Global downturn, Cultivating Presumptive

local challenges brand loyalty tax not a

strain BNC new animal

>>> Page 3 >>> Page 4 >>> Page 16

BUSINESSWEEKLY
ESTABLISHED 2017 SETTING THE ZIMBABWE BUSINESS AGENDA MARCH 15 - 21, 2024

LEFT IN LIMBO
ZSE Top Performer to March 13 , 2024
Company Name: BridgeFort Capital Limited
Sector: Conglomerate
CEO: Vernon Lapham
Share Price: 7 000 cents
Weekly Change: +100pc
YTD Change: +311,76 percent
Market Cap: $840 billion

 Business in wait-and-see mode as MPS stalls

Business Writer unknown so a contract may lead to exchange Statement presentation, creates uncertainties, approach, probably meant to give the policy

F
or Zimbabwean business executives, losses,” the stockbroker said. which will eventually lead the financial measures the greatest impact to address the
January typically brings a renewed sense Walter Mandeya, an markets to operate at the very perceived challenges.”
of direction. The annual release of the analyst with Trigrams fringes of and in the directions “A simple statement from the RBZ saying that
Reserve Bank of Zimbabwe’s (RBZ) Monetary Investment, said which policy makers might the institution is in leadership transition and the
Policy Statement (MPS) has traditionally been a lack of clear pro- not want the markets to incoming Governor has sort and been granted
crucial planning tool. nouncements go, leading to “imme- some delay in presenting the Monetary Policy
This year, however, the familiar rhythm of the on the diate effect”policies, Statement, would have gone a long way to keep
economic calendar has been disrupted, leaving delay that perpetuate the markets from going into unnecessary spec-
executives in a state of anxious limbo. in the the policy ulative if not panic mode,” he said.
With the MPS now overdue by two months Mon- inconsistence Mandeya said as a business or investor; “ you
and whispers of a potential delay until April, etary culture. obviously don’t want to get caught flatfooted by
when the new central bank governor Dr John Pol- “One of the policy pronouncements, but at the same time
Mushayavanhu assumes office, businesses across icy biggest risks such situations are also how opportunities for
the country are grappling with the challenge of of operating massive investment profits are created”.
navigating an uncertain economic landscape. in Zimba- Truworths chief executive officer, Themba Nde-
Critical decisions regarding investment, hiring bwe, espe- bele, said the much talked about introduction
and pricing all hinge on the unknown — the cially in the of ‘a structured currency’ is making it difficult for
direction of interest rates and the government’s financial businesses operating in the credit markets.
approach to foreign exchange management. markets In a statement accompanying its last set of
“Without clarity on these issues, it’s difficult to has been results, Truworths said it stopped ZWL credit sales
make any long-term plans,” an executive with a policy in July 2022. Although USD credit sales have since
ZSE-listed entity said. inconsist- been introduced, they make only 18 percent of
BridgeFort CEO Vernon Lapham “Do we invest in expanding our stock? Do we ency with total sales for the full year to July 9, 2023.
hold off expansion projects? It all feels like a gam- most “To return to sustainable profitability, the busi-

About BridgeFort
ble right now,”said the executive who requested policies ness needs to offer credit in a stable currency and
to speak off record. being access long-term funding at affordable interest
His story reflects a wider sentiment of unease effected rates. Regrettably, these conditions do not cur-
gripping the Zimbabwean market. with an rently exist in the Zimbabwean economy,”reads

Capital Ltd
Most businesses and consumers are struggling “imme- part of the financial statement.
to cope with the lack of clear economic direction. diate In a text message, Ndebele said; “the whole
“We are in a state of limbo,” said economic effect” economy needs a reset, a USD economy is not
analyst and veteran asset manager, Dr Alfred sustainable without USD savings and interna-
Mthimkhulu. tional credit. We saw that from 2013 and what it
“Clients are holding back on making decisions. led to,” he said.

F
ormerly known as MedTech Holdings, is a publicly traded
private equity company listed on the Zimbabwe Stock
Exchange (ZSE) since 1997.
BridgeFort operates across various sectors in Zimbabwe,
including:
Fast-Moving Consumer Goods (FMCG): Manufactures and
markets personal care products.
Medical Supplies: Produces pharmaceutical products for
wholesale distribution to retail pharmacies.
Light Industrial Products: Manufactures a variety of prod-
ucts.
The FMCG division focuses on personal care products, while
the medical division produces pharmaceuticals. BridgeFort
also supplies laboratory products and services educational
and healthcare institutions.
Leadership and expertise
Vernon Lapham, a qualified chartered accountant with
extensive experience, leads BridgeFort as the Chief Executive
Officer. He received the W.A. Duff Award for achieving the
highest marks in his final exams and later became a partner
at Ernst & Young.
Lapham’s expertise comes from his deep interest in compa-
nies’ inner workings and his dedication to supporting the suc-
cess of Zimbabwean businesses. Since 2008, he has provided
corporate advisory and business consultancy services through
Progility Consult, where he serves as the managing partner.
Lapham’s experience extends beyond BridgeFort. He cur-
rently holds non-executive director positions at African Sun
and several private companies. Additionally, he previously
served on the boards of The Cotton Company of Zimbabwe
and Dawn Properties.
Manufacturing and distribution
BridgeFort, through its MedTech arm, has retail outlets in
Harare and Bulawayo. It also operates a manufacturing plant
that produces a range of products, including:
Petroleum jelly and glycerin, health, beauty, and personal
hygiene products and over-the-counter pharmaceutical prod-
ucts. These products cater to the local Zimbabwean market
and are exported to Mozambique and Zambia through their
subsidiary, Baines Imaging Group.
It is affecting us meaning they too are really Another business executive who spoke off
suffering. State of limbo,” said Mthimkhulu in the record said the delayed announcement of
a texted message. the MPS is of major concern.
He said investors are particularly concerned “We were told the currency issues and their
about exchange rate policy “especially the price distortionary impact will be resolved by the
form of local currency and extent to which MPS, we are in some sort of limbo. We are hoping
USD will keep being used.” the measures announced will mitigate some of
Mthimkhulu’s sentiments were shared by the effects of the Finance Act,” he said.
a local stockbroker who requested not to be Others are, however, not concerned by the
named for professional reasons. delay and are happy that authorities are taking
The delayed release of the MPS is “ defi- their time, hopefully to allow them to come up
nitely a factor” in the decision-making of with sustainable and conducive policies.
investors. Bongai Zamchiya — President of Restaurant
“People are concerned about a possible Operators Association of Zimbabwe, expressed
conversion with the new currency so only full appreciation that“changes at the central bank
conservative decisions are being made. ◆ To Page 2
Interplay between ZWL, USD
and new cur-
rency is
Incoming Reserve Bank of
Zimbabwe Governor Dr
John Mushayavanhu (left)
and his predecessor Dr John
Mangudya in a conversation
at a recent press conference
in Harare.

Alarm over potential rise in energy costs ‘New currency doomed

Nelson Gahadza
average electricity generation at Kariba sively gone up, it just makes the cost of for solar energy, businesses are tapping
without right policy mix’
B
usinesses are increasingly getting Power Station at 214 megawatts (MW) until producing more expensive, and those into a sustainable and renewable energy
Business Writer

worried about the potential rise in
energy expenses as the country
faces crippling power shortages going
into the year and some will take drastic
measures that include staff rationalisa-
tion, reduced production and rising costs
of products.
Zimbabwe’s prolonged power crisis
is set to worsen after the Zambezi River
Authority (ZRA) this week cut the amount
of water allocated to ZESA and ZESCO for
power generation at Kariba Dam due to
the water crisis.
ZESA and the Zambian utility, ZESCO,
equally share water at Kariba for power
generation.
In that regard, the ZRA has directed the
Editorial
+ 263 24 2795771
the end of the March quarter of 2024.
While the Hwange Power Station will
be providing much of the power, it also
continues to face some technical glitches
while Independent Power Producers (IPPs)
are feeding only about 18 MW into the
national grid.
Confederation of Zimbabwe Industries
(CZI) president, Kurai Matsheza, told Busi-
ness Weekly that electricity costs have con-
stantly been increasing while at the same
time supply remains depressed.
“Some companies will switch to more
expensive alternative sources of power,
so again, it is an increase in cost.
“When that happens, combined with
the real cost of electricity that has aggres-
or +263 29 2888871 herbert.zharare@zimpapers.co.zw
costs will be transferred to the goods and
services that are being sold,” he said.
He added, “It is not good for us as pro-
ducers but also not good for consumers;
this will just make the cost go up.”
While the companies are investing in
alternative energy, Matsheza said most
of them are short-term, as huge power
projects require significant capital outlays.
According to the energy regulator, the
Zimbabwe Energy Regulatory Authority
(ZERA), there has been increased invest-
ment in renewable energy by IPPs, mainly
for their own consumption, in order to
offset the adverse impact of erratic power
supplies.
By harnessing the power of the sun
subscriptions@zimpapers.co.zw
Subscription mobile: 0773066385
source, reducing reliance on conventional
power systems, especially hydro, which
is also prone to the effects of the El Nino
weather phenomenon.
According to ZERA, the majority of
energy investments are now into solar
energy, with some thermal, mainly in the
mining sector.
ZERA noted that most successful pro-
jects are the ones funded by private
companies and in most cases, they are
produced for their own consumption.
Matsheza said that as the price of
products goes up, consumers will not be
able to buy them; hence, demand comes
down, which is a burden on industry pro
◆ To Page 2
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+263 29 2888871 (Bulawayo
T
HE structured currency the Govern-
ment intends to introduce to curtail
persistent exchange rate volatility
will not yield the desired result in the
absence of appropriate policy measures
to address key fundamentals, economic
analysts said ahead of the release of the
eagerly awaited framework for the new
medium of exchange.
Zimbabwe’s currency has plunged about
97 percent on the open market since the
beginning of the year while the official rate
has lost just over 152 percent of its value at
the start of the year.
The domestic exchange unit is now
changing hands above $23 000/US$1 on the
black market and $16 600 to the greenback
@businessweeklyzim
on the interbank market.
The depreciation, analysts said, reflected
a lack of confidence in the domestic cur-
rency, amid speculation the major driver of
the currency slide was unrestrained Zim-
babwe dollar liquidity flow into the market.
With prices in the Southern African
country linked to the domestic unit’s US
dollar exchange rate, the annual inflation
rate shot to 47,60 percent in February from
34,80 percent in January.
Reserve Bank Governor Dr John Man-
gudya said recently the 2024 monetary
policy statement (MPS) would carry the
finer details of what exactly the structured
currency will look like, how it will operate,
and what instrument or asset will be used
◆ To Page 2
Weekly Business Zim
2 15 — 21 March 2024 Business News BusinessWeekly

National herd under threat Summer season crops: A mixed

bag with glimmers of hope

from severe drought Z

Business Writer
imbabwe’s ambitious plan to trans-
form its agriculture sector faces chal-
lenges this season due to erratic weather
patterns and lingering consumer preferences.
While the country aims to become a
US$13,75 billion agriculture powerhouse by
Oliver Kazunga
10 000 tonnes a decade ago to over 120 000
tonnes annually, mirroring a global trend.
Potato consumption is also on the rise, with
an estimated annual production exceeding
500 000 tonnes. These trends highlight the
need for diversification and strategic invest-
ment in alternative food sources.

Z
IMBABWE’S national herd is under
threat as it is now evident that the coun-
try will be ravaged by a severe drought
this year with livestock farmers being encour-
aged to start destocking to hedge against the
imminent losses.
Last year, the World Meteorological Organ-
isation warned of El Niño conditions that
could severely impact farm output in Zim-
babwe and the southern Africa region in the
2023/2024 summer cropping season.
Against this background, the 2023/2024
rainy season has seen the country receiving
below normal rainfall as had been predicted
that the country and other regional coun-
tries would receive normal to below-normal
rainfall.
So far, as a result of the El Niño weather
phenomenon that is characterised by high
temperatures and prolonged dry spells, we
have seen farmers who are into crop pro-
duction particularly maize across the coun-
try counting losses with little or nothing to
harvest.
Due to the anticipated drought — one of the
worst in many years is threatening the coun-
try’s national herd that presently stands at 5,5
million and was expected to reach six million
by next year on the back of the Government’s
Agricultural Growth Recovery Plan.
The Zimbabwe Commercial Farmers Union
(ZCFU) president Dr Shadreck Makombe said
in light of the imminent drought, chances of
stock feed going up is high.
“We do implore the powers that be, espe-
cially the business persons (stock feed produc-
ers), to understand our environment. They
may want to hike their prices, but they should
be considerate of the environment where ordi-
narily, they would put exorbitant prices.
“We are saying let there be nominal pricing
in terms of their stock feed. We are still to
continue to advise farmers that it is time for
them to start making their own stock feed or
harvesting for stock feed because it is very
clear that it is a bad season.
“Therefore, farmers must be found ready,
that is, they must be prepared and at the same
time, we are saying they should start reduc-
ing their herd, so that the money which they
would have realised from selling their herd,
they put it to stock feed,” he said.
“It does not help for one to continue cling-
ing to your herd of cattle, and then at the end
of the day, all the herd is going to perish due to
lack of feed. It does not make sense.
“We are saying farmers should have the
business mindset to know that farming is a
business, to mitigate loss factors. If people
don’t dispose of it now, they will be forced to
dispose of it for a pittance.”
Presently, Makombe said, stock feed prices
are relatively reasonable but going forward
into the drought season, the prices would
steepen because demand will be high against
a scarce commodity.
He said even the price of the beasts on the
market will decline as everyone would be
wanting to sell their animals.
“And naturally, where there are a lot of
goods, like in this case, many animals on
the market, the demand there will be over-
whelmed by supply.
“What does it mean? — it means the prices
are going to go down.
“By selling now, you are hedging so that
when the situation becomes bad, you are in
a better situation as much as you are already
in a dire situation. So, the best thing is to sell
now where also people have got the disposable
income to buy because by then you may find
that people will be buying food mainly for
survival,” said the ZCFU president.
As a result of the envisaged drought,
Makombe said stock feed prices will rise
and the net effect will be farmers would be
discouraged to produce and thus adversely
affecting efforts to boost the national herd.
“Naturally when beef now is in abundance
by nature, it means the prices of white meat
might also go down. But of course, it may not,
we can see the dynamics for health reasons
most people are going for the white meat and
so forth. But naturally, we are going to have a
situation that if people don’t dispose of their
animals now they will be forced to dispose
of for a pittance — that’s a fact and, some like
cattle start dying and it means people now they
will dispose and there will be no talk of quality.
“And many people now may go for the
cheap products. By nature, it means beef is
cheaper as compared to poultry and other
products, so people will flood to buy beef,”
he said.
On account of the prevailing situation,
Makombe said already there are overtures that
the Government will soon be declaring that
there is drought this year implying that there
will be an emergency situation where ordi-
narily, policies which would be done under a
normal environment would be avoided.
“At the same time, a subsidy may be helpful
or find ways that at least farmers will continue
to survive that is the prices of stock feed or
in terms of tax to mitigate like as it is, the 30
percent tax that is there when one sells the
produce in terms of, if you dispose of your
cattle, you are to pay 30 percent.
“If they can be obviated for now because of
drought, all sectors which may make it difficult
for farmers to buy stock feed, if they can be
obviated, or lessened,” he said, adding that at
the same time the price of chemicals should be
lowered, but manufacturers need to continue
producing and that’s why it is imperative for
the Government to come in with a subsidy or
some formula for farmers not to be hit hard.
Speaking by telephone from Bulawayo,
Livestock Union chairman Sifiso Sibanda,
said it is now unanimous that Zimbabwe will
be withered by drought this year and farmers
would be forced to destock to circumvent
losses associated with the drought.
“This year is threatening to be one of the
worst ever in memory, judging by the heat
that is there and also judging by the scarcity
of feed — that is quite scary.
“We also know water will be a challenge
in many areas and the farmers are being
advised to invest in water harvesting, that
is the harvesting of underground water and
those that are near dams the better that water
is conserved.
“Talking of piped water schemes its neither
here nor there, but people must be prepared to
harvest the underground water for the water-
ing of animals because when the feed is dry,
animals need more water and that is going
to be very critical at the same time,” he said.
Sibanda said it is quite disturbing that the
prices of animals on the market have fallen
as farmers are de-stocking preparing to buy
feed for the remaining beasts.
“It is quite annoying actually because the
prices have gone very low, but it is understand-
able that the glut on the market is causing the 2025, the 2023/24 summer cropping season Government intervention
prices to go low because everyone is selling presents a mixed picture, with bright spots
to try and prepare for this very bad season. emerging from a backdrop of uncertainty. and a glimmer of hope
“The farmers want the full value of an ani- Challenges posed by El Niño and The Government has implemented various
mal, even during drought because animals are schemes to support farmers, with a particular
life to us. We raise these animals, they are our consumption patterns focus on small-scale producers.
bank and also an investment. Authorities say a prolonged dry spell lasting The Presidential Input Support Scheme,
“As farmers, we are businesspeople and we more than 28 days has negatively impacted targeting smallholder farmers under the
are looking at a heifer that costs for not less crops in various Zimbabwe regions with cer- Pfumvudza/Intwasa programme, has ensured
than US$800 and we are looking for a fully tain crops temporarily wilting, while others are prompt distribution of fertilisers and seeds.
well-groomed animal for slaughter that sells showing signs of permanent wilting. Additionally, the Government revised the
for not less than US$1 000, but these guys (buy- The crop condition under Pfumvudza/ physical strategic grain reserve from 750 000
ers) have another signal that they are using, Intwasa condition is fair to good, and farm- tonnes to 1,5 million tonnes, aiming to achieve
which is not our signal as farmers and we are ers anticipate higher yields than those under self-sufficiency over the next three seasons.
concerned,” he said. conventional tillage, according to the 2023/24 The area under traditional grains like sor-
Sibanda said when the farmers get good Pre-harvest Crops, Livestock and Fisheries ghum and millet has witnessed a significant
prices from the market, there are able to treat Assessment Report (The Report) released by increase, reflecting the government’s push for
their animals and also do supplementary feed- the Ministry of Lands, Agriculture, Fisheries, agroecological matching.
ing and sustain the livestock industry. Water and Rural Development. Sorghum cultivation increased by 27 per-
“We cannot afford a situation whereby the The assessment was conducted between, cent, and pearl millet by 7,5 percent, indicating
meat processors make a profit of 200 per- January 21-27, 2024. a shift towards climate-resilient crops. Notably,
cent. If they make a profit of 200 percent, it The 2023/24 season has been characterised the condition of traditional grains is much bet-
means we are 180 percent poorer, because we by erratic rainfall patterns, particularly during ter than maize, showcasing progress in tackling
expect them to make between 15 percent and the crucial planting window. El Nino’s hot and “policy-induced drought” and encouraging
20 percent profit, so that we also remain in a dry conditions significantly impacted Matabe- farmers to adapt to their specific regions.
sustainable position. leland North and South, Masvingo, Midlands, “Progress was made in reducing “house-
“But at the moment, I think the meat pro- Manicaland and Mashonaland East provinces, hold induced drought”, a phenomenon where
cessors have not been sincere to us. They have marking the driest start in four decades, reads households still prefer maize in agro-ecological
taken advantage of our desperate situation at The Report in part. regions 4 and 5.
times and this drought is not going to help This delayed planting and reduced the over- A combination of “household-induced
us anyway. all area cultivated. drought” and “weather-induced drought”
“So, we still have got a long way to go to find Despite these setbacks, the national planting has the deadly effect of wiping crops, leading
each other as business partners,” he added. target for maize was 97 percent achieved, with to food dependence, hence the government ‘s
A prominent Matabeleland-based livestock 1,7 million hectares planted. modification of social welfare access to include
farmer Winston Barbage, who is also ZCFU “Cumulatively, the maize and traditional “climate-proof interventions by farmers”, reads
Matabeleland North provincial chairman, grains was 99,6 percent of the target, some part of the report.
said their situation would be worsened by the 2 349 921 ha,” reads The Report in part. A season of uncertainty
imminent drought taking into account that However, this represents a 12 percent decline
Zimbabwe’s livestock industry was recently compared to the previous season. This short- with hope for the future
battling January Disease which saw thousands fall, coupled with potential panic buying and The 2023/24 summer cropping season pre-
of cattle across the country dying. hoarding, could lead to significant price sents a complex picture for Zimbabwe. While
“The livestock sector is in turmoil at the increases for cereals, reads The Report in part. erratic weather patterns and consumer prefer-
moment, recently we saw January Disease Consumption habits and ences for maize pose challenges, government
and its being complemented by this drought interventions and a shift towards traditional
now. The situation is that like in some areas changing preferences grains offer a glimmer of hope.
like Masvingo province some farmers have Zimbabwe’s annual maize consumption sits The success of the season hinges on manag-
declared their crops in the just-ended cropping at a staggering 2,2 million tonnes, with more ing potential food shortages and encouraging a
season a write off. than half (1,8 million) designated for human long-term diversification of crops. Embracing
“They are not going to be harvesting any- consumption. This highlights the nation’s climate-resilient options and promoting alter-
thing that can be used to make stock feed so dependence on maize as a primary source of native food sources like rice and potatoes will
the situation we are in is very worrisome,” sustenance. However, there’s a shift in dietary be crucial for Zimbabwe’s agricultural future
he said. patterns, with rice consumption rising from and food security.

