Executive Summary

Thursday June 20 2024

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Quotable Quote
“An unhurried sense of time is in itself a form of wealth” – Bonnie Friedman, US author

Today’s Scheduled Events

Old Mutual ZSE Top 10 Exchange Traded Fund virtual EGM (Escrow platform), 3pm

Daily Press Summary

Financial/Economic Headlines
Herald
Treasury authorises 50-50 currency split for tax payments: Treasury has granted authority for tax payers to settle
their obligations in Zimbabwe Gold ZiG) on a 50:50 basis, while maintaining the legal provisions for economic agents to
pay taxes in the currency of trade. The ministry of Finance, Economic Development and Investment Promotion said it was
still working on a comprehensive plan for a seamless transition from exclusive payment of taxes in the currency of trade to
the domestic unit of account. Further, Treasury emphasised that the strategy to guide the currency transition for tax
payments required legal provisions to be realigned, given that the currency of trade is specified in the principal approved
legislation. The Finance ministry will also need to set the current ratios of transactions in local and foreign currency as well
as minimise the economic shocks associated with abrupt policy changes. Presently the payment of Corporate Income Tax
is guided by the provisions of Section 4A of the Finance Act (Chapter 23:04), which provides forth settlement of tax
obligations in the equivalent proportion of the currency of trade – Herald, Thursday June 20, Pg 1

Chinese investor buys 51% stake in coal mine: Contango Holdings has entered an agreement to sell 51% of its
shareholding in Muchesu Coal Mine in Binga to a Chinese investor while the United Kingdom firm will retain a 24 percent
stake in the colliery project. Last month, the London-listed natural resource development group said it was inundated with
inquiries from investors interested in joint ventures or purchasing the mine and was open to exploring opportunities that
would benefit the company and its stakeholders. On the back of a capital raise of British Pounds 940 000 (equivalent to
US$1.2 mln) in early April this year, the firm resumed on-site operations to meet orders from potential offtake customers
for samples. Following the agreement, the Chinese investor, Wencai Huo who is based in Zimbabwe, will invest US$20
mln into the 2.6 bln-tonne colliery project in which Contango holds its direct interest in Muchesu through a 70% controlling
stake in Monaf Investments (Pvt) Limited. An additional 4.76% interest in Monaf is expected to be transferred to Contango
shortly, increasing Contango’s shareholding to 74.75% – Herald, Thursday June 20, Pg F3

IDBZ acquires more land for construction projects: The Infrastructure and Development Bank of Zimbabwe (IDBZ)
has acquired significant pieces of land in the southern parts of Zimbabwe for the development of commercial and
residential properties. The projects aim to address the growing need for modern housing and essential services in the
region. In the border town of Plumtree, the IDBZ acquired approximately 7.2 hectares of land and plans to construct block
flats and a recreation centre. The development will include 81 properties, incorporating a medical facility and a preschool,
catering for the needs of the local community. “The designs for the properties will align with the council’s master plan for
the town,” IDBZ southern region manager Saxon Makwasha said during a tour of the bank’s projects by the board on
Thursday last week. Earlier, the board had toured its Willgrove housing project where IDBZ invested US$2.6 mln to build
114 low-density residential stands ranging from 3 500 square metres to 900 sqm. It also toured Esihlengweni Medical
Centre in the Bulawayo central business district where it is leasing its property to diversified medical service providers and
the Bulawayo Students Accommodation Complex. The initial plan for the Plumtree project involved building a solar farm.
However, the Zimbabwe Electricity Transmission and Distribution Company (ZETDC) requested IDBZ to also construct a
transmission line stretching about 100 kilometres to Bulawayo to connect the solar plant to the grid. But considering the
cost of building such a power line, the project was deemed economically unfeasible. Therefore, IDBZ switched gears and
opted for a residential and commercial development project that aligns better with the town’s needs. IDBZ also acquired
land in Filabusi for the construction of residential properties. The area has been incorporated into the Plumtree master
plan and will become part of its central business district – Herald, Thursday June 20, Pg F1

Zimpapers’ digital-first strategy to drive growth’: Zimbabwe Newspapers, says it has made significant progress in
implementing its digital-first strategy and leveraging on its 360-degree media solution. On account of the various strategy
interventions instituted by the company, the group is confident enough safeguards and measures have been put in place
to guarantee growth and survival into the future. Group chief executive officer Pikirayi Deketeke said this was expected to
enhance audience harvesting as the company, which has a presence across the mass media industry, has become fully
aligned with world trends in its sector. Commenting in the group’s 2023 annual report, Deketeke also said the company
had consolidated all its printing operations under one roof, which is expected to enhance efficiencies in the printing
business and attract more clients – Herald, Thursday June 20, Pg F1

Fish production up to 33 000t: Fish production has surged from 20 000 tonnes to more than 33 000 tonnes over the
past 18 months as the government is boosting production and enabling better retains. Fish farming is one of the fastest
growing sectors and can be produced more efficiently and cost effectively. It is based both on using dams and
establishing fish ponds in each village as the borehole is drilled. Dams, ranging from small farm dams up to major national
projects were originally built for power, irrigation or urban water supplies, but will now be used more fully by introducing
fish farming. The Presidential Fisheries Scheme is aimed at improving access to affordable protein at household level,
while enabling commerce from the sale of surplus production. Government will establish business units at youth hubs,
village nutrition gardens and irrigation schemes all with a fish production component, to promote a business approach to
agriculture and leave no one and no place behind – Herald, Thursday June 20, Pg 4

