Administrative Assistant

Student Attachees: Retail (Bulawayo)

Student Attachees: ICT

Community Development Worker (Harare)

Infrastructure Specialist (Harare)

Finance Intern/ Attache` (Harare)

TOPP Trainee (Harare)

Step User (Chihota)

Disability Inclusion Officer (Mudzi)

Lecturers

Executive Director

Finance and Human Resources Manager

Software Engineer

Network Administrator

Workshop Operative

TFCA Programme Officer (Grade: D1)

Finance & Accounting Interns (Harare)

Actuarial Analyst

Creative Design Officer

Marketing and Communications Officer (Harare)

Howo Drivers (Hwange)

Communications Intern (Harare)

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ICT Enterprise Solutions Consultants (Harare)

Sales Consultant (Harare)

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Entrepreneurship Skills Coordinator (Harare)

Human Resource Officer (Mutare)

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Education, Parenting, and In-School Officers x3

DREAMS Data Collation Clerks x32

DREAMS District Mentor (Seke)

Young KP Field Officer (Seke)

DREAMS Program Nurses x10

Facility Priority Services (PMTCT/Paeds) Focal Person x50

No Means No Lead Trainers x12

Families Matter Program (FMP) Facilitators x16 (Nkayi)

Administrative Trainees x5 (Lupane)

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Co-ordinator for Director Commercial (Harare)

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Business Development Officer (Harare)

Legal Officer (Harare)

Scholarship Opportunities

Part-Time Welder/ Fabricator (Harare)

Part-Time Repairs/ Faults Technicians (Harare)

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Accountant

Deputy Librarian

ICT Technician (Bulawayo)

Library Assistants x2 (Harare)

Security Guards x3 (Harare)

Digital Campaign Officer (Harare)

Risk Analyst (Harare)

Furniture Designer (Bulawayo)

3 Wheeler Van Salesman (Bulawayo)

Regional Finance And Administration Assistant x4 (Harare, Mutare, Bulawayo & Gweru)

Homebased RGN (Harare)

DHIS2 Specialist (Tsholotsho)

Database Modeller (Bubi)

Systems Support Specialist (Lupane)

Systems Engineer

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No Means No Officer (Bulawayo)

District Team Leader and Clinical Services and Mentorship Officer

Education, Parenting, and In-School Officers x5

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HIV Prevention and ASRH Officer

GBV, Child Protection and Key Populations Coordinator (Bulawayo)

Data Officer (Bulawayo)

HIV Prevention and Adolescent Sexual Reproductive Health Coordinator (Bulawayo)

Branch Managers (Kadoma & Shurugwi)

Products & Research Officer

Livestock Technician

Lecturer/ Senior Lecturer/ Associate Professor/ Professor: Soil Biology And Fertility

Lecturer/ Senior Lecturer/ Associate Professor/ Professor In Ndebele

Sports Director

Catering And Accommodation Manager

Internal Auditor

Chief Security Officer

Director, Information And Communication Technology

Assistant Shelter Coordinator (Harare)

Branch Manager (Chiredzi)

Bancassurance Agents

Medical Laboratory Scientist (Bindura)

SHE Officer (Shurugwi)

Receptionist (Harare)

Driver: Confucius Institute

Business Intelligence Specialist (Harare)

Network Technician

Telecommunications Technician

Graduate Trainee: Software Developer

Webmaster

Principal Accountants x2

Graduate Trainees x4

Assistant Accountants x2

Business Development Managers x2

Motor Vehicle Mechanics Lecturer (Bulawayo)

President Emmerson Mnangagwa has used the Presidential Powers (Temporary Measures Act) to rename the Sovereign Wealth Fund of Zimbabwe as the Mutapa Investment Fund (MIF).
He also transferred the shareholding of 20 state-owned companies to the renamed Mutapa Investment Fund (MIF). The Vesting of Shares of these Companies in the Mutapa Investment Fund was stated under the Fourth Schedule (Section 14 (4)). The companies are:
– Defold Mine (Private) Limited – Reg. No. 6030/2015 
– Zimbabwe United Passenger Company Limited – Reg. No. 504/1980 
– Kuvimba Mining House (Private) Limited – Reg. No. 13291/2020 
– Silo Investments (Private) Limited – Reg. No. 3460/1992 
– National Oil Company of Zimbabwe (Private) Limited – Reg. No. 531/1983 
– Cold Storage Commission Limited – Reg. No. 716/1995 
– Petrotrade (Private) Limited – Reg. No. 5608/2010 
– POSB – People’s Own Savings Bank 
– NetOne Cellular (Private) Limited – Reg. No. 2225/2000 
– National Railways Holding Zimbabwe – Reg. No. 10057/1998 
– Tel-One Private Limited – Reg. No. 4658/2000 
– Arda Seeds (Private) Limited – Reg. No. 21896/2007 
– Zimbabwe Power Company (Private) Limited – Reg. No. 6951/1996 
– Powertel Communications (Private) Limited – Reg. No. 5818/1999 
– Allied Timbers (Private) Limited – Reg. No. 3964/2000 
– Telecel Zimbabwe (Private) Limited – Reg. No. 360/1995 
– Air Zimbabwe Private Limited – Reg. No. 10852/1997 
– Industrial Development Corporation of Zimbabwe 
– Cottco Holdings Limited – Reg. No. 20924/2008 
– AFC Limited – Reg. No. 3339/2021 
– Hwange Colliery Company Limited – Reg. No. 381/1954 
– National Railways of Zimbabwe (Private) Limited – Reg. No. 10057/1998
The Sovereign Wealth Fund of Zimbabwe is a financial entity established by the government of Zimbabwe to manage and invest surplus funds generated from the country’s natural resources, such as minerals and commodities. Its primary objective is to preserve and grow national wealth for the benefit of current and future generations. The fund is designed to diversify Zimbabwe’s economy, promote sustainable development, and provide a buffer for economic shocks. It typically invests in a range of assets, including stocks, bonds, real estate, and infrastructure projects, both domestically and internationally.
The Sovereign Wealth Fund of Zimbabwe has been renamed the Mutapa Investment Fund through substantial amendments to the relevant Act. Key features include the allocation of funds towards fulfilling the Fund’s objectives and the ability to invest surplus funds. Shares held by the government in listed companies will become part of the Fund’s initial capital. The Fund is authorized to transfer various funds in and out of Zimbabwe. However, tax obligations must be fulfilled before any transfers take place. In exceptional cases of financial difficulties, the Reserve Bank of Zimbabwe may impose temporary restrictions on Fund-related payments or transfers on a fair and non-discriminatory basis.
The Mutapa Investment Fund (MIF) has controversial privileges, including the ability to move foreign currency out of Zimbabwe, raising concerns about transparency and accountability. Critics argue that President Mnangagwa bypassed parliamentary powers and failed to involve necessary debate. They also highlight the government’s lack of understanding regarding the role of a sovereign wealth fund in diversifying the economy. Concerns exist about the profitability of state-owned enterprises transferred to the MIF and the need for economic reforms. The government’s use of statutory instruments without parliamentary involvement is criticized for undermining democratic processes and transparency.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