‘New currency doomed ers create functional demand for the local
currency.
“The gold coins and digital tokens only

without right policy mix’

◆◆ From Page 1
to anchor or back it.
Usually, the MPS is out by the last week of
February each year.
However, speculation is rife that gold, the
country’s single largest export and one of the
world’s safest stores of value, is the front-run-
ner to take the mantle of the anchor asset,
which would be a monetary system akin to
the gold standard first used by the United
Kingdom from about 1821.
The central bank chief revealed the MPS
had been delayed to allow authorities to put
together the outstanding details about the
structured currency; which inadvertently has
left the market on the edge.
“The MPS shall be released as soon as this
process (framework for structured currency)
is completed. The bank is working on the
structure to ensure that the structured cur-
rency is indeed backed for durable stability
of prices in Zimbabwe,” Mangudya told this
publication last week.
A structured currency is a mix of a fiat cur-
rency, a medium of exchange regulated by the
Government and the central bank through its
monetary policy, and a commodity-backed
currency, which derives its value from a phys-
ical asset such as gold.
Zimbabwean authorities mooted the idea
of a structured currency to find a lasting solu-
tion to the perennial challenges of exchange
rate volatility and rapid inflation increase in
the country.
By his admission, Mangudya is on record
saying the fear of “inevitable” domestic cur-
rency depreciation from the inflation traumas
of the past was partly responsible for creat-
ing a self-feeding cycle of inflation drivers
in Zimbabwe.
The coterie of measures the Government
has rolled out to stabilise the local currency
since its reintroduction in 2019, after a dec-
ade-long hiatus, have only had very limited
success.
Zimbabwe has suffered two episodes of
economic hyperinflation, in the decade to
2008 and post reintroduction of its domestic
unit in 2019, both of which manifested in
currency instability and high inflation.
Several measures to stabilise the currency
have only had limited success.
At the height of inflation in 2008, Zim-
babwe’s annual inflation rate peaked at 500
billion percent, according to the International
Monetary Fund.
The rate has averaged 42,63 percent from
2009 to 2024, reaching an all-time high of
785,55 percent in May of 2020 and a record low
of minus 7,50 percent in December of 2009.
Several misaligned fundamentals have
been cited for the sustained depreciation of
the local currency, including suspected print-
ing (short-term funding) to fund long-term
capital projects.
At a time when Zimbabwe’s borrowing is
limited, the Southern African country has
used a combination of its scant foreign cur-
rency revenue and billions of local currency
to pay contractors, who instantly convert the
money on the open market to preserve value.
From minus 2,21 percent in, Zimbabwe’s
budget widened to minus 4,08 percent in 2023
although significantly lower than short regu-
lar falls during the previous administration.
While the country’s central bank launched
the auction system to facilitate orderly cur-
rency trading, volumes have slumped as
authorities sought to encourage activity on
the remodelled interbank market.
Even then, the foreign currency Treas-
ury used to sell to banks for onward sale to
their clients has dwindled, leaving importers
scrambling for the available crumbs and with
no option but to turn to the parallel market.
Zimbabwe has also suffered from decades
of economic meltdown, which has decimated
its manufacturing and agricultural bases,
forcing the country to rely on imports even
for trinkets, heaping further pressure on the
Finance, Economic Development and Investment Promotion Minister Mthuli Ncube said the Zimbabwe Capital Markets
Investment Promotion Conference held this week in China has been a resounding success, with delegates gathering to
explore opportunities for investment and collaboration in Zimbabwe. The conference highlighted the importance of
sustainable and inclusive economic growth.
exchange rate.
Economist and Small and Medium Enter-
prises Association of Zimbabwe chief execu-
tive officer, Farai Mutambanengwe, chipped
in saying the fundamental issue was, appar-
ently, unceasing money supply growth.
He said the evidence of excess liquidity
due to printing “was the exchange rate itself”,
which continues to weaken rapidly.
“If you look at the official exchange rate,
over the last couple or three months, it moved
from $8 000 to about $15 000. It has almost
doubled. The rate would not move that much
if there is no printing.
“That unceasing money supply growth is
a result of the Government spending well
beyond its means,” he said.
“If that fundamental problem is not fixed,
we may change nothing.
“The problem with trying to back the cur-
rency, for example, is that you need to have
the gold. Currently, I do not think we have the
gold in stock to be able to back the currency.
“That gold has to come from somewhere
for it to back the currency. It’s easier for us just
to say we have just stopped printing money,
that carries no cost,” he said, adding that the
over-expenditure by the Treasury had previ-
ously been met through printing and could
likely be the drive on the exchange rate run.
Economist, Brains Muchemwa, noted
that while the idea of backing the currency
with a valuable commodity such as gold
was welcome, its success would be limited
to the extent “policymakers create functional
demand for the local currency”.
“A structured currency in whatever form
will not be able to stabilise our domestic
currency unless and until the policy mak-
rewarded those taking speculative positions,”
Mr Muchemwa said, adding this was the rea-
son challenges with exchange rate volatility
and inflation have persisted.
“Government will need to take the bold
step to create demand for the ZW$ by obligat-
ing that all taxes be payable in local currency,
without which the local currency will be an
orphan without a guarantor,” he said.
Another economist, Cornelius Dube, said
any currency properly supported with the
right policy framework to anchor its stability
has a good chance to succeed regardless of
what anchors it.
The local unit continues to weaken despite
Zimbabwe’s stellar show on the external sector
front where the total value of its shipments
grew by nearly 10 percent to US$7,2 billion in
2023 from US$6,59 billion realised over the
same period in 2022.
Statistics from the Zimbabwe National Sta-
tistics Agency indicate that from 2020 to 2023,
Zimbabwe exported goods worth US$24,2 bil-
lion against imports of US$31 billion, resulting
in a trade deficit of US$6,8 billion.
If Zimbabwe indeed turns to gold to back
its currency, it would retrace the history of
money to the 19th century when the UK used
the gold standard.
The gold standard is a monetary system
in which the standard unit of currency is a
fixed quantity of gold or is kept at the value
of a fixed quantity of gold.
The currency is freely convertible at home
or abroad into a fixed amount of gold per unit
of currency. The system came to an end in the
70’s, after intermittent use over the years occa-
sioned by different factors such as war, limited
availability of gold and economic depressions,
when limited gold reserves forced the United
States to revert to paper currency.
The advantages of the gold standard are
that (1) it limits the power of governments
or banks to cause price inflation by exces-
sive issue of paper currency, although there
is evidence that even before World War I
monetary authorities did not contract the
supply of money when the country incurred
a gold outflow, and (2) it creates certainty
in international trade by providing a fixed
pattern of exchange rates.

. . . alarm over potential Left in limbo

◆◆ From Page 1 approach might involve a devaluation of the
with a new governor designate require exten- Zimbabwean dollar. This could make exports
sive consultations”. cheaper, potentially benefiting export - ori-