Zim ready to expand EU trade relations: Zimbabwe stands ready to expand trade relations with the European Union in
line with its open for business mantra, the Permanent Secretary for Foreign Affairs and International Trade, Albert
Chimbindi, has said. On Tuesday, Chimbindi met the director-general of the EU External Action Service Rita Laranjinha
on the sidelines of the EU-Sadc Ministerial Meeting in Luanda, Angola. “Zimbabwe is open for business and we’ve been
emphasising to the EU that they are free to come to Zimbabwe and do business in Zimbabwe, that we have to broaden
the discussions that we have with them to go beyond the issues that they’ve been emphasising ever since, and that
Zimbabwe is ready to work with them. We had a very useful and long meeting, I think a very frank discussion on the
relationship between the EU and Zimbabwe.” Laranjinha acknowledged the ongoing trade negotiations between the EU
and Zimbabwe and the progress made so far, as well as where the two are heading. “We know that there are ongoing
negotiations between the EU and Zimbabwe on trade matters, and I think that we’ve made good progress in that regard
on the understanding where we can continue to take these negotiations forward. That would be very, very important. “We
also discussed a number of issues that have to do with the relationship between Zimbabwe and the EU. We have very
active embassies, both in Harare and in Brussels, doing common work together, but it’s very important that we take the
occasion of these events to also meet at our level and to exchange directly to understand each other better on a number
of issues of common interest,” she said. Laranjinha said trade between the two parties should grow both ways – Herald,
Thursday June 20, Pg 2

NewsDay
RTG projects boom in tourism investment: Hospitality group Rainbow Tourism Group (RTG) has projected that tourism
investment in the country will treble to US$534 mln this year, supported by increased domestic travel. Last year,
investments into the tourism sector dropped by 45% to US$172.2 mln, as local companies faced increased inflation-
induced costs, limiting their ability to inject fresh capital. The inflation-related costs arose from a sharp depreciation of the
country’s former local currency, the Zimbabwe dollar. However, with the introduction of Zimbabwe Gold (ZiG), the market
is expected to stabilise, thereby boosting domestic tourism receipts. “Domestic tourism is also on the rise, with more
locals travelling within the country and tourism investment is expected to significantly increase, forecasting a jump to
US$534 mln in 2024,” RTG chief executive Tendai Madziwanyika said in the group’s 2023 annual report – NewsDay,
Wednesday June 20, Pg 10
Premier spends US$75 mln on lithium plant: Resource outfit Premier African Minerals has invested approximately
US$75 mln in the development of the Zulu lithium and tantalum project, located near Bulawayo, according to chief
executive officer George Roach. The mining firm, with a diverse portfolio of projects in Zimbabwe and Mozambique, is
currently finalising the installation of a flotation plant at the Zulu project. “Premier sincerely hope the conditioning tank will
be the last plant modification and on that note, the board remains confident regarding the prospects for Zulu and we note
that at this time, the development of Zulu, a complete mine, has cost the company the better part of US$75 mln and
neither this nor the deemed valuation of Zulu agreed with our take-off partner is reflected in our current market
capitalisation,” Roach said in a market update. He disclosed that the conditioning tank delivery and commissioning
remains on track for completion during the week commencing July 10, while sale of concentrates on hand is now
expected to proceed on an ex-mine gate basis – NewsDay, Wednesday June 20, Pg 10

Tobacco volumes down 27%: Zimbabwe’s tobacco volumes have declined by 26,71% to 191 million kilogrammes as of
Tuesday this week compared to the same period last year, due to the effects of El Niño-induced drought, official data
shows. Data obtained from the Tobacco Industry and Marketing Board (TIMB) showed that in terms of value, tobacco
sales fell by 15,69% to US$663.7 mln, despite average price per kg increasing by 15.04% to US$3,47. A total of 180.3
million kg of tobacco worth US$624.9 mln were sold on the contract floors. In contrast, 10.7 million kg of tobacco worth
US$38.8 mln was delivered on the auction floors. Zimbabwe this year projects to produce 235 million kg of tobacco, from
a record harvest of 296 million kg last year. “The reduction in sales can be attributed to the El Niño weather phenomena
experienced across the country, impacting tobacco production,” TIMB spokesperson Chelesani Moyo-Tsarwe said –
NewsDay, Wednesday June 20, Pg 11

Bizarre tariffs cripple Zim power projects: Zimbabwe’s sub-economic tariffs are affecting the country’s efforts to fund
access projects including backbone infrastructural development, Energy and Power Development ministry permanent
secretary Gloria Magombo has said. She said efforts to improve revenue assurance through the prepayment metering
and smart metering projects were hindered by limited funding. Speaking during the national electrification analysis
workshop for stakeholders in Harare yesterday, Magombo said revenue assurance expected from electricity sales had
failed to make a positive impact as Zesa operated with a high debtors’ book due to failure to collect revenue. “Funding
challenge was worsened by inflation, which reduced the buying power of the local currency. Due to competing needs,
including the shortage of power supply to meet the growing demand to support the growing economy, the limited
resources were applied towards other priority areas, including the pressing need for imports to meet the power demand at
the expense of the electrification projects,” she said – NewsDay, Wednesday June 20, Pg 2

