Merchant Services Manager (Harare)

Library Technical Assistant

Assistant Binder

Broadcast Technician

Research, Innovation and Industry Linkage Officer (RIILO)

Safety, Health and Environmental (SHE) Officer

Procurement Officer

Intellectual Property Management Officer

Research Officers x2

Business Development Officers x2

Innovation Lead (Engineering)

Innovation Lead (Arts & Creative Industries)

Innovation Manager

Public Health Specialist: Prevention, Care & Treatment (Harare)

Driver (Kariba)

Relief Drivers x8

Business Intelligence Analyst (Harare)

Contact Centre Agent-1 (Harare)

Switchboard Operator (OMAO) (Harare)

Procurement Manager (Bulawayo)

Auditor - ICT & Internal Control (Harare)

Legal Officer (Harare)

Auditor (Harare)

Director General (Harare)

<h2>Full statement by the Reserve Bank of Zimbabwe (RBZ) on the resolutions of the Monetary Policy Committee (MPC) meeting held on 1 April 2022</h2>
<blockquote>
The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 1 April 2022 to consider developments in the domestic and international macroeconomic environment as well as the impact of global geopolitical factors on the economy.
While noting the decline in month-on-month inflation, from 6.99% in February 2022 to 6.31% in March 2022, the Committee was concerned with the escalation in annual inflation, from 66.11% to 72.70%, over the same period.
The Committee particularly noted that global inflation was on the increase as a consequence of the ongoing Russia-Ukraine conflict which had secondary pass-through effects on domestic and international prices.
Rising prices of oil, gas, fertilizers and other related products had the effect of increasing global inflation and inevitably had a negative impact on domestic costs of production and was destabilising the foreign exchange market.
In this regard, the Committee reiterated the need for the Bank to remain focused on inflation reduction and putting in place additional policy measures in response to the resurging inflationary pressures and foreign exchange parallel market activities.
The Committee resolved to put in place the following policy measures with immediate effect:
i. Reviewing upwards the Bank Policy Rate from 60% to 80% per annum;
ii. Reviewing upwards the Medium-Term Bank Accommodation Facility Interest Rate from 40% to 50% per annum;
iii. Reviewing upwards the minimum deposit rates for ZW$ savings and time deposits from 10% and 20% per annum to 12.5% and 25%, respectively;
iv. Further tightening monetary policy by reducing the quarterly reserve money growth target from 7.5% to 5% for the quarter ending June 2022;
v. Further liberalising the foreign exchange market by allowing banks to conduct foreign exchange transactions of up US$1 000 under an arrangement agreed upon between banks and the Bank and in terms of which individuals with free funds and entities/corporates holding foreign exchange in their foreign currency accounts (after meeting the statutory surrender requirements) shall be free to sell foreign currency to banks on a willing-buyer 
willing-seller basis; and
vi. Ensuring that commercial imports are processed through normal banking channels in line with international best practices.
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Pindula News

Resolutions Of The MPC Meeting Held On 1 April 2022 | Full Text

Hippo Valley Estates Limited, a subsidiary of Tongaat Hulett, has announced the resignation of Finance Director Owen Hopelife Manasah with effect from 31 March 2022. He had been with the company for 10 years.
The agriculture and agro-processing firm also announced three new appointments to the Board of Directors with effect from 1 April 2022. The company said in a public notice:
<blockquote>
The Board wishes to advise shareholders of the following appointments to the Board with effect from 1 April 2022
<h2>Tapera Masarakufa</h2>
Tapera has been appointed as the new Finance Director of the Company. He is a seasoned Finance Executive with over 15 years of experience in the FMCG, manufacturing and agricultural sectors in Southern Africa.
Tapera is a Chartered Accountant who qualified with KPMG at the back of BACC (UZ) and BCompt (University of SA) Hons Degrees respectively, and currently Finance Executive and Executive Director of Triangle Limited.
He possesses the necessary academic and professional qualifications, technical competencies and personal attributes required to ensure his successful and seamless transition into this important role.
In addition, Tapera has considerable experience and knowledge of the sugar industry that is further buttressed by many years spent in senior financial management roles with Delta Corporation and Unilever Central Africa.
<h2>Duduzile Kereditse Shinya</h2>
Duduzile has extensive business and financial experience gained from working and directorship positions, in several companies including Schweppes Holdings Africa Limited and the Old Mutual Group.
She is currently the Acting Chief Executive Officer of the Zimbabwe Investment and Development Agency.
She also has experience as a member of Audit Committees of companies listed on the Zimbabwe Stock Exchange including Innscor Africa Limited where she is currently a director.
She is the current President of the Institute of Chartered Accountants and a member of the Public Accountants’ and Auditors’ Board (PAAB) Accounting Standards Committee.
Duduzile has been appointed as an independent Non-Executive Director and brings to the Board technical skills in finance and strategy, as well as relevant business and operational experience.
<h2>Nyasha Jill Jacqueline Mutsai</h2>
Nyasha is a human capital professional who has consulting, FMCG and financial services sector experience in the generalist human capital domain, as well as comprehensive specialist experience in remuneration and benefits at both end-market and regional levels.
She is currently the Chief Human Capital Officer at CBZ Holdings, Zimbabwe and has demonstrated thought leadership in the field of human capital.
Her experience took her through various roles within British American Tobacco that covered responsibilities across 26 markets in Europe and Africa.
Nyasha has been appointed as an independent Non-Executive Director and brings to the Board the much-needed strategic human capital management, transformation and diversity.
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Hippo Valley Estates Announces Changes To Board Of Directors

Gold deliveries to Fidelity Printers and Refiners (FPR) rose by 137 per cent in January and February 2022 compared to the same period last year, reported The Sunday Mail.
FPR, which is the country’s only authorised gold buyer, received 5.1 tonnes in the first two months of 2022 while gold deliveries were 2.17 tonnes in the same period last year.
The massive jump in gold deliveries, according to The Sunday Mail, is largely attributable to Government incentives that have helped prevent smuggling.
In previous years, January and February were characterised by low gold deliveries as most mining operations are affected by the rains.
In January and February this year, small-scale miners delivered more gold at 3.4 tonnes compared to 1.8 tonnes by primary producers.
Last year, large producers delivered 11.2 tonnes to FPR while small-scale producers delivered 18.5 tonnes.
Chamber of Mines of Zimbabwe (CoMZ) vice president Thomas Gono believes the 40 tonnes targeted by FPR this year is attainable. Gono said:
<blockquote>
The 40-tonne target is very achievable if the current policies are maintained and not tampered with because they have increased the incentive to produce.
CoMZ has been engaging Government to refine the policies even further.
We have written to the Government that the retention ratio should be increased to 80-85 per cent in order to see the mines expand and be sustainable.
</blockquote>
Gold is one of Zimbabwe’s largest single foreign currency earners, with the mineral generating US$1.61 billion in exports in 2021.
This constituted 26.7 per cent of total exports.
<h4>More: <a href="https://www.sundaymail.co.zw/gold-deliveries-up-137pc-as-country-targets-40-tonnes">The Sunday Mail</a></h4>

Gold Deliveries Increase By 137 Per Cent

The Financial Intelligence Unit (FIU) is set to recruit more than 20 financial crimes experts to augment its staff complement of 27 permanent workers.
The FIU, which falls under the Reserve Bank of Zimbabwe (RBZ), plans to recruit 19 experts in forensic auditing and accounting as well as other specialists.
In recent years, the FIU has been fighting to curb financial crimes such as illegal foreign currency trading and abuse of the foreign currency auction system.
Speaking to The Sunday Mail, FIU director-general Oliver Chiperesa said non-bank financial institutions are yet to reach the required level of compliance.
Non-banking organisations include law firms, accounting firms estate agents, casinos and precious stone dealers, among others. Said Chiperesa:
<blockquote>
Unlike banks, which have in place stronger controls, most of these other sectors have not yet reached the level of compliance that we want them to be at.
They submit far fewer suspicious transaction reports than they should.
So with increased FIU capacity, we will see more and more transactions being reported by other sectors instead of the current status where it is mostly banks that report.
</blockquote>
Chiperesa added that strengthening the FIU’s capacity to fight crime should be accompanied by enhancing the capacity of other law enforcement agencies.
<h4>More: <a href="https://www.sundaymail.co.zw/fiu-hires-experts-in-economic-crimes-fight">The Sunday Mail</a></h4>