rise in energy costs

◆◆ From Page 1
ducers. “Because either way we are suffering
as the demand side is coming down because
of prices. If you are producing fewer and fewer
products, it is a sign that your business is shrink-
ing. So yes, some rationalisation of sorts might
have to happen. If you are producing from var-
ious points, you might have to scale back and
maybe concentrate on one location, so naturally
that does also affect employment levels,” he said.
Matsheza said raising capital for energy pro-
jects is not just a one-day event; it takes time;
hence, the solutions are short-term, medi-
um-term, long-term, and long-term.
Agro-focused retailer, CFI Holdings, said
the group uses different energy sources, with
ZESA being the main power source for most
operations, with lower usage for shops with
solar backup options. It said diesel-powered
generators are mostly used as an alternative to
ZESA in cases of load-shedding.
“The group has been focused on cleaner
sources of alternative power, and it has rolled
out a programme to install solar systems for
shops and offices, with 44 percent of shops
already using the power source,” the com-
pany said. It noted that in the medium to long
term, the group plans to invest in solar farms
to sustain its manufacturing activities. Victor
Bhoroma, an economist, said power is the gate-
way to productivity and industrialisation in an
economy; hence, without addressing power
generation, the Zimbabwean economy will
not achieve consistent growth.
◆◆ Read more on www.businessweekly.co.zw
“While fully cognisant of the fact that the
time scales for the announcement of the MPS
have been exceeded, as domestic investors who
are fully vested in Zimbabwe, we understand
the importance of having a holistic MPS and
this direction being given by the Governor
Designate in consultation with the Minister of
Finance and Investment Promotion.
“We understand the frustration that the
delay is causing some but at the same time look
forward to a Monetary Policy that addresses
issues around pricing, export retention and
enhancing an enabling environment for busi-
ness to thrive and for the general upliftment of
all Zimbabweans, “ said Zamchiya.
Both the outgoing and incoming Governors
of the Central bank have promised the MPS will
be panacea to the price and exchange rate chal-
lenges, while Finance, Economic Development
and Investment Promotion Minister Professor
Mthuli Ncube has said the MPS, which have
more details on an announced structured cur-
rency will be released “in the fullness of time”.
Bankers Association of Zimbabwe Presi-
dent and acting chief executive officer of CBZ
Holdings, Lawrence Nyazema, said despite
the delays, it is wise to wait for a real solution
to the currency challenge.
He said it is imperative to get it (currency
solution) right this time around because
another failure will limit chances of success
in future.
“When we announce the MPS measures, we
want them to be believable, we want them to be
effective. So, from that perspective, as a bank,
we have been carrying on with our business
as normal as we can.
He said the assurance that the multicurrency
system will be in place till 2030 was more effec-
tive than any announcement that will be made
now, “especially if we stick to it”.
“If 80 percent of our business is in US dol-
lars, the question is what is stopping us from
continuing to do business?
“Obviously what we want is that promise
of 2030, if we can stick to it. We are largely in
US dollars and transactions are continuing.
Obviously, we are looking forward to the MPS,
and the solution on the Zimbabwe dollar where
we have high levels of inflation,” Nyazema said.
Business Weekly’s analysts explored the
potential impacts of different monetary policy
approaches on both businesses and consumers.
A looser monetary policy, characterised by
reduced interest rates, could be a double-edged
sword. While it would make borrowing
cheaper for businesses, potentially stimulat-
ing investment, expansion, and job creation,
it could also lead to a dangerous increase in
the money supply. This, in turn, could fuel
inflation and erode purchasing power for con-
sumers, leaving them with less money to buy
essential goods.
On the foreign exchange front, a relaxed
ented businesses. However, it would also make
imports more expensive, increasing produc-
tion costs for domestically focused businesses
and raising prices for consumers on everyday
items.
Conversely, a tighter monetary policy with
higher interest rates would make borrow-
ing more expensive, potentially discourag-
ing investment and dampening economic
growth. However, it could also be a powerful
tool to curb inflation by reducing the money
supply. This could lead to more stable prices
for consumers, allowing them to stretch their
budgets further.
When it comes to foreign exchange, a tighter
policy might involve stricter controls or a more
cautious approach to devaluation. While this
could stabilise the Zimbabwean dollar and
potentially lower import costs for businesses, it
could also create challenges for those that rely
on foreign currency for imports or hinder the
growth of export-oriented businesses.
BusinessWeekly
New city development
entices Willdale
V
Nelson Gahadza
B
rickmaker, Willdale Limited, says
the development of a new city in Mt
Hampden presents an opportunity for
the company to diversify into property devel-
opment on its land nearby.
The company is utilising its idle land as part
of efforts to raise capital to acquire the latest
manufacturing technology at an estimated
cost of US$3 million.
Willdale, listed on the Zimbabwe Stock
Exchange (ZSE), is engaged in making and
selling clay bricks and the company’s products
include common bricks, face bricks, semi-
faced bricks and paving bricks.
“The company has approximately 165,6 hec-
tares of land in Mt Hampden, an area that is
fast developing owing to the new Parliament
Building and the new city located nearby.
“This has presented an opportunity to
develop the land into residential, commercial
and industrial stands,” according to chairman
Cleophas Makoni in a circular to shareholders.
He said developing the land will result in
the company achieving a significantly higher
value for the land compared to its current
valuation of circa US$2,95 million.
“The proceeds from the development will
then be channelled towards the acquisition of a
new plant to make our bricks of higher quality
and enable the company to compete effectively
locally and in the region,” said Makoni.
Simbisa Brands expands regionally,
navigates challenges in Zim
Enacy Mapakame
S imbisa Brands, the Quick Service
Restaurant (QSR) group, reports a
positive contribution from its recent
acquisition — the Eswatini market —
despite regional currency fluctuations.
During the first to December 2023
(H124), Simbisa completed the acquisi-
tion of the previously franchised Eswatini
business. This move aimed to safeguard
brand presence and customer value in the
region following the previous franchisee’s
exit. The Eswatini market, operating 17
counters under the Chicken Inn, Pizza
Inn, and Galito’s brands, generates cash
and contributes positively to group prof-
itability.
Meanwhile, Zimbabwe’s business envi-
ronment presented significant challenges
in H124. Persistent foreign currency deval-
uation, power supply interruptions, and
a high cost of doing business pressured
performance.
Additionally, exchange rate volatility
and inflation impacted consumer spend-
ing due to a rise in living costs. Notably,
the central bank’s report of 80 percent of
transactions occurring in USD contributed
to a 19 percent increase in Simbisa’s oper-
ating expenses.
Financial performance
and growth strategy
Despite these challenges, Simbisa
achieved a 7 percent revenue increase in
H124, reaching US$146,75 million com-
pared to US$136,63 million in the same
period last year. This growth was driven
by a 2 percent year-on-year rise in cus-
tomer count and a 5 percent increase in
average customer spending. Notably, the
Zimbabwe market’s contribution to group
revenue increased from 67,65 percent to
Old Mutual expects up to
45 percent jump in profit
P an-African financial services
group Old Mutual has said its profits
surged as much as 45 percent last year
due to “exceptional growth” in new business.
The London-listed group, which is Africa’s
largest insurer by assets, said in a trading
statement ahead of its full-year results that
its profit after tax likely came in at as much
as R7,59bn (£318m) in the 12 months to
December 31, 2023.
It pinned the “robust” results from oper-
ations on “strong operational performance
Zimbabwe is stepping up efforts to build a
new city on Mt Hampden, and a new Parlia-
ment building has already been constructed
for the city that will gradually become the
administrative centre of Zimbabwe.
“Furthermore, the company has excess idle
land in Christmas Gift, Gweru, measuring
approximately 12,6 hectares, bringing the total
land available for development to about 178,2
hectares,” said Makoni.
Similarly, in 2017, the company disposed
of part of its land for $11 million, with the
proceeds utilised towards servicing debt and
settling preference share obligations.
Makoni said the proceeds from the devel-
opment will then be channelled towards the
acquisition of a new plant, making the com-
pany’s bricks of higher quality and enabling
the company to compete effectively locally
and in the region.
“The company’s current manufacturing
plant only allows for seasonal production of
bricks, with full-scale production happening
between March and November, while the pro-
duction plant is shut down for up to three
months from December to February each year
because of the need to use natural sunlight for
drying bricks before they are fired.
“This effectively means that there exists
scope for the company to optimise its pro-
duction capacity by mitigating the downtime
occasioned by the aforesaid seasonality,” he
Simbisa have a pipeline of 33 additional stores planned for the second half of
the year, primarily focused on Zimbabwe.
72,57 percent.
EBITDA (Earnings Before Interest, Taxes,
Depreciation, and Amortisation) grew
by 22 percent to US$24,67 million (from
US$20,20 million), reflecting improved
purchasing efficiencies and stronger mar-
gins (EBITDA margin at 16,81 percent).
However, Simbisa incurred unrealised
losses due to the devaluation of the Ken-
yan Shilling against the US dollar when
converting their Kenyan subsidiary’s net
assets.
Market analysts credit Simbisa’s stra-
tegic restructuring for allowing them
to focus on core markets and maximise
shareholder returns. This strategy involves
expanding their footprint through strate-
gic store openings and driving customer
loyalty. In H124, Simbisa opened 37 new
underpinned by exceptional growth in new
business and value of new business as we
continue to gain market share across our
segments”.
Old Mutual added that higher share-
holder investment returns were boosted
by higher interest rates and a recovery in
equity markets.
It expected to report adjusted headline
earnings per share between 121,3 South
African cents (5p) and 142,6 South African
cents (6p), which would be a year-on-year
Companies
said.
The chairman highlighted that technology
is available to enable all-year-round produc-
tion of bricks, and such technology involves
the use of tunnels, rotary dryers and kilns.
“The company intends to acquire and install
a plant with a rotary kiln and dryer to enhance
its production capacity,” he said.
According to the circular, the proposed
manufacturing technology benefits include
reduction of production waste, production
cost and production being all year round
rather than seasonal. Other benefits include an
environmentally friendly production process
and international competitiveness.
“In order to fund this new plant, the com-
pany intends to tap into its land banks through
the proposed Haydon, Kinvara, and Christ-
mas Gift partnerships to unlock value and
channel this into the growth of the business.
“Shareholder approval is therefore sought
to give directors the authority to bring the
development agreements with the contractors
into effect and to allow the directors to enter
into similar development agreements for the
other identified idle land Christmas Gifts,”
Makoni said ahead of an extraordinary general
meeting to be held on April 4, 2024.
Makoni said the company’s management
has entered into two development agree-
ments with Zusammen (Private) Limited
in respect of four pieces of land measuring
stores, bringing the total to 655. They have
a pipeline of 33 additional stores planned
for the second half of the year, primarily
focused on Zimbabwe.
Further customer acquisition is
expected through continued investment
in delivery services, including brand appli-
cations and app-exclusive promotions.
Looking forward
While some anticipate stabilizing meas-
ures from the monetary authorities to ease
pressure on margins, potential drawbacks
remain. Deflated agricultural output due
to the ongoing El Niño-induced drought
and softening metal prices are expected
to decrease disposable income among
lower-income consumers, potentially
impacting Simbisa’s revenue growth.
jump of between 14 percent and 34 percent
over the year before.
Old Mutual saw a basic EPS of between
146,7 South African cents (6p) and 169,8
South African cents (7p), a 27 percent to
47 percent increase.
The firm did not include profit from its
business in Zimbabwe in its estimates, citing
the economy’s hyperinflation as a cause of
earnings volatility.
Old Mutual will publish its results on
March 27. — Cityam.com
approximately 123,6 hectares at Haydon, Mt
Hampden.
The principal objective of the aforesaid
Haydon Development Agreement is the
partnering of the company with Zusammen
as the contractor to achieve the development
of the 123,6 hectares of land into residential,
commercial and industrial stands and the
subsequent disposal of the developed stands.
Melrose Construction (Private) Limited
trades as Integrated Construction has 42 hec-
tares of land to be subdivided into commercial
and industrial stands and the subsequent dis-
posal of the developed stands.
In sync with the development of the new
city, construction of the Zimbabwe Cyber
City, a modern capital in Mt Hampden, has
also begun with the first phase of 50 villa units
out of 233 units expected to be delivered within
the next 18 to 24 months.
The cyber city, bankrolled by Mulk Hold-
ings International, will make Zimbabwe the
first African country with a smart capital city
built from scratch and will usher in a new
era of economic and social development for
Zimbabwe.
Zim Cyber City will facilitate special win-
dow clearance of blockchain and digital assets
licences and bank accounts, cutting-edge
office spaces, and high-end residential living
for all individuals and entities operating and
living in the community.
Global downturn, local
challenges strain BNC
Michael Tome
Business Writer
ICTORIA Falls Stock
Exchange (VFEX)
listed entity, Bindura
Nickel Corporation (BNC)
says low resource grade and
depressed nickel prices on the
global market are threatening
the survival of the nickel min-
er’s operations. In the trading
update for the nine months
to December 2023, BNC out-
lined several challenges that
threaten their operations in the current finan-
cial year.
Generally, nickel demand has been on a
downtrend, affected by several factors that
include, but are not limited to China’s slow
recovery from Covid-19 and the slow uptake
of Electric Vehicles. China’s slow recovery
from Covid-19 has incited a decline in the
construction sector projects where steel is
used substantially.
Nickel is a significant component used in
steel processing, hence less steel used in con-
struction reduces the demand for nickel.
The electric car revolution is generally
expected to transform prospects of the nickel
mining sector, given the product is a major
component of hybrid car batteries, but there
has been a growing use of other battery alter-
natives using Lithium Iron Phosphate (LFPs).
As it stands, nickel surplus is expected to
reach 140 000 tonnes in 2024, from a reported
2023 surplus of 200 000 tonnes in an estimated
3,2 million tonnes market.
Glut and subdued global nickel demand
have consequently led to a rapid slump in
global nickel prices, and are expected to remain
under pressure during the 2024 calendar year.
Among all LME base metals, Nickel experi-
enced a substantial decline last year, dropping
by 48 percent during the calendar year 2023,
dropping from $31 200 per tonne at the begin-
ning of January to $16 300 per tonne at the end
of December 2023. This was also attributable
to the increase in Indonesia’s production of
lower purity class 2 nickel which is used in
steel making. Analysts expect nickel prices
to remain subdued in the last quarter of the
2024 financial year and to settle at an average
of US$17 000 per tonne during the year.
However, the commodity has rallied 8,6
percent this month and is on track for its first
monthly gain since July. Three-month perfor-
mance on the London Metal Exchange shows
that nickel rose 0, 4 percent to $17 675 a tonne
on Thursday last week after touching $17 830,
on November 10, 2023.
Locally, the operating environment remains
fickle, foreign exchange instability and power
shortages notably affected operations in the
quarter to December and this is expected to
15 — 21 March 2024 3
persist in the last quarter of
BNCs financial year. Generally,
the turbulent operating envi-
ronment is anticipated to keep
Zimbabwe’s economic activity
below its potential.
Operationally BNC was at a
disadvantage, affected by the
breakdown of its Sub Vertical
Rock Winder (“SVR”) bull gear
since September 2022.
This breakdown led to a
decline in the SVR hoisting
capacity, which declined to just
25 percent of its installed capacity. The break-
down fix is, however, expected to be complete
in the first quarter of 2024 from the initially
scheduled October 31, 2023.
BNC finance director Mr Believe Diror-
imwe (pictured) said the mining company is
growingly becoming vulnerable to a myriad of
viability challenges in its operations.
“Currently, the Company is faced with sev-
eral challenges that threaten the survival of the
business and the restart of the mine following
the replacement of the SVR bull gear.
“These challenges include low nickel price
on international markets, high domestic input
costs, particularly electrical power costs, which
have increased by more than 60 percent over
the last 16 months,” said Dirorimwe.
He however cited the need for more capi-
tal injection to improve operational viability
considering the overall low resource grade
and the prevailing depressed Nickel prices on
global markets.
“The company recognises the need to
acquire the required investment capital and
for a sustainable electrical power tariff. There
is a need for capital to refurbish underground
mining mobile equipment and the concentra-
tor plant, and development of the mine which
has been lagging for the past two decades.”
According to BNC despite facing operational
challenges, particularly the prevailing low
Nickel price, Trojan Nickel Mine is sitting on
approximately 13 million tonnes of nickel ore
at an average grade of 0,97 percent.
“This substantial resource gives a life of
mine of at least 10 years at maximum design
production capacity.”
According to BNC, no ore was mined or
milled during third quarter of the 2024 finan-
cial year stemming from the above-mentioned
SVR breakdown. In the comparable period last
year, the company mined 51 770 tonnes of ore,
milled 50 907 tonnes of ore, and produced
275 tonnes of nickel in concentrate. As such,
no nickel in concentrates sales were recorded
in the period compared to last year’s 207
tonnes. Consequently, the lack of production
resulted in a significant decline in financial
performance and the company incurred a loss
for the quarter.
4 15 — 21 March 2024
Note from
ZNCC
The Women’s Desk of
the Zimbabwe National
Chamber of Commerce
(ZNCC-WD) proudly
hosted a transformative
Women in Business
Symposium on March 6,
2024 at the prestigious
Cresta Lodge in Msasa.
T his event was a significant part of the
commemorations of International
Women’s Day, a global celebration
observed annually on March 8, coinciding
with Women’s History Month.
The symposium brought together a
diverse array of women entrepreneurs, pro-
fessionals, and leaders from various sectors,
creating a vibrant platform for dialogue,
networking, and learning.
It was a testament to the resilience, cre-
ativity, and determination of women in
Zimbabwe to excel in business and lead-
ership roles.
Participants engaged in insightful discus-
sions, sharing experiences, challenges, and
successes, while also exploring opportuni-
ties for collaboration and growth.
The event showcased the remarkable
achievements of women in the busi-
ness-world and highlighted the importance
of gender equality and women’s empow-
erment in driving economic development
and prosperity.
Commissioner Margaret Mukahana-
na-Sangarwe responded by saying that we
cannot run away from the situation and
the issues of glass ceilings are real and
numbers do not lie. While reflecting on
the business landscape in Zimbabwe, she
reported that women are over-represented
in small enterprises and under-represented
in major economic sectors like mining, edu-
cation, construction, financial services, and
transport.
This was attributed to cultural barriers
and stereotypes. In line with the previous
speakers, the Commissioner submitted that
what is missing is the men since women
have been talking to themselves for so long.
In this regard, men are needed in the midst
and in such rooms.
The Gender Commission introduced a
Women Rise in Politics initiative during
the run-up to the 2023 General Elections
in an endeavour to encourage and facil-
Building supportive ecosystems
for women entrepreneurs, leaders
Ms Mona-Lisa Dube
Advocate Marara
itate women’s participation in politics at
the local authority, national assembly, and
presidential level. She advised the delegates
that power is not given, it is taken. In an
endeavour to level the playing field, she
submitted that there is a need for relevant
supportive laws such as the Gender Equality
Act, and Sexual Harassment Act.
As a point of empowering fellow women,
Justice Loice Matanda-Moyo submitted
that women should refuse to be used by
men. In an endeavour to uplift deserving
women, the National Prosecuting Authority
of Zimbabwe (NPAZ) has been ensuring that
women are advanced based on merit since
her appointment.
The top eight leaders at the NPAZ now
have an equal number of females as their
male counterparts. Women should have the
spirit of lifting one another the leadership
ladders positions within the organisation
and take the initiative to rise up the cor-
ZIMBABWE
Analysis BusinessWeekly
(From left): Captain Matimba — Air Zimbabwe; Ms Tatiana Ellis — chief operating officer, West Prop Holdings; Commissioner Margaret Mukahanana-Sangarwe —
Chairperson, Zimbabwe Gender Commission; Justice Loice Matanda-Moyo — Prosecutor General, National Prosecuting Authority of Zimbabwe
porate ladder. given the realities that come with being a emphasising the importance of mindset action against abuse.
Structures such as the Network Centre woman. and women supporting each other. Justice There was a call for women not to keep
for Women at WestProp have been criti- Advocate Marara also stressed the Loice Matanda-Moyo challenged women quiet when assaulted and to speak out
cal in empowering women and WestProp’s importance of aspiring women leaders to consider what they bring to the table against such injustices. Advocate Marara
organisational policy makes it mandatory to having a compelling value proposition and their contributions to their social and and Captain Matimba emphasised the
have at least 50 percent of the chief officers that would attract partners and form strong professional circles. She urged continuous importance of safe spaces for women, where
being women. The Centre has been assist- business relationships. In closing remarks, education and learning to prepare for lead- they can be vulnerable and seek support.
ing female employees on how best to deal panellists, including Captain Chipo Mat- ership positions. Captain Matimba highlighted the need for
with stress in a dynamic environment and imba, emphasised that every woman must During the plenary session, several women to accept their humanity and not
has been presenting Recognition Awards strive to excel in her field, as anything is important submissions were made and strive for superhuman feats, emphasising
every quarter. possible in life. these included media advocacy. It was the importance of self-care and time man-
In empowering the female customer, Ms Tatiana Ellis advised women to focus emphasized that media professionals agement.
WestProp Holdings has made it possible on three key aspects: mindset, surrounding should present facts and advocate for wom- The Gender Commission was mentioned
for women to purchase properties without themselves with quality individuals, and en’s rights. Fungai Munyeza highlighted as a safe space for women to report cases of
collateral, and in this regard, more than 50 developing their skill set. She also empha- the need to debunk the myth that women abuse and seek assistance. These submis-
percent of inquiries in properties are by sised the importance of communication, cannot work together effectively. sions underscore the diverse challenges
women. Mona-Lisa chipped by presenting encouraging women to be assertive and Participants stressed the importance of faced by women and the importance of
a question to Advocate Arthur Marara on intelligent. Commissioner Mukahana- having personal legal counsel for advice advocacy, collaboration, and support sys-
the importance of having the right mindset na-Sangarwe echoed these sentiments, and the need for courage in pursuing legal tems in addressing these issues.
Cultivating brand loyalty
bility is by giving uncommon tively utilized this procedure. profound associations with clients.
client encounters. Airbnb centres around making This strategy is demonstrated by
This includes blowing away significant and essential encoun- the outdoor clothing and gear com-
client assumptions at each ters for its visitors. The organisation pany Patagonia.
touchpoint. How about we stresses “having a place anyplace” Patagonia has developed brand
inspect the case of Zappos, and means to cultivate a feeling dedication by adjusting its qual-
an internet based shoe and of local area among its clients. ities to those of its clients. The
apparel retailer known for its Through customised proposals, organisation is known for serious
remarkable client support. organised travel guides, and a areas of strength for its to eco-
Dr Keen Mhlanga Zappos has gained notori- survey framework that features logical manageability and moral
ety for putting in any amount real encounters, Airbnb fabricates, assembling rehearses. Patagonia
Procedures and of work to fulfill its clients. To entrust and close to home associa- effectively takes part in ecological
Models Introduction:
I
ensure a seamless shopping tions with its clients. drives, urges clients to fix and reuse
n the present exception- experience, the company pro- items, and gives a piece of
ally cutthroat business
scene, developing brand
vides hassle-free returns and
free shipping. Zappos’ client
Developing its deals to natural causes.
By standing firm on
dedication has turned into
a fundamental objective for
support agents are prepared
to be well disposed, accom-
brand devotion issues that reverberate
with their ideal interest
organisations looking for long modating, and enabled to is a basic goal group, Patagonia has
haul achievement. speedily determine any issue. fabricated a steadfast cli-
Building a base of faithful By reliably conveying excel- for organisations ent base that esteems the
clients drives rehash buys
as well as produces positive
lent client encounters, Zappos
has cultivated an unwavering looking for practical brand’s credibility and
reason driven approach.
verbal, brand backing, and
expanded client lifetime
client base that makes want
more and more.
development and Developing brand
devotion is a basic goal
esteem. Building close to achievement. for organisations looking
In this article, we will inves- for practical development
tigate the systems utilised home Associations and achievement.
by driving organisations to Making profound associa- By empowering explorers to By carrying out powerful meth-
tions with clients is one more
develop brand dependability, interface with hosts and experience odologies and drawing motivation
remarkable system for devel-
featuring certifiable models objections like local people, Airbnb from fruitful models, organisations
that delineate these method-
oping brand unwaveringness. has developed a faithful client base can areas of strength for fabricate
ologies’ viability. At the point when clients feel that esteems the brand’s special rec- associations, convey remarkable
Conveying genuinely associated with a ommendation. client encounters, and cultivate
brand, they are bound to Programmes for loyalty enduring associations with their
remarkable client stay faithful and supporter clients.
encounters for the brand. Airbnb, a stage and individualisation Organisations like Zappos, Air-
One of the best ways of that interfaces explorers with Carrying out unwavering bnb, Starbucks, and Patagonia have
developing brand dependa- interesting facilities, has effec- programmes and customised exhibited the force of these systems
encounters can essentially add in developing brand faithfulness.
to developing brand dedication. By reliably conveying outstanding
Starbucks, the worldwide espresso client encounters, building close
Goliath, has effectively used these to home associations, executing
techniques to draw in and hold its customised unwaveringness pro-
clients. grammes, and participating in
Starbucks’ dependability pro- friendly obligation, these organ-
gramme, Starbucks Prizes, offers izations have effectively made
clients different advantages and steadfast client bases that backer
awards for their proceeded with for their brands.
support. Free drinks, personalized As organisations explore the
offers, and the ease of mobile order- serious scene, they should focus
ing and payment are all available on developing brand dedication as
to members. an essential goal. Companies can
The programme is intended to establish a foundation of devoted
cause clients to feel appreciated customers who will not only con-
and esteemed, making a feeling tinue to support their brand but
of selectiveness and dependability will also become brand ambassa-
to the brand. Moreover, Starbucks dors, driving growth and success
use client information to give cus- in the long run, by investing in the
tomised suggestions and advance- strategies and principles discussed
ments, upgrading the general client in this article.
experience and reinforcing brand ◆◆ Dr Keen Mhlanga is an
dependability. investment advisor with
Fai:DI6638389/DI6638388-F15
Connecting through high skills in Finance. He
is the executive chairman
friendly obligation of FinKing Financial Advi-
In the present socially cognisant sory. Send your feedback to
world, marks that show a pledge keenmhlanga@gmail.com,
KUD:DI6638170-F15
to social obligation can cultivate contact him on 0777597526.
BUSINESSWEEKLY
Dr Kudzanai Vere
Introduction
Artificial intelligence
(AI) has emerged as
a groundbreaking
technology that
is revolutionising
various industries,
including auditing
and accounting.
W
ITH its ability to process vast
amounts of data, identify pat-
terns and make predictions, AI
is streamlining and enhancing traditional
auditing and accounting practices.
In this article, we will explore the diverse
applications of AI in auditing and account-
ing, the benefits it offers and the potential
challenges to be addressed.
1. Automated data analysis
One of the key areas where AI has made
a significant impact is data analysis. Audit-
ing and accounting involve extensive data
processing, which can be time-consuming
and prone to errors.
AI-powered tools can automate data anal-
ysis, enabling auditors and accountants to
process large volumes of financial infor-
mation accurately and efficiently. Machine
learning algorithms can identify anomalies,
detect fraud patterns, and flag any irregu-
larities that require further investigation.
2. Fraud detection and risk
assessment
Detecting fraud is a critical aspect of
auditing and accounting. AI systems can
analyse financial transactions, identify
suspicious activities and alert auditors to
potential fraud risks.
Phillip Jonhera
Search engine
optimisation (SEO) is
the art and science
of getting pages to
rank higher in search
engines such as
Google.
B
ECAUSE search is one of the main
ways in which people discover content
online, ranking higher in search engines
can lead to an increase in traffic to a website.
In Google and other search engines, the
results page often features paid ads at the top
of the page, followed by the regular results
or what search marketers call the “organic
search results”.
Traffic that comes via SEO is often referred
to as “organic search traffic” to differentiate it
from traffic that comes through paid search.
Paid search is often referred to as search engine
marketing (SEM) or pay-per-click (PPC).
The benefits of SEO
Search engine optimisation is a key part
of online marketing because search is one of
the primary ways that users navigate the web.
Search results are presented in an ordered
list and the higher up on that list a site can get,
the more traffic the site will tend to receive.
For example, for a typical search query, the
number one result will receive 40-60 per-
cent of the total traffic for that query, with
the number two and three results receiving
significantly less traffic.
Only 2-3 percent of searchers click beyond
the first page of search results. Thus, even a
small improvement in search engine rankings
can result in a website receiving more traffic
and potentially business.
Because of this, many businesses and web-
site owners will try to manipulate the search
results so that their site shows up higher on
the search results page (SERP) than their com-
petitors. This is where SEO comes in.
How Does SEO works ?
Search engines such as Google use an algo-
rithm or set of rules to determine what pages
to show for any given query. These algorithms
have evolved to be extremely complex, and
take into account hundreds or even thousands
of different ranking factors to determine the
rankings of their SERPs.
However, there are three core metrics that
search engines evaluate to determine the qual-
ity of a site and how it should rank:
1. Links — Links from other websites play a
key role in determining the ranking of a site in
Google and other search engines. The reason
being, a link can be seen as a vote of quality
from other websites, since website owners
are unlikely to link to other sites that are of
poor quality.
Sites that acquire links from many other
Transforming auditing, accounting
with Artificial Intelligence
By analysing historical data and patterns,
AI algorithms can learn to recognise fraud-
ulent behaviour and predict future risks.
This proactive approach helps auditors and
accountants to focus their efforts on high-
risk areas and allocate resources effectively,
minimising financial losses and reputa-
tional damage.
3. Enhanced compliance and
regulatory reporting
Compliance with regulatory standards
and reporting requirements is a fundamen-
tal aspect of auditing and accounting. AI
technologies can assist in ensuring accuracy
and consistency in compliance processes.
By continuously monitoring and analys-
ing financial data, AI systems can identify
any deviations from regulatory standards
and provide real-time alerts.
This proactive approach facilitates timely
corrective actions, reduces compliance-re-
lated risks and enhances overall regulatory
reporting accuracy.
4. Intelligent data extraction
and classification
AI-powered optical character recogni-
tion (OCR) and natural language processing
(NLP) techniques have greatly improved the
efficiency of data extraction and classifica-
tion processes.
AI algorithms can scan and extract rel-
evant information from various financial
documents, such as invoices, receipts and
contracts.
This automation significantly reduces
manual data entry errors and frees up val-
uable time for auditors and accountants to
focus on higher-value tasks, such as data
analysis and strategic decision-making.
5. Predictive analytics and
forecasting
AI algorithms can analyse historical
financial data and market trends to generate
accurate forecasts and predictions. By lev-
eraging machine learning techniques, audi-
tors and accountants can identify future
What is search engine optimisation?
sites gain authority (called “PageRank” in
Google) in the eyes of search engines, espe-
cially if the sites that are linking to them are
themselves authoritative.
Content — In addition to looking at links,
search engines also analyse the content of a
webpage to determine if it would be relevant
for any given search query. A large part of SEO
is in creating content that is targeted towards
the keywords that search engines’ users are
searching for.
3. Page structure — The third core com-
ponent of SEO is page structure. Because web-
pages are written in HTML, how the HTML
code is structured can impact a search engine’s
ability to evaluate a page. Including relevant
keywords in the title, URL, and headers of the
page and making sure that a site is crawlable
are actions that site owners can take to improve
the SEO of their site.
The search engine optimisation process
involves optimising each of these core com-
ponents of search engine algorithms in order
to rank higher in the search results.
Search engine optimisation
techniques
Understanding how search engines work is
only the first step of the process in improving
a site’s search rankings. Actually improving
a site’s rank involves leveraging various SEO
techniques to optimize the site for search:
Keyword research — Keyword research is
often the starting point for SEO and involves
looking at what keywords a site is already
ranking for, what keywords competitors
rank for, and what other keywords potential
customers are searching for.
Identifying the terms that searchers use
in Google search and other search engines
provide direction on what existing content
Analysis 15 — 21 March 2024 5
accounting also comes with challenges
that need to be addressed:
1. Ethical considerations: As AI systems
handle sensitive financial data, maintain-
ing data privacy and ensuring ethical use
of AI technology are crucial. Regulatory
frameworks and ethical guidelines must be
established and followed to protect stake-
holders’ interests.
2. Skill development: Organisations
need to invest in training their workforce
to develop the necessary skills to effec-
tively leverage AI tools and technologies.
Upskilling auditors and accountants will be
essential to maximise the benefits AI offers.
3. Interpretation and validation: While
AI can process and analyse vast amounts of
data, interpreting the results and validating
the findings still require human judgment
and expertise. Collaboration between AI
systems and human professionals is vital
to ensure accurate and reliable outcomes.
Conclusion
Artificial intelligence is transform-
ing auditing and accounting practices,
empowering auditors and accountants to
work more efficiently, detect fraud, ensure
compliance, and make data-driven deci-
sions. By harnessing the power of AI tech-
nologies, organisations can enhance their
financial reporting, reduce risks and gain
valuable insights for strategic planning.
As AI continues to evolve, it is crucial to
By continuously monitoring and analysing financial data, AI systems can identify any deviations from regulatory standards address ethical considerations, invest in
and provide real-time alerts skill development, and strike the right
balance between automation and human
risks, anticipate market trends and make icant benefits: patterns and anomalies that may go unno- expertise to maximise the benefits of AI in
data-driven decisions. 1. Increased efficiency: AI automates ticed through traditional auditing methods, auditing and accounting.
Predictive analytics enables proactive time-consuming tasks, reducing manual strengthening the overall control environ- ◆ Dr Kudzanai Vere is a forensic
financial planning, budgeting and risk effort and enabling auditors and account- ment. accounting expert who has worked
management, empowering organisations ants to focus on more strategic and val- 4. Real-time insights: AI provides with various insurance companies
to adapt to changing market conditions ue-added activities. real-time monitoring and alerts, allowing in Zimbabwe on high level insurance
and optimise their financial performance. 2. Enhanced accuracy: AI algorithms auditors and accountants to address issues claims. He is a director at Kudfort
Benefits of AI in auditing and can process vast amounts of data accurately, promptly and make timely decisions based Zimbabwe and regional director for
minimising human errors and improving on up-to-date information. Centre for Business and Entrepre-
accounting the reliability of financial reporting. neurship Development. He can be
Challenges and Considerations
The integration of AI in auditing and 3. Improved fraud detection: AI-pow- contacted on +263772592233 or email
accounting processes offers several signif- ered systems can detect complex fraud Implementing AI in auditing and drk@kudzanaivere.com
of the page to use relevant search terms, and Console (formerly known as “Google Web-
using the alt attribute to describe images. master Tools”) is a free tool provided by
Updating a page’s meta tags (such as the Google, and is a standard tool in the SEO’s
meta description tag) can also be beneficial — toolkit. GSC provides rankings and traffic
these tags don’t have a direct impact on search reports for top keywords and pages, and can
rankings, but can increase click-through rate help identify and fix on-site technical issues.
from the SERPs. Google Ads Keyword Planner — Key-
Site architecture optimisation — External word Planner is another free tool provided by
links are not the only thing that matters for Google, as part of their Google Ads product.
SEO, internal links (the links within one’s own Even though it is designed for paid search,
website) play a large role in SEO as well. it can be a great tool to use for SEO since it
Thus a search engine optimiser can improve provides keyword suggestions and keyword
a site’s SEO by making sure key pages are being search volume, which can be helpful when
linked to and that relevant anchor text is being
used in those links to help improve a page’s
doing keyword research.
Backlink analysis tools — There are a
relevance for specific terms. Creating an XML
sitemap can also be a good way for larger pages
number of link analysis tools out there, the
two primary ones being AHREFs and Majestic.
to help search engines discover and crawl all Backlink analysis tools allow users to analyze
of the site’s pages. which websites are linking to their own web-
Semantic markup — Another SEO strategy site, or the websites of competitors, and can
that SEO experts utilize is optimizing a website’s be used to find new links during link building.
semantic markup. Semantic markup (such as SEO platforms — There are many different
Schema.org) is used to describe the meaning SEO platforms that bring together many of the
behind the content on a page, such as helping tools that SEO needs to optimize sites.
can be optimised and what new content can parlance) are one of the core ranking factors to identify who the author of a piece of content Some of the most popular include Siteim-
be created. in Google and other major search engines, is or the topic and type of content on a page. prove, Moz, BrightEdge, Searchmetrics and
Content marketing — Once potential obtaining high-quality backlinks is one of the Using semantic markup can help with Linkdex. These platforms track keyword rank-
keywords are identified, content marketing main levers that SEO has. getting rich snippets displayed in the search ings, help with keyword research, identify
comes into play. This can be updating exist- This can involve promoting good content, results page, such as extra text, review stars on-page and off-page SEO opportunities, and
ing content or creating brand new pieces of reaching out to other websites and building and even images. many other tasks related to SEO.
content. Because Google and other search relationships with webmasters, submitting Rich snippets in the SERPs doesn’t have an
engines place a premium on high-quality con- websites to relevant web directories, and get- impact on search rankings, but can improve Social media — Most social media sites
tent, it’s important to research what content ting press to attract links from other websites.CTR from search, resulting in an increase in don’t have a direct impact on SEO, but they
is already out there and create a compelling On-page optimisation — In addition to organic traffic can be a good tool for networking with other
piece of content that provides a positive user off-page factors such as links, improving the Top SEO tools webmasters and building relationships that
experience and has a chance of ranking higher actual structure of the page can have tremen- can lead to link building and guest posting
in the search engine results. Good content also dous benefits for SEO, and is a factor that is As a fairly technical discipline, there are opportunities.
has a greater chance of being shared on social entirely in the control of the webmaster. many tools and software that SEO relies on to
media and attracting links. Common on-page optimisation techniques help with optimizing websites. Below are some ◆ Phillip Jonhera is a creative digital
Link building — Because links from include optimizing the URL of the page to commonly used free and paid tools: marketer and brand identity special-
external websites (called “backlinks” in SEO incorporate keywords, updating the title tag Google Search Console — Google Search ist/founder at Nova Digital.
6 15 — 21 March 2024 Markets BusinessWeekly