Business Times
Cash squeeze hits industry: The Reserve Bank of Zimbabwe (RBZ)’s stringent monetary policy stance has caused a
cash crunch that has severely hampered operations, business leaders revealed this week. They told Business Times that
industry is likely to experience unintended consequences from the central bank’s attempt to push demand for the local
currency, the ZiG. The executives are not happy with the central bank’s moves, which include deliberately manipulating
the market to inflate demand for ZiG. They assert that the situation would drive them to the brink of collapse because their
working capital was running low. Oswell Binha, the CEO Africa Roundtable board chairman, expressed concern that the
move by the central bank was now impeding commercial activities. “It’s a paradox,” Binha told Business Times. He added:
“On one side we want to use our local currency and on the other side while we are chasing stability, we are now
constraining business activities. “It’s more expensive for the members as they are going to borrow to pay statutory
obligations against a background where they should not borrow in the first place. That’s a dilemma. “We expected normal
situation to prevail on the market as we have been settling our obligations using the ZiG, now all of a sudden we are no
longer getting it.” According to him, some players in the industry are accusing the central bank of manipulating the ZiG
circulation in order to create widespread artificial shortages. “…Most major players who are supposed to be transacting
with their suppliers, particularly the mining sector suppliers, are failing to pay them due to central bank related issues –
Business Times, Thursday June 20, Pg 1

Mthuli enacts proportionate payments for tax: The Minister of Finance, Economic Development and Investment
Promotion, Mthuli Ncube, yesterday announced that corporate income tax payments for the second quarter of the year
shall be made in proportion to the currency of trade According to Ncube, companies that transact exclusively in local
currency, the Zimbabwe Gold (ZiG), will have to pay their taxes in that currency. However, companies using the hard
currency for transactions will need to pay their taxes in that currency as well. In order to facilitate a smooth transition from
the exclusive payment of taxes in the currency of trade to local currency, Ncube further disclosed that the Treasury is
presently doing a thorough review of the Framework of Tax Payments. The review, Ncube said “aims to ensure a
seamless transition from exclusive payment of taxes in the currency of trade to local currency, re-align the legislative
requirements, in particular, where the currency of trade is specified in principal legislation, set the current ratios of
transactions in local and foreign currency and minimize economic shocks associated with abrupt policy changes” –
Business Times, Thursday June 20, Pg 2

Good enough is dead, Mboweni warns firms: Douglas Mboweni, the group CEO of Zimbabwe’s largest
telecommunications and technology company, Econet Wireless Zimbabwe, has warned local companies that running
“good enough businesses is dead” but that they may stay ahead of the curve utilising artificial intelligence (AI) to drive
their operations. Leveraging on AI and process automation, according to Mboweni, who spoke at the CEO Africa
Roundtable held in the resort city of Victoria Falls last week, will increase operational efficiencies and customer service
delivery. He said that AI is now a crucial component of global commercial operations. The warning comes as companies
in Zimbabwe are struggling to extricate themselves from their woes as a result of deteriorating economic conditions. Local
companies are struggling to stay afloat due to headwinds including crippling rolling power cuts, rising cost of production,
liquidity crunch and currency volatility, among other problems. Foreign currency is also in short supply. The Confederation
of Zimbabwe Industries (CZI), the country’s largest business lobby group, said finding forex has turned into a nightmare
for local companies. According to CZI, the willing buyer willing seller market is inefficient, which prevents businesses from
obtaining enough foreign exchange from it. This has forced businesses to get the forex needed to import essential raw
materials from the illegal market, where premiums are higher. Many businesses may be forced to close this year, adding
to an expanding corporate graveyard – Business Times, Thursday June 20, Pg 3

Zim Cyber City raises red flag against antiquated legislation: Tendayi Hlupo-Mamvura, the CEO of Zim Cyber City,
has raised the red flag against the Rural-Urban Town Planning Act, a piece of antiquated legislation that was passed in
1977 to govern the real estate sector in the country. She said this is impeding the country’s efforts to modernise
infrastructure and land development in the country. Zim Cyber City is developing a multi-million-dollar project in Mt
Hampden, Mashonaland West Province. Work on the cyber city, which is funded by United Arab Emirates-based Mulk
International, was launched in July 2022 by President Emmerson Mnangagwa. However, Hlupo-Mamvura, who spoke at
the CEO Africa Roundtable in Victoria Falls last week, said the antiquated legislation was the reason why construction
was not progressing as quickly as anticipated. She said there was a need to review the 1977 Rural-Urban Town Planning
Act, which is still governing real estate in Zimbabwe. She also said there were no incentives under the old legislation to
encourage modernization in the country – Business Times, Thursday June 20, Pg 3