President Mnangagwa Rename Sovereign Wealth Fund As Mutapa Investment Fund

Harare businessmen Singathini Raymond Chigogwana and Senziwani Sikhosana, former partners, are in a dispute over residential properties valued at US$3.9 million.
Sikhosana has taken Chigogwana to court, demanding three townhouses worth US$320,000 as part of a shares purchase deal, <a href="https://www.herald.co.zw/business-executives-wrangle-over-properties/">The Herald</a> reported. The disagreement arose from a previous shareholding fight, leading to the court action. Sikhosana seeks the transfer of properties or cash settlement, along with payment of taxes and costs.
The battle over equity and properties has caused turmoil in their businesses, with both shareholders leaving in separate deals. Chigogwana owned 54% shareholding, Sikhosana 20% and their chairman Isau Bwerinofa 26%.
Mr. Chigogwana and Mr. Sikhosana were business partners running multiple companies, including Access Forex (Pvt) Ltd, Access Finance (Pvt) Ltd, Tara Capital (Pvt) Ltd, Thirty-Six Mountbatten (Pvt) Ltd, and Access Forex SA (Pty) Ltd. However, a dispute arose last year regarding shareholding, leading to a court case. As a result of the ongoing battle over equity and properties, the business is now on the verge of collapsing. Both Mr. Sikhosana and Mr. Chigogwana have exited the business in separate deals, with Mr. Sikhosana leaving last year and Mr. Chigogwana departing this week.
<h3>What Sikhosana wants:</h3>
<ol>
<li>In the court papers, Sikhosana is seeking a declaration from the court regarding the transfer of certain properties.</li>
<li>He wants the court to order Chigogwana, Bwerinofa, and 36 Mountbatten (the respondents) to sign transfer papers, pay taxes, and fulfil necessary obligations to transfer the properties to Ferden, Rock Drill, and Seanmart (the applicants) within 14 days.</li>
<li>If the respondents fail to comply, Sikhosana requests that Access Finance be authorised to sell their property to cover the costs of the transfer.</li>
<li>Alternatively, Sikhosana asks that the respondents jointly or severally pay the applicants a sum of US$320,000 for the properties. If they fail to do so, the Sheriff of the High Court would be authorised to attach their property and realize the payment. </li>
</ol>
The applicants are Mr Sikhosana and his entities Ferden Investments, Rock Drill Mining and Seanmart Investments, while the respondents are Mr Chigogwana, Mr Bwerinofa, Thirty-Six Mountbatten, Access Finance, Access Forex, Tara Capital, The Sheriff of the High Court and the Registrar of Deeds and Companies.
Sikhosana and Chigogwana had a business dispute when Chigogwana reneged on selling shares to Sikhosana. They settled on a buyout deal of US$600,000, including cash and three townhouse units. While the cash payment was made, the transfer of properties and title deeds is pending. Chigogwana sold his shares before Sikhosana received full payment and title deeds. After Chigogwana’s resignation, Sikhosana took legal action to demand the outstanding payment, arguing that his properties should not be part of the takeover deal.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Harare Business Partners Approach Courts Over US$3.9 million Residential Properties Dispute

Ken Sharpe, a property tycoon, who has invested millions of dollars in Harare, transforming its skyline has said his vision extends beyond real estate. As the CEO of WestProp Holdings Limited, he considers himself a provider of hope. Sharpe believes he is selling something more valuable than properties: hope for Zimbabwe, hope for a better future. Sharpe said:
<blockquote>
I’m not actually selling properties.
I’m selling something that’s much more valuable. I’m selling hope. Hope in our nation of Zimbabwe, hope for a brighter future.
</blockquote>
Zimbabwe’s real estate industry has experienced significant changes, with WestProp at the forefront.
Sharpe says his dedication to Zimbabwe’s progress extends beyond constructing luxurious properties. WestProp recently sponsored Miss Universe Zimbabwe. This sponsorship marked Zimbabwe’s return to the global stage of the pageant after a 22-year absence due to political difficulties. As part of their support, WestProp provided the winner of Miss Universe Zimbabwe with two years of free accommodation in one of their luxurious properties in Harare.
During the event, Ken Sharpe, the CEO of WestProp, shared a conversation he had with his wife, touching on the timeless debate between beauty and intelligence in conquering the world. Reflecting on his wife’s qualities, including her kindness and love for others, Sharpe concluded that it is ultimately love that will conquer the world.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

WestProp CEO Ken Sharpe Says He Provides Hope Beyond Real Estate

Kambucha energy drink brewing company, Success Two, was on Wednesday this week dragged before the Magistrates Court in Harare for allegedly employing refugees who escaped from Tongogara Refugee Camp without work permits.
Success Two was represented by Fabian Ndayishimire who appeared separately with Rwandese and Congolese refugees who were arrested on allegations of working without permits.
Mukantwali Alphonsie, Masumbuko Mathias, Valentine Kabwe, Habimana Francis and Nyendwa Faustina appeared before Magistrate Yeukai Dzuda who granted them US$50 bail each.
The magistrate remanded the matter to 28 September 2023.
Dzuda ordered that the suspects should return to Tongogara Refugee Camp where they had escaped from.
The court heard that on 16 September, a team comprising police officers, staff from the Immigration Department and the President’s Office arrested Mukantwali at the Success Two company factory in Willowvale, Harare.
It is further alleged that Mukantwali was working at the company but did not have papers authorising her presence in Harare or to engage in employment.
She allegedly left Tongogara Refugee Camp without the knowledge of authorities as required by law.
Mukantwali’s accomplices who had also escaped from the refugee camp were also arrested.
The refugees were represented by Ashirl Mugiya.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Kambucha Drink Manufacturer Dragged To Court For Employing Refugees

BETA Holdings (BETA) says it is facing operational challenges due to the current macroeconomic and liquidity challenges bedeviling the economy.
In an update on current operations in September, the management of the diversified producer of construction inputs revealed that some workers have gone on strike due to a salary backlog. Reads the statement:
<blockquote>
Management acknowledges the operational challenges that the organisation has faced over the last few months. The current macroeconomic and liquidity challenges have not spared the company.
These challenges come at a time when the organisation is, however, in the process of increasing its capacity to address the underlying supply challenges it has faced over the last few years, especially at BETA BRICKS.
This has seen the GROUP installing a new clay brick ST 50 plant which is now operational at Mount Hampden.
This new plant complements the two existing factories already in place and will see production increase by 50% and has thus pushed the weekly production capacity to around 4.5 million green bricks.
A new ST 90 plant is also being installed at Melfort and is now 85% complete with all components now in situ and only electrical works are outstanding.
The target date for commissioning this brand-new factory with an annual production capacity of up to 180 million green bricks per year is the end of November 2023.
The net effect of these investments is to ensure that BETA pivots back to its leadership position in the infrastructural inputs supply sector now and into the future.
The challenges currently being faced by the Group, coupled with the diversion of resources to fund the expansion program outlined above have resulted in a delay in payments to some key stakeholders including staff currently employed at Mount Hampden as well as deliveries to our esteemed customers.
The current challenges faced by the organization are unprecedented and have understandably caused some anxiety among the employees.
The Management team has regularly been updating the employees through the Workers Council Committee on the challenges and strategies being pursued to address the situation. Other key stakeholders like suppliers and customers have also been kept fully updated.
Management has sourced raw materials to enable the kickstarting of a sustainable production process which should see capacity improving at the Mount Hampden factories whilst works are completed at the new Melfort plant.
Management is fully confident that as the production levels improve, so will the cash inflows that will address all the legacy creditors, backlogged deliveries, and staff remuneration.
It is against this background that BETA Management wishes to inform its stakeholders that efforts are being made to resolve the current impasse with the employees at Mt Hampden who have taken industrial action at the factories citing the backlog on wages.
All efforts are being made to ensure production is resumed speedily to ensure that the benefits of the recent expansions in capacity are realised for the benefit of all stakeholders.
Management has been, and remains committed, to ensuring that normalcy returns to our operations.
Together with the investments undertaken over the last 18 months, the Group is well poised to play its leadership role through an increased supply of products in the infrastructure sector.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

BETA Holdings Fails To Pay Workers, Transporters On Time

The Zimbabwe dollar lost value against the United States dollar (USD) once again at the Reserve Bank of Zimbabwe’s wholesale foreign exchange auction held on September 19, 2023. 
The RBZ reported that the USD was valued at ZW$5,015.4279 this Tuesday, which is higher compared to the rate of ZWL$4,712.1675 recorded on September 12, 2023. This increase follows the previous rate of ZWL$4,647.9681 observed on September 6, 2023.
Regarding the allocation of foreign currency from the auction, the majority, amounting to $275,395.54, was assigned to Machinery and Equipment. Services such as loans, education, dividends, and disinvestments received $163,240.14, while Consumables (including spares, tyres, electricals, etc.) followed closely with an allocation of $121,390.64. Raw materials obtained the lowest allocation of $45,391.75.
The total allocated amount was $713,950.34, which is a decrease from the previous allocation of $1,161,863.98.
In recent months, there has been a noticeable increase in the allocation of funds towards Services.
This allocation pattern represents a departure from the usual trend where raw materials typically received a larger share of the funds. The shift in allocation suggests changing priorities or demands within the economy post the 23-24 August 2023 elections.
<div class="in_article">
<div>
These developments highlight the ongoing fluctuations in the exchange rate and the distribution of foreign currency across various sectors of the Zimbabwean economy. The stability of the exchange rate is yet to be determined, but some economists predicted that the Zimbabwean dollar may further depreciate after the period of August 23-24, 2023. They say this could occur if the newly-elected government does not take necessary measures to address the fundamental issues required for stabilising the macroeconomy and the local currency.
</div>
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>
</div>