Business Weekly Stock Market Update

Zimbabwe Stock Exchange Key Statistics ZSE
Name Closing Price Previous Price Weekly 2023 Last Price YTD % Mrkt Cap Indices
Change % ZWL$mln Previous Closing WTD % Dec-23 YTD %
Afdis 400300 399998.75 0.08 260000 +53.96 478,336.57 ZSE All Share Index 508,171.16 548,400.18 7.92 210,833.92 160.11
Ariston 7000 6602.79 6.02 4700 +48.94 113,917.69 ZSE Top 10 Index 225,747.61 246,333.17 9.12 90,085.91 173.44
Art 21000 21700 -3.23 6400 +228.13 91,765.25 ZSE Top 15 Index 294,594.59 324,687.51 10.22 121,916.39 166.32
BAT 3382250 3979105 -15.00 1310000 +158.19 697,877.13 Small Cap 12,626,424.35 12,702,579.67 0.60 5,483,703.77 131.64
BFCA 7000 3500 100.00 1700 +311.76 840.00 Market Capitalisation
BFCB 3300 3300 0.00 3365 -1.93 44.29 Previous $mln Closing $mln WTD % Dec-23 YTD %
Cafca 1210000 880000 37.50 334500 +261.73 105,694.81 Total 40,007,003,813 43,642,040,931 9.09 15,770,920,684 176.72
CBZ 738956.87 760000 -2.77 317500 +132.74 3,862,242.80 Top 5 Risers
CFI 260000 260000 0.00 218500 +18.99 275,706.28 Name Current Price Previous %
Cottco 0.2 0.2 0.00 0.2 +0.00 2.19 BFCA 7000 3500 100
Delta 979837.61 819460 19.57 350932.72 +179.21 12,795,205.56 Meikles 394000 245700 60.35816036
DZLH 105197.13 105000 0.19 60699.43 +73.31 376,606.63 Turnall 6500 4158.85 56.29320605
Ecocash Holdings 55909.2 62208.33 -10.13 17617.94 +217.34 2,345,277.96 Cafca 1210000 880000 37.5
Econet 227010.67 165393.13 37.25519917
Econet 227010.67 165393.13 37.26 84595.28 +168.35 6,792,529.73
Edgars 35964.39 39900 -9.86 9000 +299.60 217,314.03 Top 5 Fallers
FBC 280000 280000 0.00 90605 +209.03 1,881,459.80 Hippo 418510.34 550000 -23.90721091
NMB 242250 285000 -15
Fidelity Life 71530 62200 15.00 23500 +204.38 77,912.83
BAT 3382250 3979105 -14.99972984
FML 360000 360000 0.00 104685.6 +243.89 2,484,515.02 Mash 30000 34500 -13.04347826
FMP 58000 58000 0.00 32205 +80.10 718,131.24 SeedCo 194993.64 220000.21 -11.36661188
GB Holdings 13600 13700 -0.73 2400 +466.67 72,976.05
Exchange Traded Fund
Hippo 418510.34 550000 -23.91 190000 +120.27 807,811.02
Current Price Previous Price Change %
Lafarge 14375 14375 0.00 14375 +0.00 11,500.00
Cass Saddle Agric ETF 728.18 850 -14.33
Mash 30000 34500 -13.04 14150 +112.01 506,275.20 Datvest MCS ETF 1999.22 1969.04 1.53
Masimba 293995 294400 -0.14 81000 +262.96 703,789.07 Morgan&Co Made in Zim 1925 1950 -1.28
Meikles 394000 245700 60.36 124697.01 +215.97 1,009,233.92 Morgan&Co Multi-Sector 70155 70150 0.01
Nampak 48076.92 47000 2.29 29500 +62.97 363,292.33 OM ZSE Top-10 ETF 9200 7994.85 15.07
NMB 242250 285000 -15.00 68000 +256.25 979,105.92 Top 10 Market Capitalisation
NTS 16000 16000 0.00 4940 +223.89 40,619.59 COUNTER Value % of total mkt cap
OK Zimbabwe 59080.76 59400 -0.54 21384.44 +176.28 765,870.88 DLTA.zw $12,974,697,504,349 29.73
Old Mutual 8202.06 8202.06 0.00 8202.06 +0.00 5,141.08 ECO.zw $6,792,529,734,624 15.56
PPC 798 798 0.00 798 +0.00 295.95 CBZ.zw $3,862,242,802,460 8.85
Proplastics 129400 129395 0.00 60800 +112.83 326,004.70 FML.zw $2,484,515,016,000 5.69
RTG 41000 38000 7.89 16000 +156.25 1,023,153.17 EHZL.zw $2,345,277,963,720 5.37
FBC.zw $1,881,459,795,600 4.31
SeedCo 194993.64 220000.21 -11.37 100000 +94.99 486,262.80
RTG.zw $1,023,153,172,630 2.34
Star Africa 921.87 818.63 12.61 800 +15.23 43,466.95 MEIK.zw $1,009,233,919,540 2.31
Tanganda 224255 194255 15.44 95700 +134.33 585,450.40 NMB.zw $979,105,916,603 2.24
Truworths 9000 9000 0.00 3900 +130.77 69,132.15 HIPO.zw $807,811,018,666 1.85
TSL 220000 235000 -6.38 110000 +100.00 787,769.33 Total $34,160,026,844,193 78.27
Turnall 6500 4158.85 56.29 4000 +62.50 280,522.22 Victoria Falls Stock Exchange
Unifreight 48800 42500 14.82 25000 +95.20 51,959.43 Latest Previous Weekly Change 2023 Last Price Mrkt Cap
Willdale 4990.58 5000 -0.19 4220.97 +18.23 88,732.58 YTD %
UScents UScents % US$mln
ZBFH 200000 190000 5.26 85796.56 +133.11 350,381.28 African Sun 3 3 0.00 5.02 -40.2 44.34
Zeco 4.52 4.52 0.00 4 +13.00 20.94 Axia 8.86 8.88 -0.23 8 +10.8 49.17
ZHL 31958 26500 20.60 18445 -5.3 581,066.36 Bindura 1.1 1.1 0.00 1.13 -2.7 14.00
Zimpapers 10000 10144.33 -1.42 3400 +44.1 57,600.00 Caledonia 16 16 0.00 16.2 -1.2 0.10
Hwange 7.25 7.25 0.00 7.25 12.17 FCB 2.03 2.1 -3.33 2.03 43.87
Innscor 44.1 44.5 -0.90 44 +0.2 251.32
RioZim 119000 119000 0.00 80000 +12.5 145,215.07
Natfoods 127 145.19 -12.53 144.5 -12.1 86.87
Nedbank 1105 1105 0.00 1200 -7.9 1.78
ZDR
Padenga 13.03 13 0.23 17.05 -23.6 70.57
SeedCo Intl 28.5 28.09 1.46 30.95 -7.9 74.26
Simbisa 34.32 34.95 -1.80 32.5 +5.6 192.94
WestProp 1000 1000 0.00 1000 300.00
Zimplow 3 3.51 -14.53 3.96 -24.2 10.34
GOLD COIN PRICE/oz 14-03-2024
PREVIOUS DAY’S GOLD PM FIX 2,168.40
CURRENCY SELLING PRICE
USD 2,276.82
ZAR 42,382.32
BWP 30,977.14
AUD 3,442.95
GBP 1,780.30
EUR 2,081.00
ZWL 44,657,327.11

VAT REGISTRATION THRESHOLD DIGITAL TOKEN PRICE/mg

EXCHANGE RATES 14-03-2024
USD0.0662 ZWL1,299.02

Who qualifies for VAT Registration? INTERBANK RATES

A trader whose taxable supplies exceeds or is expected to exceed US$25,000 or ZWL equivalent) within a period of 12 CURRENCY BID ASK AVG
months qualifies for VAT Registration. Registration can be either compulsory or voluntary. USD/ZWL$ 16906.4761 18755.1660 17830.8211
GBP/ZWL$ 21621.6922 23999.1104 22810.4013
Compulsory Registration EUR/ZWL$ 18497.3755 20521.9026 19509.6391
Applicable to traders whose taxable supplies meets or exceeds the prescribed amount (US$25,000 or ZWL equivalent ZWL$/ZAR 0.0009 0.0011 0.0010
effective 1 January 2024) during any period of 12 months. However, the following circumstances will not be regarded as BWP/ZWL$ 1242.6259 1389.7578 1316.1919
having met or exceeded the prescribed amount: Market Performance | Overview
• Abnormal circumstances of a temporary nature e.g. once off transactions
Selected 1-week
• The sale of stock or other assets due to any cessation of or any substantial and permanent reduction in the size or Index Name Index Level Year-To-Date returns
scale of any trade Markets returns
• The replacement of plant and machinery or other capital assets used in the trade. Local (%) Local (%) USD (%) EUR (%) Date
Botswana BSE DCI 9,053.13 -0.04 +1.38 +0.17 +1.23 14-Mar
Voluntary Registration BRVM BRVM-CI 212.55 +0.77 -0.75 -1.59 -0.94 13-Mar
Applicable to traders who wishes to register voluntarily and whose taxable supplies do not meet or exceed the threshold Egypt EGX 30 31,316.43 +0.05 +25.8 -19.22 -17.81 14-Mar
(US$25,000 or ZWL equivalent for year 2024) during any period of 12 months, and have in the past not been found Ghana GSE-CI 3,349.78 +1.34 +7.01 -1.16 -0.5 13-Mar
having failed to comply with the tax legislation. Subject to minimum turnover set by the Commissioner, the trader will also Kenya NSE ASI 100.04 +5.92 +8.61 +24.61 +26.02 14-Mar
be required to meet the following conditions: Malawi MSE ASI 113,025.26 -0.01 +1.87 +1.42 +2.3 14-Mar
• Should be carrying on trade Mauritius SEM ASI 1,901.71 -0.03 +1.54 -1.88 -0.63 14-Mar
• That they intend to carry on trade from a specified date Morocco MASI 12,968.77 +0.72 +7.24 +5.85 +7.16 14-Mar
• Have a fixed place of abode or business Namibia NSX OI 1,518.64 -1.55 -7.02 -7.94 -6.55 14-Mar
• Maintain records of his transactions Nigeria NGX ASI 104,056.21 +3.71 +39.16 -21.37 -20.98 14-Mar
Rwanda RSE ASI 144.47 - +0.54 -2.54 -3.04 14-Mar
How to register for VAT South Africa JSE ASI 73,340.69 -0.36 -4.62 -6.34 -5.33 14-Mar
• One must be registered with ZIMRA having a TIN Number. Tanzania DSE ASI 1,767.51 +0.03 +0.96 -0.01 +0.25 14-Mar
• For registration visit the official Self Service Portal - SSP at https://mytaxselfservice.zimra.co.zw Tunisia TUNINDEX 8,685.72 -0.38 -0.74 -1.74 -0.74 14-Mar
Uganda USE ASI 939.66 +1.19 +7.7 +4.59 +5.68 14-Mar
My Taxes, My Duties: Building my Zimbabwe!! Zambia LuSE ASI 12,450.72 +0.28 +14.98 +19.86 +20.8 14-Mar
Zimbabwe ZSE ASI 569,457.44 +12.52 +170.1 -7.97 -6.44 14-Mar
Disclaimer
This article was compiled by the Zimbabwe Revenue Authority (ZIMRA) for information purposes only. ZIMRA shall not
accept responsibility for loss or damage arising from use of material in this article and no liability will attach to the
Stock Market Weekly Review
Business Writer