Political & General Headlines

Herald
CCC leader raps Chamisa, ready to work with Zanu PF: CCC interim leader, Professor Welshman Ncube, yesterday
said the damage former party leader, Nelson Chamisa, inflicted on the opposition outfit is unquantifiable and they are now
ready to work with the ruling Zanu PF party for the development of the country. Addressing the media at a CCC national
council meeting in Harare yesterday, Ncube reiterated the council’s resolution that Chamisa had deviated from the party’s
founding principles. Ncube said after CCC parliamentarians were recalled through a process initiated by Senator Sengezo
Tshabangu, they were now working to reconstitute the movement to cater for everyone’s interests. He affirmed that Sen
Tshabangu was indeed in the CCC’s top hierarchy, contrary to attempts by some in the party to disown him. “We
acknowledge that contrary to what some of us have said in the past that we didn’t know Senator Tshabangu, we did. He
was a member of the national executive and national council. He attended the fateful meeting of January 22, 2022, but he
was not secretary general. He assumed that position under strategic ambiguity. “Our competitive advantage in electoral
terms relates to who we are as agents of democratic change. Not just in terms of what we say, but also in terms of what
we do,” he added. “The damage is there. But the biggest damage is how far back this period (under Chamisa) has taken
us in the struggle for a democratic alternative. Ncube said the party was ready to engage the government and Zanu PF to
strengthen national institutions in the interest of the citizens and not to pursue selfish interests as exemplified by Chamisa.
The meeting was attended by officials elected at the 2019 Gweru Congress of the MDC-Alliance who included vice
president Lynette Karenyi-Kore, national chairman Sessel Zvidzai, secretary-general Chalton Hwende. Other members
present were Harare Mayor Jacob Mafume, Glen View North parliamentarian Happymore Chidziva and Marondera
Central legislator, Caston Matewu – Herald, Thursday June 20, Pg 2

Unity key to nations’ development: Unity of purpose among citizens of a nation is key to any country’s development,
President Mnangagwa has said. The President, who was part of more than a dozen Heads of State and Government who
attended the inauguration of South African President Cyril Ramaphosa in Pretoria yesterday, said going forward, the
people of South Africa need to be conciliatory and united to achieve their objectives. President Mnangagwa returned
home yesterday evening and was received by Vice Presidents Constantino Chiwenga and Kembo Mohadi. In an interview
at the Robert Gabriel Mugabe International Airport, the President said unity is key to any nation’s development. “The
majority of SADC Heads of State were in attendance, and also leaders of friendly nations like Cuba were there. It went
very well, the people of South Africa came in their numbers. It was very smooth.” President Mnangagwa said President
Ramaphosa’s speech was conciliatory, as he called on all parties that participated in that country’s general elections to
work together for the benefit of South Africans. “His speech was focused on future development. He spoke about unity.
My other takeaway is that he is anxious to have the unity they are building to move forward together. He was very
conciliatory with other groups, he said they need to be united to develop their country, which is very important,” he said –
Herald, Thursday June 20, Pg 1

Zim confident next SA admin will succeed: The new South African government that will be constituted following
President Cyril Ramaphosa’s inauguration yesterday will take the neighbouring country forward, Zimbabwean
Ambassador to South Africa David Hamadziripi has said. In an interview with South African broadcaster Newzroom Afrika
yesterday, Hamadziripi said Zimbabwe had been impressed by the way in which its neighbour had conducted its polls. He
said on election day, he visited some polling stations and noted utmost order and peacefulness. “We were very much
impressed by the way the election was organised. We were also part of the SADC Observer Group and the African Union
Observer Group. I had the privilege of visiting a few polling stations on that day, it was beautiful, it was quiet, it was very
peaceful and everybody went about their business nicely,” he said. “Clearly for us, we know that South Africa has gone
through a similar period where you have had a government of national unity. It is an experience you have had before. We
have every confidence that the government that is going to be appointed after this inauguration is one that is going to take
South Africa forward, promote good neighbourliness, regional and continental integration.” Hamadziripi said both South
Africa and Zimbabwe were important countries in the region so their upholding of democracy in their respective elections
would certainly go a long way in aiding regional development – Herald, Thursday June 20, Pg 2

Sadc to strengthen cross border value chains: The SADC region is ramping up efforts to strengthen its cross-border
value chains and is embarking on infrastructure projects that will see it fully industrialising and developing at an
unprecedented level, Industry and Commerce Minister Mangaliso Ndlovu has said. The government yesterday held a
meeting with the region’s ambassadors ahead of the SADC Industrialisation Week which is scheduled to run from July 28
to August 2, preceding the bloc’s 44th Summit of Heads of State. The six-day event will be held under the theme
‘’Promoting innovation to unlock opportunities for Sustainable Economic Growth and Development towards an
Industrialised SADC’’. Addressing the meeting, Ndlovu said there was need for the regional bloc to capitalise on platforms
available to it as these would set the tone for the respective countries’ growth – Herald, Thursday June 20, Pg 2

Parly moves to protect widows, orphans: Parliament is rationalising the powers of the Master of High Court to ensure
that the office does not willy-nilly dispose or sell the property of a deceased estate without the permission of a judge of the
High Court. The Master should also not unilaterally appoint or remove an executor of an estate. This is meant to enhance
protection of widows, widowers and orphans during disputes over deceased estates. Once the Administration of Estates
Amendment Bill has become law, the Master of the High Court will have to approach the High Court and argue their case
before appointing or removing any executor of a deceased estate and will have to seek the approval of the Guardian’s
Fund in making investments of funds falling under the office. The new requirements were adopted by the National
Assembly on Tuesday during the committee stage of the Administration of Estates Amendment Bill, where Justice, Legal
and Parliamentary Affairs Minister Ziyambi Ziyambi introduced additional amendments to the proposed law. The Bill,
which is still before the National Assembly, seeks to provide for better and autonomous administration of the Office of the
Master of the High Court to enable it to serve the people efficiently and in a decentralised manner through, among other
things, removing it from the Judicial Service Commission. Clause 4 of the Bill provides that the appointment of an
executor or executors of a deceased estate by the Master, where this is not laid down in a will, must be approved by the
High Court after notifying everyone with a legitimate interest in the estate, should there be no resolution among
stakeholders on who should become an executor. This would apply where there is no will naming the executor, and in
such a case, the Master just confirms who the deceased person wanted. Sometimes the family can unanimously agree,
and again that can be confirmed. But problems can arise where there is no executor laid down in a will, and where there is
a family disagreement – Herald, Thursday June 20, Pg 1