Zimbabwe Dollar Lost Value Against The USD During The RBZ's Forex Auction On 19 September 2023

The former finance minister of Zimbabwe, <a href="https://www.pindula.co.zw/Tendai_Biti/">Tendai Biti</a>, has cautioned President <a href="https://www.pindula.co.zw/Emmerson_Mnangagwa/">Emmerson Mnangagwa</a>‘s administration against abandoning the US dollar for an alternative currency as they consider joining BRICS. Biti warns that de-dollarisation could have negative consequences for the country.
BRICS is a bloc of emerging economies including Brazil, Russia, India, China, and South Africa. Zimbabwe has applied for BRICS membership, which recently accepted six oil-producing nations.

<ul style="list-style-type: square;">
<li><a href="https://www.pindula.co.zw/2023/08/25/zimbabwe-reiterates-willingness-to-join-brics/">Zimbabwe Reiterates Willingness To Join BRICS</a></li>
<li><a href="https://www.pindula.co.zw/2023/08/24/brics-add-6-more-countries-to-the-bloc/">BRICS Add 6 More Countries To The Bloc</a></li>
<li><a href="https://www.pindula.co.zw/2023/03/17/zimbabwe-wants-to-become-a-brics-member/">Zimbabwe Wants To Become A BRICS Member</a></li>
</ul>
Biti argues that Zimbabwe lacks the necessary conditions to transition away from the US dollar and warns that such a move could lead to economic disaster. BRICS aims to challenge the dominance of the US dollar by introducing a gold-backed international reserve currency. Biti said:
<blockquote>
The regime is intent on de-dollarization. This move will be an absolute disaster and will cost workers and pensioners.
Conditions for de-dollarisation don’t exist.
Move is a zany attempt to follow the global de-dollarization agenda being pursued by BRICS and other new world order advocates.
</blockquote>
Zimbabwe currently relies on a multi-currency system, with the US dollar being the preferred choice due to a fragile and volatile domestic currency. The Zimbabwean dollar has faced challenges such as inflation, corruption, and a lack of investor confidence in the ZANU PF-led administration. Financial analysts anticipate a significant depreciation of the local currency, both in the official exchange rate and on the black market, when the government releases its outstanding payments to contractors. This is expected to have an immediate impact on the value of the Zimbabwean dollar.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Biti Warns Zimbabwe Against Abandoning US Dollar For BRICS' Proposed Alternative Currency

Zimbabwe aims to tap into the lucrative US$3 trillion “halal” global market by leveraging Malaysia’s strategic position. Halal refers to actions and behaviours permissible in Islam, including the production of halal foods under the guidelines set by the Halal Food Authority.
Halal markets trade in halal meats and other foodstuffs prepared according to these principles. Malaysia, with its booming halal market valued at approximately US$68.4 billion in 2018, presents an opportunity for Zimbabwe to boost its export earnings. Zimbabwe’s ambassador to Malaysia, <a href="https://www.pindula.co.zw/Constance_Chemwayi/">Constance Chemwayi</a>, highlighted the increasing global demand for halal products, expressing optimism about Zimbabwe’s potential for success in this sector. 
Chemwayi was speaking to BusinessDigest on the sidelines of the Malaysia International Halal Showcase (MIHAS 2023), which kicked off on Tuesday and ends today. She said:
<blockquote>
 Our presence at the 19th edition of the Malaysia International Halal Showcase is in line with the country’s goals of opening new markets for our products.
Our main aim is to make Malaysia a gateway to accessing the US$3 trillion halal global market with only 20% of the demand being meat.
</blockquote>
ZimTrade, the country’s export trade promotion body, is participating in an exhibition in Malaysia, where four Zimbabwean companies are showcasing their products. These companies are displaying horticultural produce such as chillies, macadamia nuts, beans, peas, teas, coffees, herbal products, and Mazoe, a popular beverage.
Malaysia’s halal market was valued at $68.4 billion in 2018 and is projected to reach $113.2 billion by 2030. Chemwayi explained that being halal compliant goes beyond adhering to Islamic law. It also requires producers to meet global standards and principles for product safety. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwe Seeks To Tap US$3 Trillion "Halal" Global Market Through Malaysia

Finance and Investment Promotion Minister, <a href="https://www.pindula.co.zw/Mthuli_Ncube/">Professor Mthuli Ncube</a>, reassured the public that the multicurrency system will remain in place despite rumours of the government reverting to the Zimbabwe dollar as the sole legal tender.
The current arrangement, which allows the use of foreign currencies such as USD and Rand, is guaranteed until December 2025 under Statutory Instrument (SI) 118A of 2022.
Minister Ncube stated that there is no need for concern or speculation regarding the currency situation. He emphasised that having multiple currency options is a unique advantage and urged people not to complain about this choice. The minister said:
<blockquote>
You have no reason to worry or speculate about the currency because you have an option to use many currencies. I don’t know of any country that has allowed to do that, USD, Rand, you have a choice, don’t complain about that choice. That regime is here to stay, that’s what we have, let’s carry on.
</blockquote>
<h3>Watch the video below for more.</h3>
<div class="wp-video" style="width: 540px;">
<video class="wp-video-shortcode" controls="controls" height="270" id="video-263909-1" preload="metadata" width="540"><source src="https://t792ae.c2.acecdn.net/wp-content/uploads/2023/09/Mthuli-Multi-currency.mp4?_=1" type="video/mp4"/><a href="https://news.pindula.co.zw/wp-content/uploads/2023/09/Mthuli-Multi-currency.mp4">https://news.pindula.co.zw/wp-content/uploads/2023/09/Mthuli-Multi-currency.mp4</a></video></div>
The Minister’s remarks come amid rumours that after the August 23-24, 2023 elections, the government may reintroduce the Zimbabwe dollar as the sole legal tender.
<a href="https://www.pindula.co.zw/Emmerson_Mnangagwa/">President Emmerson Mnangagwa</a>, in his inaugural speech, highlighted the importance of strengthening the local currency, which has experienced a decline since its reintroduction in June 2019. This uncertainty has led some businesses to consider leaving the country, as the Zimbabwe dollar cannot be used outside of the Southern African nation’s borders.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Finance Minister Ncube Assured The Public Of The Continued Existence Of Multicurrency System

Some retailers are reportedly charging more than the maximum limit of 10 percent on the official rate when selling their products.
This is in violation of a directive by the RBZ’s Financial Intelligence Unit (FIU).
A quick survey conducted by <a href="https://businesstimes.co.zw/retailers-defy-fiu-directive/">Business Times</a> this week showed that most retailers, including pharmacies, continue to charge for goods at a rate between ZWL$6500:US$1 and ZWL$7000:US$1.
Some retailers reportedly use higher rates of up to ZWL$7500:US$1.
Executive director of the Consumer Council of Zimbabwe (CCZ), Rosemary Mpofu, condemned the overpricing of products by shops. She said:
<blockquote>
CCZ is still concerned that there are some supermarkets that are charging rates that are above stipulated rates by the monetary authorities.
This is letting us down as consumers are buying very few things from their salaries.
Previously some business operators were indexing their prices to the parallel market exchange rate using speculative pricing and forward pricing to hedge against inflation.
Though that behaviour was not rampant during the month of August indicating some conformity in the market, there were some retailers who continued to charge exorbitantly.
The prices of most products in the basket went down and this is attributed to the strengthening and stability of the local currency which was maintained during the month of August.
Worryingly, some retailers continue to increase prices.
</blockquote>
However, the Retail Association of Zimbabwe (RAZ) said that formal retailers are complying with the FIU directive. It said:
<blockquote>
Those that are in question are not your usual retailers but they are community-registered formal retailers which are not our members.
For our members, we have a policy that they should not use another rate but with a 10% markup.
</blockquote>
The government promulgated Statutory Instrument (SI) 118 of 2022, which regulates Zimbabwe dollar pricing to a maximum limit of 10 percent of the interbank rate.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Retailers Defy FIU Directive On Zimbabwe Dollar Pricing