T
Zimbabwe Revenue Authority.
he Zimbabwe Stock Exchange (ZSE) expe-
rienced a strong week, closing bullish for
To contact ZIMRA: the period ending Wednesday, March 13,
2024. The All Share Index rose significantly by
www. zimra.co.zw 7,92 percent, reaching a new level of 548 400,18.
@Zimra_11 The positive sentiment extended to the ZSE
ZIMRA.ZW Top 10 Index, which saw an even steeper climb
pr@zimra.co.zw/webmaster@zimra.co.zw of 9,12 percent, closing at 246 333,17. This upward
trend also contributed to a 9,09 percent increase
Contact Centre 585/ For Netone08010271 in market capitalization, bringing the total value
contactcentre@zimra.co.zw to an impressive $43,6 trillion.
0242 -758891/5; 790813; 790814; 781345; 751624; 752731 BridgeFort Capital emerged as the week’s star
+263 782729862 performer, recording a remarkable 100 percent
e-TIP http://ecustoms.zimra.co.zw/etip increase in its share price, reaching $7 000.
Meikles followed closely with a 60,35 percent
gain, pushing its share price to $394 000. It’s impor-
VIC-DI6637689-F15
tant to note that BridgeFort is currently trading
under a cautionary statement due to a May 2023
announcement considering delisting from the ZSE
and migrating to the Victoria Falls Stock Exchange
(VFEX).
Other notable risers included Turnall (up 56,29
percent), Cafca (up 37,5 percent), and Econet (up
37,25 percent).
Notably, Econet's strong performance coincided
with their declaration of an interim dividend of
US$15 million (0,55 US cents per share) for the full
year ended February 29, 2024.
Despite the overall positive movement, the mar-
ket also witnessed some decliners. Hippo Valley
suffered the most significant loss, dropping 23,9
percent to $418 510,34. NMB, BAT, Mash, and Seed
Co were among the other companies experiencing
share price declines.
Several companies saw significant develop-
ments during the week.
Simbisa announced their half-year results to
December 2023, revealing a 7 percent increase
in revenue to US$146,75 million compared to the
same period in the prior year.
This growth was driven by a 2 percent rise in
customer count and a 5 percent increase in average
customer spending. Notably, the Zimbabwe mar-
ket contributed 72,57 percent of the group’s revenue,
reflecting a rise from 67,65 percent compared to
the previous year.
Additionally, brickmaking firm Willdale Lim-
ited is seeking shareholder approval for the devel-
opment of approximately 123,6 hectares of land in
the Mt. Hampden area.
Their plan involves converting the land into
residential and industrial stands for subsequent
sale to generate cash flow.
BusinessWeekly
Site investigation and soils
Engineering and Construction Matters
Innocent Chatikobo
Introduction
The construction of
a building is a very
expensive undertaking.
It is, therefore, essential
that the ground on
which the structure
will rest is thoroughly
investigated.
I
nvestigation saves on money and
time which would be required to repair
the cracked building.
Most defects and structural failures in
buildings are as a result of not properly car-
rying out preliminaries and site investiga-
tions. This article shall seek to explain what
is contained in the Model Building By-laws
Chapter 4 Section 2 and Schedule.
Investigating a site
In some cases due to knowledge of sub
soil conditions in the locality of the proposed
building, the local authority may permit the
erection of a building without a site inves-
tigation.
When required by the local authority, the
site investigation should be done from the
point of view of soil conditions which will
affect the foundations. To sum up, site inves-
tigation is a thorough study of the nature and
type of the soil
◆◆ Position and existence of underground
and overhead installations e.g. electrical
cables, drains etc.
◆◆ Slope of the ground
◆◆ Existence of obstructions e.g. boulders, big
trees existing over site, etc.
◆◆ Position and existence of adjacent buildings
i.e. if it is a built up area
◆◆ Position of local authority building line
and benchmarks and many other site con-
ditions which affect the proposed building
The investigation must be done by some-
one qualified and experienced to do so. Before
preparing working drawings, an architect
carries out a site survey. Also before preparing
a tender, a contractor visits the site.
The local authority may require that a copy
of the site investigation report be submitted
to them and should include one or more soil
profiles.
Knowledge of the nature and type of the
soil enables both the architect and the con-
tractor to determine the type of foundation
to be used; the methods of digging and sup-
porting the trenches and the materials to be
COM2024 focuses on green
economies, home-grown solutions
Business Writer
T
he 42nd meeting of the Committee of
Experts of the Conference of Ministers
of Finance, Planning and Economic
Development (COM2024) kicked off in Vic-
toria Falls, Zimbabwe on February 28, 2024.
The theme of the annual ECA Conference
of Ministers, hosted by the Government of
Zimbabwe, was “Financing the transition to
inclusive green economies in Africa: Impera-
tives, opportunities, and policy options.” The
conference ran from February 28 to March
5, 2024.
A call for Green Transition and
investment
Professor Mthuli Ncube, Zimbabwe’s Min-
ister of Finance, Economic Development,
and Investment Promotion, highlighted
Africa’s underutilised resources.
He pointed out that with vast amounts of
potentially irrigable land and water bodies,
the continent could achieve food security
with investment in advanced irrigation tech-
nology and climate-proof agriculture.
Prof Ncube emphasised the need to
finance the transition to green economies
with international support and investment
in renewable energy sources.
Mining is one of the major economic activities taking place in Zimbabwe supported by the Government
used to erect the building. In addition site
investigation by the contractor enables him/
her to:
◆◆ Plan the operations properly and correctly
◆◆ Identify site problems and solve them
before work commences on the site
◆◆ Price the bills of quantities more accurately
◆◆ Identify building bye laws affecting the
site and avert locking horns with the local
authority during the construction stage.
Soil
All building structures rest on soil. It’s
therefore important to determine the nature
and type of soil which helps establish the soil
bearing capacity. Soil bearing capacity is the
soil’s ability to sustain and distribute loads
without any appreciable settlement. Settle-
ment is simply the sinking of the building
i.e. the difference in the level of a building at
the beginning of the works and it’s level at the
completion of the works. Soils have different
bearing capacities and this depends on
◆◆ Type of the parent rock
◆◆ Arrangement of particles
◆◆ Particles composition
◆◆ Moisture content
◆◆ Amount of organic material e.g. humus
and vegetable matter which they may
contain
The more compressible a soil is, the lower
it’s bearing capacity and the less suitable for
construction work it is.
Soil profile
This refers to the vertical section of soil
from the ground surface to the parent rock.
On the building site the soil profile should be
ascertained and recorded. Every soil profile
should be recorded from data obtained from
a freshly excavated trial hole done to a depth
sufficient to ensure that the whole depth of
subsoil which will be affected by the building
has been adequately examined.
Each layer/stratum in any profile is
described in terms of colour, consistency, soil
structure and soil type. The level of the perma-
nent water table and any perched water table
which may be present can also be recorded
on each profile.
Top soil — which usually occupies a
stratum 150mm in depth from the top - is
excavated from a building site before any
construction work can commence. This is
known as a reduced level. The soil below the
Global Challenges
and African Solutions
Antonio Pedro, deputy executive secre-
tary at the ECA, acknowledged the worsening
global situation of economic fragility, climate
change, conflict, and distrust.
He stressed that Africa needs to accelerate
the adoption of just and sustainable transi-
tions, requiring long-term structural changes
and adequate investment.
Pedro emphasised Africa’s potential to cre-
ate its own solutions and the importance of
collective action, including continued efforts
to reform global systems.
Building a more resilient Africa
Rebecca Otengo, the outgoing chair of
the Conference of Ministers and Ugandan
ambassador to Ethiopia, called for imple-
menting the African Continental Free Trade
Area (AfCFTA) to facilitate the free movement
of people, goods, and services.
She also noted the need for additional
financing mechanisms to meet growing
demand and boost economic growth. The
ECA deputy executive secretary outlined five
key transformative areas for Africa’s devel-
opment:
Construction/Climate
topsoil, known as the subsoil is the fairly firm
layer where excavations for foundations to
carry a building are done. This soil should be
tested for compressibility and shear failure.
Shear failure is the sliding of the soil under
a load, owing to a weakness or failure. To
investigate different soil strata, trial holes or
pits should be dug
◆◆ Trial pits: these permit in-situ visual
inspection of the soil strata. The number
of pits, sizes and depth depends on the
type of structure to be erected and the site
condition e.g. 600mm wide by 1200 long
and 900mm to 1200mm deep
◆◆ Handboring: this is usually ideal where
completion of a trial pit is difficult owing
to presence of water. Handboring allows
for the inspection of the soil strata and the
results are the same as that for trial pits.
In soft soils, handboring can be done to a
depth of even 9 metres.
Soil consistency
This is a measure of the hardness of the soil
in it’s natural state. Soils fall into two main
categories
◆◆ Cohesive soils: generally slow draining soils
such as silts and clays; combinations of silts
and clays with sand and gravel
◆◆ Non cohesive (granular) soils: generally
free draining e.g. gravels and clean sands
In putting the grades in the groups, mould-
ing means the moulding of a fresh sample
taken from a trial hole and the freshly exposed
surface is the surface within the trial hole.
The table of grades can be found on page 7
of Chapter 4 in the Model Building By-laws.
Various tests can be carried out to deter-
mine the shear strength of cohesive soils e.g..
Vane shear or Dutch test; penetration tests;
compression tests; and geophysical tests.
The results of the tests help in the design-
ing of sub structures for such soils. Failure to
carry out the tests during site investigations
may result in great financial losses because
of repairs which would be required after the
structure has developed some cracksman.
Soil structure
Soil structure refers to the description of
the jointing condition in the natural soil. The
structure may exist in different structural
forms e.g.
◆◆ Intact — an absence of fissures or joints
◆◆ Fissured — presence of random closed
Transforming food systems: Prioritising
regional value chains, de-risking investment,
and implementing the AfCFTA to improve
food security.
Enhancing energy access and afforda-
bility: Embracing a transition to affordable
renewable energy by leveraging solar, wind,
geothermal, and green hydrogen resources.
Bridging the digital divide: Increasing
digital connectivity and inclusion to allow
Africa to take full advantage of the digital age.
Transforming education systems: Con-
ducting foresight analysis to inform the trans-
formation of education curriculums to meet
future needs.
Creating jobs and enhancing social
protection: Implementing comprehensive
industrial policies and private sector devel-
opment strategies to create jobs for youth and
improve the transition from school to work.
Addressing climate change: Taking bold
action on climate change, biodiversity loss,
and pollution, as outlined in the Nairobi
Declaration.
The Committee of Experts meeting con-
cluded on March 1, followed by side events
on March 2 and 3. The Ministerial Segment
wrapped up the conference on March 4 and
5, 2024.
joints. When cut with a pick, the soil tends
to break along these joints
◆◆ Shattered — indicates fissures in which
joints have opened up and are filled with air.
The soil fragments are usually stiff or very
stiff, and break out Ina cubical or granular
fashion when the soil is cut with a pick. The
fragments break down with difficulty when
wetted and worked in the hands
◆◆ Micro shattered — shattered extensively ,
with the shattered fragments of the size of
coarse sand grains
◆◆ Laminated or foliated — indicates that
the soils show the laminated or foliated
structure of the parent rock from which
they are derived.
Knowledge of soil structure helps to deter-
mine what type of foundation to use for max-
MINISTRY OF HIGHER AND TERTIARY EDUCATION,
INNOVATION, SCIENCE AND TECHNOLOGY
DEVELOPMENT
HARARE POLYTECHNIC
ZIMBABWE
Applications are invited from suitably
qualified candidates to fill lectureship posts
in the Civic Education, Construction,
Electrical, Mass Communication,
Mechanical, Science Departments/
Divisions.
1. Construction Engineering x 2 posts
(I) Carpentry and Joinery /Wood
machining x 2
• ND in Construction Technology & Class 1
Journeyman
2. Civic Education x 1 post
(i) NASS
• Bachelor of Science / Honours Degree in
History and International
Relations/Development studies/Political
Science or equivalent.
• Masters will be an added advantage
3. Electrical Engineering x3 posts
(I) Electrical Power Engineering x 2
• HND /Bsc in Electrical Power
• Class 1 Journeyman Certificate is an
added advantage
(Ii) Electronics Engineering x 1
• HND/Degree in Electronic Engineering
• Class 1 Journeyman Certificate in
Electronic Engineering is an added
advantage.
4. Mechanical Engineering x 2 posts
(i) Fabrication Engineering x2
• ND in Production Engineering
• Class 1 Journeyman Certificate in
Boilermaking.
5. Mass Communication x 2 posts
(i) Print Journalism x 1
• Master`s Degree in Journalism and Media
Studies
15 — 21 March 2024 7
imum stability of the building both provide a fairly stable foundation for
buildings except when they contain exces-
Soil types
sive water.
Soil type is a description mainly according ◆◆ Silt: means soil having particles smaller
to the grain size of the soil. Most natural soils than 60 micrometers but larger than two
are a combination of one or more of the soil micrometers. In general, silts are very fine
types e.g. silty-clay is a clay with some silt. discrete particles which may be felt when
The basic classification of soils into gravels, rubbed with water on the palm of the hand
sands, silts and clays relate to the drainage ◆◆ Clay: means soils having particles smaller
characteristics of the soils. than two micrometers. It’s composed of
All clays and most silts are slow draining very fine particles of sand and organic
soils. On a building site, the contractor is likely matter. When rubbed on the palm with
to encounter any of the following types of soil water, the soil has a soapy or greasy feel. It
◆◆ Fresh rock or bed rock: means a natural has the tendency to be firm in dry weather
geological material which has not been and elastic in wet weather. This causes soil
weathered and normally requires blasting movement which is a danger to the life of
for breaking in excavation. This forms one the building. To prevent such movements,
of the finest natural foundation for heavy clay is made to remain dry and firm by the
buildings provided that it covers the entire installation of subsoil drainage
area on which the building will rest. How- ◆◆ Marshy soils: sometimes called swamp or
ever, where one part of the building is on bog. They are formed by the decay of plants
bedrock and the other on softer material, in the presence of water over a long period
differential settlement will occur causing
the walls of the building to crack
of time. Marshy soils are not recommended
for building purposes because their bearing
◆◆ Decomposed rock: means natural geo-
logical material which can be excavated
properties are uncertain
◆◆ Made ground or artificial soil: made up
without blasting. Such decomposed rock of many different materials dumped from
should be classified and described as a soil town refuse, mining residue and other
◆◆ Boulders: fragments of rock larger than wastes from factories. These soils are not
150mm in cross section. Fragments can be recommended for heavy structures, but
rounded, subangular or angular and may with suitable foundations small buildings
have a range of sizes
◆◆ Gravel: fragments of rock measuring
eg houses can be built on it.
◆◆ Innocent Chatikobo is an engineer by
between 3mm to 150mm. Gravel is a mix- profession with AtroServe Engineering
ture of stones and sand. It gives the second Zimbabwe. He has extensive knowl-
best foundation from bedrock. Gravel is edge and experience in structural engi-
considered the most hygienic soil to build neering and construction. For your
on because it’s easily drained comments, views, questions and feed-
◆◆ Loam: made up of a mixture of clay and back he can be contacted on the follow-
sand with other organic materials. It pro- ing platforms Cell: +263 777 950 224;
vides a good foundation for building both +263 712 376 037; +263 782 502 732, Email:
small and heavy buildings eng.chatyk@gmail.com; Facebook: Atro-
◆◆ Sand: means discrete particles which are Serve Engineering Zimbabwe, Follow the
clearly visible to the naked eye. Sand is Whatsapp Channel: AtroServe Engineer-
usually classified as river and pit sand, and ing Zimbabwe
VACANCIES
• Degree in Journalism and Media Studies
• ND in Mass Communication- Print
Journalism is an added advantage.
(ii)Broadcast x 1
• Degree in Journalism and Media Studies
• ND in Mass Communication- Broadcast
Journalism is added advantage.
6. Science Technology x 1 post
(i) Chemistry x1
• Bachelor of Technology Degree in Applied
C h e m i c a l Te c h n o l o g y / C h e m i c a l
Engineering or equivalent
*NB: Applicants must have 5 'O' Levels
including Maths and English Language
at Grade C or better
*Industry experience, higher
qualification and a teaching
qualification will be an added advantage
for all posts.
*Applicants previously employed by
Government should attach PSC
Clearance.
Applications, accompanied by a detailed
CV and certified copies of academic and
professional qualifications must be
submitted to the address below not later
than March 21, 2024.
The Principal
Harare Polytechnic
Attention: HOD Human Resource
P.O. Box CY 407
Causeway
Harare
or
Email: hrepolyhr@yahoo.com
DEE:DI6637844
8 15 — 21 March 2024 Analysis BusinessWeekly

VACANCY NOTICE
Applications are invited from suitably qualified individuals to fill the following positions which have arisen in the organization.

1. LOADING OPERATOR FERUKA DEPOT X 2

SUMMARY
The position exists to load petroleum products into road and rail tankers.

KEY RESPONSIBILITIES
 Loading petroleum products
 Enforcing minimum safety and health standards on truck and drivers prior and during loading.
 Housekeeping at the Loading Bay.
In the realm of business, fostering a culture of collaboration and teamwork is indispensable for driving innovation, sparking
QUALIFICATIONS AND EXPERIENCE creativity, and attaining collective success
 5 “O” levels including English Language and Mathematics

The Viking Mode: Lessons

 At least 1 year’s relevant experience.

KNOWLEDGE AND SKILLS

 Health and safety
 Fuel handling

2. CHARGEHAND MABVUKU DEPOT X 1

SUMMARY
Supervision of loading and off-loading activities and ensuring that loading targets are met.
in business strategy
DUTIES
business world. This sense of shared purpose and camara-
 Supervision of Rail and Road loading;
 Rail wagon ullaging
Just as the Vikings weathered storms and derie cultivates a positive work culture where
 Assisting in dispatching activities
conquered challenges at sea, businesses that individuals feel valued, supported, and moti-
prioritise resilience can navigate through vated to contribute their best efforts towards
QUALIFICATIONS AND EXPERIENCE rough waters, emerge victorious, and thrive the organization’s success.
 5 “O” level passes including English Language and Mathematics at grade C or Better. in the face of adversity. Embracing the spirit of collaboration exem-
 Supervisory Certificate. By embodying the Viking spirit of resilience plified by the Vikings, businesses can unlock
 A clean Class 4 Drivers License. and determination, companies can fortify the collective power of their teams, driving
 Good interpersonal communication. their operations, inspire their teams, and rise them towards shared goals and aspirations.
 2 years relevant working experience. above challenges with unwavering resolve. By encouraging open communication, mutual
 Experience in the Oil Industry is an added advantage. Embracing resilience as a core value can respect, and collaboration across all levels of
empower organisations to turn setbacks into the organisation, companies can create a
KNOWLEDGE AND SKILLS opportunities, failures into lessons, and obsta- dynamic and innovative environment where
 Computer literate cles into stepping stones towards success. ideas flourish, creativity blossoms, and success
 Good mathematical aptitude Arthur Marara As the Vikings demonstrated through their is achieved through collective effort.
 Supervisory skills Part Two unwavering spirit in the face of adversity, busi- Just as the Vikings achieved greatness
 Team Building skills This is a continuation from last week’s nesses that prioritise resilience can endure through teamwork and cooperation, busi-
 Good communication skills through hardships, overcome obstacles, and nesses that prioritize collaboration can cre-
article.
forge a path towards sustainable growth and ate a more cohesive, high-performing, and
3. HEALTH, SAFETY AND ENVIRONMENT (HSE) OFFICER Lesson 3: Resilience prosperity. engaged workforce that propels them towards
and persistence Lesson 4: Collaboration sustained success and growth.

T
SUMMARY
The position exists to coordinate health, safety and environment activities. he Vikings battled through a myriad
of hardships and challenges during
KEY RESPONSIBILITIES their daring raids, confronting brutal
 Participate in HSE awareness and industrial hygiene programs and HSE legal compliance. weather conditions, fierce opposition, and
 Coordinate the identification of HSE risks and mitigation measures. unpredictable circumstances.
 Coordinate and participate in root cause determination as well as implementation of preventive measures. Despite facing daunting obstacles, their
 Assist in the development of HSE internal systems, programs, and standards. unwavering resilience and unyielding deter-
 Participates in HSE Audits and inspections to cause compliance with set standards. mination propelled them forward, enabling
them to overcome adversity and achieve their
QUALIFICATIONS AND EXPERIENCE objectives.
 BSc Occupational Health, Safety and Environment or equivalent
This resilience was a defining trait that set
 Diploma in OSHEMAC, NEBOSH, SAZ Certification is an added advantage.
 At Least 3 years work experience
them apart as indomitable warriors of the seas.
In the ever-evolving landscape of business,
KNOWLEDGE AND SKILLS resilience is a cornerstone for success and sur-
 Internal Auditing, Root Cause analysis vival in a competitive environment. Compa-
 Knowledge of QMS, BMS and OHS nies that encounter obstacles, failures, and
setbacks must demonstrate the same endur-
4. ASSISTANT PLANT OPERATOR MABVUKU DEPOT ance and persistence as the Vikings did during
their voyages.
SUMMARY By fostering a culture of resilience and
The position assists in monitoring the product interface in the pipeline, pipeline receipts and inter-tank transfers. instilling a mindset of tenacity and persever-
ance, organisations can navigate turbulent
DUTIES times, bounce back from challenges, and
 Assists in monitoring the product interface in the pipeline. emerge stronger and more resilient than
 Assists in monitoring and recording pipeline receipts and inter-tank transfers. before.
 Assists in taking dips and maintaining records. Cultivating a spirit of resilience in business
 Carries out housekeeping activities. means embracing failures as learning oppor-
tunities, adapting to changing circumstances,
QUALIFICATIONS and maintaining a steadfast focus on long-
 National Diploma in Plant Operations or equivalent. term goals.
 At least 5 years relevant working experience By staying resilient in the face of adver-
sity, companies can build a foundation of
KNOWLEDGE AND SKILLS strength and endurance that enables them
 Good communication skills to withstand the trials and tribulations of the
 Tact and Diplomacy
 Good presentation
and teamwork
The legacy of the Vikings is not only defined
by their individual acts of bravery and combat
skills but also by their remarkable ability to col-
laborate and work together as a unified force.
They understood the value of teamwork
and cooperation, combining their strengths
and supporting each other to achieve their
shared objectives.
This emphasis on collaboration and unity
was a key factor in their success and conquests,
showing that the whole was greater than the
sum of its parts.
In the realm of business, fostering a culture
of collaboration and teamwork is indispensa-
ble for driving innovation, sparking creativity,
and attaining collective success.
Just as the Vikings relied on each other’s
diverse skills and expertise to achieve their
goals, modern organisations can harness the
power of teamwork to unlock new perspec-
tives, ideas, and solutions.
By cultivating a collaborative environment
where individuals work seamlessly together
towards a common purpose, businesses
can unleash their full potential and achieve
extraordinary outcomes.
Working together not only enhances per-
formance and productivity but also creates a
more inclusive and harmonious workplace.
By promoting collaboration and teamwork,
companies can break down silos, bridge com-
munication gaps, and foster a sense of unity
among employees.
The Viking Mode of thinking offers a fresh
perspective on business strategy, emphasizing
boldness, strategic planning, resilience, and
collaboration.
By drawing inspiration from the fearless
raiders of old, companies can adopt a mind-
set of courage, adaptability, and teamwork to
navigate the challenges of the modern business
landscape.
As we set sail on our own entrepreneur-
ial voyages, let us embrace the lessons of the
Vikings and forge a path to success that is both
daring and relentless.
◆◆ Arthur Marara is a corporate law attorney,
keynote speaker, peak performance and
corporate strategy speaker. With his delight-
ful humour, raw energy, and wealth of life
experiences, he captivates audiences and
inspires them to unlock their full potential.
He is also a leadership expert and a dedicated
leadership mentor. He is passionate about
developing effective leaders. Through his
engaging talks and workshops, he imparts
invaluable insights and practical strategies
that empower individuals to lead with con-
fidence and make a lasting impact. Arthur
is the author of “Toys for Adults” a thought
provoking book on entrepreneurship, and
“No one is Coming” a book that seeks to equip
leaders to take charge. Send your feedback
to greatnessclinic@gmail.com or Visit his
website www.arthurmarara.com or contact
him on +263772467255 (Calls) or WhatsApp:
+263780055152.