Govt rubbishes national dress profiteering claims: The government has dismissed as false and malicious, claims by a
local newspaper that First Lady Auxillia Mnangagwa is cashing in on the national fabric, which has been fully embraced
countrywide. In a statement yesterday, Tourism and Hospitality Industry Minister Barbara Rwodzi said such claims were
baseless and calculated to soil the good image of the Mother of the Nation. “The Ministry of Tourism and Hospitality
Industry wishes to remind all concerned that it is the sole custodian of the Zimbabwe national fabric and is responsible for
distributing the fabric through the Zimbabwe Tourism Authority provincial offices at a gazetted nominal fee of US$4 per
metre. “The ministry works with a few selected outlets which distribute the fabric at the gazetted price,” she said. The
national fabric, Rwodzi said, was previously sold for between US$9 and US$12, before the ministry intervened to get the
price reviewed downwards to US$4 per metre. “The Ministry of Tourism and Hospitality Industry encourages the nation to
continue taking pride in our identity, our culture and our heritage through our national fabric. “We take exception to false
and malicious claims by some media outlets that the First Lady Dr Auxillia Mnangagwa is cashing in on the national fabric.
“Such claims are not only unfortunate, but appear calculated to soil the good image of our hard working Mother of the
Nation, who is our patron.” Rwodzi said her ministry would forever be grateful to Dr Mnangagwa for initiating the launch of
the national fabric to promote Zimbabwean culture and identity – Herald, Thursday June 20, Pg 2

60 engineering students get China scholarships: Harare Polytechnic has signed a five-year deal with a Chinese
engineering college and company, which will see 60 Zimbabwean students in Metallurgy and Mechanical Engineering
receiving scholarships to study in the Asian country for 18 months, starting next year. The programme will expand in 2026
to include electrical engineering, with other polytechnics joining the initiative, providing a pipeline of skilled professionals in
engineering fields. This development follows a tripartite agreement signed on Monday by Harare Polytechnic, China’s
Shanxi Engineering Vocational College (SEVC) and XinGanglian Group, a top ferrochrome producer. In a speech read on
his behalf during the official launch of the metallurgical centre of excellence, to be known as Zimbabwe-China Harare
PolyHuaye Institute, at Harare Polytechnic yesterday, Higher and Tertiary Education, Innovation Science and
Development Minister Amon Murwira said the deal would foster technology skills – Herald, Thursday June 20, Pg 6

Chinese delegation scouts for opportunities: The delegation from the Communist Party of China that is in the country
for a week-long visit aimed at scouting investment opportunities, yesterday paid a courtesy call on Zanu PF Secretary
General Obert Mpofu at the ruling party’s headquarters in Harare. The delegation is being led by Tang Dengjie, the
Secretary of the CPC’s Shanxi provincial committee. Speaking to the media, Mpofu said the Chinese delegation would
visit Matabeleland North for possible opportunities in coal production and electricity generation – Herald, Thursday June
20, Pg 6

Pari resumes radiotherapy services: Zimbabweans battling cancer have been given a lifeline following the resumption
of radiotherapy services at Parirenyatwa Group of Hospitals, providing a more affordable treatment option for patients,
after a two-year hiatus. The hospital has not been offering radiotherapy services since 2022 when all three machines
broke down, forcing hundreds of patients to turn to private healthcare providers. Radiotherapy in the private sector can
cost upwards of US$5 000, depending on the stage of the disease, putting it out of reach for most Zimbabweans who rely
on public healthcare institutions. Radiotherapy is a type of treatment that uses beams of intense energy to kill cancer
cells. It is used to treat at least 50% of all cancer cases and it relieves pain by shrinking the cancer cells and can also be
used to treat some conditions that are not cancerous, including benign tumours. Head of the radiotherapy department at
Parirenyatwa Hospital, Nothando Mutizira, said the institution was gradually initiating patients on the machine based on
the urgency of their cases. “So far we have one machine which started running two weeks ago so we have been gradually
adding patients to this machine. Whilst all cancers are a priority, we are triaging (preliminary assessment) our patients and
putting them on the machine based on urgency. We are booking our patients as they come, but if there are patients with
urgent conditions and they need to be put on the machine urgently we are doing that,” she said. Mutizira said the more
stable patients were being booked for sessions at a later date to ensure that everyone got served, while not overwhelming
the machine – Herald, Thursday June 20, Pg 4

79 CCC activists further remanded in custody: CCC politician James Timba and 78 other members of his party were
further remanded in custody yesterday after their application challenging placement on remand was dismissed by Harare
magistrate Rut Moyo. The 79 are being charged with disorderly conduct and participation in an unlawful gathering. One of
the accused has since been released into the custody of his mother. Through their lawyers, they are denying the charges
arguing that they were merely celebrating the Day of the Africa Child when they were arrested. The investigating officer
Detective Assistant Inspector Panganai Gwati opposed bail, saying the suspects were facing a serious offence and also
fought with law enforcement agents. He said they had the propensity of teaming up again and committing a similar
offence as evidenced by some CCC members staging a mini demonstration outside court premises yesterday. The matter
was rolled over to today for cross examination and continuation of bail application – Herald, Thursday June 20, Pg 4