Zimbabwe National Chamber of Commerce (ZNCC) CEO, Chris Mugaga, has said President Emmerson Mnangagwa should appoint a fresh set of permanent secretaries with the requisite skills to lead the ministries.
Mnangagwa on Monday appointed a new 26-member cabinet following his re-election for a second and final term last month.
Speaking to ZBC, Mugaga said there should be deeper changes in the civil service and those who fail to deliver should be fired. He said:
<blockquote>
What is much more of a concern is not necessarily the personalities who comprise the Cabinet, but rather the institutional framework on deliverables.
The culture of delivery must be in place. Those who fail to deliver should be shown the exit door.
It’s also vital to appreciate that Cabinet (ministers) work with permanent secretaries.
We want to believe that, going forward, there will also be a review of the calibre of skills leading different ministries in the form of permanent secretaries.
If that’s done, then we can analyse the impact these Cabinet ministers will have.
</blockquote>
Ministers provide policy direction in government, with Permanent Secretaries responsible for running the Ministries.
Permanent Secretaries, who act as the CEOs of Ministries, are supported by directors of various units.
In 2021, Mnangagwa introduced performance-based contracts for Cabinet Ministers, Permanent Secretaries and heads of parastatals.
Meanwhile, Mnangagwa retained several individuals from the previous cabinet, among them Mthuli Ncube (Finance and Investment Promotion), Kazembe Kazembe (Home Affairs and Cultural Heritage), Ziyambi Ziyambi (Justice Legal and Parliamentary Affairs) Anxious Masuka (Lands and Agriculture), Amon Murwira (Higher and Tertiary Education) Oppah Muchinguri-Kashiri (Defence and Security), and Frederick Shava (Foreign Affairs and International Trade).
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

ZNCC Urges Mnangagwa To Appoint Fresh Set Of Permanent Secretaries

The Zimbabwe dollar lost value against the United States dollar (USD) at the Reserve Bank of Zimbabwe’s wholesale foreign exchange auction held on September 12, 2023. The USD was exchanged at a rate of ZW$4,712.1675, which is higher than the rate of ZWL$4,647.9681 recorded on September 6, 2023. This follows a previous rate of ZWL$4,604.62 observed on August 29, 2023.
The foreign currency obtained from the auction was primarily allocated to Machinery and Equipment, receiving a total of $303,210.76. Services such as loans, education, dividends, and disinvestments followed closely with an allocation of $303,084.29. Raw materials received a slightly lower allocation of $266,877.75. In recent months, there has been a noticeable increase in the allocation of funds towards Services.
This allocation pattern represents a departure from the usual trend where raw materials typically received a larger share of the funds. The shift in allocation suggests changing priorities or demands within the economy post the 23-24 August 2023 elections.
These developments highlight the ongoing fluctuations in the exchange rate and the distribution of foreign currency across various sectors of the Zimbabwean economy. The stability of the exchange rate is yet to be determined, but some economists predicted that the Zimbabwean dollar may further depreciate after the period of August 23-24, 2023. They say this could occur if the newly-elected government does not take necessary measures to address the fundamental issues required for stabilising the macroeconomy and the local currency.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwe Dollar Weakened Against USD At RBZ's Auction On 12 September 2023

The OK Zimbabwe Group celebrated the opening of its first-ever Bon Marché store outside of Harare this past weekend in Marondera.
The opening celebrations, hosted within the town located 60km outside of Harare, included supplier promotions, free toll gate passes, product sampling and several US$20 vouchers issued to lucky individuals.
The Bon Marché Marondera store becomes the 9th supermarket within the company’s flagship high-end Bon Marché brand offering and the first new store built outside of Harare’s affluent Northern suburbs.
OK Zimbabwe designed the new look store using the latest thinking in retail architecture, which emphasises natural light, sustainability and quality finishing.
Juliet Ziswa, OK Zimbabwe’s marketing director, who was the lead director in the new format store design, said:
<blockquote>
We began with the shopper in mind and built our store around international trends that make shopping more pleasurable and enjoyable. The store, for example, has very wide aisles to accommodate family shopping missions, it optimises the use of a lot of light throughout the store, to accentuate the freshness of our fruit and vegetable range, and we have built sustainability into the design by using glass door coolers throughout the shop for better energy efficiency.
</blockquote>
OK Zimbabwe recently acquired the franchise rights to Food Lovers Supermarkets in Zimbabwe.
The expansion of Bon Marché into non-traditional geographies signals a deliberate and clear intention by the group to diversify its income from the core middle market, cornered by its eponymous OK Stores.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

OK Zimbabwe Opens First Bon Marché Store Out Of Harare

The Zimbabwe Energy Regulatory Authority (ZERA) has increased diesel and petrol prices in USD and decreased in Zimbabwean dollars with effect from 7 September 2023. In a statement published by Pindula News, ZERA said the new prices are as follows:
<ul style="list-style-type: circle;">
<li>Diesel 50: ZWL8 160.44/litre</li>
<li>Diesel 50: US$1.76/litre</li>
<li>Blend – E20: ZWL$7 648.14/litre</li>
<li>Blend – E20: US$1.65/litre</li>
</ul>
For comparison purposes, we present August and July prices. <a href="https://www.pindula.co.zw/2023/08/09/zera-raise-fuel-in-usd-reduce-in-zimbabwean-dollars-8-august-2023/">August prices</a> were as follows:
<ul>
<li>Diesel 50: ZWL7,492.63</li>
<li>Diesel 50: US$1.65,</li>
<li>Blend – E20: ZWL7,300.72</li>
<li>Blend – E20: US$1.61</li>
</ul>
In July, ZERA had released the prices per litre as follows:
<ul style="list-style-type: square;">
<li>Diesel 50: ZWL9,200.03</li>
<li>Diesel 50: US$1.58;</li>
<li>Blend – E20: ZWL9,113.66</li>
<li>Blend – E20: US$1.57.</li>
</ul>
The prices for September 2023 are based on M-1 which refers to refer to the cost of importing fuel into Zimbabwe. The M-1 price is determined by various factors, including international crude oil prices, transportation costs, port charges, insurance costs, and taxes. The M-1 price is used as a basis for setting the local pump prices of petrol and diesel in Zimbabwe. The M-1 price is subject to change depending on the fluctuations in the global oil market and other factors that affect the cost of importing fuel.
ZERA said the price will remain effective until 4 October 2023. ZERA has advised the public and operators that the blending ratio is at E20. Operators are allowed to sell petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as stipulated by the fuel pricing regulations.
Stakeholders are urged to verify the petroleum price releases by ZERA on the official ZERA website, Facebook, or Twitter handle.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