Financial Intelligence Unit To Recruit Financial Crime Experts

The Zimbabwe National Roads Administration (ZINARA)has announced new toll fees with effect from Monday, 4 April 2022.
In a public notice, ZINARA said the toll fees that are pegged in foreign currency are payable in Zimbabwe dollars. Read part of the notice:
<blockquote>
In terms of Section 4 of Statutory Instrument 32 of 2021, toll fees which are pegged in foreign currency are payable in ZWL at the prevailing foreign currency auction rate.
</blockquote>
The tariffs are pegged in United States dollars (USD), Zimbabwe dollars (ZWL), South African Rands (ZAR) and Botswana Pula (BWP).
The tariffs for light motor vehicles have been pegged at ZWL$300, US$2, ZAR30, and BWP20 respectively.
For minibuses, motorists will fork out ZWL$450, US$3, ZAR50 or BWP40.
Heavy vehicles will pay ZWL$730, US$5, ZAR80 or BWP60.
Haulage tariff fees have been set at ZWL$1 450, US$10, ZAR160, or BWP120, while the residential disc per term is ZWL$1 450 or US$10 or .
For all the tariffs, see the table below.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FPRXLPAXIAo05Zf?format=jpg&amp;name=900x900"/>
<table class="table table-bordered table-hover" id="table_1" style="width: 91.8269%; height: 225px;">
<tbody>
<tr>
<td title="Character Accurarcy=99.57">CLASS</td>
<td title="Character Accurarcy=99.82">New Tariff (ZWL)</td>
<td title="Character Accurarcy=99.95">USD</td>
<td title="Character Accurarcy=99.73">ZAR</td>
<td title="Character Accurarcy=99.7">BWP</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Motorcycle</td>
<td title="Character Accurarcy=99.75">Exempted</td>
<td title="Character Accurarcy=0"> </td>
<td title="Character Accurarcy=0"> </td>
<td title="Character Accurarcy=0"> </td>
</tr>
<tr>
<td title="Character Accurarcy=99.75">Light motor vehicle</td>
<td title="Character Accurarcy=99.89">300</td>
<td title="Character Accurarcy=99.04">2</td>
<td title="Character Accurarcy=99.9">30</td>
<td title="Character Accurarcy=99.8">20</td>
</tr>
<tr>
<td title="Character Accurarcy=99.69">Minibuses</td>
<td title="Character Accurarcy=99.92">450</td>
<td title="Character Accurarcy=99.42">3</td>
<td title="Character Accurarcy=99.94">50</td>
<td title="Character Accurarcy=99.87">40</td>
</tr>
<tr>
<td title="Character Accurarcy=99.81">Buses</td>
<td title="Character Accurarcy=99.91">600</td>
<td title="Character Accurarcy=99.66">4</td>
<td title="Character Accurarcy=99.94">60</td>
<td title="Character Accurarcy=99.92">50</td>
</tr>
<tr>
<td title="Character Accurarcy=99.93">Heavy vehicles</td>
<td title="Character Accurarcy=99.95">730</td>
<td title="Character Accurarcy=98.66">5</td>
<td title="Character Accurarcy=99.92">80</td>
<td title="Character Accurarcy=99.92">60</td>
</tr>
<tr>
<td title="Character Accurarcy=99.94">Haulage trucks</td>
<td title="Character Accurarcy=99.95">1450</td>
<td title="Character Accurarcy=99.91">10</td>
<td title="Character Accurarcy=99.89">160</td>
<td title="Character Accurarcy=99.94">120</td>
</tr>
<tr>
<td title="Character Accurarcy=99.8">Residential disc per term</td>
<td title="Character Accurarcy=99.96">1450</td>
<td title="Character Accurarcy=99.84">10</td>
<td title="Character Accurarcy=0"> </td>
<td title="Character Accurarcy=0"> </td>
</tr>
</tbody>
</table>
<h4>This means that tollgate tariffs in USD, Rands and Pula terms have not changed. ZINARA has only adjusted tariffs in Zimbabwe dollars </h4>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

ZINARA Hikes Toll Fees In Zimbabwe Dollars, Fees In Forex Unchanged

Zimbabwe’s biggest internet services company Liquid Home Zimbabwe (ZOL) says it is experiencing challenges on its network resulting in slow connectivity.
In a public notice, Liquid said the connectivity challenges have been caused by a break on the South Africa side of its Zimbabwe-South Africa fibre link. It said:
<blockquote>
Please note that we are currently experiencing degraded speeds on our network resulting in intermittent connectivity and in some cases, loss of service.
Our engineers are working to resolve this in the shortest time possible.
</blockquote>
According to <a href="https://www.techzim.co.zw/2022/03/liquid-home-zol-is-down/">Techzim</a>, this is not the first time Liquid Home (ZOL) customers have experienced internet connectivity disruptions.
In 2018, Liquid suffered another fibre break that crippled its internet service.
Just a year before that in 2017, Liquid Intelligent Technologies (Liquid Telecom) suffered another major fibre break in Limpopo South Africa after a farmer there ploughed it with their tractor.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Liquid Home (ZOL)’s Network Is Down

Cement-manufacturing firm, Lafarge Cement Zimbabwe (Limited), has advised shareholders and the public that an investor has placed an offer for 76.45% of the company’s shareholding.
In a statement, Faithful Sithole, the Company Secretary said if the transaction is successfully concluded, it will have an impact on Lafarge Cement Zimbabwe’s securities. Read the statement:
<blockquote>
Further to the cautionary announcement dated 8 March 2022, shareholders and members of the investing public are advised that Associated International Cement Limited has received certain offers for its 76.45% stake in the Company.
The transaction, if successfully concluded, may have a material effect on the Company’s securities.
Accordingly, shareholders and members of the investing public are advised to exercise caution when dealing in the Company’s securities until a full announcement is made.
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Lafarge Receives Offers For 76.45% Stake In The Company

The weighted average has fallen to US$1: ZWL$142.4237 from US$1: ZWL$138.1979 which was reported by the<a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe"> Reserve Bank of Zimbabwe (RBZ)</a> last Tuesday, 15 March 2022.
In total, US$37.6 million was allotted this week, with the bulk of the allotment going to raw materials followed by machinery and equipment, the same as last week.
1 159 bids were received on the Small to Medium enterprises forex auction, with 1 085 accepted and 74 disqualified. The total number of bids allotted was 1 080.
On the main forex auction, a total of 449 bids were received, 413 were accepted and 36 were disqualified. The total number of bids allotted was 399.
The RBZ said bids with overdue CDIs, outstanding Bills of Entry (BOEs), and those with sufficient FCA balances were also disqualified.
Some bids were also allotted on a pro-rata basis.
<table class="table table-bordered table-hover" id="table_1" style="width: 95.392%;">
<tbody>
<tr>
<td style="width: 45.0505%;" title="Character Accurarcy=99.95">Number of Bids Received</td>
<td style="width: 26.4646%;" title="Character Accurarcy=98.33">1159</td>
<td style="width: 81.5864%;" title="Character Accurarcy=99.91">449</td>
</tr>
<tr>
<td style="width: 45.0505%;" title="Character Accurarcy=99.92">Number of Bids Disqualified</td>
<td style="width: 26.4646%;" title="Character Accurarcy=97.47">74</td>
<td style="width: 81.5864%;" title="Character Accurarcy=99.97">36</td>
</tr>
<tr>
<td style="width: 45.0505%;" title="Character Accurarcy=99.9">Total Number of Bids Accepted</td>
<td style="width: 26.4646%;" title="Character Accurarcy=98.91">1085</td>
<td style="width: 81.5864%;" title="Character Accurarcy=99.91">413</td>
</tr>
<tr>
<td style="width: 45.0505%;" title="Character Accurarcy=99.89">Total Number of Bids Allotted</td>
<td style="width: 26.4646%;" title="Character Accurarcy=99.06">1080</td>
<td style="width: 81.5864%;" title="Character Accurarcy=99.85">399</td>
</tr>
<tr>
<td style="width: 45.0505%;" title="Character Accurarcy=99.84">Total Value of Bids Accepted</td>
<td style="width: 26.4646%;" title="Character Accurarcy=98.79">USD6,552,957.64</td>
<td style="width: 81.5864%;" title="Character Accurarcy=97.28">USD31,907,210.04</td>
</tr>
<tr>
<td style="width: 45.0505%;" title="Character Accurarcy=99.97">Amount Allotted</td>
<td style="width: 26.4646%;" title="Character Accurarcy=98.56">USD6,548,579.22</td>
<td style="width: 81.5864%;" title="Character Accurarcy=98.47">USD31,062,799.46</td>
</tr>
<tr>
<td style="width: 45.0505%;" title="Character Accurarcy=99.97">Highest Rate Received</td>
<td style="width: 26.4646%;" title="Character Accurarcy=98.65">155.0000</td>
<td style="width: 81.5864%;" title="Character Accurarcy=99.48">155.0000</td>
</tr>
<tr>
<td style="width: 45.0505%;" title="Character Accurarcy=99.87">Lowest Bid Rate Allotted</td>
<td style="width: 26.4646%;" title="Character Accurarcy=97.34">134.0000</td>
<td style="width: 81.5864%;" title="Character Accurarcy=99.08">138.0000</td>
</tr>
<tr>
<td style="width: 45.0505%;" title="Character Accurarcy=99.96">Weighted Average Rate</td>
<td style="width: 26.4646%;" title="Character Accurarcy=98.1">142.4237</td>
</tr>
</tbody>
</table>
 
