Business

  By Online Desk Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube is optimistic about the country’s economic prospects, forecasting steady growth for next year. In an interview with Zimpapers Radio News, ahead of launching a Leadership Excellence in Africa’s Public Sector Programme (LEAPS) yesterday, Professor Ncube said the 2025 budget will prioritize supporting the economy’s recovery from the El Nino-induced drought. The theme for the budget is ‘Building Resilience for Deepening Economic Transformation.

  By Online Desk Government says it has made significant strides in addressing food insecurity through its Food Deficit Mitigation Strategy and Urban Cash Transfer Programme. In a post Cabinet media briefing in Harare yesterday, Information Publicity and Broadcasting Services Minister Dr. Jenfan Muswere said: “Cabinet considered a report on the Food Deficit Mitigation Strategy and Urban Transfer Programme as presented by the Minister of Public Service, Labour and Social Welfare, Honourable July Moyo. “The nation is informed that under the 2nd Blitz Food distribution, a cumulative total of 94 527.64 metric tonnes has been moved across the nation as at 22nd October, 2024, out of the expected 139 854. 94 metric tonnes of cereal which translates to 62.7% coverage. “The grain was distributed to vulnerable and food insecure people across the country’s provinces as follows: a) Manicaland, 17 443. 58 metric tonnes; b) Mashonaland Central, 10 276.49 metric tonnes; c) Mashonaland East,17 525.21 metric tonnes; d) Mashonaland West, 10 987. 69 metric tonnes; e) Masvingo, 12 380.14 metric tonnes; f) Matabeleland North, 8 605.99 metric tonnes; g) Matabeleland South, 6 460.64 metric tonnes; and h) Midlands, 10 847.90 metric tonnes.”   The Minister added that over 4 300 metric tonnes has been collected to date by traditional leaders accross the country. “Furthermore, a total of 4 362.51 metric tonnes has been collected to date by Chiefs across all provinces under the Zunde RaMambo/Isiphala Senkosi Strategic Grain Reserve Distribution Programme. “Disbursement of funds to beneficiaries with correct details has since commenced under the Urban Cash for cereal Programme and a total of 28 726 beneficiaries have been reached with cash disbursements as at 28th October 2024. “Under the School Feeding Programme a cumulative total of 17 250.80 metric tonnes mealie-meal/ maize grain had been collected as at 25th October, 2024,” said Minister Muswere.

  By Lastword Musekiwa Information, Publicity and Broadcasting Services Minister Dr Jenfan Muswere says government has put in place a response and recovery plan under the Building Back Better programme as authorities seek to rebuild Mbare Traders Market. Addressing a post Cabinet media briefing in Harare yesterday, Minister Muswere said: “The Minister of Local Government and Public Works, Honourable Daniel Garwe updated Cabinet on Mbare Traders Market Reconstruction. “As part of the reorganisation of the Mbare Musika Traders Market following the declaration of a State of Disaster by His Excellency the President on 14 October, 2024 in the aftermath of the Mbare Fire Disaster, government has put in place a response and recovery plan under the Building Back Better programme.” The Minister added that government has put in place various measures to assist in the reconstruction of the market. “The Government will intervene through a number of initiatives which include the following: – provision of immediate relief in the form of livelihood support (safety nets) such as cash transfers, payment of school fees and psycho-social support and child protection; – immediate resuscitation of businesses through loans, grants and other stimulus packages to assist traders with restocking of goods; – provision of alternative and conducive workspace-the Harare City Council has offered the open space opposite Carter House as an alternative while reconstruction is taking place; – economic empowerment programmes that support stakeholders in rebuilding their businesses and promoting economic stability; and – upgrading market infrastructure to densification using two or three storey buildings and enhancing emergency response systems to prevent future fire disasters (long term).

  By Online Desk The Reserve Bank of Zimbabwe (RBZ) has moved to dispel concerns over the legality of the Zimbabwe Gold currency (ZiG), reaffirming its status as the country’s legal tender. In a statement yesterday RBZ said the lapse of Presidential Temporary Powers that established the ZiG does not create a gap in the law. Instead, currency reform measures can only be revoked by another legal instrument. “The Reserve Bank of Zimbabwe wishes to advise the public and all stakeholders that there is no gap at law regarding the Zimbabwe Gold currency. “The Zimbabwe Gold currency, (ZiG) was established through Presidential Powers (Temporary Measures) proclaimed under S.I 60 of 2024, which constitutes a onetime act of currency reform. Currency reform measures by their nature do not lapse simply because the instrument that introduced the reforms has lapsed. “The lapsing of the Presidential Temporary Powers that established the currency does not, therefore, create a gap in the law. “Legally, currency reform measures are only revoked by another legal instrument,” said the Central Bank. RBZ added that: “Meanwhile, it should be noted that The Finance Act which has since been gazetted into law, simply declares the provisions of S.I 60 of 2024 and is not meant to validate them. “Thus, ZiG remains the country’s legal tender, and the Reserve Bank will continue to consolidate its use and stability.”

  By Online Desk Zimbabwe’s wheat production is thriving, with over 350,000 tonnes harvested so far, out of a projected 600,000 tonnes of winter wheat. The achievement solidifies the country’s wheat self-sufficiency levels, which were attained two years ago. In an interview Rural Development Advisory Services Chief Director Leonard Munamati stressed the importance of swift harvesting to avoid losses due to impending rains during a recent wheat field day in Mwenezi, Masvingo Province. His warning comes after communal farmers in Beitbridge, Matabeleland South Province, suffered significant losses due to violent hailstorms that ravaged their crops last week. Beitbridge, one of the affected areas, is known for being the largest producer of cattle in Zimbabwe, despite being one of the driest regions in the country. The area’s agricultural challenges are compounded by climate change, which affects livelihoods and farming practices.