ZERA Raises Fuel Prices In USD, Reduces In Zimbabwean Dollars: 7 September 2023

The founder of Pick n Pay retail company, Raymond Ackerman, has died at the age of 92, the company has announced. In a statement released on X (formerly Twitter), the company confirmed his death. In a statement seen by Pindula News, the company said Raymond Ackerman was a visionary entrepreneur, a humanitarian, and a remarkable South African. Read the statement:
<blockquote>
With profound sadness we announce that Pick n Pay founder Raymond Ackerman has passed away. A visionary entrepreneur, humanitarian and a great South African. Our country has lost a brilliant patriot who always saw a positive future for South Africa. <img alt="🇿🇦" class="r-4qtqp9 r-dflpy8 r-sjv1od r-zw8f10 r-10akycc r-h9hxbl" decoding="async" draggable="false" height="20" loading="lazy" src="https://abs-0.twimg.com/emoji/v2/svg/1f1ff-1f1e6.svg" title="Flag of South Africa" width="20"/>
</blockquote>
Raymond Ackerman made a significant impact on the retail landscape of South Africa. With over 1600 Pick n Pay stores across the country, the company holds a market capitalisation of R17 billion.
Together with his wife Wendy, Raymond Ackerman established Pick n Pay in 1967 by acquiring four stores in Cape Town. Over the following 56 years, the retail group expanded to include more than 2,000 stores in South Africa, Zimbabwe, Namibia, Botswana, Zambia, Nigeria, Eswatini, and Lesotho.
Aside from his business ventures, Ackerman engaged in various notable endeavours. He initiated 26 battles against the government on petrol price reductions, although he did not emerge victorious. In 1989, he joined a group of businessmen in calling for the release of Nelson Mandela during a meeting with then-President FW de Klerk.
In 2004, Raymond Ackerman established the Raymond Ackerman Academy for Entrepreneurial Development in collaboration with UCT and later the University of Johannesburg. The academy has empowered numerous aspiring entrepreneurs.
Having retired from the board of Pick n Pay Stores Limited in 2010, Raymond and Wendy assumed the role of honorary life presidents. Ackerman, an alumnus of Bishops Diocesan College, served as the president and patron of the Old Diocesan Union. He was bestowed with seven honorary doctorates from local and international universities.
Raymond Ackerman is survived by his wife Wendy, their children Gareth, Kathy, Suzanne, and Jonathan, as well as twelve grandchildren and four great-grandchildren.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pick n Pay Founder Raymond Ackerman Has Died

The Zimbabwean dollar has weakened against the United States dollar (USD) at the Reserve Bank of Zimbabwe’s wholesale foreign exchange auction held on September 6, 2023. The USD was sold at a rate of ZW$4,647.9681, compared to ZWL$4,604.62 on August 29, 2023. This follows previous rates of ZW$4,571.29 on August 21 and ZW$4,573.77 on August 18. The majority of foreign currency obtained from the auction was utilised for purchasing raw materials, followed by machinery and equipment.
While the Zimbabwean dollar has been strengthening against the USD in recent months, this latest development indicates a shift in the trend. Authorities attribute the strengthening of the Zimbabwean dollar to the government’s implementation of measures to stabilise the economy and the local currency. These measures included restricting foreign currency in local transactions, and making the Zimbabwean dollar the sole legal tender for certain domestic transactions like taxes. This resulted in a reduction in money supply in the market. However, this reduction has been viewed by some analysts as intentional hoarding by authorities to create an artificial shortage.
Although the Zimbabwean dollar has shown recent stability, its long-term sustainability remains uncertain. Previous attempts to reintroduce the local currency have been met with limited success due to a lack of public confidence following the hyperinflation experienced in 2008 and subsequent policy changes resulting in monetary losses.
There are predictions that the local currency may further devalue after the recent harmonized elections held on August 23-24, 2023, which saw the ruling ZANU PF party secure victory. The future role of the United States dollar in Zimbabwe’s currency system also remains unclear.
In his inauguration speech, President Emmerson Mnangagwa emphasized the importance of a national currency for development, <a href="https://www.pindula.co.zw/2023/09/05/mnangagwa-hints-at-strengthening-the-zimbabwean-dollar/">hinting at a preference for the Zimbabwean dollar as the sole currency</a>. He also expressed a focus on utilising internal resources to foster economic growth. The evolving situation will determine the future direction of the country’s currency system.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwean Dollar Weakened Against USD At Reserve Bank Auction On 6 September 2023

President Emmerson Mnangagwa, during his inauguration and swearing-in for his final term as Zimbabwe’s President, highlighted the significance of a national currency for development. While not explicitly mentioned, his remarks hinted at a preference for the Zimbabwean dollar as the sole currency. Additionally, he indicated a focus on utilizing internal resources to foster economic growth. The future of the United States dollar in the country’s currency system remains unclear. He said:
<blockquote>
Comrades and Friends; 
The past five years have delivered valuable lessons on our intricate economy, especially the fact that a national currency that is supported by a vibrant productive sector is indispensable to sustainable development. No country has ever developed without its own currency. Further, we can only develop and grow the economy based on our own internal resources.
I urge us all to believe in ourselves and our abilities, as Zimbabweans and Africans. Development and national prosperity based on what we have is more sustainable and durable. We must take pride in who we are and what we can do for ourselves. 
The numerous mineral resources in our country must be sustainably exploited to leap-frog our industrialisation and development. The lives of our citizens and the fortunes of our country as a whole must be improved. We expect nothing less.
Our economy must realise maximum benefits from increased beneficiation and value addition. As such, my new Administration, through the Responsible Mining Initiative, will ensure greater stewardship over our finite natural resources. These must benefit both present and future generations. 

</blockquote>
During his speech, President Mnangagwa did not discuss the involvement of the African Development Bank (AfDB) in debt arrears or restructuring. Zimbabwe’s consolidated debt as of June 2023 amounted to $17.5 billion, with $14.04 billion owed to international creditors and $3.4 billion in domestic debt. The country is in arrears with multilateral development banks, including the AfDB. Finance Minister Mthuli Ncube said Zimbabwe aims to clear foreign debt by December 2025 to access new lines of credit for economic revitalization. The majority of the multilateral debt comprises arrears and penalties for non-payment.
<h3>Some context on Currencies:</h3>
Zimbabwe adopted a multi-currency system in 2009 as its national currency, the Zimbabwean dollar, faced hyperinflation and devaluation. The system allowed the use of foreign currencies such as the US dollar, South African rand, and Botswana pula as legal tender. While it provided some stability, challenges like limited access to smaller denominations and reliance on external economies emerged. In 2019, the Reserve Bank of Zimbabwe reintroduced the Zimbabwean dollar as the sole legal tender, discontinuing the use of foreign currencies for most transactions. However, the reintroduction has brought its own challenges, including inflation and currency instability. This forced the authorities to allow the use of the United States dollar together with the local currency albeit making it clear they would prefer having the Zimbabwe dollar as the sole legal tender.
Government critics including former Finance Minister Tendai Biti, argue that Zimbabwe should abandon the local currency due to its premature reintroduction without meeting the necessary prerequisites for sustainability. They propose using the US dollar as the sole legal tender until the prerequisites for reintroducing the Zimbabwean dollar are fulfilled. These critics believe that the public lost faith in the governance of the ZANU PF government, leading to a lack of confidence in the local currency, which they predict will continue to depreciate until governance issues are addressed. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Mnangagwa Hints At Strengthening The Zimbabwean Dollar

Captains of industry have urged the Reserve Bank of Zimbabwe (RBZ) to ease its strict monetary policy in the post-election period claiming this will increase liquidity and boost aggregate demand.
They say tighter monetary and fiscal policies are hurting the economy as companies are operating at reduced capacity.
In months leading up to the 23 August elections, the RBZ and the Ministry of Finance and Economic Development pursued tighter monetary and fiscal policies and vowed they would remain in place for some time.
Speaking to <a href="https://businesstimes.co.zw/industry-push-for-monetary-deal/">Business Times</a> recently, Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza said there is a need for authorities to strike an equilibrium when managing liquidity. Said Matsheza:
<blockquote>
Now that the elections are over, we have now turned our focus to production and this will (only) happen when liquidity has improved.
It is our hope that the authorities will address the current liquidity squeeze to improve our capacity utilisation and aggregate demand.
</blockquote>
Zimbabwe Stock Exchange-listed companies such as Willdale and Seed Co Limited have also called for improved liquidity during the post-election period.
The Bankers Association of Zimbabwe (BAZ) president Fanwell Mutogo told Business Times the banks understand the government’s position, but banks are of the view that the current tight liquidity situation is an unintended consequence of the monetary and fiscal measures.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Captains Of Industry Bemoan Liquidity Squeeze