<table class="table table-bordered table-hover" id="table_2" style="width: 97.0909%; height: 345px;">
<tbody>
<tr>
<td title="Character Accurarcy=99.83">PURPOSE</td>
<td title="Character Accurarcy=99.45">AMOUNT ALLOTTED FOR SME AUCTION</td>
<td title="Character Accurarcy=99.55">AMOUNT ALLOTTED FOR MAIN AUCTION</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Raw Materials</td>
<td title="Character Accurarcy=99.72">1,615,444.30</td>
<td title="Character Accurarcy=99.76">12,925,745.35</td>
</tr>
<tr>
<td title="Character Accurarcy=99.97">Machinery and Equipment</td>
<td title="Character Accurarcy=99.95">2,360,898.79</td>
<td title="Character Accurarcy=99.83">7,733,877.71</td>
</tr>
<tr>
<td title="Character Accurarcy=99.65">Consumables (Incl. Spares, Tyres, Electricals, etc)</td>
<td title="Character Accurarcy=99.91">978,058.20</td>
<td title="Character Accurarcy=99.8">2,750,273.25</td>
</tr>
<tr>
<td title="Character Accurarcy=98.42">Services (Loans, Education, Dividends, Disinvestments, etc)</td>
<td title="Character Accurarcy=99.92">575,063.56</td>
<td title="Character Accurarcy=99.54">2,462,416.33</td>
</tr>
<tr>
<td title="Character Accurarcy=94.7">Retail and Distribution (Incl. Food, Beverages, etc)</td>
<td title="Character Accurarcy=99.85">654,488.81</td>
<td title="Character Accurarcy=99.79">2,474,066.14</td>
</tr>
<tr>
<td title="Character Accurarcy=99.96">Electricity</td>
<td title="Character Accurarcy=99.91">16,436.96</td>
<td title="Character Accurarcy=99.81">263,817.96</td>
</tr>
<tr>
<td title="Character Accurarcy=99.7">Pharmaceuticals and Chemicals</td>
<td title="Character Accurarcy=99.83">232,066.98</td>
<td title="Character Accurarcy=99.64">1,623,231.17</td>
</tr>
<tr>
<td title="Character Accurarcy=99.94">Paper and Packaging</td>
<td title="Character Accurarcy=99.87">116,121.62</td>
<td title="Character Accurarcy=99.9">829,371.55</td>
</tr>
<tr>
<td title="Character Accurarcy=99.88">TOTAL</td>
<td title="Character Accurarcy=99.91">6,548,579.22</td>
<td title="Character Accurarcy=99.8">31,062,799.46</td>
</tr>
<tr>
<td title="Character Accurarcy=99.84">GRAND TOTAL AWARDED</td>
<td title="Character Accurarcy=99.9">37,611,378.68</td>
</tr>
</tbody>
</table>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FPBorztXwAYx_Gp?format=jpg&amp;name=900x900"/>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

RBZ Forex Auction Results – 29 March 2022

Impala Platinum Group company Zimplats’ net profit declined from $250.61-million in the last half of 2020 to $170.68-million in the last half of 2021.
The decline was due to net foreign currency exchange losses of $21.8 million arising mainly on Zimbabwean dollar-denominated monetary assets owing to the depreciation of the Zimbabwean dollar.
Zimplats’ revenue of $585 million was 13% lower year-on-year largely owing to negative revenue from movements in commodity prices.
The cost of sales, at $294.9 million, was marginally lower than the previous year’s $297.4-million.
Consequently, the gross profit margin was 50%, compared with 56% in the prior comparable period.
Zimplats generated net cash inflows from operating activities of $261.3-million.
A dividend of $120 million has been declared for the interim period.
Meanwhile, ore mined decreased to 3.5 million tonnes, mainly as a result of production disruptions at the Mupfuti mine during a changeover of the trackless mining equipment service provider. The changeover has now been completed.
Tonnes milled was unchanged from the prior interim period’s 3.4-million tonnes.
Zimplats’ capital investment programmes:
<blockquote>
a). the redevelopment of the Bimha mine was completed within budget at $99.8-million.
b). The upgrade of the Mupani mine is on schedule, with earthworks for the dome and load out station complete.
c). Upgrading of Bimha is progressing well, targeting 3.1 million tonnes yearly in the first quarter of full-year 2024.
d). A feasibility study for the refurbishment of the mothballed base metal refinery at SMC is ongoing, targeting completion by the end of the financial year.
e). A feasibility study for a proposed 185 MW solar project has been completed and an independent power producer’s licence was issued by the regulator.
</blockquote>
Zimplats anticipates a sustainably good operating environment and continued enforcement of Covid-19 protocols moving forward. 
More: <a href="https://www.newzimbabwe.com/foreign-exchange-losses-weigh-on-zimplats-interim-financial-performance/">NewZimbabwe.com</a>

Zimplats' Net Profit Declines Due To Net Foreign Currency Exchange Losses

Prominent businessman, <a href="https://www.pindula.co.zw/Pedzai_Sakupwanya">Scott Pedzisai Sakupwanya</a> has been appointed <a href="https://www.pindula.co.zw/Affirmative_Action_Group">Affirmative Action Group (AAG)</a> President with immediate effect taking over from <a href="https://www.pindula.co.zw/Mike_Chimombe">Mike Chimombe</a> who was relieved of his duties this Monday.
AAG founding President and appointing authority, <a href="https://www.pindula.co.zw/Phillip_Chiyangwa">Phillip Chiyangwa</a> has announced a new <a href="https://www.pindula.co.zw/Affirmative_Action_Group_2021_Leadership">AAG leadership</a> that will replace Mike Chimombe, his deputy Munyaradzi Kashambe and <a href="https://www.pindula.co.zw/Passion_Java">Passion Java.</a>
Flanked by former AAG President, Chamu Chiwanza at a media briefing held in Harare this Monday, Chiyangwa announced the appointment of Mr Scott Pedzisaai Sakupwanya as the new president of the empowerment group.
<blockquote>
I am happy to announce that Scott Sakupwanya is new President of AAG. He will be deputised by Honourable Elizabeth Masuku, while Tawanda Dzore will be the chief spokesperson and other appointments will follow. As an affiliate of the ruling ZANU PF party, there is a certain edge that we are mandated to deliver towards empowering the people. So, we believe Scott has that deep understanding and strength to deliver. Other structures of the empowerment vehicle in Zimbabwe and abroad will remain intact.
</blockquote>
Without mentioning any particular reason for replacing the Chimombe-led executive, Chiyangwa said Sakupwanya will lead from the front in ensuring the empowerment of Zimbabweans in strategic sectors of the economy. 
More: <a href="https://www.zbcnews.co.zw/sakupwanya-succeeds-chimombe-as-new-aag-president/">ZBC News</a>

