Category: Economy
‘Dubai is the financial capital of Africa?’ What is the Gold Mafia talking about?
Image Credit: David Rodrigo, Unsplash One statement in the Al Jazeera documentary on corruption and looting in Zimbabwe stuck with me. One guy said ‘Dubai is Africa’s financial capital’ or something to that order. It wasn’t the first time I had heard that, but it was the first time I cared. My little geography knowledge […]
RBZ could face sanctions following Al Jazeera documentary. That’s a big deal
Al Jazeera released the first of four parts to their explosive documentary on corruption and looting in Zimbabwe yesterday. Titled ‘Gold Mafia’ the documentary exposes the dealings of some government officials, prophets, pastors, and businesspeople profiting from the illegal movement of gold. Reactions to the docu have been mixed. Some feel Al Jazeera overpromised and […]
Biden extended sanctions on Zimbabwe and revealed it’s all about safeguarding US interests
I stewed over this for many days, to be honest. I understood what it said but I didn’t understand it at the same time. That doesn’t make any sense but it is what it is. The United States extended its sanctions on Zimbabwe and it’s crazy to me. Let’s get one thing out of the […]
Our preference for USD cash putting us at risk, Mukuru outlet robbed at gunpoint
Zimbabwe has steadily been dollarising. Now, dollarisation came with the disuse of electronic channels. That’s because of the mistrust that the general population has for official banking channels. We cannot trust that our foreign currency will remain foreign currency if banked. We have largely accepted this and are conducting ourselves accordingly. Businesses have to consider […]
It wasn’t just the $9200 laptops, govt cancelled other inflated payments
It was in September last year when we witnessed the infamous US$9,200 laptops saga. The Clerk of Parliament had authorised the purchase of 173 laptops at $9200 each and 79 desktops at $3000 each but had to throw the tenders out after a public outcry. For the baron out there who may not know, those […]
[Update] Zim has dollarised and cash is king in USD world, EcoCash sees it too
When you walk down the streets it appears as if Zimbabwe has dollarised. Join a supermarket queue and you find that many, if not most, have their USD cash in hand. It’s all anecdotal but it does look like it. That’s the thing with using USD, almost all USD transactions are in cash, especially when […]
Zimbabwe Stock Exchange (ZSE) grew by 79%, global equities lost a fifth of their value in 2022
The Zimbabwe Stock Exchange (ZSE) has had its ups and downs and 2022 was a toughie. Zimbabwe continues to be a challenging environment to operate in for the companies listed on the exchange. However, in the past, that has not necessarily meant that the ZSE struggles. The ZSE had a good 2021, growing by 314%, […]
ZETDC is bringing a 24-hour National Contact Center
The season we are in is notorious for weather-induced power cuts either from falling trees, broken tree branches, or lightning strikes. Let’s not forget those stealing transformer oil. The volume of fault reports is pretty high and ZETDC wants to try and manage that. Starting 1 February 2023, they will be employing a 24-hour National […]
ZETDC installs its first smart meter at Harare Poly. But what is a smart meter anyway?
ZETDC has started setting up smart meters and Harare Polytechnic College was their first site to use it. We got to check out its highlight features like network connectivity and remote monitoring and control. These smart meters are pretty important if we are to dive into the age of smart grids that ZETDC is working […]
VAT is up from 14.5% to 15% and new PAYE tax brackets for RTGS and USD for 2023
Yes, there has been a slight price bump on a lot of products and services overnight. Its retailers and service providers recalculating their pricing to accommodate the 0.5% increase in VAT from 14.5% to 15% under the Finance Act (No.2), 2022 effective 1 Jan 2023. This tax was originally 15% and was reduced to 14.5% […]
TelOne will be offering free tollgate passes as a back-to-school promotion
As a back-to-school gift for the parents, Nedbank and NMB were offering free tollgate passes at selected tollgates in the country. On top of the free passes, they were also some prizes involved that motorists won at these tollgates. For those that missed yesterday’s offers, Telone is running its own today 9 January 2023. Back […]
Zimbabwe’s current load shedding explained
Some say ZESA is now working on the same off-peak hours as telecoms operators and their bonus data. It’s such a funny statement to lighten up an otherwise dark situation that Zimbabwe finds itself in. Pun intended. The lights are off and they are staying off for 18 hours or more. Why is it this […]
New ZETDC system introduces USD payment options and promises better month-end uptime
ZETDC has announced a new PowerPlus prepaid electricity token purchase system. And it’s bringing some really interesting changes to the customer experience. They say the look and feel of it will remain as it was with a lot of the work done in the background. This could spell an end to those system crashes every […]
NRZ suspends train commuters stating ZUPCO owes the operator huge debts. Minibus associations mushroom
ZUPCO made a comeback in 2019 and it came in with a bang. A new fleet of buses and some of the lowest fares on the market. Also with the help of the SI 83 of 2020 to have all commuter operators either get registered with ZUPCO or get off the streets, it almost immediately […]
Intensive load shedding is imminent as Kariba lake levels are too low to generate electricity
The water levels at Kariba lake have dropped to really low levels to the extent that by mid-December of 2022 there will be no more water to generate electricity. In fact, if we are to look at the Zambezi River Authority’s graphs, they show that the level has gone lower than the lowest point in […]
Govt cuts tax on domestic forex transfers from 4 to 2%, too little too late?