Key account management in sales

 Confidentiality

5. HEALTH, SAFETY & ENVIRONMENT (HSE) GRADUATE TRAINEE

An opportunity has arisen for HSE Graduates to join the Trainee Program for two years.
I have personally served so many organisa-
QUALIFICATIONS tions to be able to know where to put effort or
 A degree in Occupational Health, Safety and Environment or equivalent where not to put effort. Beware of customers
 Age 25years and below that blow their importance out of proportion.
Customer experience goals are important
ATTRIBUTES because they help to ensure that a company
 Ability to coordinate SHEQ activities is consistently providing a positive experience
 Excellent communication skills (oral and written) for its customers. By having specific goals,
 Computer literacy (Microsoft office word, excel, and outlook) companies can track their progress and make
necessary adjustments to improve the cus-
6. INTERNAL AUDIT GRADUATE TRAINEE tomer experience.
Additionally, setting goals can help to
An opportunity has arisen for Internal Audit Graduates to join the Trainee Program for two years. motivate employees and ensure that they are
focused on providing a positive experience
QUALIFICATIONS for customers.
 A degree in Accounting, Finance, Auditing or equivalent Clemence Mutembo Finally, customer experience goals can help
 Age 25years and below to ensure that the company is meeting the
tomer experience, companies can increase
customer loyalty leading to repeat business
and increased revenues.
Finally, by meeting or exceeding customer
expectations, companies can improve their
reputation and build trust with their custom-
ers. All of these factors can help to create a
competitive advantage and drive success for
the organisation. Lack of customer experience
goals can indeed lead to loss of revenue.
When companies do not have clear goals
for the customer experience, they may fail to
invest in the necessary resources to deliver a
positive experience. This can lead to customers
having a negative experience which can result
in lost sales and a decrease in repeat business.
Additionally, negative customer experi-

ATTRIBUTES
When I was studying needs and expectations of its customers which ences can lead to negative word-of-mouth
is essential for building loyalty and driving which can deter potential customers from
 Ability to coordinate audit activities sales management as repeat business. Overall, customer experience doing business with the company.
Excellent communication skills (oral and written)
part of my marketing
 goals are an important part of creating a suc- In the long term, this can cause a significant
 Computer literacy (Microsoft office word, excel, and outlook) cessful and sustainable business. decrease in revenue and affect the company’s

7. INFORMATION TECHNOLOGY (IT) GRADUATE TRAINEE

studies, I learnt of what If a company does not have customer expe-
rience goals, it is likely to struggle to provide a
ability to remain competitive.
In layman’s terms, customer experience is

An opportunity has arisen for IT Graduates to join the Trainee Program for two years.
is called key account
management.
T
QUALIFICATIONS he thinking behind this concept is to
 A degree in Information Communication Technology or equivalent classify customers according to a cer-
 Age 25years and below tain criteria for the purpose of such
things as customisation and also optimising
ATTRIBUTES sales revenues.
 Ability to coordinate audit activities There is nothing wrong with understanding
 Excellent communication skills (oral and written) the value that each customer brings to your
 Computer literacy (Microsoft office word, excel, and outlook) business. Which is why we even compute the
customer lifetime value for each customer.
There are certain customers that have an
Interested qualified candidates should submit their applications with comprehensive CVs, certified copies of academic over-blown notion of their value to certain
qualifications not later than 22 March 2024 to Finance and Administration Director, NOCZIM House 100 Leopold Takawira
businesses. This is why it’s very dangerous for
Harare.
a business to rely on such a few customers for
its survival!A customer who brings nothing
to a business is not worth thinking about!
Laz DI6638359-T14
consistent and positive experience for its cus-
tomers. Without clear goals, it can be difficult
to measure progress and make improvements.
As a result, customer satisfaction may suf-
fer leading to increased customer churn and
lower revenues. Additionally, without goals,
it can be challenging to motivate employees
to focus on the customer experience.
Finally, without customer experience goals,
it can be difficult to differentiate the company
from its competitors and gain a competitive
advantage. Ultimately, not having customer
experience goals can have serious negative
consequences for a company’s bottom line.
Customer experience goals can bring
organisational competitiveness in several
ways. First, by focusing on the customer expe-
rience, companies can improve their products
the overall impression that a customer has of
a company. It is based on their interactions
with the company from the initial contact to
the purchase and beyond.
A positive customer experience is one that
meets or exceeds a customer’s expectations.
It may involve factors such as ease of use,
helpful customer service and overall satisfac-
tion with the product or service.
A negative customer experience on the
other hand is one that falls short of expecta-
tions and may even leave the customer feeling
frustrated or angry.
It’s very important to note that customer
service is a subset of customer experience.
While customer experience encompasses
all aspects of a customer’s interaction with a
company, customer service refers specifically

You will be wasting your time thinking and services making them more competitive to the support provided to customers when
about that type of customer. The customer in the marketplace. they have questions or problems.
should bring cash to you! Additionally, by providing a positive cus- ◆◆ Read more on www.businessweekly.co.zw
BusinessWeekly 15 — 21 March 2024 9

ZIMBABWE SCHOOL EXAMINATIONS COUNCIL

PUBLIC
NOTICE
NOTIFICATION OF THE INTERBANK RATE TO BE
APPLIED ON 2024 JUNE ORDINARY AND ADVANCED
LEVEL EXAMINATION FEES PAID IN ZWL
The Zimbabwe School Examinations Council would like to inform its stakeholders, parents/ guardians, and candidates of the
Interbank rate which shall apply when making payments for the 2024 June Ordinary and Advanced Level Examination Fees in
ZWL.

Fees are pegged in USD, however, they are accepted in the currency which the parents/ guardians are comfortable with. Parents
who wish to make payments in USD or Rands are able to do so until the registration closing dates. Those who would like to make
payments in ZWL will use the rate communicated herein.

ZWL Interbank Rate

JUNE 2024 ORDINARY AND ADVANCED LEVEL
Parents/ Guardians who wish to pay registration fees in Zimbabwe Dollars (ZWL) are able to do so during the window of 13 March
to 20 March 2024. The interbank rate of 13 March 2024 will be used during this period to ensure that all candidates pay a uniform
registration fee.
The exchange rate to be applied for payments is

ZWL 17 558 to 1 USD

Payment period 13 March to 20 March ONLY
Payments for the examination fees should NOT be paid directly into ZIMSEC accounts by individual parents. Candidates/ Parents
should make payments to the school or centre of registration for forward remission to ZIMSEC.

Candidates, parents and guardians are encouraged to contact their respective Centres for registration closing dates to avoid any
inconveniences.
For more information or queries contact the ZIMSEC Regional offices or Head Office.
ZIMSEC Head Office| 1 Upper East Road, Mount Pleasant, Harare| 0242-302622/3
Email: pr.infor@zimsec.co.zw; WhatsApp: 0772148786; Website: www.zimsec.co.zw

re m e n t
M e a s u
r m a n c e
For Perfo
DI06638325
10 15 — 21 March 2024 BusinessWeekly
BusinessWeekly Lifestyle 15 — 21 March 2024 11

Health checks young

adults should be doing
to stay healthy and in
control of their lives
Y ou are young and healthy — which
means you are probably focusing on
getting a job, building a career, and
creating an independent life for yourself. It
is also possible you are caring and providing
for other family members at the same time,
which means that taking care of your own
physical health is probably even lower on
your priority list right now.
But just as making wise financial decisions
at this stage of life will directly impact what
your future looks like, so too is it vital to
make the right decisions about your per-
sonal health now, while you do not have
any age-related conditions to think about.
With that in mind, here are four areas of
your health you should prioritise while you
are a young adult, so you can live a long and
healthy life in the decades to come:
Blood pressure
High blood pressure is what is known as
a “silent killer” because often you will not
experience any symptoms until a serious
event occurs. High blood pressure typically
happens when the blood in your arteries
presses against the artery walls and damages
them, sometimes leading to a heart attack
or a stroke.
Provided your blood pressure is optimal
and you have no unusual heart disease risk
factors, you should have your blood pressure
tested at least once every two to five years
from the age of 18. Luckily a blood pressure
test is simple for your GP to do — and it is
completely painless too.
Sexual health
If you are sexually active, it is important to
know your HIV status, as well as if you have
any sexually transmitted infections (STIs).
The National Institute for Communicable
Diseases estimates that globally, more than
a million people are diagnosed with one or
more STIs like gonorrhoea, chlamydia or
syphilis every day.
Early detection of STIs is important to
prevent transmission and reduce any com-
plications such as increased chances of
infertility. STIs also increase the risk of HIV
infection and transmission so getting tested
is the responsible thing to do for yourself, as
well as your sexual partners.
Mental health
The World Health Organisation (WHO)
recently reported that suicide rates are esti-
mated at around 9 percent among 15–19-year-
olds in South Africa — an alarming figure.
While mental health among young
people is a global issue that has worsened
over recent years, it is particularly pressing
in South Africa, with the South African
Depression and Anxiety Group (SADAG)
reporting that there has been a noticeable
increase in the number of adolescents strug-
gling with mental health issues.
Managing your own mental health, and
knowing when you need help, is a crucial
life skill to learn while you are young. For-
tunately, there are now more resources out
there to help you do this.
If you belong to a medical aid like Fed-
health, you can take advantage of mental
health resources such as the October Health
app where you can access educational mate-
rial on mental health, complete screening
assessments, and book virtual consulta-
tions with a mental health professional if
you need to.
Fedhealth also has specific plans designed
for the young and healthy — making them
affordable and perfect for your stage of life.
Cervical, breast and
testicular screenings
A cervical screening test tests a sam-
ple of cells from your cervix for infection
with types of HPV that can cause cervical
cancer.
You should start going for these tests from
age 21, and it is generally recommended that
you are tested every three years up until the
age of 65.
If you are advised as high risk by your
doctor, you should be tested more regularly.
Additionally, there are two important self-
checks to perform on yourself, which are a
breast exam and testicular exam.
Here it is important to take note of any
changes to these parts of your body and see
a doctor if you have concerns.
It is a wonderful feeling to be young and
healthy, with your whole life ahead of you.
And while your health may be something
you take for granted right now; it may not
always be that way.
To minimise any issues later in life, culti-
vate good healthy habits now — it will mean
you are far more likely to live a long and
vibrant life as the years go on. — IOL.

Six ways to
naturally boost your
immune system
A
utumn is upon us which
means flu season is around
the corner. In order to ward
off illness one has to have a healthy
immune system.
While there are many supplements
and medications available to help
Strength training isn’t boost immunity, natural methods can
just about getting strong also be effective in strengthening your
muscles — it could actu- body’s defences.
ally help us live longer. Here are some natural ways to boost
your immune system.
Eat a healthy
Stay hydrated
Drinking plenty of water helps flush
out toxins from your body and keeps
your immune system functioning
properly.
Dehydration can weaken your
immune system, so be sure to drink
at least eight glasses of water per day.
Exercise regularly
Physical activity can boost your
immune system by promoting circula-
tion and reduc-

Benefits of strength training at the gym

ing inflamma-
diet
Consuming a
While there are many tion.
Aim for at
supplements and
I
variety of fruits, least 30 min-
f you are a regular gym-goer you have workout regimen. By putting stress on your bones through your energy levels and combat feelings of vegetables, whole utes of mod-
probably wondered what all the fuss is Increased muscle mass resistance exercises, you can strengthen fatigue. grains, and lean medications available erate exercise
about when it comes to weights.
When you see people exercising using One of the most obvious benefits of
them and improve their overall health.
Enhanced performance and
By improving your muscular endurance
overall fitness, you may find that you
proteins can pro-
vide your body to help boost immunity, most days of the
week to support
various equipment such as dumbbells, bar-
bells or machines, they are doing strength
strength training is the ability to build
muscle mass.
have more stamina to tackle daily tasks
Whether you are an athlete looking to and activities.
with the nutri-
ents it needs to natural methods your immune
health.
training.
Strength training is a type of physical
This not only helps improve your overall
strength and endurance, but also boosts
improve your performance or simply want
to be able to move more efficiently in your
Better posture and balance function properly
and support your
can be effective in Manage
stress
exercise that involves using weights to
build muscle strength, endurance and
your metabolism, making it easier to main-
tain a healthy weight.
daily life, strength training can help. Strength training exercises often focus on
By building strength and power in your core stability and proper body alignment,
immune system.
Foods rich in
strengthening your Chronic
power.
It is an essential component of any fitness
Improved bone health muscles, you can enhance your physical which can help improve your posture and
abilities and prevent injuries. balance.
vitamin C, vita-
min D, zinc, and
body’s defences. stress can sup-
press your
routine, offering a wide range of benefits. Strength training has been shown to Increased energy levels This not only reduces the risk of falls and antioxidants can immune system
Here are some of the top advantages of increase bone density, reducing the risk injuries, but also leads to better overall body help strengthen immunity. and make you more vulnerable to
incorporating strength training into your of osteoporosis and fractures later in life. Regular strength training can boost mechanics. — IOL Lifestyle Get enough sleep illness.
Maintain a healthy weight

Olive oil good for your skin

Sleep is crucial for overall health and
a strong immune system.
Aim for 7-9 hours of quality sleep
each night to allow your body to rest
and regenerate.
Lack of sleep can weaken your
Being overweight or obese can
increase inflammation in the body and
weaken your immune system.
Maintain a healthy weight through
regular exercise and a balanced diet

O
live oil is a household
staple with several ben-
efits, including relief for
rheumatoid arthritis. However,
aside from the health benefits,
the oil can do wonders for the
skin, provided you use it cor-
rectly.
An article in Very Well
Health highlight some of the
main benefits of using olive oil
on the skin:
It moisturises: Olive oil con-
tains squalene and vitamin E.
Squalene promotes skin lubri-
cation and protection, thereby
supporting the skin’s moisture
retention, making sure it stays
moisturised. Vitamin E works
as a sponge, increasing the skin’s
capacity to absorb and retain
water.
Reduces the signs of ageing:
Most people, especially celebri-
ties, do not like ageing. They try
every expensive skin treatment
they can to look younger.
Ageing is not reversible but
can be slowed, provided you
exercise, eat well, take care of
your mental health and follow
a consistent healthy skincare
routine.
Rich in antioxidants, olive
oil can combat oxidative stress
which is associated with skin
ageing.
Applying a thin layer of olive
oil after moisturising your skin
can reduce the signs of ageing.
Helps cleanse: Don’t have a
make-up remover? No prob-
immune response and make you more to support your immune health. — IOL
lem, you can always use olive susceptible to illnesses. Lifestyle
oil to remove make-up. Add a
few drops to cleanser and wash
your face.
Additionally, use olive oil to
wash your make-up brushes and
sponges. Add hot water, dish
washing soap and a few drops
of olive to a bowl/sink.
Put your make-up tools in the
bowl and watch the dirt come
out of your tools.
Promotes wound healing:
You can accidentally cut your-
self with a knife; life happens.
And when it does, don’t panic.
After carefully cleaning Olive oil has
your wound, apply olive oil to several ben-
help with healing as the oil has efits, includ-
anti-inflammatory and antimi- ing healing
crobial properties. — IOL wounds.

Common mistakes you’re making

that could be damaging your hair
E ven though we all strive to have
strong healthy hair, there are several
common daily habits that could be
unknowingly damaging our hair.
Here’s a look at how you could be dam-
aging your hair and possible solutions to
keep your locks healthy.
Heat styling
One of the most common ways people
damage their hair is using heat styling tools
excessively.
Blow dryers, flat irons and curling
irons can all cause damage to the hair
shaft, leading to dryness, breakage, and prevent further damage. Try to alternate between loose and tight
frizz. Brushing incorrectly hairstyles to give your hair a break from
To minimise the damage, try to limit the tension.
the use of heat styling tools and always Brushing your hair too vigorously can Chemical treatments
use a heat-protecting spray before styling. also cause damage.
Over-washing Instead of using a regular brush, opt for Chemical treatments like colouring,
a wide-tooth comb or a brush specifically perming, and straightening can also
Another common culprit for hair dam- designed for wet hair to detangle your damage the hair if done improperly or
age is over-washing. locks gently. too frequently.
Washing your hair too frequently can Tight hairstyles If you must colour or chemically treat
strip it of its natural oils, leading to dryness your hair, make sure to consult a profes-
and breakage. Tight hairstyles like ponytails, braids, sional stylist and follow their advice on
Try to wash your hair only 2-3 times a and buns can also cause damage by putting how to maintain the health of your hair.
week and use a sulphate-free shampoo to stress on the hair follicles. — IOL Lifestyle
12 15 — 21 March 2024
Ford Ranger tames
Klein Tafelberg: A
thrilling off-road
adventure
Kudzanai Sharara, recently in Western
Cape
T
he Western Cape sun beat down
on my arms as I gripped the steering
wheel of the next-generation Ford
Ranger. This was not an average highway
cruise that I had done with the Ford Ever-
est on the first day, or the Ford Raptor on
the second day; the Ranger was about to be
unleashed on a true off-road obstacle course
at Klein Tafelberg, a sandy and dusty play-
ground designed to test both driver and
vehicle.
Our expedition leader, Gideo Basson, a
weathered veteran of these tracks, gave the
lowdown: a dusty road, a heart-stopping
turn, a merciless steep and rocky incline, and
those dreaded cross-axle ruts — all waiting
to challenge our mettle. Basson adjusted the
tyre pressure of my yellow next-generation
Ford Ranger to half of the normal pressure.
Deflating them to half felt counter-intui-
tive, but he assured us it would increase our
footprint in the sand, which was crucial for
maintaining traction.
The moment we hit the loose terrain, I
could feel the difference. The steering felt a
touch looser, but the trade-off was clear —
the Ranger dug its claws into the sand like
a determined badger. Basson had already
advised us to relax our grip on the wheel and
let the Ranger navigate the terrain.
And indeed, we navigated the sandy ter-
rain with a sense of playfulness, the powerful
engine effortlessly propelling us forward.
The real test arrived with the sharp right
turn. Since my car was at the forefront, Bas-
son took over the steering wheel to show
everyone how it is done. The Ranger tilted
slightly, a reminder of the delicate balance
between grip and tipping. Basson had done
his part, and I was back on the wheel.
The steep rocky incline loomed next. Here,
the Ranger truly came alive. Shifting into a
lower gear, the engine roared as the tyres
clawed for purchase. Basson’s voice urged me
onward, and the Ranger, with a determined
surge, carried me to the summit.
The view from the top was a reward in
New Isuzu D-Max X-Rider double Toyota said to be working
cab launched in South Africa on new SUV based on Hilux
W Champ, to slot below Fortuner
hen the new-generation D-Max
was launched in 2022 some Isuzu
fans were disappointed that there
was no X-Rider model in the range.
T
With its sporty exterior and interior touches
and mid-range pricing, the X-Rider was a pop-
ular fixture in the previous range, and now
it is being offered in the latest D-Max for the
first time.
Available in three 1,9-litre double cab con-
figurations, pitched between the LS and LSE
variants, the new X-Rider is priced at R640 500
in manual 4x2 guise, with the auto coming in
at R659 200, and there’s also a 4x4 auto version
that will set you back by R740 700.
Interestingly the original X-Rider double cab
cost R366 000 when it launched back in 2016,
which is around R520 000 in today’s money
according to the Inflationcalc app.
The new X-Rider models cost R55 000 more
than the equivalent LS models that they’re
based on, and for that you receive a glut of
unique features inside and out.
On the outside you can tell the X-Rider apart
by its 18-inch “diamond cut” alloy wheels, gloss
black grille with red Isuzu lettering, LED head-
lights and taillights and X-Rider badging on the
front doors and tailgate. What is more the Isuzu
decal on the latter is now black.
Four exterior colours are on offer — Red
Pinel, Islay Gray, Mercury Silver and Splash
White — and all feature contrasting black
treatment for the door handles, mirror caps
and curved sports bar.
Red accents run throughout the cabin,
including red stitching for the seats, which
upgrade from the LS model’s cloth upholstery
to full leather.
You will also find “X” logos on the front
seat headrests and on the dashboard above
the glovebox, while the headlining is black in
this exclusive model.
itself — a sprawling vista of sun-baked earth
and defiant shrubbery, all conquered by this
magnificent machine. We took a celebratory
break, some snacks and a photoshoot.
Finally, we faced the cross-axle ruts — the
bane of any off-roader. Following the guide’s
advice, I engaged the differential lock. As
we traversed the uneven terrain, the Ranger
lurched and bumped, but its movements felt
controlled, like a skilled dancer navigating a
challenging routine.
Emerging from the obstacle course, I could
not help but marvel at the Ford Ranger’s
capabilities. It had transformed from a sleek
highway truck to a capable off-road warrior,
tackling every challenge with aplomb.
This was not just a drive; it was an adven-
ture, a testament to both human ingenuity
and automotive prowess. The Western Cape
sun had a new witness — a driver who had
tamed Klein Tafelberg and emerged victo-
rious.
About the next-generation Ford
Ranger
With the next-generation Ford Ranger,
Ford went beyond simply designing a new
truck; they aimed to craft an entire Ranger
lifestyle experience. Years of expertise in
trucks combined with in-depth customer
research from around the globe fuelled the
development process. This translates into a
vehicle that seamlessly integrates into your
life, whether you are a small business owner,
a weekend adventurer, or a busy family on
the go.
Enhanced capability
and performance
The Ranger’s rugged good looks are more
than just skin deep. The foundation lies in
an upgraded chassis with a wider track and
wheelbase, offering increased stability and
off-road prowess. Customer demands for
additional power and torque are answered
with a choice of proven Single-Turbo and
Bi-Turbo 2.0 inline four-cylinder diesel
engines, delivering both muscle and fuel
efficiency. New transmission options, includ-
As per the LS model that it is based on,
standard interior features include cruise con-
trol, rear park assist with reverse camera, rear
USB ports and a 7,0-inch (17,8cm) touchscreen
infotainment system.
For now the X-Rider is available only with
Isuzu’s 1,9-litre turbodiesel engine option,
which produces 110kW and 350Nm. Both
the manual and automatic gearbox options
are six-speed units.
“The new D-Max X-Rider is all about image,
style and capability, and is a great choice for
discerning customers that want something
special,” says Isuzu SA product planning depart-
ment executive Kevin Fouche.
“The X-Rider will attract a lot of attention,
but to offer value to our customer the new
X-Rider is based on the mid-range 1.9 Ddi LS
models with a choice of manual and automatic
transmissions in 4x2 form, and a 4x4 automatic
for adventurous customers heading off the
Motoring
ing an updated 10-speed automatic and a
six-speed manual, provide drivers with the
control they crave.
Ride, handling, and
off-road prowess
Ford understands that Ranger owners
demand a truck that excels in diverse situa-
tions. The engineering team focused on the
fundamentals, optimising ride and handling
for work, family adventures, and off-road
exploration. Relocation of the front wheels
for a better approach angle and improved
off-road articulation are just a few examples.
Redesigned rear suspension dampers
enhance comfort on all terrains, whether
you are hauling cargo or cruising with the
family. This next-gen Ranger truly embodies
the spirit of “Built Ford Tough Plus” offer-
ing the legendary toughness and capability
alongside a smooth, car-like ride.
A tech-savvy and
user-friendly interior
The Ranger’s cabin has undergone a signif-
icant transformation, evolving into a modern
and functional workspace. Premium mate-
rials and a prominent portrait-style touch-
screen housing Ford’s latest SYNC® 4 system
elevate the interior experience.
This intuitive system offers voice-acti-
vated communication, entertainment, and
information, keeping you connected and
in control.
Gone are the days of cluttered dashboards;
many traditional driving mode controls have
been conveniently relocated to the touch-
screen. With a single tap, you can access
dedicated off-road and drive mode dis-
plays, allowing you to monitor drivetrain
performance, steering angles, and vehicle
orientation.
The focus on user-friendliness extends
beyond technology. Clever storage solutions
abound, with features like a large center con-
sole bin, spacious door pockets, and an upper
glovebox catering to your organisational
needs. The thoughtful design even includes a
wireless charging pad on the Wildtrak series.
beaten track.”
For after-sales peace of mind the X-Rider is Africa.
sold with a five-year or 120 000km warranty
and five-year or 90 000km service plan.
Isuzu D-Max Double Cab Pricing our market, possibly being locally
(March 2024)
1,9 TD L 4x2 manual — R550 900
1,9 TD L 4x2 auto — R568 500
1,9 TD LS 4x2 manual — R585 100
1,9 TD LS 4x2 auto — R603 800
1,9 TD X-Rider 4x2 manual — R640 500
1,9 TD L 4x4 manual — R652 400
1.9 TD X-Rider 4x2 auto — R659 200
1,9 TD LS 4x4 auto — R685 200
1,9 TD X-Rider 4x4 auto — R740 700
3,0 TD V-Cross 4x2 auto — R859 800
3.0 TD LSE 4x4 auto — R869 500
3.0 TD V-Cross 4x4 auto — R908 600
3.0 TD AT35 4x4 auto — R1 159 900. — IOL India believes the new sub-For-
Motoring
Smarter access and a more
functional cargo box
Understanding how owners access the
cargo box was a key element in the redesign.
A new integrated side step behind the rear
tires provides a stable and secure way to climb
in and out.
The wider track also translates to a more
functional cargo box, allowing you to fit and
secure a wider variety of cargo, from building
materials to full-size pallets.
Further enhancing functionality is a new,
tough plastic-moulded bedliner that protects
both the truck bed and your knees. Additional
cargo tie-down points and durable load box
caps ensure your gear stays secure during
any adventure.
The innovation does not stop there. The
Ranger boasts a new cargo management
system with dividers for various sized items,
he Toyota Fortuner is one of South
Africa’s most affordable SUVs, but
with prices starting at R673 100, it
is out of reach for many buyers.
But now it appears that Toyota is working
on a more affordable alternative based on
the affordable new Hilux Champ that was
launched in Thailand recently.
According to Autocar India, the rugged
new SUV, which will be cheaper and more
basic than the Fortuner, will be revealed
later this year.
It will reportedly go on sale in Thailand
first before being rolled out certain
world markets.
There is no word yet on whether
the new SUV could come to South
But given that the bakkie version
is under strong consideration for
manufactured, there would surely
be a strong case for the SUV version.
Questioned about the new
bakkie earlier this year, Toyota SA’s
Senior Vice President of Sales and
Marketing Leon Theron said the
company was “looking at options”
to bring it into the country but said
it was too early to confirm its intro-
duction. It is strongly rumoured
that the Stallion name would be
used for the new workhorse on
local shores.
Speaking of names, Autocar
tuner SUV could revive the FJ
along with a system of spring-loaded cleats
that allow you to create custom compartments
within the cargo box.
The tailgate itself transforms into a mobile
workbench, complete with an integrated
ruler and clamp pockets — perfect for those
on-the-go projects. Finally, a 360-degree
zone lighting system, controlled via the SYNC
screen, illuminates your surroundings, ensur-
ing better visibility during nighttime loading
or unloading.
A truck for all your journeys
The next-gen Ford Ranger isn’t just a
truck; it’s a testament to Ford’s commitment
to understanding and exceeding customer
expectations. From the powerful engine
options and enhanced off-road capability
to the tech-laden and user-friendly inte-
rior, every detail is meticulously crafted to
empower your life, wherever the road (or
Cruiser label, or it could be called some-
thing like Land Cruiser FJ.
An SUV version of the Hilux Champ
makes a lot of sense since its IVM 0 plat-
form - which is a more basic version of
the architecture that underpins the current
Hilux and Fortuner — is modular enough
to allow for multiple body configurations.
Autocar India says the IMV 0 model is
cheaper due to “design optimisation, lighter
materials and rationalisation of equipment”.
The publication said the SUV version
would share its retro front end styling
BusinessWeekly
lack thereof) may take you.
This Ranger is ready to be your
trusted companion, not just on your daily
commute, but on every adventure you can
dream up.
The Ford vehicles we test drove in West-
ern Cape are available in Zimbabwe through
a dealership network coordinated by Ford
Zimbabwe.
These dealerships are Croco Motors, who
have a wide branch network in the country
and Duly’s which is the oldest Ford dealership
in the world, having handled the brand for
more than 121 years and still counting.
These dealerships are both equipped with
state-of-the-art diagnostic equipment to ser-
vice the Ford brands released to the Southern
African market and also they have been cer-
tified on numerous occasions to be compli-
ant with the rigorous Ford standards to meet
requirements of handling the Ford brand.
as well as its dashboard with the Hilux
Champ, but with some premium touches
that will move it slightly upscale but without
encroaching on Fortuner territory.
Naturally, engine choices in the new SUV
would include the current 2.4-litre GD-6
turbodiesel and 2,7-litre normally aspirated
petrol.
Toyota has yet to officially confirm the
new SUV model, but it certainly seems to be
in the pipeline and we wouldn’t be surprised
if it was on the radar for South Africa too.
— IOL Motoring
BUSINESSWEEKLY Regional/International 15 — 21 March 2024 13