Scott Sakupwanya Replaces Mike Chimombe As AAG President, Passion Java Out

Tenants at Kwa Koefman, a property in the narrow gap between the old town of Harare and old Mbare, have approached the Zimbabwe Anti Corruption Commission (ZACC) over suspicion that some individuals might be corruptly pocketing rentals belonging to the late original owner.
“Kwa Koefman” or “Koefman’s Corner” was owned by Mr Samuel Koefman, but reports suggest that the title deeds are still in his name, even 89 years after his death.
The late businessman died in January 1933 and now his children have also died, yet monthly rents in excess of US$20 000 are being collected by many different people, a development that confused the tenants and created suspicions of fraud.
Normally a property moves into the ownership of the heirs, either those in the will or to family members if there is no will, within a few months and almost always within a year.
ZACC spokesperson, Commissioner John Makamure, confirmed receiving the potentially criminal report, saying investigations were underway.
Mr Koefman, who was born in Poland and was a naturalised citizen of the US, operated his businesses in Zimbabwe, including tobacco processing. 
Mr Koefman’s children are also dead and the estate was left hanging until 2015 when it was resuscitated using a non-existent file number DR41/73. That would imply a file opened in early 1973.
The property, which is about 3ha, has commercial structures being leased out to almost 100 tenants paying an average monthly rent of US$200 each.
However, it is not clear who was benefiting from the collected funds over the years considering that all the businessman’s known relatives had died.
It also remains unclear whether the taxman was getting a share from the property business because receipts were being issued in the names of at least nine different companies, five of which were unregistered.
Things to note:
<blockquote>
1). Without seeing the said 1973 deceased estate file (DR41/73) officers at the Master of High Court opened a dummy record with a new file number DR600/15, a 2015 number, on the understanding that the 1973 file was now at the National Archives.
2). A check with the National Archives revealed that the cited DR 41/73 had nothing to do with Mr Samuel Koeffman.
3). The High Court granted an order for the appointment of Mr Edward Mark Warhaust as the executor of the estate on the basis of incorrect citation of the 1973 file.
4). The officer who opened the replacement file at the Master of High Court’s office did so without having sight of this 1973 file (DR41/73) that was relied upon in resuscitating the estate case.
5). According to the newly opened file, the beneficiaries reportedly agreed to have the properties transferred into a company called AngelB Properties Private Limited. The beneficiaries’ existence and relation to the late Mr Koefman are not apparently clear.
6). AngelB was registered with the Registrar of Companies in 2016 but its file was empty and cannot even show who the directors are.
7). Information gathered by The Herald shows that prior to the 2015 manoeuvres over the estate, tenants at Koefman area were issued with different receipts showing the following different companies: 
i). Mercrust Investments Private Limited, 
ii). Mexapower Investments Private Limited, 
iii). Inhurst Private Limited, 
iv). Zimtrail Investments Private Limited, 
v). Harville Investments Private Limited, 
vi). Vascro Investments Private Limited, 
vii). Hacksaw Investments Private Limited, 
viii). Mupani Trust and Erlibank Investments Private Limited.
</blockquote>
Only four of the above companies were registered. These four companies, all registered on the same date in 2014, are: 
<blockquote>
a). Inhurst Investments, 
b). Zimtrail Investments, 
c). Harville Investments and 
d). Hacksaw Investments.
</blockquote>
Three names of people — Luke Edward Matthew Ngwerume, Francis Chivhenge and Harvey Armstrong Leared — appear on each of the four companies’ CR14 documents as directors.
The other five companies, according to the Registrar of Companies, are not registered and those who were benefiting from the monthly rentals are still not known.
Mr Koefman owned a number of other properties which have been transferred into other names. He once owned:
<blockquote>
1). Stand 2382 Salisbury Township but it was transferred to his now late son Benjamin Koefman in 1947 and that property, according to records at the Deeds Office, was taken over by the administrators of Benjamin’s estate when he died.
2). Stand Number 2382 Salisbury, which was once owned by Samuel Koefmann, is now a property of AIK Investments Private Limited through a deed transfer dated June 28, 1954.
3). Stand Number 600 Salisbury, previously owned by Samuel Keofman is now being managed by the Management Committee of the Local Authorities Pension Fund through a 1989 deed transfer.
</blockquote>
But at the Deeds Office, kwaKoefman remains the property of man dead for 89 years. 
More: <a href="https://www.herald.co.zw/zacc-probes-koefman-estate-ownership/">The Herald</a>

ZACC Probes Kwa Koefman Ownership As Unregistered Companies Collect Rentals

The Zimbabwe Energy Regulatory Authority (ZERA) has said it is consulting the government over fuel prices, therefore, the review of prices for the week beginning today, 28 March 2022, will be delayed. In a notice, seen by Pindula News, ZERA also advised operators to continue using prevailing prices. We present the notice below:
<blockquote>
<h2>PETROLEUM PRICES – WEEK 28 MARCH 2022</h2>
The Zimbabwe Energy Regulatory Authority (ZERA) continues to monitor fuel prices in the market and provide regular updates to all stakeholders. 
The Authority is currently in consultation with Government and the industry, therefore prices for week beginning 28 March 2022 will be delayed. Fuel operators are advised to continue using the prevailing price. 
The blending ratio remains at E0. Operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations. 
Stakeholders are advised that the petroleum price releases by ZERA can be verified on the official ZERA website, Facebook or Twitter handle.
</blockquote>
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

FULL TEXT: ZERA Consults Government Over Fuel Prices

The Zimbabwean government has issued an ultimatum on 70 independent power producers (IPPs) sitting on licences for renewable energy projects, to immediately start project implementation.
According to the Energy and Power Development ministry, more than 90 licences were issued to IPPs for renewable energy projects but only 20 projects have shown progress.
President Emmerson Mnangagwa launched the National Renewable Energy Policy document in March 2020 to promote optimal supply and utilisation of energy for socio-economic development. 
Addressing the ongoing fourth edition of the International Renewable Energy Conference and Expo 2022 hosted by Alpha Media Holdings’ The Standard newspaper on Wednesday evening in Victoria Falls, Energy and Power Development minister Soda Zhemu said:
<blockquote>
I know that we have more than 90 licences that have been issued to various project developers, which have not moved the way we expect.
Of the 90, only 20 have so far shown some progress. Let me invite those that have so far obtained licences to begin to make meaningful developments.
</blockquote>
This is happening when Zimbabwe is facing an acute shortage of power, a situation that has adversely impacted on production and efforts to revive the economy.
The push for renewable energy projects comes as research from the Zimbabwe Energy Council (ZEC) shows that such power projects have a potential of 1 872 megawatts (MW) of power. The current electricity deficit is between 1 200 and 1 600MW.
The country has a solar potential of 16 to 20 MJ/m2/day in Zimbabwe, which is unexploited and can generate up to 600MW.
If the potential of geothermal (50MW) is added along with biomass (1 000MW), small hydro (120MW), and wind (100MW), to solar energy generation, the country has a total renewable energy potential of 1 872MW, according to ZEC.
More: The Zimbabwe Independent

Govt Issues Ultimatum To 70 Independent Power Producers

According to data released by ZIMSTAT, the cost of living went up in March 2022 compared to where it was in February 2022. In a recent release, seen by Pindula News, ZIMSTAT said in March 2022, annual inflation was at 72.7 per cent from <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">66.1 per cent in February.</a> However, monthly March inflation shed 0.7 percentage points to 6.3% (<a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">February: 7%</a>) as there were limited pricing pressures in the food category.
<blockquote>
<h2>Consumer Price Index March 2022</h2>
The month-on-month inflation rate in March 2022 was 6.3 percent shedding 0.7 percentage points on the <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">February 2022 rate of 7.0 percent.</a>
The year-on-year inflation rate (annual percentage change) for the month of March 2022 as measured by the all items Consumer Price Index (CPI) stood at 72.7 percent.
The CPI for the month ending March 2022 stood at 4,766.10 compared to <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">4,483.06 in February 2022</a> and 2,759.83 in March 2021. 
<h2>Blended Consumer Price Index March 2022</h2>
The month-on-month inflation rate in March 2022 was 2.7 percent shedding 0.4 percentage points on the <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">February 2022 rate of 3.1 percent.</a>
The year-on-year inflation rate (annual percentage change) for the month of March 2022 as measured by the all items blended Consumer Price Index (CPI) stood at 29.8 percent.
The blended CPI for the month ending March 2022 stood at 146.06 compared to <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">142.28 in February 2022</a> and 112.51 in March 2021. 
<h2>Poverty Datum Lines March 2022</h2>
The Food Poverty Line (FPL) for one person in March 2022 was $7,062.00. The Total Consumption Poverty Line (TCPL) for one person stood at $9,708.00 in March 2022. 
The Food Poverty Line FPL for one person in <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">February 2022 was $6 660.00</a>. The Total Consumption Poverty Line  TCPL for one person <a href="https://news.pindula.co.zw/2022/02/25/zimbabwe-inflation-poverty-datum-lines-go-up-zimstat/">stood at $9 144.00 in February 2022. </a>
<img class="aligncenter" decoding="async" src="https://pbs.twimg.com/media/FOvxmr2XsAIj2Ex?format=jpg&amp;name=large"/>
<img decoding="async" src="https://pbs.twimg.com/media/FOuQO4aXEEATiAO?format=jpg&amp;name=large"/><img decoding="async" src="https://pbs.twimg.com/media/FOuQQt9XEAE5foU?format=jpg&amp;name=large"/><img class="aligncenter" decoding="async" src="https://pbs.twimg.com/media/FOuQRmWX0AIAXoK?format=jpg&amp;name=large"/>
</blockquote>
<h2>More: Pindula News</h2>