It is funny how often we, ordinary people, can clearly see the downsides to some of the decisions our highly educated leaders make. Some of the decisions they make are highly suspect, and no one can blame us for coming up with conspiracy theories in response. The government came up with their infamous 2% Intermediated […]
Joina City working on being Zimbabwe’s first shopping mall to open 24 hours a day
The times are pretty convenient. We have the holiday season upon us and we always have last-minute shoppers so this could be that one place where you might be able to get a last-minute Christmas gift. This is of course subject to the retailers within the mall keeping their doors open. In their Facebook post, […]
Hon. Soda Zhemu graces US$1m Southern African Power Pool offices in Harare
On the 31st of October 2022, Hon. Soda Zhemu officiated the opening of the Southern Africa Power Pool (SAPP) coordination center at Emerald Hill in Harare. With Zimbabwe being at the center of SADC it was said to be the most strategic place to have the infrastructure. There was also a closed-door meeting for the […]
ZETDC’s 350 000 household connection deficit. What if…?
Imagine this. Right now there are 350 000 households in Zimbabwe that have not yet been connected to the grid. Me included. I read this headline and I thought, wait a minute. What if ZESA as an enterprise could capitalize on this problem? What if the solution to this problem could be a win for […]
Brace for 61% more expensive internet. Again
In a letter sent to Telco subscribers, a data price increase of up to 61% was approved by POTRAZ for November 2022 for all Telecommunication operators. This price increase is affecting ZW$ pricing which is not really moving with the official rate. The letter also says that these 61% increments have been in effect since […]
Is Nyaradzo running a funeral assurance scam as has been claimed on social media?
There’s been a lot of chatter about how funeral assurance services like Nyaradzo‘s are a scam on social media. I totally get where that sentiment is coming from. Let us talk about it. One of the main arguments against funeral policies was laid out in the form of an example thus: You pay US$20.57 per […]
Africa, Zim not poor because of colonisation, other former British colonies succeeding
We have heard the tale for decades now. Africa is behind, economically, because of European colonisation in the 20th century. The continent gained independence decades ago but some believe the colonisation remains, in the form of neo-colonisation. It is hard to argue against this neo-colonisation when it is defined as the “further development of capitalism […]
Windy weather the cause of increased power cuts says ZETDC
You heard that right. The erratic power cuts have a fresh new cause now and this time it is strong winds. ZETDC put out a statement telling its valued customers that the current crop of strong winds is affecting the electricity supply in some parts of the country. ZIMBABWE ELECTRICITY TRANSMISSION & DISTRIBUTION COMPANY NOTICE […]
New Zesa tariffs with effect 26 Sept 2022. 45% hike!
Zesa has updated its tariffs for September 2022 taking effect on the 26th of the same month. The tariffs include the 6% REA levy. It looks like the tariffs are up by 45% across the board so expect an equally hefty increase to your electricity bill. You can click here to buy your tokens or […]
Are the $9,200 laptops that the Zim parliament almost bought really overpriced?
What happened was that the Parliament of Zimbabwe needed new laptops and desktops. So, they went about acquiring the machines and naturally invited suppliers to bid to supply. They proceeded to pick the best deals they could get. Said the clerk of parliament, It is during these processes that two companies were cleared as meeting […]
Mobile money and POS transactions way down as Zimbabweans unofficially dollarise
Economies run on trade. Of course, if we looked hard enough we could find one self-sufficient man somewhere but most of us have to trade what we have for what we need. Money, especially paper and electronic money makes this all easier. The beauty of it is that we have a record of how much […]
I think I know who the gold coins are actually for and it sickens me
Let us consider all that the Reserve Bank of Zimbabwe has told us about the coming gold coins. When we do that and also look at alternatives available to would-be buyers, the picture is clear. At least clear to me. There is one major group of people meant to buy the coins. The RBZ made […]
Videos & messages of gold coins in circulation are FAKE says RBZ
The Reserve Bank of Zimbabwe (RBZ) took to Twitter this morning to dismiss videos and messages circulating on social media saying that gold coins are available and are in circulation. Videos and messages circulating on social media purporting or giving out that gold coins are available for sale and that some people already have them […]
RBZ gold coin: Who can get one, can it buy anything & everything else you need to know
The Zimbabwean Gold Coin has arrived, and the Reserve Bank of Zimbabwe (RBZ) has released the specifications as well as the powers that the new financial tool has. The statement from the RBZ reads as follows: INTRODUCTION OF GOLD COINS Pursuant to the resolution of the Monetary Policy Committee of 24 June 2022 to introduce […]
“There’s absolutely no need to rush to spend the Zimdollar,” says Zim govt. 40% interest on deposits good enough
I remember a friend telling me that their company always seemed to be in fire fighting mode. It appeared nothing was ever pre-planned and all the company did was react to the outside world. Doesn’t that sound just like how Zimbabwe is run. The bond note loses value? Outlaw use of the USD. People ignore […]