Pair in court for ivory possession: 2 men from Mabvuku suburb in Harare, who were found in possession of raw ivory
weighing about 20kg with an estimated value of US$3 281, have been arraigned before the courts. Bernard Chiumbe (50)
and Vincent Chiumbe (25) appeared before Harare magistrate Caroline Matanga yesterday charged with unlawful
possession of raw ivory. They were advised to apply for bail at the High Court and to return to court on July 8 – Herald,
Thursday June 20, Pg 6

Serial rapist’s reign ends with 60-year sentence: A 62-year-old serial rapist, Daniel Chauke, will spend the rest of his
life behind bars after being handed an effective 60-year prison sentence for forcing himself on seven women, aged
between 23 and 71, in just two years. He was sentenced to a total of 133 years, but several of the sentences will run
concurrently, leaving him with an effective 60 years. With the standard one third off for good behaviour, he will serve until
he is 102 years old before being released, and he still faces trial for three murders. The rapist was found guilty after a full
trial which ran on a continuous roll from 10 to 14 June 2024 – Herald, Thursday June 20, Pg 6

Suspect’s girlfriend nails lawyer: The trial of Bindura lawyer Elatone Bonongwe and five others on robbery charges
continued yesterday with a State witness, who was part of the gang involved in the robbery scheme, giving graphic details
of how the crime was planned and executed. Bonongwe is jointly charged with Musa Gandi, Agnes Kunaka, Tafadzwa
Chipashu, Justin James and Terrence Musingwini. Key State witness Rabby Ngwenya recounted events leading to the
robbery in Mt Darwin with the lawyer being at the centre of the plot. In her testimony, Ngwenya told the court that on
October 23 last year, one of the accused, Tafadzwa Chipashu, called her boyfriend Munyaradzi Denga over a deal
involving a lot of money. The following day, she said, she accompanied Denga to Glen Norah where they met Musa
Gandi, Agness Kunaka and Justine James and a plot to rob the complainants was discussed. Denga is at large. Later in
the day she travelled to Mt Darwin, at the invitation of Denga, along with Gandi, Kunaka, Chipashu and James, Terrence
Musingwini and a person identified only as Tsano, who is also at large. On their way, said Ngwenya, James asked to pass
through a house in Sunningdale where he collected a crow bar and a hunter’s knife. “Along the way, Advocate Bonongwe
would call Gandi enquiring on their whereabouts,” she said. “When we finally arrived at a service station in Mt Darwin,
Bonongwe welcomed us. Gandi introduced Adv Bonongwe to us, saying he was a very powerful and influential person in
the area.” Bonongwe is fingered as the mastermind of the robbery that saw his accomplices stealing over US$30 000
worth of property and cash from a Bindura home after a brutal attack of the occupants. After some introductions, Ngwenya
told the court that Bonongwe led them to a house where the “deal” was supposed to be done. However, Bonongwe
informed them that the plan would be executed at midnight – Herald, Thursday June 20, Pg 6

Madzibaba Ishmael, accomplices deny charges: The trial for Apostolic sect leader, Madzibaba Ishmael
Chokurongerwa, and his seven accomplices, who are facing allegations of contravening the Burial and Cremation Act as
well as the Children’s Act continued yesterday at Norton Magistrates Court, with the suspects entering a not guilty plea.
They said they were not obliged to take care of the minors who were reportedly abused and denied conducting a burial
ceremony without the knowledge of the authorities . Chokurongerwa (54), Takavengwa Gwenzi (55), Siribiniyo Chikunhire
(53), Wonder Kabaya (41), Devlodge Katsande (48), Zebedia Sigudu (49), Aaron Chokurongerwa (47) and Shingirai
Ngavafume (42), all from Lily Farm in Nyabira are facing three counts of ill-treating children, conducting a burial without a
burial order and failing to give notice of the birth and death of a person. In their defence, the accused submitted that they
did not have a guardian obligation on the minors, hence it was not their duty to take care of them. They argued that none
of the alleged victims nor their parents had lodged a complaint with the police, hence the State could not cry more than
the bereaved. Further, they stated that they did not conduct any burial of any person without notifying authorities claiming
they were not the only adults at the farm – Herald, Thursday June 20, Pg 6

NewsDay
Zanu PF abuses Parly majority: Zanu PF has started abusing its Parliament majority, with Speaker of the National
Assembly Jacob Mudenda and his deputy Tsitsi Gezi taking turns to stifle debate on pertinent issues raised by opposition
members. Mudenda last week blocked debate in the National Assembly on President Emmerson Mnangagwa’s rant
against neighbouring Zambia during a meeting with Russian leader Vladimir Putin. Mnangagwa, during the meeting with
Putin at Konstantino Palace, criticised Zambia’s relations with Western countries. He told Putin that Zambia had become a
regional security threat because of its close ties with the United States after it allegedly allowed the setting up of the US
Africa Command base in Lusaka – NewsDay, Wednesday June 20, Pg 1