Cost Of Living In Zimbabwe Goes Up In March - ZIMSTAT

We have posted new jobs to the <a href="https://zero.pindula.co.zw/jobs/">Jobs section on Pindula</a>. Please open the job you’re interested in to view the detailed application requirements and application deadline.
<h2>Repairs &amp; Maintenance Manager – Montclair Hotel And Casino</h2>
Responsible for planning, organizing and coordinating the maintenance and improvement of the Hotel &amp; Casino properties to ensure that buildings and services are of the required standard and provide a safe and healthy working environment.
<h2>Qualifications And Experience</h2>
HND/ Degree in Electrical engineering or related field. 
Have an overall working appreciation of refrigeration, construction and estate management. 
At least 5 years’ experience working in a similar environment and/or at the same position.
<a href="https://zero.pindula.co.zw/jobs/repairs-maintenance-manager-montclair-hotel-and-casino-2353/">More on the job</a>
<h2>SaT Assistant – Ernst &amp; Young (EY)</h2>
Our Strategy and Transactions (SaT) team helps clients to meet their strategic goals, increase value, and reduce risks and uncertainty when buying and selling companies, investing in strategic projects or raising finance. The broad spectrum of services we deliver includes strategic advice, decision support, business plan development, analysis and modelling, financial due diligence and transaction support.  Sounds exciting?  Our work is dynamic and high profile and is one of the best ways to fulfill your career potential whilst helping clients to reinvent themselves for a better future.  We have open opportunities in a number of areas.   
We are seeking experienced professionals to join our Strategy and Transaction (SaT) team.  Our area includes transaction support, corporate finance, feasibility studies and financial advice among others.
<h2>Qualifications for the role:</h2>
Undergraduate degree in actuarial studies, mathematics, banking and finance,
Working towards a CA(Z) , CFA qualification is an added advantage
Strong written and verbal communication skills
Good working knowledge of MS Office and in particular excel
Ability to work as part of a diverse team
<a href="https://zero.pindula.co.zw/jobs/sat-assistant-ernst-young-ey-2353/">More on the job</a>
<h2>Fuel Attendant – Chinhoyi University of Technology (CUT)</h2>
Applications are invited for the following positions that have arisen in the University:- WORKS AND ESTATES DEPARTMENT – Fuel Attendant (1 Post)
<h2>Qualifications And Experience</h2>
Applicants must have at least five (5) “O” level passes including English Language and Mathematics/Accounts.
Possession of a numerically related certificate/diploma is an added advantage.
In addition, applicants should have a minimum of three (3) years in a retailing environment of which one (1) year should be working within a fuel environment.
Experience and knowledge of stores management systems and basic skills in fuel handling and firefighting techniques would be added advantages.
<a href="https://zero.pindula.co.zw/jobs/fuel-attendant-chinhoyi-university-of-technology-cut-2353/">More on the job</a>
<h2>Public Relations Officer- Chinhoyi University of Technology (CUT)</h2>
Applications are invited from suitably qualified and experienced individuals to fill in the position of Public Relations Officer
<h2>MARKETING AND PUBLIC RELATIONS DEPARTMENT – Public Relations Officer- (1 Post)</h2>
Reporting to the Director of Marketing and Public Relations
<h2>Qualifications And Experience</h2>
The applicant should have at least a degree in Communication, Journalism, Media or equivalent from a recognised University and five ‘O’ level passes including English Language and Mathematics.
A Post Graduate Qualification in Public Relations/Media is an added advantage.
Applicants should be proficient in at least three languages preferably English, Shona or Ndebele.
At least three years post qualification experience in Public Relations/Media and community engagement environment and a high degree of computer literacy with adequate knowledge and practical exposure to publishing packages are requisites.
Applicants should be proficient in use of cameras, audio and video recording devices.
<a href="https://zero.pindula.co.zw/jobs/public-relations-officer-chinhoyi-university-of-technology-cut-2353/">More on the job</a>
<h2>Audit Assistant – Ernst &amp; Young (EY)</h2>
Join our External Audit team on and you will help our clients meet their reporting requirements by providing an objective and independent examination of their financial statements. 
In addition, you will conduct timely and constructive discussions with the management on accounting and reporting matters and provide a robust and clear perspective to audit committees.
You will experience professional development through diverse experiences, world-class learning and individually tailored coaching.
That’s how we develop outstanding leaders who team to deliver on our promises to all of our stakeholders, and in so doing, play a critical role in building a better working world for our people, for our clients and for our communities.
<h2>Qualifications:</h2>
BCom Accounting or equivalent 
CTA or ITC qualification
<a href="https://zero.pindula.co.zw/jobs/audit-assistant-ernst-young-ey-2353/">More on the job </a>
<h2><a href="https://zero.pindula.co.zw/jobs/">More Jobs</a></h2>

Job Vacancies: Audit Assistant, Repairs & Maintenance Manager, Fuel Attendant

A business advisory firm, Morgan&amp;Co this week queried the price tag placed on South Africa-based Cape Grace Hotel after Meikles unveiled plans to dispose of its stake in a company that controls the asset.
The Zimbabwe Stock Exchange-listed Meikles recently said it could sell its 35% shareholding in Mentor Africa, which owns Cape Grace.
Mentor Africa is a diversified business with tentacles in the tourism, hospitality and energy sectors.
Morgan&amp;Co said Cape Grace was valued at around US$17.8 million in 2013.
It said its current price of US$4.5 million could be a big undervaluation. Morgan&amp;Co said:
<blockquote>
In its latest annual report, Meikles valued the Mentor Africa stake at a paltry US$4.5 million which represented an 87% loss on the investment and left many investors’ questions unanswered.
We note that the depreciation of the rand was also key in the loss of value but given that the depreciation effect of the rand to the United States dollar between 2012 and 2021 was only -46.3%, the remaining sources of value erosion are yet to be ascertained. 
We note that, had the business not consummated the transaction and remained with full ownership of Cape Grace, the investment would be worth more than US$15 million today.
</blockquote>
It said with its agriculture and hotel businesses out of the way, Meikles had evolved into a fast-moving consumer goods retailer with the TM Pick n Pay chain stores that it owns in partnership with JSE-listed Pick n Pay.
In 2018, businessdigest reported that Meikles chairperson John Moxon had a tough time defending some of the group’s offshore investments as shareholders sought answers.
A minority shareholder, Eddie Cross, questioned Moxon at an annual shareholders’ meeting over Meikles’ investment in Mentor Africa Ltd if it was creating value for investors.
Cross told businessdigest that he was not happy with the performance of the Mentor Africa investment. 
More: <a href="https://www.newsday.co.zw/2022/03/cape-grace-deal-queried-shareholders-may-lose-87-says-morganco/">NewsDay Zimbabwe</a>