The Government is targetting informal traders for taxation in a bid to increase revenue and also over fears that as the economy becomes more dollarised, the tax base could decrease by 25 percent as the informal sector fails to pay tax.
Zimbabwe’s economy is largely informal, and as a result, the country’s tax collection agency, the Zimbabwe Revenue Authority (ZIMRA) faces several challenges in raising revenue to fund the Government’s operations.
<a href="https://businesstimes.co.zw/tax-dragnet-closes-in-as-govt-targets-informal-traders/">Business Times</a> reported Treasury sources as saying the fiscal authorities were targetting foreign-owned shops among several strategies to broaden the tax base. Said a source:
<blockquote>
The government has a programme that is targeted towards compliance with reserved sector regulations with particular attention to foreign-owned shops in the downtown area.
Those that have not complied are duly required and requested to comply with the law.
Definitely, this will increase tax revenue into fiscus while reducing a lot of illicit transactions that have also been taking place in that area.
</blockquote>
In his mid-term budget strategy paper, the outgoing Minister of Finance and Economic Development, Mthuli Ncube, said the Government will devise various strategies to increase its tax base. He said:
<blockquote>
Achieving the target collections is underpinned by tax administration initiatives that enhance enforcement and tax compliance, in particular, of business processes and adoption of new technology, among other initiatives.
Expansion of the base through embracing emerging industries, including those in the informal sector, as well as capturing the digital marketplace where sellers and buyers of goods and services converge through e-platforms will ensure that eligible taxpayers contribute towards national development.
</blockquote>
The president of the Confederation of Zimbabwe Retailers Denford Mutashu told Business Times that the integration of informal traders into the economy was a welcome development.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Targets Informal Sector To Broaden Tax Base

Listed companies Econet Wireless Zimbabwe (Econet) and EcoCash Holdings (EcoCash) have received approval from the central bank to conduct rights offers in United States dollars. Rights offers are a corporate action where existing shareholders are given the opportunity to purchase additional shares at a discounted price. It allows companies to raise capital from their current investors, who have the right to buy new shares before they are offered to the public.
Through these rights offers, Econet and EcoCah aim to raise $30.3 million each from their existing shareholders. The companies were unable to obtain foreign currency through the Reserve Bank of Zimbabwe’s auction process to redeem their debentures (long-term loans), which matured in April 2023. As a result, they sought exchange control approvals to proceed with the rights offers.
In separate statements on Tuesday, the companies stated that the ultimate Zimdollar price for the shares would be determined when they receive foreign currency on the interbank market to redeem the debentures, following the country’s exchange control laws. Econet said:
<blockquote>
Members are hereby advised that the company has now obtained exchange control approval for the rights offer to be made in United States dollars.
</blockquote>
The companies said the final price of the shares will be determined when the companies receive foreign currency on the interbank market to redeem the debentures. Shareholders registered as of September 1, 2023, will have the option to exercise their rights using the local currency. A deposit will be required for each share, with the remaining balance to be paid once foreign currency has been secured. The applicable exchange rate will be the prevailing interbank rate plus a 10% margin.
The rights offer is scheduled to open on September 11, 2023, and close on September 29, 2023, with the results expected to be announced on October 6, 2023. The debentures stem from a capital raise exercise in 2017, which aimed to secure foreign currency for external loan repayments.
This approval allows Econet and EcoCash to proceed with their rights offers in an effort to raise the necessary funds from existing shareholders. It provides them with an alternative means to obtain foreign currency, as they were unable to access it through the Reserve Bank of Zimbabwe’s auction process.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Econet And EcoCash Received Central Bank Approval For US Dollar Rights Offers

The 2023 Zimbabwe Agricultural Show (ZAS) started on Monday, 28 August, with a high schools rugby tournament among some of the major highlights of the annual event.
The show is running from Monday to Saturday, with more than 250 000 people expected to visit the Exhibition Park.
The 113th show is running under the theme: “Sustained growth. Adaptation. Productivity and Linkages.”
More than 400 exhibitors including foreign companies from the Democratic Republic of Congo, European Union, China, South Africa and Malawi have confirmed their participation.
ZAS chief executive Andrew Matibiri told <a href="https://www.herald.co.zw/zim-agricultural-show-starts/">The Herald</a> that safety measures have been put in place. He said:
<blockquote>
Great emphasis has been put on the safety and security of both exhibitors and visitors to the extent that wider and more modern CCTV cameras have been installed in addition to the drones, installation of gate turnstiles and ticketing systems to ensure improved convenience.
</blockquote>
Last year, a 12-year-old minor was electrocuted after he touched the metal body of an electric swing at the Zimbabwe Agricultural Show Luna Park.
The minor was later identified as Wayne Mugaure, a Grade pupil at Alfred Beit School in Harare.
In 2011, three-year-old Given Flint Matapure went missing at the then Harare Agricultural Show.
His skeletal remains were found days later by a worker who was clearing a piece of land within Exhibition Park.
Meanwhile, the official opening of the 2023 Zimbabwe Agricultural Show is planned for Friday 1 September.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Agricultural Show Starts

The Zimbabwe Dollar depreciated against the United States Dollar on the Reserve Bank of Zimbabwe wholesale foreign currency auction on Tuesday, 29 August.
After today’s wholesale auction, the Zimbabwe dollar averaged $4 604.62 against the US dollar.
On 21 August, the average interbank rate was $4 571.29, while on 18 August, it was $4 573.77.
Today, 18 bids were received, and all 18 bids were accepted and received allotments.
The total value of bids accepted was US$19,610,040.40 and a similar amount was allotted.
The amount on offer was US$20 000 000.00.
The highest bid rate was ZWL$4,650.0000 while the lowest bid rate was ZWL$4,570.0000.
The Retail Auction was allotted US$545 877.82, with the bulk of the allotment, US$220 379.23, going to services (loans, education, dividends, disinvestments, etc.).
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/F4sdi50XsAAYNbe?format=jpg&amp;name=4096x4096"/>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Zimbabwe Dollar Official Rate Moves To $4 604 Per US Dollar

Redan Kerosine (Pvt) Limited (RKL) has filed opposition papers to a lawsuit by Alex Park homeowners seeking to block its plans to construct a service station in the area.
This comes after Alex Park residents took RKL, Mark Campbell Hounsell, City of Harare (CoH), CoH Department of Works, and town planner a Mr Mudzengerere to court on 04 August.
In the court papers, Hounsell is cited by Alex Park residents to be the one to have sold the property to RKL, a local energy firm, where the proposed service station will be built.
The residents argue that the potential development infringes on the “environmental rights” of the residents that include the right to due process and accountable town planning procedures.
They also accused CoH, CoH Department of Works and Mudzengerere of actively obstructing their rights to fair and reasonable administrative conduct by failing to follow peremptory provisions of the Regional Town and Country Planning Act.
Elena Gonye is the first applicant of 49 of the Alex Park residents who brought the initial lawsuit to the High Court.
Gonye resides close to the proposed development.
In the notice of opposition dated August 17, 2023, RKL director Lindsay Eleanor Earle disputed that the due processes were not followed. Said Earle:
<blockquote>
Other than the first applicant, Elena Gonye, no evidence has been placed before the court regarding the basis of interests of the other 48 applicants in the development at the corner of Swan Drive and Churchill Avenue.
There is no evidence that any of the 48 applicants resident in the area are affected by this development.
They have not disclosed the addresses where they live and how they would be affected by this particular development.
There is no evidence placed before the court showing why they claim they ought to have been served individually with the notice of the application by the second respondent (Hounsell).
</blockquote>
She further argued that not all the applicants own or live in the properties to the proposed development.
The Alex Park residents who spoke to <a href="https://www.newsday.co.zw/thestandard/business/article/200015848/redan-alex-park-residents-feud-takes-new-twist">The Standard</a> said that they were not furnished with a copy of the change of use from residential to commercial.
However, according to the notice of opposition, RKL stated that Christopher and Mary English, Edward Mapokotera and Overbrook Investments gave special consent for the property development.
All of these people are directly impacted by the development.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