CCC legislators dump Chamisa: A number of Citizens Coalition for Change (CCC) legislators and former Nelson
Chamisa’s allies yesterday broke ranks with the former opposition leader when they showed up at a Welshman Ncube-led
National Council Meeting in Harare, ending speculation on who was backing the interim leader of the contested
opposition. During introductions, Charlton Hwende was presented as the secretary-general, Lynnete Karenyi-Kore (vice-
president), while Chamisa’s former adviser Sessel Zvidzai was introduced as party chairperson. Hwende, Karenyi-Kore
and others who include legislator Richard Tsvangirai, Maureen Kademaunga and Happymore Chidziva, who had
previously distanced themselves from Ncube, appeared in control of proceedings after coming out of the closet –
NewsDay, Wednesday June 20, Pg 2

Zanu PF cllr defrauds late minister’s estate: A Zanu PF councillor has been remanded in custody on a charge of
fraudulently subdividing and selling land belonging to the late former Mines and Mining Development minister Amos
Midzi’s estate. Seke’s ward 11 councillor Patson Chipunza appeared in court yesterday before Harare Provincial
magistrate Caroline Matanga. It is the State’s case that in December 2002, the Lands, Agriculture, Fisheries and Rural
Development ministry allocated Subdivision 1 of Earling Farm in Beatrice, measuring 347,50 hectares to Midzi. When
Midzi died, the farm was never reallocated to anyone hence it is part of his estate. In December 2022, Chipunza
fraudulently subdivided the farm and engaged an agent, Templeton Chadyiwa, to advertise the sale of the subdivided
land. In January 2023, the complainant, Phillip Chapfunga, who is a land developer, saw an advert and approached the
agent. Chapfunga was referred to Chipunza, who allegedly masqueraded as the village head and owner of the land.
Acting on the misrepresentation, Chapfunga purchased a piece of land measuring 63 hectares for US$29 000 and made
additional investment of US$41 000 in farm infrastructure – NewsDay, Wednesday June 20, Pg 5

SA ConCourt upholds Zep’s stay: Zimbabwe Exemption Permit (Zep) holders scored yet another victory after the South
African Constitutional Court (ConCourt) dismissed an appeal by Home Affairs minister Aaron Motsoaledi against a High
Court ruling in favour of the restoration of the permits. The ConCourt asserted the right of holders of Zep to just
administrative proceedings and formally rejected Motsoaledi’s appeal. The decision was made in response to challenges
filed under the Promotion of Administrative Justice Act, 2000 by the Helen Suzman Foundation and the Consortium for
Refugees and Migrants in South Africa against Motsoaledi’s decision to end the Zeps. The minister’s decision was
challenged on the grounds that it was illegal and unconstitutional – NewsDay, Wednesday June 20, Pg 2

Govt warns unregistered casinos, gaming shops: Home Affairs and Cultural Heritage minister Kazembe Kazembe has
warned individuals and entities establishing gaming operations, setting up casinos and gaming shops without following
proper processes of the law. He said the government would not tolerate unlawful gaming activities within the country’s
borders. In a statement this week, Kazembe said operating casinos and gaming shops without approval from the Lotteries
and Gaming Board of Zimbabwe was illegal. He said this was in contravention of section 31 of the Lotteries and Gaming
Act [Chapter 10:26] and posed threats to public safety as unsuspecting individuals were targeted victims of these
practices. “It has come to the notice and attention of the Ministry of Home Affairs and Cultural Heritage that certain
individuals and entities are establishing gaming operations and setting up gaming shops and/or casinos without approval
from the Lotteries and Gaming Board of Zimbabwe as required by the law,” Kazembe said – NewsDay, Wednesday June
20, online edition

EU avails €3 mln for urban communities in southern Africa: The European Union (EU) has availed €3 mln to the
World Food Programme (WFP) vulnerable urban communities in three southern African countries to explore viable
pathways for the United Nations agency, governments and partners to reduce and mitigate the impact of climate shocks in
the countries. The funding, meant for Lesotho, Mozambique and Zimbabwe as well as Madagascar, an island country
lying off the southeastern coast of Africa, is also aimed at understanding, identifying and addressing the various risks
faced by the communities, which are disproportionately affected by climate disasters and often resulting in devastating
impacts on their livelihoods. The funding follows experiences from COVID-19 highlights indicating the inadequate support
provided to urban residents by emerging social protection systems in sub-Saharan Africa – NewsDay, Wednesday June
20, Pg 3

Zim emigrants celebrate e-passport application in SA: Zimbabweans in South Africa have hailed the introduction of an
e-passport application process in Johannesburg. In May, Home Affairs secretary Raphael Faranisi said the training of
consulate staff to process passport applications had started at the embassy in Pretoria. In the past, Zimbabweans were
forced to travel back home to renew their passports, a situation that saw many remaining in that country illegally after their
travel documents expired. In a statement, Zimbabwe Community in SA chairperson Ngqabutho Mabhena welcomed the
commencement of the e-passport acquisition at the Johannesburg consulate of Zimbabwe at LIA Boeing Road West in
Bedfordview – Southern Eye, Wednesday June 20, Pg 6

Zinwa employee caught with live pangolin: A 43-year-old Zimbabwe National Water Authority (Zinwa) employee and
his three accomplices are in trouble after they were found in possession of a live pangolin. Mlandeli Matutu, a water bailiff
at Zinwa, Steven Tshuma (52), Jabulani Mhlanga (48) and Tshedukani Mkwebu (31) appeared before Plumtree
magistrate Shumirai Mutimodhlo on Tuesday. Mutimodhlo remanded the quartet in custody to June 25. Appearing for the
State, Clement Mudenda alleged that on June 13, police were tipped off that the four were in possession of a live
pangolin. The four took the pangolin and drove to a bushy area in Matutu’s car, where the incognito detectives had asked
to meet them, posing as buyers – Southern Eye, Wednesday June 20, Pg 6