Scorching heat raises Dimon warns US recession

‘not off the table’ yet
SA food inflation risk J AMIE Dimon said he wouldn’t take the
prospect of a recession in the US “off the
table”, but that the Federal Reserve should
wait before it cuts interest rates.
“The world is pricing in a soft landing, at
recession remained.
The comments strike a slightly less optimis-
tic tone from the top banker, who has recently
painted a sanguine outlook for world markets
— a sharp divergence from his views less than

D
RYER and hotter-than-usual weather
across South Africa’s main summer
crop growing regions is hurting the
outlook for the key corn harvest and raising
risks for higher food-price inflation, according
to a farm-industry group.
“The major risks to consumer food infla-
tion in South Africa in 2024 will primarily
be white maize products,” Wandile Sihlobo,
chief economist at the Agricultural Business
Chamber of South Africa said. “We see upside
risks in maize prices and grain products in the
consumer food inflation basket.”
The South African central bank is closely
watching food prices as it assesses if it can
safely start lowering interest rates later this
year. It has repeatedly flagged the risk that
El Niño-induced weather patterns may have
on inflation.
probably 70-80 percent,” the JPMorgan Chase two years ago when central banks first started
The central Corn is among in at 14,3 million tonnes. & Co chief executive officer said via video link tightening interest rates. Dimon made head-
bank’s models South Africa’s main Second 2023-24 production forecasts for at the Australian Financial Review Business lines for warning in 2022 that a “hurricane”
show severe crop and a staple for summer crops are scheduled for release on Summit in Sydney on Tuesday. was about to hit the US economy.
drought condi- millions. The coun- March 26 and will likely indicate worsening “I think the chance of a soft landing in the Federal Reserve Chair Jerome Powell last
tions caused by try consumes most conditions for corn, he said. next year or two is half that. The worst case week suggested the central bank is getting close
the climate phe- of the corn it pro- South Africa’s annual inflation rate rose for would be stagflation.” to the confidence it needs to start lowering
nomenon could duces and exports the first time in three months in January to 5,3 Dimon said economic indicators have been interest rates.
add 3 to 8 per- surpluses mainly to percent from 5,1 percent in the prior month. distorted by Covid-19 and he takes them with “We’re waiting to become more confident
centage points neighbouring coun- Food inflation, which has been the biggest “a grain of salt”, saying the Fed should wait for that inflation is moving sustainably at 2 per-
to headline infla- tries. contributor to the headline number, slowed more clarity before lowering interest rates. cent,” Powell said Thursday while answering
tion. In its most recent to 7 percent from 8,5 percent in December. Jamie Dimon speaks on video link at the questions from the Senate Banking Commit-
While farmers forecast released at Reserve bank Governor Lesetja Kganyago Financial Review Business Summit in Sydney tee. “When we do get that confidence — and
have managed the end of February, told Bloomberg last month that the inflation on March 12. “They can always cut quickly we’re not far from it — it’ll be appropriate to
to expand plant- the Crop Estimates outlook is volatile, ruling out the possibility and dramatically. Their credibility is a bit at begin to dial back the level of restriction.”
ing areas relative Committee saw of rate cuts in the near term. stake here,” he said. “Unemployment in the ‘Going to be a circus’
to the previous harvests for white At its last rate-setting meeting, the central United States is very low at the moment, wages
season, yields are expected to be poor and and yellow corn falling 17,2 percent and 7,7 bank kept its benchmark interest rate at an continue to go up.” On the topic of the US election, Dimon said
suffer from heat damage and a lack of rainfall, percent respectively in the 2023-24 season. almost 15-year high of 8,25 percent, which it Dimon said while the US economy was it was hard to predict a winner between Joe
Sihlobo said. Overall corn production is estimated to come has held since May. — Bloomberg “kind of booming” currently, the risk of a Biden and Donald Trump. — Bloomberg

Zimbabwe Newspapers (1980) Ltd.

Chronicle
The nation’s liveliest newspaper

Conference Name:
MINING INDUSTRY MEETS TERTIARY
THEME: RE-THINKING THE FUTURE, TACKLING THE MINING AND SKILLS GAP
VENUE: Holiday Inn Bulawayo | DATE: 27 - 28 March 2024 | TIME: 0800 - 1800 hrs

Hon. Professor dr. A Murwira Hon. Professor P. Mavima Mr. Andy Hodges
MINISTER OF HIGHER AND TERTIARY EDUCATION, MINISTER OF SKILLS AUDIT & DEVELOPMENT MASTER OF CEREMONIES
INNOVATION, SCIENCE & TECHNOLOGY DEVELOPMENT

MINISTRY OF HIGHER AND TERTIARY

EDUCATION, INNOVATION, SCIENCE
& TECHNOLOGY DEVELOPMENT

MINISTRY OF SKILLS
AUDIT & DEVELOPMENT

CONFERENCE TOPICS CONFERENCE PACKAGES ZIMBABWE SCHOOL OF MINES

DAY 1 PACKAGE CONTRIBUTION BENEFITS

1. State of the mining industry in Zimbabwe z M
2. Mining Skills Audit and Development - Hon. Prof. P. Mavima (Ministry of Skills Audit & Development) SPONSOR US$12,000 • Customised marketing package to run along the conference and a
S
3. Promoting, encouraging, protecting and fostering skills in the mining industry: Actions and reactions, pre and post the 30 min presentation
pandemic Banks, micro-
• 3 nights accommodation for 2
Serving the SADC Mining Industry

SPONSOR SLOT 1: QUALITY OF LIFE ENHANCEMENT OFFERS TO RETAIN SKILLS IN ZIMBABWE financiers, insurers,
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14 15 — 21 March 2024 Crop & Livestock Survey in Charts BusinessWeekly
BusinessWeekly
T Zim cricket hit rock bottom last year,
hey have come
through their most
dismal period in
cricket yet, but with the
2027 World Cup in their
backyard, Zimbabwe are
but they are picking themselves up
hoping to rebuild from the
ground up in time.
There’s a saying in chess
that no one wins only by
moving forward; sometimes
you have to go backwards to
put yourself in a position to
win.
Zimbabwe’s failure to qualify for two men's
World Cups in the same year — the 2023 ODI
World Cup and the 2024 T20 World Cup —
caused them to do exactly that.
“We were very worried and very concerned.
We had thought we had put in place everything
to be able to get to the World Cup, particu-
larly the T20 World Cup, and when we didn’t
get there, it called for us to say, ‘Wait a min-
ute, we’ve got to relook at things’,” Tavengwa
Mukhulani, Zimbabwe Cricket chairperson
said.
“We need to relook at ourselves as a business,
as an organisation, to look at our processes
and how we do things, look at our personnel
— how we hire and what sort of personnel we
hire — and look at the structure. We have to
ask if this is what we want, given that we have
not qualified for the World Cup. Do we have
the structure to deliver?”
The answer, which came from a three-per-
son committee commissioned to look into
Zimbabwe’s failure to get to world events and
to review the organisational structure, chaired
by Harare-based attorney Lloyd Mhishi, was
a firm no.
So on February 10, ZC resolved to restructure
their operations entirely. On March 1, adver-
tisements for a new men’s head coach and new
men’s Under-19 coach were put out.
Over the next few years, ZC intends to rede-
velop its domestic and development pathways,
build indoor training facilities at all five domes-
tic centres, and set up a national academy.
On March 7, Hamilton Masakadza resigned
from his role as director of cricket (it us under-
stood he was going to be stood down as part
of the new plan anyway) but is set to remain
involved in the organisation of the 2026 Under-
19 men’s World Cup and the 2027 World Cup.
When they co-host that tournament with
South Africa and Namibia, they want to be
more than just participants; they want to be
serious competitors.
What happens between now and then will
mostly take place behind the scenes, since
Zimbabwe’s men’s side is not due to appear at
an ICC event until at least the T20 World Cup
in 2026, and the Test side is not part of the
World Test Championship (WTC).
The women’s team remains in the running
for the T20 World Cup this year, and will com-
pete in a qualifier in April, but their journey
on the global stage is in its infancy — they
made their first international appearances five
years ago.
In three months, Zimbabwe will be the only
Full Member who is not part of the T20 World
Cup, and it will hurt to hear that.
Doubtless questions will be asked about the
2024 Arnold Palmer Invitational Djokovic knocked out by
money: Here’s how much every player made lucky loser Luca Nardi
W W
ith this being Arnold Palmer Invi-
tational week, Brad Faxon had an
Arnold Palmer story.
Faxon wasn’t playing, but he was announc-
ing as part of the NBC/Golf Channel crew, and
as Thursday’s broadcast of the first round
started, announcer Steve Sands asked what
impact Palmer had on Faxon.
“A tremendous impact,” Faxon said.
After graduating college, he moved to
Orlando to be a member at Bay Hill, which
hosts the API and where Palmer was the long-
time proprietor. Faxon said he played in mul-
tiple events at the track.
He then said this: “My rookie year, I played
with Arnold at the Players, in the final round.
It was such a thrill to get paired with him, to
get called out on the first tee with him.
“Walking off the first green, he said to me:
‘Do you want to have a long career out here,
son?’ He put his arm around me. I said, ‘Yes,
sir.’ He goes, ‘Then you look people in the eye
when you walk off the tee. You look them right
in the eye.’ I’ll never forget. ‘There the reason
why you have a job.’
“Boy, could we use that now.”
With that, here is a complete list of the 2024
Arnold Palmer Invitational payouts for all 58
players who made the cut. The total purse is
US$20 million.
Kenya drawn with Ghana and Egypt for African Games Rugby 7s
relevance of a country that has played in only than anyone else on the 2023-2027 FTP (109
one of the last five ICC events. across all formats, one fewer than Ireland) they
ZC are prepared for that, and they even have are satisfied with their calendar.
some answers. “If you look at our FTP, it’s decent as com-
“Because we have not qualified at ICC events, pared to other cycles. The only team we don't
it makes it difficult to make a case for your have is Australia,” Mukhuhlani said.
country, but having said that, sports is cyclical,” The original document had Zimbabwe
Mukhulani said. scheduled to play West Indies, Ireland, Paki-
“In the 1970s, West Indies were everything. stan, Afghanistan, South Africa, New Zea-
But they were with us in the qualifiers and they land, Sri Lanka and Bangladesh at home, and
didn’t make it (to the 2023 ODI World Cup). Afghanistan, Sri Lanka, Bangladesh, Ireland,
Would you say West Indies don’t have a case Pakistan and Afghanistan away.
in cricket? No, they still have it. They have since added five home T20Is
“In spite of everything that hasn't gone our against India, which will be crucial to their
way in the field of play in the recent past, we finances, and a four-day Test in England for
are still a proper cricketing nation that must what will be the first bilateral meeting between
be taken seriously. We can still beat sides. We the two sides since 2004.
went to Sri Lanka recently and we competed. County sides have been travelling there for
We have a lot to offer.” a few years, and there seems to be a thaw in
Tavenga Mukuhlani, ZC political relations between the UK and Zimba-
bwe following the end of the reign of Robert
chairperson Mugabe.
"We have such a rich cricket heritage in Zim- Notably, Zimbabwe play 20 Tests in the
babwe. In spite of everything that hasn't gone cycle, eight more than Ireland and one fewer
our way in the field of play in the recent past, than Afghanistan — the other two Full Mem-
we are still a proper cricketing nation that must bers who are not part of the WTC — and despite
be taken seriously. We can still beat sides. We the costs involved in hosting matches and even
went to Sri Lanka recently and we competed. travelling for them, they don’t want to cut that
We have a lot to offer to the world of cricket." down.
They plan on using the next few years to “We believe we still have to play Test cricket,
show that. even if we are not part of the World Test Cham-
Although Zimbabwe have fewer matches pionship,” Mukhulani said.
How much T12. Nick Tay-
every lor US$389 666
player Brian Harman
US$389 666
made at Lee Hodges
the 2024 US$389 666
Arnold Justin Thomas
Palmer US$389 666
Invitational Tom Hoge
US$389 666
1. Scottie Hideki
Scheffler US$4 Matsuyama
million US$389 666
2. Wynd- T18. C am
ham Clark Davis US$289 000
US$2,2 million Corey Con-
3. Shane ners US$289 000
Lowry US$1,4 Sungjae Im
million Scottie Schef- US$289 000
T4. Rus- fler hits his tee T21. Seamus
sell Henley shot on Satur- Power US$224 750
US$920000 day on the 17th Eric C ole
Will Zalato- hole at Bay Hill. US$224 750
ris US$920000 Harris English
T6. Sahith Theegala US$730 000 US$224 750
Brendon Todd US$730 000 Rory McIlroy US$224 750
T8. Byeong Hun An US$579 000 T25. Xander Schauffele US$162 800
Andrew Putnam US$579 000 Patrick Rodgers US$162 800
Emiliano Grillo US$579 000 Erik van Rooyen US$162 800
Max Homa US$579 000 Grayson Murray US$162 800
K enya has been placed in the same
pool as hosts Ghana and Egypt for the
upcoming 13th All Africa Games Rugby
Sevens event, set to unfold from March 18th
to 21st at the University of Ghana.
The Kenyan team, Morans, will contend
with Ghana, Egypt, and a 16th-seeded team
in their pool matches. Their first day will see
them take on the 16th-seeded side, followed
by a clash with Egypt to conclude day one.
On the second day, they will face off against
Ghana, determining their position for the
knockout stages.
The tournament boasts a lineup including
Uganda, Zimbabwe, Burkina Faso, Madagas-
“We believe you can only get good cricketers
from playing the longer version of the game.”
Building the player base through Test expo-
sure is one thing, developing the talent pool
locally is another.
Much like their neighbours South Africa,
Zimbabwe's best sportspeople come from the
private school system, essentially elite institu-
tions with top-class facilities that can only be
accessed by those with money (or with luck,
a scholarship).
Mukhulani believes that keeps the game
too exclusive.
That is one of the reasons ZC turned
Takashinga Cricket Club — located in a
high-density area (essentially neglected and
disadvantaged areas created by colonialism)
— into an international venue.
It was used for last year's World Cup Qual-
ifiers and spectator presence at the ground
suggested a burgeoning interest in cricket that
surpassed other that for other sports but also
showed where the gaps lie.
The schoolkids in attendance at Takashinga
have limited access to the game, and those
further away from the city have even less.
“Not everybody is fully participating in
cricket. We still are very reliant on private
schools — and that system is solid and pro-
duces good cricketers - but we want more
schools to participate. More so, we want our
rural schools involved,” Mukhulani said.
Ludvig Aberg US$162 800
T30. Jordan Spieth US$123 500
Lucas Glover US$123 500
Mackenzie Hughes US$123 500
Si Woo Kim US$123 500
Webb Simpson US$123 500
Sam Burns US$123 500
T36. Rickie Fowler US$88 375
Jason Day US$88 375
Patrick Cantlay US$88 375
Keegan Bradley US$88 375
Austin Eckroat US$88 375
Viktor Hovland US$88 375
Cameron Young US$88 375
Justin Lower US$88 375
T44. Min Woo Lee US$64 000
Christiaan Bezuidenhout US$64 000
Stephan Jaeger US$64 000
Chris Kirk US$64 000
T48. Nick Dunlap US$54 000
Denny McCarthy US$54 000
Taylor Moore US$54 000
51. C.T. Pan US$51 000
T52. Adam Hadwin US$49 000
Matthieu Pavon US$49 000
Tom Kim US$49 000
55. J.T. Poston US$47 000
56. Luke List US$46 000
T57. Jake Knapp US$44 500
Sepp Straka US$44 500. — golf.com
car, Nigeria, Tunisia, The Democratic Republic
of Congo, Sierra Leone, Libya, Niger, Benin,
and Togo. The tournament boasts a lineup
including Uganda, Zimbabwe, Burkina Faso,
Madagascar, Nigeria, Tunisia, The Democratic
Republic of Congo, Sierra Leone, Libya, Niger,
Benin, and Togo.
Ahead of the tournament, the team is cur-
rently in a residential training camp at the
Moi International Sports Centre — Kasarani
for the next six days until their departure on
Wednesday (March 13).
The final roster for the traveling squad
will be announced in the upcoming week. —
michezoafrika
Zimbabwe failed to qualify
for the 2023 ODI World Cup
and the 2024 T20 World Cup,
but will be part of the 2027
ODI World Cup as co-hosts.
The economic difficulties in Zimbabwe
— hyperinflation was at 175 percent last year
— means that ZC cannot rely on government
support to fund programmes at schools, so
they have started their own.
The Cricket Kumusha-Cricket Ekhaya pro-
gramme (kumusha and ekhaya mean “home”
in Shona and Ndebele) is being rolled out and
has promise.
“We still have to play Test cricket, even if we
are not part of the World Test Championship.
We believe you can only get good cricketers
from playing the longer version of the game.”
Mukuhlani
“We have a team that goes out and intro-
duces basic coaching skills to school teachers
in the rural areas, and we give them equipment
to start the game,” Mukhulani said.
“But the real problem is that cricket is still
an expensive sport. If we keep the momentum,
we will start to have the numbers coming from
other parts of the country.”
That ZC is able to do that, however small
the scale, must be applauded because it was
only five years ago that the organisation was
mired in debt and frozen out of ICC funding.
They have managed to turn that around
by being more prudent in their use of dis-
bursements but the struggle to be sustainable
continues.
A quick-ish fix could be to seek outside
orld number one Novak Djok-
ovic was beaten by 20-year-old
lucky loser Luca Nardi in round
three at Indian Wells.
Italian Nardi, ranked 123 in the world,
had originally been knocked out in qualify-
ing but reached the main draw after another
player’s withdrawal.
He hit 34 winners in a 6-4 3-6 6-3 win
over the 24-time Grand Slam champion,
converting match point with an ace.
“It’s crazy,” said Nardi, the lowest-ranked
player to beat Djokovic at ATP Masters 1 000
or Grand Slam level.
“I don’t know (how I held my nerve), I
think it is a miracle, because I am a 20-year-
old guy, and beating Novak.”
Djokovic (36) who was beaten by even-
tual winner Jannik Sinner in the semi-fi-
nals of the Australian Open, is yet to win
a tournament this year.
“No titles this year. That’s not something
I’m used to,” said the Serb, who hit 17 win-
ners, but made nine unforced errors.
“I was starting the season most of my
career with a Grand Slam win or Dubai win.
It’s fine. It’s part of the sport. You just have
to accept it. Some you win, some you lose.
15 — 21 March 2024 15
funding for a T20 league
but ZC are not going there
yet.
They hosted a T10
tournament last year,
where there was some
investment from Paki-
stan Super League fran-
chises (and resulted in
floodlights finally being
installed at Harare Sports
Club), and would con-
sider further partnerships
with certain caveats.
“We will talk to whoever comes along with
a meaningful offer to Zimbabwe Cricket but
most importantly, one that develops the game.
We will be interested in the commercial out-
comes but most important for us is some-
thing that can increase our cricket outcome,”
Mukhulani said.
Ultimately ZC currently see themselves very
much as that: a cricket development organi-
sation, not just for their country but for the
continent, which the ICC has identified as one
of its two biggest growth areas (the USA is the
other).
“We are one of the two Test nations in
Africa,” Mukhulani, who is also the vice-chair
of the Africa Cricket Association, said.
“Congratulations to Uganda and Namibia
for the progress they have made, but them
being at a World Cup is not the end of their
journey. They still need to play Zimbabwe and
South Africa for them to grow. We have the
cricketing facilities that they don’t have. We
have a big role to play in making sure that the
region grows.”
He also hinted that ZC are championing
more competitive engagement on the con-
tinent.
“I was just thinking, ‘Why don’t we have an
Africa Cup?’ Something with South Africa,
Zimbabwe, Namibia, Uganda, Nigeria,
Rwanda, Kenya. It will help everyone. It’s a
conversation we are having,” Mukhulani said.
To set themselves up as a credible cricketing
presence in Africa is essential ahead of the
2027 World Cup, where Zimbabwe will be
able to show the cricketing world what they
are made of.
Expect to see revamped venues, floodlights
at Queens Sports Club in Bulawayo, and pos-
sibly a ground at Victoria Falls.
“We would love to see Victoria Falls Stadium
being one of the venues, but that is subject to
how fast the other departments we are working
with move,” Mukhulani said.
Plans for a 10 000-seat stadium were
unveiled last year after the Victoria Falls Town
Council committed a plot of land for develop-
ment to the project.
If successful, ZC could be home to one of the
most picturesque grounds in the world, with a
1708-metre wide waterfall, whose indigenous
name translates to “the smoke that thunders”,
in the background.
In peak season, the falls create a mist that
envelopes the area in a soft rain-like embrace.
One local described being in it as being
“blessed by African rain”. ZC will hope that
by the time their time for rain (in the form of
results from the restructure) arrives, it pours.
— espncricinfo
“Hopefully I’ll win some more and still
keep going. I guess every trophy that even-
tually comes my way is going to be great,
to break the kind of negative cycle a little
bit I’m having in the last three, four tour-
naments where I haven’t really been close
to my best.”
Nardi, who was beaten by Belgium’s
David Goffin in the final round of quali-
fying, said it was an “amazing feeling”.
“I couldn’t even imagine to play a match
against him, and now I also beat him,” he
added.
“It’s such a dream come true for me.
After the match, my coaches told me, Luca,
everyone was cheering for you. Incredible.
Against Djokovic, he’s the best player ever.
“I will keep it, this moment, for the rest
of my life.”
Nardi will play Tommy Paul in the last 16,
with the American progressing courtesy of
a 6-4 6-4 win over France’s Ugo Humbert.
Daniil Medvedev beat Sebastian Korda
6-4 5-7 6-3 and will play Grigor Dimitrov
in the next round.
Holger Rune, Casper Ruud and Taylor
Fritz also made it through to the last 16.
— bbcsport
16 15 — 21 March 2024 Last Word BusinessWeekly