New Redan Service Station Irks Alex Park Residents

The Tourism Business Council of Zimbabwe said that they are not involved in the externalisation of foreign currency and urged the Reserve Bank of Zimbabwe (RBZ) to understand how they operate.
The RBZ recently granted a moratorium to all operators, who have unregistered tourism agreements and unapproved offshore accounts to regularise the agreements and offshore foreign currency accounts with the central bank before the end of this month.
The Hospitality Association of Zimbabwe (HAZ) said the regularisation of unapproved offshore accounts and unregistered agreements will control tourism leakages and pave the way for accurate reporting on the tourism satellite account.
However, Tourism Business Council of Zimbabwe president Wengayi Nhau told <a href="https://www.newsday.co.zw/thestandard/business/article/200015846/tourism-operators-react-to-rbz">The Standard</a> that they are not involved in externalisation. Nhau:
<blockquote>
For argument’s sake, we have a client in Europe or the United States who wants to go on holiday.
Then on the other end, we have a destination management company (DMC) that is, in most cases, based either in that particular destination within the country or they operate remotely.
And then you have what we call a travel agent and a tour operator.
The DMC is more like the supply chain manager. It consolidates all services, manage everything on the ground.
The tour operator provides a service of taking people for the tours.
The travel agent does packaging in conjunction with the tour operator and the DMC.
The travel agent is back in the source market; in this case, it’s in Europe or the United States.
The travel agent then contacts the local ground handler, which is the DMC in the case of Zimbabwe and asks for services which include accommodation, tours, and safari activities, and they are given a quotation based on the rates that we have got locally.
</blockquote>
Nhau further explained that when the travel agents in Europe or the United States check all the costs; they put their own mark-up which the local operators have no control over.
He added that if there is an intermediary between the overseas client and the regional client, they also put their mark-up. Said Nhau:
<blockquote>
I might be dealing with the South African operator, who would be dealing with the Canadian operator or American operator.
I give a quotation to the South African operator who put his mark up and give it to the overseas operator who also put their mark up.
What they transmit and remit to Zimbabwe is only what I’ve invoiced and we have no control over all other things.
So, the bone of contention that has been happening is that with the RBZ and Zimbabwe Revenue Authority in some cases they’ve attempted to also factor in the difference between what the agents have collected and what I have charged.
We have what we call special tour operators rates. These are contract rates.
When I book accommodation as an agent in Zimbabwe I get it at less 20%, 15% or 10% depending on what negotiations we have done and when I pass on to this operator, I also give him maybe less 10% or 5% whichever. He puts his mark-up.
So, what then the authorities are thinking is that the difference between what we have quoted here and what the client has paid, they take that as externalisation.
Since these are contracts and as you know we are dealing remotely, people feel secure and safe to pay after the service. In the case of agents and operators, they prefer to pay one invoice.
</blockquote>
He said where the money is paid into the Zimbabwean account, they also collect payments on behalf of other downstream operators who are outside Zimbabwe’s jurisdiction.
He said when they receive this bulk payment into the country, they should then be able to forward the payment and keep it as a deposit until the time the payment is due we transmit it. Said Nhau:
<blockquote>
Our exchange control regulations are very inconsistent to the extent that people no longer feel secure holding the money for a longer period here because even if we have an account that allows you to hold payments in foreign currency, they have up to 90 days that you must have used that money.
But in a lot of cases, we hold deposits for 6, 12, 18, 24 months or beyond.
As we speak, we are running activities and services for payments that were deposited prior to COVID-19 that were interrupted by the pandemic, but where there is that extended control requirement that we must liquidate payment, we become handicapped.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

We Are Not Involved In Externalisation - Tourism Operators

The National Social Security Authority (NSSA) has spent more than US$2 million to renovate St Tropez apartments in Estlea, Harare.
St Tropez is located along Samora Machel Avenue and has 60 units comprising 22 one-bedroomed and 38 two-bedroomed apartments.
Speaking to <a href="https://businesstimes.co.zw/nssa-splurges-us2m-on-st-tropez-property-rehab/">Business Times</a> on the sidelines of a ceremony to officially open the apartments recently, NSSA general manager Charles Shava said:
<blockquote>
The [US$2 million] refurbishment is a complete face-lift to this community and to our capital city, Harare.
The flats will now be operated by a corporate tenant Urban Vision as a self-catering apartment hotel offering a bed and breakfast.
Their convenient proximity to the city centre is an added advantage for the occupancy.
</blockquote>
NSSA Chairman Emmanuel Fundira said the St Tropez apartment will have a social impact in terms of providing decent accommodation. He said:
<blockquote>
The St Tropez apartments add a new dimension to the housing projects that NSSA is involved in.
Traditionally, NSSA, together with its wholly owned subsidiary, NBS, has focused on low-cost houses in line with its social security mandate.
The objective of this strategy is to maximise the number of people that would benefit from the units constructed.
Units, such as the St Tropez apartments, are purely an investment decision that is expected to yield good returns for the sustainability of the NSSA fund.
In the same vein, this investment is therefore a win-win as it has a social impact in terms of providing decent accommodation.
</blockquote>
Fundira said such investments will help beneficiaries such as pensioners, orphans, and other disadvantaged people covered by Authority schemes get better payouts.
According to Business Times, the flats were acquired in 1985 for the Worker’s Compensation Insurance Fund (WCIF) under the then Ministry of Labour.
They were later inherited by NSSA in 1994.
In 1999, NSSA attempted to sell the property on the open market but faced objections from the residents.
The case eventually spilled to the Supreme Court which in June 2016 ruled in favour of NSSA and granted it an order to evict the tenants.
The protracted legal dispute resulted in the collapse of the flats’ water and sewer reticulation system.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

NSSA Spends US$2 Million On St Tropez Property Rehabilitation

Zimbabwean businessman John Moxon has lost $148 million over a period of 71 days as the value of his ownership stake in Meikles Limited, a diversified conglomerate headquartered in Harare, continues to decline.
Recent data compiled by Billionaires.Africa reveals that the losses incurred by John Moxon are primarily due to a sustained decrease in the company’s share price.
Moxon, a prominent figure in the Zimbabwe Stock Exchange and a key contributor to the growth of Meikles Limited, possesses a 10.8% ownership stake in the company. This stake consists of 27,933,226 shares, which have witnessed a substantial decline in market value from ZWL67.04 billion ($208.23 million) on June 12 to ZWL19.28 billion ($59.88 million) on August 22. Consequently, this represents a significant loss of ZWL47.76 billion ($148.3 million) for the Zimbabwean billionaire within the past 71 days.
Originally established in 1894 as a department store chain by Thomas Moxon, Meikles Limited has evolved into a diversified conglomerate with substantial interests in hospitality, retail, supermarkets, agriculture, and financial services.
However, the recent struggles faced by the company are evident in its stock performance on the Zimbabwe Stock Exchange. The share price of Meikles has experienced a sharp decline of 71.24% since June 12, dropping from R2,400.0 ($7.454) to ZWL690.18 ($2.144) per share on 22 August.
This significant depreciation in the stock price has also resulted in a considerable reduction in Meikles’ overall market capitalization, which currently stands at ZWL178.07 billion ($553.08 million), reflecting a substantial contraction over the past 71 days.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Zimbabwean Businessman John Moxon Lost $148 Million In 71 Days