Business Advisory Queries Price Tag On South Africa-based Cape Grace Hotel

South Africa-based Zimbabwean anti-sanctions campaigner, Rutendo Matinyarare, has said business mogul, <a href="https://www.pindula.co.zw/Kudakwashe_Tagwirei">Kudakwashe Tagwirei,</a> made his empire from his retrenchment package in the early 2000s.
Matinyarare, the chairperson of the Zimbabweans Unite Against US War Sanctions (ZUAUWS), which is lobbying for the removal of sanctions against Zimbabwe, said the growth of Tagwireyi’s vast business empire could also be credited to his wife, Sandra, a former top bank executive.
Sandra and Kuda combined their names to name their company Sakunda.
Matinyangare speaks as Tagwirei and his Sakunda company are being accused of corruption characterised by winning government tenders without going to tender. 
Critics accuse Tagwirei of capitalising on his closeness to the ruling ZANU PF elite to build his business empire. Tagwirei has been placed on the US and UK sanctions lists because of his alleged links with the Presidium.
Matinyarare claimed that Tagwirei’s business-life story started in early 2000 after his retrenchment and at a time when the country was facing its worst fuel crisis. Matinyarare said in a long thread about Tagwirei’s business background:
<blockquote>
After Kuda got his retrenchment package, he combined with his wife to create Sakunda which is a neologism of Sandra and Kuda. They then went on to apply for a fuel trading licence and sadly, that year (2002), only 149 fuel licences were issued by the government and Sakunda missed out.
Instead of despairing, Sandra and Kuda leased a fuel licence from one of the connected people who had been licensed. In their first six months, they got a contract to supply US$500 000 worth of fuel per month to some entity, but they didn’t have the money.
They subsequently approached Sandra’s former boss, John Mangudya (then commercial head at a leading bank), and were advised to mortgage their house for the loan. They did just that, and after getting the loan, they began pushing half a million dollars’ worth of fuel every month.
</blockquote>
Matinyarare does not say who awarded Kuda and Sandra a tender to supply US$500 000 worth of fuel and how they were awarded the tender for which they had no capacity.
The whole article is premised on Sandra making Kuda a billionaire but it does not say what she actually did beyond having been employed by the CBZ where they got the US$500 000 for the tender. 
According to Matinyarare, Sakunda started pushing 20 million litres of fuel per month into the market, becoming the largest fuel supplier by 2012, attracting the attention of the government. Added Matinyarare:
<blockquote>
After some background checks by the intelligence, the government approached Sakunda and offered it a share of the Beira pipeline because the government had no money or capacity to carry the 60 million litres of fuel it was contracted to carry, thus it was losing money in fees for unused pipeline capacity.
Sandra and Kuda took a gamble by investing in sending fuel down a pipeline, even though they had dozens of trucks. This drastically reduced their fuel costs and increased their margins exponentially over competitors.
</blockquote>
He added that Kuda and Sandra made lots of money and grew wealth, “By innovating, learning, creating global relationships, taking risks, outsmarting the competition, keeping cash-in-hand to integrate (vertically and horizontally) the value chain, being willing to invest their money in projects like the pipeline and reinvesting their profits in the same country for years without splashing out on luxuries.”
He suggests that Kuda and Sandra are now being “demonised and called a monopoly for being smart, patriotic and innovative.” 
Tagwirei has interests in energy, mining, health, transport and banking sectors. Some fear state capture will be inevitable as he expands his empire.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Matinyarare Says Kuda Tagwirei Built His Business Empire From Retrenchment Package

PPC, Africa’s biggest cement company, says cement sales in Zimbabwe grew 25% year-on-year up to March, on better-than-expected demand from individual buyers and government projects.
In an update on Wednesday, PPC said cement sales are expected to come in 36% better than pre-pandemic levels. Said PPC: 
<blockquote>
PPC Zimbabwe continues to trade well and ahead of expectations. For the 12 months ending March 31, 2022, PPC Zimbabwe’s cement sales volumes are expected to increase by 21%-25% year-on-year, benefiting from retail demand, increased sales to concrete product manufacturers, and support from government-funded projects.
Relative to the comparable period ended March 31, 2020 (pre-COVID-19), cement sales volumes are expected to increase by 33%-36%.
</blockquote>
In a separate presentation to investors on Wednesday, PPC said 54% of its sales in Zimbabwe were in foreign currency.
The company said, in terms of forex receipts, it was profiting from domestic forex sales, foreign direct investment-funded projects and diaspora demand.
The company previously struggled to repatriate its earnings to South Africa in dividends. But, since November 2020, PPC has managed to send US$10,6 million in dividends. In total, PPC has repatriated US$95 million from Zimbabwe since 2010.
The company has now cleared all its Zimbabwean debts, which stood at US$18.9 million in December 2019.
Cement consumption across the industry has grown to 1.4 million tonnes per year, from below one million tonnes in 2017.
PPC expects demand to reach 1.6 million tonnes next year as construction projects increase.
Previously, PPC said it was supplying public projects such as Muchekeranwa Dam, Gwayi-Shangani Dam, the new Manyame Air Base Hospital, National University of Science and Technology (NUST) student accommodation, Robert Gabriel Mugabe International Airport, the Beitbridge-Harare Highway and the Beitbridge Border Post expansion.
More: <a href="https://newzwire.live/solid-growth-ppc-sees-annual-zimbabwe-cement-sales-up-25-on-demand-from-home-builders-govt-projects/">newZWire</a>

PPC Sees Annual Zimbabwe Cement Sales Up 25% As Demand Rise From Home Builders, Govt Projects

The International Monetary Fund (IMF) says Zimbabwe’s economy grew 6.3% in 2021 on the back of a bumper maize harvest, strong performance in mining, and buoyant construction.
Last year, the IMF had projected GDP growth at 5.1%, but on Thursday the Fund said that recovery had been faster than expected.
Zimbabwe’s economy contracted by 11.7 per cent between 2019 and 2020 due to Cyclone Idai, drought, and the COVID-19 pandemic as well policy missteps in 2019, according to the IMF.
In a statement after its latest routine Article IV consultation with Zimbabwe, the IMF executive board said:
<blockquote>
Real GDP rose by 6.3% in 2021 reflecting a bumper maize harvest, strong pickup in mining, and buoyant construction.
A tighter policy stance since mid-2020 (relative to 2019) has contributed to lowering inflation to 60.7 per cent (y/y) at the end-2021.
Fiscal policy was tightened in 2020‑21, reflecting increased revenues and lowered spending.
The current account balance turned into a surplus during 2019-21, reflecting favourable metal prices, lower imports, and a surge in remittances.
</blockquote>
The IMF however, noted that inflation has remained in double digits and wide parallel foreign exchange market premia have continued.
The fund also observed that poverty has risen and about a third of the population is at risk of food insecurity.
Zimbabwe’s economic recovery is expected to continue in 2022, with growth projected at about 3.5 per cent and 3 per cent over the medium term.
The IMF commended Zimbabwe for its response to the COVID-19 pandemic when it first emerged in 2019, saying this helped to reduce the impact of the pandemic. The IMF said:
<blockquote>
The authorities’ swift response to the pandemic, including through containment measures and economic and social support, helped contain its adverse impact.
</blockquote>
<h2>Recommendations by the IMF to Zimbabwean authorities</h2>
<ul>
<li>implement the necessary reforms that would foster higher, more inclusive growth and pave the way for reengagement with the international community.</li>
<li>enhance revenue mobilization, including broadening the tax base and improving tax administration and compliance.</li>
<li>accelerating reforms of state-owned enterprises and enhancing fiscal controls will be critical to limit fiscal risks.</li>
<li>use the SDR allocation prudently and transparently.</li>
<li>enhance debt management and transparency.</li>
<li>increase the operational independence of the central bank, discontinue its quasi-fiscal operations, and improve its coordination with the fiscal authorities</li>
<li>prioritise structural reforms to improve the business climate and build resilience to climate change.</li>
</ul>
<h4>More: <a href="https://www.imf.org/en/News/Articles/2022/03/24/pr2288-zimbabwe-imf-executive-board-concludes-2022-article-iv-consultation">IMF</a></h4>

Zimbabwe’s Economy Grew 6.3% In 2021, New IMF Report Says

The rising cost of fuel and fertiliser could negatively impact tobacco production next season which may result in reduced yields.
Supply chain disruptions caused by the Russia-Ukraine war are expected to push up the cost of tobacco production as the prices of inputs soar, farmers have warned.
Speaking in an interview with Business Times, the Zimbabwe Tobacco Association (ZTA) CEO Rodney Ambrose said:
<blockquote>
With the Russia – Ukraine war, costs are estimated to increase even further and prices paid for tobacco this season has to also take this into account.
</blockquote>
Ambrose noted that the recent increase in the price of fuel has resulted in the local cost of flue-cured tobacco production rising by 8.3%.
He warned that the increase in tobacco production costs may see growers turning to food and export crops.
Tobacco is Zimbabwe’s fourth-largest foreign currency earner.
The war in Eastern Europe may also result in countries dependent on food crops imports, offering higher incentives and prices on food crops. Said, Ambrose:
<blockquote>
This may see a further drop in flue-cured production in 2023 as ably resourced growers consider reducing their tobacco hectarage in favour of the attractive food crops.
This could be an option for growers in Zimbabwe, Brazil, USA and Zambia.
</blockquote>
Tobacco Industry and Marketing Board (TIMB) CEO Meanwell Gudu concurred that the Russia-Ukraine conflict will adversely affect tobacco production. He said:
<blockquote>
Prices for inputs have definitely increased and this is affecting the viability of tobacco production.
The two warring countries are traditionally big suppliers of raw materials for fertilisers.
</blockquote>
Ambrose forecasted the average prices to be closer to US$3/kg up from US$2.70/kg in 2021.
The 2022 tobacco marketing season starts on 30 March.
<h4>More: <a href="https://businesstimes.co.zw/tobacco-production-under-threat/">Business Times</a></h4>

