. Some experts think these new rules might not solve the smuggling problem in the long term.

Zimbabwe Places 19 Products Under the Smuggling Watch List

KLM Royal Dutch Airlines has announced it will cease its freight operations to Harare starting this April, citing operational challenges.
In a notice to customers, Tiger Freight’s Managing Director Pim de Wit assured clients that the shipping services provider is exploring measures to mitigate the impending disruption. He said:
<blockquote>
KLM’s decision to reduce their African freighter operations to three flights weekly, with Harare no longer included, is a result of their evolving fleet priorities and operational efficiency concerns.
</blockquote>
Pim de Wit said that frequent 48-hour delays, cancellations, and rescheduling have significantly impacted Harare flights.
He further explained that KLM Royal Dutch Airlines’ decision to cease operations was influenced by factors such as the short flight leg, the lack of local maintenance facilities, and unstable freight volumes. The firm said:
<blockquote>
We are working closely with Airflo KE to ensure alternative routings, where capacity remains available to transport your goods.
</blockquote>
This includes partnering with Ethiopian Airlines to provide direct connections from Harare to Addis Ababa, followed by freighter flights to Europe. Additionally, FX Logistics has obtained permits for cargo handling operations in Addis Ababa.
<blockquote>
Middle Eastern Carriers: Emirates and Qatar Airlines remain viable options for both westbound (Europe) and eastbound (Asia) freight, although please note that westbound rates are currently higher due to high demand from e-commerce.
</blockquote>
De Wit said that there are options to route Harare cargo via Johannesburg, although this may lead to extended handling times. He said:
<blockquote>
We remain committed to providing the highest level of service during this transition and will continue to work on identifying the most efficient and reliable alternatives. Should you have any concerns or require further details, please do not hesitate to reach out.
Thank you for your understanding and continued cooperation. We will provide further updates as the new, solutions are put in place.
</blockquote>

KLM Royal Dutch Airlines will stop sending freight to Harare in April. They are facing challenges with delays and cancellations. They are working on alternative routes with other airlines like Ethiopian Airlines. Customers can still use Middle Eastern carriers like Emirates and Qatar Airlines. Even though there may be delays, they are working to find the best solutions. They will keep customers updated as they make changes.

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