Tag: Zimbabwe
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Zimbabwe’s new currency faces headwinds five months on
Five months after its launch, Zimbabwe’s new currency is under pressure as increased grain imports eat away at foreign reserves, putting at risk the government’s plan to make it the only currency in the market by 2026. The gold-backed ZiG, which stands for Zimbabwe Gold, is the country’s sixth attempt at a stable currency in…
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Zimbabwe central bank head announces plans to target saboteurs of gold-backed currency
Zimbabwe’s central bank has pledged to intensify efforts against those undermining the nation’s gold-backed currency, the ZiG, which has seen a sharp decline on the parallel market. While the ZiG is trading at 13.94 per US dollar on the official market, it’s quoted between 16 and 26 on the unofficial market. In an emailed response…
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The number of countries investing in Zimbabwe rose by 35% to 46 last year, the government says
The Zimbabwean government also issued licenses to 615 new foreign investors, a 130% increase from 2022, said Willard Manungo, deputy chief secretary in the Office of the President and Cabinet, at a recent Zimbabwe Investment and Development Agency (ZIDA) stakeholder forum. According to him, China remains Zimbabwe’s largest investor, with new investments coming from South…
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Lithium industry in Africa
Lithium industry in Africa: an expert on recent developments and future prospects Zimbabwe has taken the lead in sub-Saharan Africa’s lithium boom, according to the AmaranthCX network of experts. The alkali metal is a key component in modern batteries. According to Samir Bhattacharya, an associate fellow at the Observer Research Foundation, the southern African nation,…
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Indonesia seeks to strengthen economic ties with Zimbabwe, exploring opportunities for lithium mining in the country
During a bilateral meeting with Zimbabwe’s Vice President Kembo Mohadi on the sidelines of the Second Indonesia-Africa Forum, Indonesian President Joko Widodo also called for the establishment of a preferential trade agreement between the two countries and expressed Indonesia’s desire to invest in Zimbabwe’s pharmaceutical sector, envisioning it as a regional hub for exporting medicines…
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Zimbabwe’s infrastructure investments save Southern African Development Community millions
Zimbabwe’s infrastructure investments save Southern African Development Community millions, media report Despite facing sanctions, Zimbabwe’s investment in infrastructure, including roads, housing, dams, and power plants, has yielded significant benefits for the region. The modernized Beitbridge Border Post, a key access point on the North-South Corridor connecting Durban to Zambia, DR Congo, and Malawi, has saved…
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Zimbabwe reinstates ban on alluvial and riverbed mining
Alluvial mining extracts minerals from riverbeds and floodplains, while riverbed mining targets river channels. Both can harm the environment and pollute water. On Tuesday, the Zimbabwean government reimplemented its ban on alluvial and riverbed mining to combat environmental damage, media reported. Although the ban was initially declared in 2020, the practice has persisted in recent…
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SADC leaders unanimously sign declaration to safeguard rights of persons with albinism
The declaration, adopted and signed by heads of state from the Southern African Development Community (SADC) at the 44th Ordinary SADC Summit in Harare, Zimbabwe, aims to address the various challenges faced by individuals with albinism in the region. “[The] summit adopted and signed the SADC Declaration on the Protection of Persons with Albinism, signifying…
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Zimbabwe to phase out US dollar in favour of own gold-backed currency
Zimbabwe’s cabinet has approved a roadmap to phase out the US dollar in favour of its own gold-backed currency, ZIG. Finance Minister Mthuli Ncube plans to present a de-dollarisation strategy next week.
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SADC should speak out’: Zimbabwe activists face crackdown ahead of summit
Police flood Harare’s streets in anticipation of protests on the eve of the Southern African Development Community meeting. On the morning of August 7, four masked men tried to break into the offices of Crisis in Zimbabwe Coalition (CiZC), a network of opposition groups. Inside the Harare building, three staff members scampered to hide as…
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