Russia-Ukraine War Threatens Tobacco Production In Zimbabwe

Low-cost airline Fastjet Zimbabwe has announced plans to re-introduce evening flights between Bulawayo and Harare.
Fastjet currently operates daily scheduled domestic flights between Harare and Bulawayo and Harare and Victoria Falls.
Speaking during a reception for the launch of the Victoria Falls Kruger, Empumalanga route last week, Fastjet chief operating officer, Julian Edmunds, said:
<blockquote>
COVID-19 taught us to look domestic, we believe we can do that. We are planning to reintroduce Harare-Bulawayo evening flights on Tuesdays and Fridays. We encourage Zimbabweans to use our flights as we offer value and choice.
</blockquote>
On Wednesday, 16 March 2022, Fastjet launched flights from Zimbabwe’s tourism capital of Victoria Falls to Mbombela Kruger Mpumalanga International Airport in South Africa.
The new route will operate three (3) times a week on a Monday, Wednesday, and Friday.
Fastjet also flies between Harare and Johannesburg, Bulawayo and Johannesburg and Victoria Falls and Johannesburg.
The airliner recently acquired a new aircraft and operates four planes, one of them leased.
<h4>More: <a href="https://www.chronicle.co.zw/fastjet-to-resume-harare-byo-evening-flights/">Chronicle</a></h4>

Fastjet To Resume Harare-Bulawayo Evening Flights

The Joina City Management says a fire that broke out at Joina City last night was extinguished before it caused significant damage to the building.
In a statement, the management of Joina City said the fire started at 7 PM in a kitchen in one of the restaurants located on the first floor and was put out by water from sprinklers and the fire brigade before it had spread.
Since there was no significant damage was caused by the fire, Joina City Centre is open to the public and businesses within the complex are operating as usual. The statement read:
<blockquote>
<h2>Fire at Joina City</h2>
We would like to inform all our stakeholders that a fire broke out at Joina City. It started in the kitchen of one of our restaurants on the first floor at 1900hrs on the 22nd of March 2022.
Our security team called in the fire brigade who attended the incident and put out the fire in a short time.
The fire which was coming out on the third-floor deck was coming out of the restaurant’s extractor fan.
The damage was confined to the restaurant’s kitchen only.
The sprinklers in the shop were activated and helped confine the fire to the kitchen.
The damage was minimal and other tenants might have been affected by the water from the sprinklers and the fire brigade water.
We would like to thank all stakeholders for the prompt response in assisting us to put out this fire.
To all our customers, it is business as usual as all facilities are functional.
We are humbled by the number of calls we received from all over the world regarding this incident and we would like to thank you for your prayers and concerns.
</blockquote>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Joina City Open After Minor Fire Incident

The second floor of <a href="https://www.pindula.co.zw/Joina_City">Joina City,</a> one of the most popular shopping malls in Zimbabwe, caught fire this Tuesday. 
The fire is believed to have started in Gotcha Nyama restaurant on the same floor.
There are no casualties reported. Watch the video below for more:
<div class="wp-video" style="width: 640px;">
<video class="wp-video-shortcode" controls="controls" height="352" id="video-229027-1" preload="metadata" width="640"><source src="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/03/JOINA-CITY-ON-FIRE-2.mp4?_=1" type="video/mp4"/><a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/03/JOINA-CITY-ON-FIRE-2.mp4">https://t792ae.c2.acecdn.net/wp-content/uploads/2022/03/JOINA-CITY-ON-FIRE-2.mp4</a></video></div>
<div class="wp-video" style="width: 640px;"><video class="wp-video-shortcode" controls="controls" height="360" id="video-229027-2" preload="metadata" width="640"><source src="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/03/JOINA-CITY-ON-FIRE.mp4?_=2" type="video/mp4"/><a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/03/JOINA-CITY-ON-FIRE.mp4">https://t792ae.c2.acecdn.net/wp-content/uploads/2022/03/JOINA-CITY-ON-FIRE.mp4</a></video></div>
The shopping mall houses 72 compartments altogether and is the second-tallest building in Zimbabwe after the Reserve Bank of Zimbabwe.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

WATCH: Joina City Catches Fire

The government is planning to introduce more State-owned banks at growth points to ease the challenges faced by pensioners in accessing their payouts.
Pensioners in various parts of the country are reportedly travelling long distances to access their paltry monthly stipends at the People’s Own Savings Bank (POSB) in cities.
On average, Zimbabwean pensioners get around $6 000 per month, most of which is spent on transport costs. Last Thursday, Finance deputy minister, Clemence Chiduwa, said POSB has a strategic plan to increase its branches:
<blockquote>
As we speak, the government has a policy on financial inclusion, which states that no one should be left behind.  For banks which belong to the government such as the POSB and Agricultural Finance Corporation, our policy is that at growth points where people live, these banks should be found.  With our policy on digitalisation, which is one of the pillars of the National Development Strategy One(NDS1), we want 100% coverage in the country on the issue of mobile networks. We want pensioners to be able to get their money through the phone.
</blockquote>
Matabeleland Central senator Kumbirai Tongogara said the Pensions Bill, which is currently being debated in Parliament, must address the issue of how pensioners are accessing their stipends.
President of the chiefs council Fortune Charumbira said there should be a law to ensure that people get their pensions when they retire. He bemoaned inflation in the country saying it had eroded pensioners’ payouts. 
More: <a href="https://www.newsday.co.zw/2022/03/govt-moves-to-ease-burden-on-pensioners/">NewsDay Zimbabwe</a>

Government Introducing More State-owned Banks At Growth Points To Assist Pensioners

A United Kingdom-based Kibo Energy PLC, has acquired the Victoria Falls Solar Park project for £10 million (about US$13 million).
Listed on London’s Alternative Investment Market (AIM), Kibo Energy confirmed the acquisition of the project from Broomfield International Ltd in a statement Monday. Said Kibo CEO Louis Coetzee:
<blockquote>
We are pleased to have been in a favourable position to participate in this Transaction, which is timely, following the Company’s strategy to disinvest from fossil fuels and focus on renewable and clean energy projects.
Drawing from our investments into the reserve power market, development of waste-to-energy projects in Southern Africa and the UK, as well as strategic partnerships with key long duration energy storage players, we are positioning the company for growth.
This places Kibo at the heart of a very bright and renewable future for energy.
</blockquote>
He added that the near-production renewable energy assets all have a time horizon of fewer than 18 months to the first production.
The project was primarily conceived for self-consumption and, in particular, to supply power to the company’s data centre and a commuter rail electrification project.
However, developers did not rule out selling some of the generated power.
According to Kimbo, the project rollout is being implemented in phases of 25MW, starting with 5 MW being connected to the grid in April 2022 and 20 MW before December 2022.
This is happening when the demand and need for fully renewable power in Zimbabwe are now recognized as a national priority and backed up by Zimbabwean government policy directed at infrastructure investment.
Zimbabwe experienced a huge shortage of electricity in the past two years as local power generators produced insufficient power due to faults. The southern African country couldn’t import enough from regional power utilities due to huge debts that need to be cleared first. 
More: <a href="https://www.newzimbabwe.com/uk-based-firm-acquires-100mw-victoria-falls-solar-project-for-10m/">NewZimbabwe.com</a>

UK-based Company Acquires A 100MW Victoria Falls Solar Park Project For £10 Million

Delta Beverages, a <a href="https://www.pindula.co.zw/Zimbabwe_Stock_Exchange" title="Zimbabwe Stock Exchange">Zimbabwe Stock Exchange-listed</a> integrated beverage company, last week launched a new beer brand, Sable Lager. 
Speaking at the launch of Sable Lager on 18 March 2022, Mr Iirimayi Muzorewa, Delta’s Marketing Director said: 
<blockquote>
What a wonderful and momentous day it is for Delta Beverages as we introduce a new lager beer to the portfolio of our well-loved brands, Sable Lager. Sable Lager is a culmination of many, many months of hard work by the entire Delta Lagers Team, our research and brand agency partners and we are confident that our consumers will enjoy, and wish it had come sooner, because of the unique proposition that it offers.
</blockquote>
Mr Rinomhota, Delta Lagers General Manager said the “new Delta beer brand,” Sable Lager is part of the company’s long-term vision to develop and grow existing brands, additional regional and global brands to its portfolio, and the expansion of its existing pack offerings to traders and consumers.
In her remarks at the launch, Kundayi Pamela Mawema, Delta’s Marketing Manager Lagers, described Sable Lager as “smooth,” “easy drinking.” She said:
<blockquote>
The launch of our smooth and easy drinking brand Sable Lager and I’ll repeat those words again, SMOOTH … EASY DRINKING, and I’m sure those of you that have already sampled our brand have experienced that smooth and easy drinking taste. My job tonight is to let you know about the journey we have travelled so far to get us to this point, where we launch to you, our esteemed colleagues, stake holder, business partners, members of the media and consumers.
To get here we have walked a long journey, filled with many experiences and learnings for us a business, and it goes a like this. My CEO, and his Group Management Committee, our Marketing Director and our Choir Master the General Manager for the Lager beer business. You gave us the chance to identify and pursue a new opportunity for the business. We sized this opportunity, and through research and validation, ensured that it would be lucrative for the business and our traders and definitely worth pursuing. Thereafter, we moved to identifying exactly who our group of target consumer would be. The likes of our influencers here Man Tawa, Voltz IT , Hilton. We had you in mind when we made this brand.
</blockquote>
She added that the company targeted the young and modern generation.
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