Fastjet Zimbabwe has today, Thursday, 24 August 2023, announced the additional flight frequencies from Bulawayo’s JM Nkomo International Airport to Johannesburg’s OR Tambo International Airport in support of business and leisure travel.
Flights from Bulawayo to Johannesburg will increase from a daily service to 12 weekly flights with the re-introduction of a morning service adding a choice of frequencies and flexibility for travel between these cities. Fastjet Zimbabwe’s spokesperson Nunurai Ndawana said:
<blockquote>
The wait is over, and we are delighted our passengers will now enjoy a heightened level of service unlocked by the new airport terminal.
We are pleased to offer our customers enhanced travel frequencies for business and leisure between Bulawayo and Johannesburg.
Our additional flight frequency will provide a choice to the people from the city of Bulawayo with the convenience of a day’s return trip to Johannesburg.
</blockquote>
Fastjet Zimbabwe’s Chief Commercial Officer, Vivian Ruwuya, commented:
<blockquote>
As a proud Zimbabwean airline, we remain committed to connectivity. We are delighted to offer 12 weekly flights from Bulawayo to Johannesburg. These extra frequencies will greatly enhance the flexibility we offer.
It will allow for a genuine day trip for the South African on business whilst also offering a similar opportunity for the Zimbabwean traveller.
By selecting the best of our new fare families to suit the traveller’s requirements, these new flights will greatly enhance the products we offer at Fastjet.
</blockquote>
The new flights are available for booking via the Fastjet website, Mobile App and usual online trade portals.
Every day except Saturdays, there will be a 06:50 am departure from Johannesburg OR Tambo, arriving at Bulawayo at 08:10 am.
Departures from Bulawayo will be at 08:50 am, arriving in Johannesburg at 10:10 am. These flights are in addition to the daily evening return rotation between Bulawayo and Johannesburg.
Additional Flights 
Schedule between Johannesburg (JNB) and Bulawayo (BUQ)) 
Beginning 30 October 2023
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<tbody>
<tr>
<td style="width: 49.2662%;">JNB-BUQ Flight FN8662 
Daily except Saturdays</td>
<td style="width: 95.1782%;">BUQ-JNB Flight FN8661 
Daily except Saturdays</td>
</tr>
<tr>
<td style="width: 49.2662%;">Depart 06:50am Arrive 08:10am</td>
<td style="width: 95.1782%;">Depart 08:50am Arrive 10:10am</td>
</tr>
</tbody>
</table>
</figure>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Fastjet Announces Additional Frequencies From Bulawayo To Johannesburg | Full Text

Zimbabwe National Statistics Agency (ZIMSTAT) on Monday, 21 August said annual inflation fell to 77.2 percent in August from 101.3 percent in July.
ZIMSTAT also said the month-on-month inflation rate in August was -6.2 percent gaining 9.1 percentage points on last month’s rate of -15.3 percent. ZIMSTAT said:
<blockquote>The year-on-year inflation rate for the month of August 2023 as measured by the all items Consumer Price Index was 77.2 percent…
The month-on-month inflation rate in August 2023 was -6.2 percent gaining 9.1 percentage points on the July 2023 rate of -15.3 percent.</blockquote>
ZIMSTAT said the Food Poverty Line for one person in August was $70 461.00. The Total Consumption Poverty Line for one person was $91 063.00 in August 2023.
The Food Poverty Line (FPL) represents the amount of money that an individual requires to afford a daily minimum energy intake of 2 100 calories. Said ZIMSTAT:
<blockquote>The CPI for August 2023 was 450.43 and 479.79 in July 2023.</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Annual Inflation Falls To 77.2% In August

People in Harare are complaining about the very high fees for shop licenses, which businesses find too expensive. When applying for a license, there is a US$72 fee for inspection. If the inspection goes well, businesses then pay the actual license fee which varies depending on the desired category. On average, it amounts to approximately US$1000.
Simba Nyamadzawo, the founder of Infinite Inspiration Group (IIG), a Harare-based Leadership &amp; Motivation Company, believes that the fees are excessive, particularly for small and medium-sized enterprises (SMEs) with limited financial resources. He wrote an open letter to Harare Mayor advocate Jacob Mafume:
<blockquote>
Your worship @JMafume the shop license fees for @cohsunshinecity are exorbitant. What’s your take on that and can they be reviewed downwards. Alternatively could you break them down to allow quarterly payments. Tinzweiwo Mambo.
</blockquote>
Many people agreed with his views and called on the Harare City Council (HCC) to reconsider the excessively high license fees, which they believe are severely harming businesses.
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Mayor Jacob Mafume responded to the appeal stating that the local government authority will take the suggestions into account during the next budgetary planning. He said:
<blockquote>
We are doing the budget for this year soon after the elections. We had hoped to dollarise so that they can be set at 2010 levels which people were comfortable with but that was shot down.We will look into quarterly payments as you suggest .
</blockquote>
The Mayor has made previous promises to initiate a review. Specifically, in March of this year, the Mayor stated that the city officials should reevaluate the fees associated with licensing. He said:
<blockquote>
A lot of people are complaining. If you move from a premise, you can’t move with your licence. You have to pay again. Even if you do renovations. We also need to look at our licensing payment methods. We might need to introduce a quarterly payment system so that people can lessen the burden of paying and we might need a reduction in the quantum. I got a call from the Hairdressers Association. They wrote a letter complaining about the fees which means it’s a serious issue. Something went wrong when we were preparing the budget because almost everything went up.
</blockquote>
Mafume further stated that they had directed the finance committee of the council to thoroughly examine and revise the license fees. This decision was prompted by grievances expressed by business operators in Harare following a significant increase of over 1,000% in shop license fees. Harare had raised the fees for non-factory shops and food purveyors to over ZWL$1 million, a substantial jump from the previous average of ZWL$200,000.
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Due to the fee increase, numerous business owners have expressed their intention to potentially shut down their shops and relocate from the central business district. Noted a business operator, Mr Chris Manguni:
<blockquote>
We are on the verge of closing shop because we are failing to pay the shop license fees. Our plea is that the responsible authorities review downwards the operator’s fees or else we are left with no option, but to close our shops which are sustaining a lot of families. 
</blockquote>
In January this year, the Ministry of Local Government and Public Works <a href="https://zero.pindula.co.zw/ninety-two-council-budgets-approved/">approved ninety-two budgets</a> for 2023 presented by local authorities, with four being rejected for various reasons.
A number of small to medium enterprise businesspersons <a href="https://zero.pindula.co.zw/businesses-in-harare-challenge-licence-fee-hike/">signed a petition</a> against the increase saying they were not consulted on issues of city budgets. One businesswoman operating hair salons in the capital said her licence fee went up from US$400 to US$640.
<h2><a href="https://zero.pindula.co.zw/">More Pindula News</a></h2>
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Outcry Over Very High Shop License Fees In Harare

Finance Minister Mthuli Ncube has emphasised the need for immediate policy actions to mitigate the substantial risk associated with the instability of exchange rates. 
In his 2024 Budget Strategy paper released last week, Ncube highlighted the impact of such volatility on revenue collection, expenditures, debt service, and budgetary pressure caused by inflation resulting from exchange rate depreciation. Ncube said:
<blockquote>
Exchange rate volatility has been a major source of risk in the recent past, affecting revenue collection, expenditures and debt service, particularly for those items denominated in foreign currency.
To the extent that exchange rate depreciation feeds into domestic inflation, thus generates pressure on prices on the budget. In the absence of policy interventions, a 1% depreciation of the Zimbabwe dollar against the US dollar widens the fiscal deficit by about 0,1% of GDP (gross domestic product).
Government will continue to strengthen the value for money audits measures and plug loopholes in the existing procurement systems to ensure that MDAs (ministries, departments and agencies) are not overcharged in respect of payments for goods and services as well as regulate the market, having observed that some of the suppliers or contractors were manipulating the foreign exchange market.
</blockquote>
According to the World Bank, Zimbabwe’s economy was valued at US$20.68 billion at the end of 2022, indicating that a 1% exchange rate depreciation could lead to a fiscal deficit widening of approximately US$20.68 million.
Ncube further explained that the government had implemented various measures to address the risk, including weekly wholesale foreign currency sales to commercial banks. He stated that the medium-term expenditure framework aimed to limit spending to available resources and maintain the fiscal deficit below 3% of GDP.
The Treasury set a budget deficit target of ZW$2.3 trillion (US$504.85 million), equivalent to 1.5% of GDP, for 2024. Ncube highlighted the challenge of a rising wage bill and commitments to foreign currency-denominated expenditures, which crowded out funding for social sectors and infrastructure development. Wages, procurement, social needs, infrastructure spending, and climate shocks were identified as major government expenses that could increase further if the local currency depreciated.
Ncube pledged to implement value-for-money programs, increase transparency in the wage bill, adhere to the approved budget, and penalise overspending. The recent fiscal and monetary measures aimed to stabilise the foreign exchange market and align formal and informal exchange rates by addressing excess liquidity and promoting local currency usage.
Ncube mentioned the increase in money supply as a cause of local currency depreciation and emphasized the importance of tax administration initiatives to enhance compliance and revenue collection. The government also planned to review concessions and contracts and adjust fees and charges to improve revenue collection.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Finance Minister Urges Immediate Policy Actions To Reduce Risk Of Exchange Rate Instability

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