Is Batoka
good value
in climate
change?
BusinessWeekly
Last Word
T
he very low rations of water for
power generation at Lake Kariba
now in force, just an average of
214 megawatts for each of the two power
stations, suggests strongly that Zimba-
bwe and Zambia need to seriously rethink
their strategic plan to build the Batoka
scheme between the Victoria Falls and
Kariba.
It might well result in some of the most
expensive power in Africa if the output
is well below the expectations based on
the measured flows since 1925 over the
Victoria Falls, the only real inflow into
the scheme, minus perhaps up to 20 per-
cent to account for climate change. If the
inflows are significantly below that 80
percent of average then the two coun-
tries might be building one of the larger
white-elephants.
Editorial Advertising
BusinessWeekly Published by + 263 24 2795771 +263 24 2795771 (Harare)
The Zambezi River Authority, which
has been overseeing the planning of this
Zimbabwe Newspapers (1980) Ltd or +263 29 2888871 +263 29 2888871 (Bulawayo hydro-scheme for more than 35 years, has
herbert.zharare Circulation given an estimate of a little over US$3,6
Herald House billion for the capital costs, including the
31 George Silundika Avenue @zimpapers.co.zw +263 24 2795771 (Harare)
subscriptions@zimpapers.co.zw interest payments, for the uS$2,1 billion
Harare, Zimbabwe @businessweeklyzim dam wall and the two power stations each
costed at US$732 000.
Copyright © Zimbabwe While everyone talks about a pair of
Weekly Business Zim
Newspapers (1980) Limited 1 200MW power stations, one on each side,
the detailed studies have never suggested
that Batoka will be producing anything
like this for most of the year. Lake Batoka
will be a long thin lake with a far smaller
Editorial complaints can be sent to the Legal Services Department within 20 working days of the publication of the material. energy storage than Lake Kariba.
Email address: complaints@zimpapers.co.zw The Zambezi River has a highly fluctu-
or phone 0242 704 088 /0242 7082 98 ating monthly flow, ranging on historical
averages from 262 cubic metres a second
in October to 2 958 cubic metres a second
needing some maintenance catch up. Both
could then use their Kariba stations as a
hydro should be used, to cope with the
hourly fluctuations between say 2am,
when just one or two generators would
be in use at each station, to 7am or 5pm
when both went through major peaks as
miners, industrialists and domestic users
were all going flat out.
The lower flows in recent years into the
lake have meant that these two extension
have never really pulled their weight, so
the costs have never really been justified.
The other ground for the extensions
were to be ready for Batoka, which with-
out the huge storage of Lake Kariba,
would have to vary output considerably.
The Zambezi River Authority, looking
at the energy output, had predicted an
average variation between 4 282 gigawatt
hours in the second quarter of each year,
as the two stations averaged just under
1000MW each, down to 872GWh in the
fourth quarter, as they averaged just over
400MW each, about a sixth of their max-
imum. The monthly variation in inflows
really hits that scheme.
Batoka and Kariba would have to be
run as a pair. During the annual floods
the two Batoka stations could be taken
right up to averaging over 80 percent of
their maximum of 1200MW each, while
the Kariba stations would be cut back and
let the flood waters coming through the
Batoka stations fill the lake. By the fourth
quarter, when the Batoka stations were cut
right back the extended Kariba stations
would be going flat out.
So while there was talk about an extra

Presumptive tax not a new

in April as the annual floods reach their
peak. These are the averages from 1925,
when accurate measurements of flows
over the Victoria Falls started, to 2014.
Even those averages vary considerably
1 200MW on each side, the actual extra
would be around half that. This is the
problem of having the main storage dam
downstream of the floodwater power sta-
tions. These days even that extra average

animal, but has struggled in Zim

Policies that promote entrepreneurship,
access to finance, and market integration can
complement presumptive taxation efforts by
creating a conducive environment for for-
malisation.
Challenges and limitations
Despite its potential benefits, presumptive
taxation faces several challenges and limi-
tations.
One challenge is the risk of overtaxation,
particularly for small businesses operating
on thin profit margins. Imposing taxes based
on turnover or assets may disproportionately
Economy Uncensored with Tapiwanashe burden businesses with low profitability, hin-
Mangwiro
when decade-long averages are taken into
account. For example during much of the
1960s and 1970s flows into Lake Kariba
were well above historical averages, so
much so that British consultants were
recommending very strongly a signifi-
cant expansion of the two Kariba power
stations.
At this time, even after Kariba North
at around 600MW was commissioned to
join Kariba South’s then 660MW, before a
rebuild of the outraces under a new design
increased efficiency to 750MW without
using more water, floodgates had to be
opened at times. Neither power station
was ever rationed to operate below max-
imum output.
This meant that Capco, the then dam
owner and operator and also the opera-
tor of Kariba South, never had to reduce
sales into UDI Rhodesia even after tak-
ing into account the Zambian generation
requirements. Kariba North was owned
600MW might be a gross overestimate.
The present flows seem to be less than
predicted. More than 80 percent of the
Victoria Falls flow comes from Angola
and the rest from western Zambia. Zimba-
bwe’s contribution is trivial until you reach
the Manyame and Mazowe confluences,
which help Cabora Bassa but not dams
Zimbabwe can use, and the main central
Zambian runoff goes into the Kafue which
enters the Zambezi well downstream of
Kariba. Even the 2022-s023 season, which
was counted above average, saw the Ango-
lan flows down as a semi-drought hit the
main part of the upper catchment.
Zimbabwean experts had pressed hard
in the 1980s for Mupata Gorge, down-
stream of Kariba and the Kafue dams, so
it would in effect have a regular daily flow
with almost zero fluctuation, simply reus-
ing the water that had already generated
power. This was killed by a huge environ-
mentalist campaign over the Mana Pools

I
n many economies worldwide, informal
businesses play a significant role in the
economic landscape and Zimbabwe is not
an exception.
These informal enterprises, often unregis-
tered and operating outside the formal regu-
latory framework, contribute to employment,
income generation, and the provision of goods
and services. However, they also pose chal-
lenges for governments in terms of tax col-
lection and regulation enforcement.
One mechanism used by authorities to
address these challenges is ‘presumptive tax-
ation’. The Minister of Finance, Economic
Development and Investment Promotion,
Prof Mthuli Ncube reconfigured his presump-
tive tax, much to the outcry of the population.
Hence, this week we delve into the con-
cept of presumptive taxation, its functioning,
rationale, and its effectiveness in compelling
informal businesses to formalise their oper-
ations.
To begin with, presumptive taxation is a
simplified method of assessing and collect-
ing taxes from businesses, primarily targeting
those operating informally or whose income
is difficult to ascertain accurately.
Instead of requiring detailed accounting
records and financial statements, presumptive
taxation relies on certain presumptions or
estimates to determine tax liabilities.
Under presumptive taxation, tax authorities
establish predetermined bases for calculating
taxes based on factors such as turnover, assets,
or location.
These bases are often applied to specific
sectors or types of businesses. For example,
a common approach is to tax businesses
at a fixed percentage of their turnover or
gross receipts, regardless of actual profits or
expenses incurred.
Rationale behind presumptive
taxation
The rationale behind presumptive taxa-
tion is multi-faceted. Firstly, it simplifies the
tax compliance process for small businesses,
reducing administrative burdens and com-
Salons now have to pay presumptive tax
pliance costs. By eliminating the need for
complex record-keeping and accounting, pre-
sumptive taxation makes it easier for informal
businesses to fulfil their tax obligations.
Secondly, presumptive taxation addresses
the challenges of tax evasion and underre-
porting prevalent among informal enterprises.
Since these businesses often operate in cash-
based economies and lack formal accounting
systems, accurately determining their income
for taxation purposes is challenging.
Presumptive taxation provides a pragmatic
solution by imposing taxes based on easily
verifiable proxies such as turnover or assets.
Thirdly, presumptive taxation aims to
broaden the tax base by bringing informal
businesses into the formal tax net.
By providing a simple and transparent tax
regime, authorities incentivise informal busi-
nesses to register and formalise their opera-
tions to avail of the benefits of formalisation,
such as access to credit, Government services,
and legal protection.
Effectiveness in encouraging
formalisation
The effectiveness of presumptive taxation in
encouraging formalisation depends on various
factors, including the design of the presump-
tive tax regime, enforcement mechanisms, and
broader socio-economic conditions.
Firstly, the design of the presumptive tax
regime plays a crucial role. The tax rate, thresh-
olds, and criteria for applicability must be care-
fully calibrated to strike a balance between rev-
enue generation and compliance incentives.
Excessive tax rates or overly burdensome
requirements may deter informal businesses
from formalising or drive them further under-
ground.
Secondly, effective enforcement is essential
to ensure compliance with presumptive taxa-
tion rules. This requires adequate monitoring
and oversight by tax authorities to detect and
deter tax evasion and underreporting.
Leveraging technology, such as digital pay-
ment systems and data analytics, can enhance
enforcement capabilities and reduce oppor-
tunities for tax leakage.
Thirdly, broader socio-economic factors
influence the effectiveness of presumptive
taxation.
Factors such as access to formal markets,
business support services, and the overall
business environment shape the incentives
for informal businesses to formalise.
dering their growth and sustainability.
Another challenge is the risk of distorting
market incentives and competition. Pre-
sumptive taxation can create disincentives for
businesses to expand or invest in productivi-
ty-enhancing activities since taxes are levied
irrespective of profitability.
Moreover, differential tax treatment across
sectors or business types may distort resource
allocation and hinder economic efficiency.
Additionally, presumptive taxation may
inadvertently incentivise informal businesses
to remain underground or engage in tax plan-
ning strategies to minimize tax liabilities.
In the absence of robust enforcement mech-
anisms and complementary policies, informal
businesses may opt to evade taxes rather than
formalise their operations.
Presumptive taxation is a pragmatic tool for
taxing informal businesses and broadening
the tax base in economies with significant
informal sectors.
By simplifying tax compliance, addressing
challenges of tax evasion, and incentivising
formalisation, presumptive taxation aims to
enhance revenue mobilisation and promote
economic formalisation.
However, its effectiveness depends on
careful design, effective enforcement, and
supportive policy measures to address chal-
lenges and foster an enabling environment
for formalisation.
Ultimately, striking the right balance
between simplicity, fairness, and compliance
incentives is essential for the success of pre-
sumptive taxation in shaping the behaviour of
informal businesses and promoting broader
socio-economic development.
In Zimbabwe, the new presumptive taxes
could have forced businesses to formalise, but
that will not be the case as the formal sector is
over regularised and over taxed which makes
companies want to remain small.
◆◆ Tapiwanashe Mangwiro is a resident
economist with the Business Weekly and
writes this in his own capacity. @willoe_
tee on twitter, mangwirowt@gmail.com
on email and Tapiwanashe Willoe
Mangwiro on LinkedIn.
and managed by Zesco, although Capco
had some unofficial oversight.
That made the political situation a lot
easier as well. The complications of try-
ing to organise generation cuts at both
power stations during the very difficult
Zambia-Rhodesia relations during UDI
would have been horrendous, with the
Rhodesians being particularly difficult.
During the 1980s Zimbabwe had a
small but highly competent group of
engineers working in the then Ministry
that oversaw energy.
This group was not desperately enam-
oured over external consultants from
Britain, certainly not seeing them as the
supreme all-knowing external group, and
checked the figures.
By this stage average annual inflows
had decreased from that 15-year high and
were now close to the longer-term annual
inflows since 1925. The Zimbabwean group
were dubious about the wisdom of the
huge investment required to expand the
two power stations and pressed very hard
for the second phase of Hwange Thermal
instead, adding the 440MW of that phase
to the 480MW already commissioned or
in the process of being commissioned at
Hwange phase one, largely using the civil
engineering done by the UDI regime in
the 1970s when work suddenly came to
a halt after a sanctions-busting deal was
exposed and the mechanical and electrical
components were blocked.
Eventually, in the 2010s, the two exten-
sions at Kariba did go through, starting
with the north bank. At this stage both
Zesa and Zesco recognised that the exten-
sions would not add more energy to the
Kariba output, but that they would allow
the two utilities to cope with the huge
hourly fluctuations in demand during
a day.
Both now had good power stations to
provide far more of the base load, Zesco
with its pair of dams and power stations
on the Kafue recently upgraded, and Zesa
with Hwange Thermal that admittedly
being flooded, and by the time the engi-
neers had modified their proposal for a
lower dam at Mupata using different types
of turbine that worked on concentrating
river flow more than on creating a long
drop, it was too late. Mupata was killed.
But that low level scheme for Mupata
now seems to be a better option. Detailed
work would have to be done, but the huge
advantage in a starting point would be
the regular daily flow from the Kariba
and lower Kafue power stations, and the
ability to use the huge storage of Lake
Kariba. At the very least there would be
a predictable daily output and the low-wall
would minimise environmental impact
since storage would not be required at
Mupata, just the drop.
All this means that the power stations
would be a lot cheaper than Batoka since
there would be no need for extra to cope
with the floods before cutting back; just
enough to recycle Kariba and Kafue water.
No one since the original Zimba-
bwean 1980s estimates has calculated
costs of construction and the eventual
cost of power from the scheme, and those
original estimates were not detailed. So
detailed costs would now have to be done.
At the very least we could then do the
power costs assuming say three quarters
and even half flows in the Zambezi from
Angola and Zambia.
There would be need for a new envi-
ronmental impact study, this time with
the low wall option on the table, but the
impact would now take into account the
global warming requirements and the fact
that other options for Zambia and Zim-
babwe involve coal and gas, carbon fuels.
Whatever solution is used, there will be
an environmental impact, the trick would
be to find the lowest impact for the most
guaranteed power, the stress being on that
concept of guaranteed.
Just because Batoka was the best 1990s
scheme does not make it the best 2020s
and 2030s scheme unless we are collecting
white elephants.