Delta Beverages Launches New Beer Brand

The Reserve Bank of Zimbabwe (RBZ) has revealed the reserve money supply as of the 4th of March 2022. The central bank said in a statement:
<blockquote>
<h2>RESERVE MONEY</h2>
1. Reserve money increased by ZW$26.95 million to ZW$27.16 billion during the week ending 11th March 2022, compared to the previous week’s position of ZW$27.13 billion.
2. The increase in reserve money largely reflected an increase of ZW$72.99 million in currency issued, which was partially offset by declines of 
ZW$38.10 million and ZW$7.94 million in banks liquidity (RTGS balances) at Central Bank and required reserves, respectively.
<h2>Download <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/03/Reserve-Money-Update-11-March-2022.pdf">Reserve-Money-Update—-11-March–2022</a></h2>
</blockquote>
<h2>More: Pindula News</h2>

RBZ Reserve Money As Of 11 March 2022

<a href="https://www.pindula.co.zw/Trevor_Ncube">Trevor Ncube,</a> the chairman of Alpha Media Holdings, last week announced that <a href="https://news.pindula.co.zw/2022/03/20/watch-zimbabwe-worse-under-mnangagwa-than-during-mugabe-era-trevor-ncube/">he was quitting</a> the <a href="https://www.pindula.co.zw/Presidential_Advisory_Council_2019">Presidential Advisory Council (PAC)</a> citing a lot of issues bordering on President <a href="https://www.pindula.co.zw/Emmerson_Mnangagwa">Emmerson Mnangagwa</a>‘s failure to transform the country’s fortunes. 
The PAC was formed in 2019 to advise the president on various matters including religion, and business. Some of the PAC members have since left. We present below a list of things that were said by Ncube as he quit PAC:
<blockquote>
1). Why he gave Mnangagwa a chance: He said Mnangagwa played a role in the massacre of 20 000 people in Matabeleland. When he joined PAC, he thought the president was willing to “make amends” for the <a href="https://www.pindula.co.zw/Gukurahundi">Gukurahundi</a> which has remained a topical one since the 1980s. 
2). 2017 coup: The people who toppled Mugabe in a 2017 coup did not do it to advance the national interest, but to champion their personal interests.
3). Mnangagwa worse than Mugabe: He says Mnangagwa is worse than his predecessor, the late former president <a href="https://www.pindula.co.zw/Robert_Mugabe">Robert Mugabe</a>. He said he believed Mnangagwa deserved a chance and after being Mugabe’s top lieutenant for years, he had learnt things that should be made right. Ncube explained that Mnangagwa has mutilated the constitution, making the judiciary biased for him. 
4). Business opportunities: He also speaks of what he says are business opportunities in Zimbabwe.
i). Cannabis industry:, laws are being fine-tuned to allow investors to come and invest, licences will cost US$57.
ii). Housing Infrastructure: There is also building boom sponsored by diaspora remmittances.
iii). Agriculture: Cotton the second-largest crop. Soya beans – we-re producing about 30 per cent of our national requirement. The return is 200 per cent. Tobacco – the golden leaf, which contributes 11 per cent . He noted that one of the issues affecting the Agriculture sector is that the Southern African country machineray is archaic. Irrigation equipment has not been renewed since the end of the Universal Declaration of Independence (UDI).
iv). Tourism: Victoria Falls, Kariba etc have the potential to contribute significantly to the GDP. The collapsed transport system is hindering the full-growth of the industry.
v). Mining: Zimbabwe is a mining country has over 40 occurances of minerals – diamond, platnum, gold, lithium (largest deposit of lithium on the African continent), Oil and gas being explored in Muzarabani.
vi) National Infrastructure: National infrastructure has not been repaired for years. Road networks declared a national disaster. It’s a crisis and also an oportunity for businesses.
5). Zimbabwe a dual economy: Zimbabwe’s economy is now being driven by the informaal sector while the formal sector is assuming a retreating role. Ncube added that nobody has confidence in the local currency, the Zimbabwe Dollar. The government is saying we are moving away from dollarisation but reality on the ground shows that the country is actually dollarisation. He accuses Finance and Economic Development Minister, Mthuli Ncube of lying essentially.
6). No confidence in CCC: Ncube also said “I have no confidence in the MDC now caled something else” in apparent refence to the Citizens Coalition for Change (CCC), a party led by Nelson Chamisa. He says NO one seems to have the capacity to turn around the country’s fortunes. 
7). ZANU PF Influence: ZANU PF way of doing things (Corruption, violence) is being implemented in all other political parties and by individuals in personal life.
</blockquote>
<h2>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h2>

LISTICLE: Things Said By Trevor Ncube As He Quits Mnangagwa's PAC

The Zimbabwe Energy Regulatory Authority (ZERA) has reduced the prices of diesel and petrol for the week 21 to 27 March 2022.
Diesel now costs US$1.60 and ZWL$213.90 per litre while the price of petrol has been reduced to US$1.59 and ZWL$213.49 per litre.
Before the price adjustment, the price of diesel was US$1.68 and ZWL$218.01 per litre while the price of petrol was US$1.67 and ZWL$216.78 per litre. ZERA said in a public notice:
<blockquote>
Prices have been set in accordance with oil price patterns on the international market, which the Authority is continuously monitoring.
The public and operators are advised that the blending ratio remains at E0.
Operators may sell the petroleum products below the prescribed prices depending on their trading advantages and should display prices in a prominent place as provided for by the fuel pricing regulations.
</blockquote>
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/FOUQdSSXEAQ6P5C?format=jpg&amp;name=large"/>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

ZERA Reduces Diesel And Petrol Prices

Stanbic Bank Zimbabwe has donated reusable sanitary pads to 775 primary and secondary school girls from across the country worth $ZWL1 426 000.00 as part of its commemoration of women’s month.
The Standard Bank Group subsidiary partnered with Talia Network – an organisation that represents the interests of the girl child and donated sanitary wear to girls from Musara Primary and Secondary Schools in Glendale (50 Km North West of Harare); Pote Secondary School in Domboshava and Mukombami High School near Bhora Growth Point.
About 280 girls from Musara Primary and Secondary Schools, 250 girls from Pote Secondary School and 245 from Mukombami High School received sanitary wear courtesy of Stanbic Bank with the support of Talia Network over the last week. Each girl received a pack with reusable pads and undergarments.
Stanbic Bank Marketing Manager for Sponsorships, Events and CSI, Lucy Dlodlo said Stanbic Bank is committed to the wellbeing of the girl child hence the effort to meet these girls’ sanitary wear needs. Said Dlodlo:
<blockquote>
As a financial services institution we are committed to supporting the community we operate in, and the underprivileged girl child and her needs are among our top priorities.
We understand the challenges faced by girls in terms of securing or sourcing sanitary wear and once again we partnered with Talia Network to make this gesture for the girls.
</blockquote>
She said Stanbic Bank has over the years supported school girls, especially during women’s month through the donation of sanitary pads, adding that going forward this is going to be an annual activity.
In 2018, Stanbic Bank female employees raised over 900 packets of disposable pads and were complimented by 2 500 packets of non-disposable sanitary napkins purchased by the bank for disadvantaged girls living in rural areas.
The donation was aligned with the commemoration of International Women’s Day in March as the Stanbic ladies aimed to celebrate this day in a more impactful manner.
Talia Network Founder, Saliwe Zakaria, was on hand to offer invaluable information to the girls about how to use the pads as well as keep them clean.
Zakaria’s organisation, which makes pads, goes the extra mile to train recipients not only about hygiene but livelihoods and life skills.
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

Business News (44)

Latest Jobs