Accident victim loses US$234K claim against bus operator: A man, who was seriously injured in an accident involving
a Mukumba Brothers bus, operating as Inter Africa Bus Service, has lost a US$234 000 claim after taking the bus
operator to court seeking compensation. Peter Musindo cited Isaac Kazambara, the bus driver and his employer, Inter
Africa Bus Service, as defendants. Musindo had instituted an action against the defendants for damages arising from a
road traffic accident that was allegedly caused by Kazambara on April 12, 2018. Inter Africa was being sued in its official
capacity as Kazambara’s employer. Musindo claimed US$234 000, payable in local currency at the prevailing official rate.
His claim included special damages in the sum of US$10 000, shock, pain and suffering (US$40 000), permanent
disability (35%), loss of amenities (US$100 000) and loss of earnings (US$84 000) – NewsDay, Wednesday June 20, Pg
2

Msengezi head in US$12 000 scandal: The head at Msengezi High School, George Rambanepasi, has been implicated
in a vehicle service scandal after allegedly forcing the school to pay US$12 000 without going to tender as required,
NewsDay has gathered. According to information at hand, Rambanepasi had his Toyota Hilux GD-6 vehicle serviced at
Toyota Zimbabwe using US$12 000 belonging to the school. An audit carried out from March 4 to 8 this year unearthed
some misdeeds on the part of the school authorities, including the school development committee (SDC). Ironically, the
finance secretary refused to sign for the payment, but the SDC chairperson, identified as Mazibanhanga, allegedly
counter-signed the invoice. This has reportedly created a rift between committee members, with suspicion that some are
benefiting from the financial misconduct at the school. The audit urged Chegutu district schools inspector Dumisani
Mbofana to ask Rambanepasi to come clean on the allegations. According to invoices, the school made two payments,
one for US$6 362,95, while the remainder was made later, making a total payment of US$12 000 – NewsDay,
Wednesday June 20, Pg 3

Shop supervisor in court for refusing ZiG: A Supermarket supervisor at Spar in Harare has appeared in court for
refusing to accept the Zimbabwe Gold (ZiG) currency. Panashe Takavarasha (37) faces two counts of contravening the
Reserve Bank of Zimbabwe Act. He was remanded out of custody to July 4. The complainant is Sydney Chatora (40), a
soldier. Prosecutor Nomsa Kangara alleged that on June 16, Chatora went to Spar Supermarket Market Square intending
to buy a loaf of bread using ZiG. Takavarasha told him that the supermarket did not accept the ZiG, but only United States
dollars. The complainant made a police report, leading to Takavarasha’s arrest. Authorities introduced the ZiG in April
after the local currency, Zimdollar, had been heavily battered by inflation and became worthless – NewsDay, Wednesday
June 20, Pg 4

Trio in court for defrauding City of Harare: Three fraud suspects yesterday appeared before Harare magistrate Dennis
Mangosi facing a charge of defrauding the City of Harare in a fake housing scheme. Robert Makwiza, Robson
Mugwagwa, and Patricia Rusike were in court for allegedly forming Sunungukai Housing Co-operative using fake
documents. They were granted US$100 bail each and will appear in court on August 2. The complainant in the matter is
the City of Harare represented by Addmore Nhekairo, the housing director. Prosecutor Rufaro Chonzi alleged that the trio
identified a vacant piece of land behind Nazarene Church in Warren Park. In 2016, the City of Harare, in line with
government policy, converted housing co-operatives to pay schemes – NewsDay, Wednesday June 20, Pg 4

Cautionary Announcements/Financial Statements/Meetings

None

RBZ exchange rates for Wednesday June 19 2024

Interbank Rate
Currency Bid Ask Midrate Trend Previous (Midrate)
USD/ZiG 13.1548 13.8294 13.4921 ▼ 13.4865
GBP/ ZiG 16.7158 17.5785 17.1472 ▼ 17.1204
EUR/ ZiG 14.1216 14.8513 14.4865 ▼ 14.4582
ZiG /ZAR 1.3038 1.3719 1.3379 ▲ 1.3551
(ZWL$ trend ▲ Appreciating ▼ Depreciating ◄► Relatively steady)

Cross Rates Previous RBZ Gold-backed Digital Tokens Issue No. 47/2024
US$/€ 1.0745 1.0735 Date of issue 4-Apr-24 (ZW$) US$
¥/US$ 157.99 157.86 Number of bids received 18
US$/£ 1.2722 1.2702 Value of bids received ZW$18,034,255,789.80
€/£ 1.1839 1.1832 Amount allotted ZW$18,034,255,789.80
R/US$ 17.973 18.069 Price per milligram of gold ZW$2,236.40
R/£ 22.870 22.930 Milligrams of gold purchased 8,063,967.00
*Source: xe.com at 6am.

Mosi-Oa-Tunya Gold Price 19 June 2024

Currency 1.00Oz 0.50Oz 0.25Oz 0.10Oz
US$ 2,440.57 1,220.28 610.14 244.06
GBP 1,920.65 960.35 480.16 192.06
EUR 2,273.47 1,136.73 568.37 227.35
ZAR 44,046.87 22,023.44 11,011.72 4,404.69
ZiG 32,928.38 16,464.19 8,232.10 3,292.84

Money Market
CBZ indicative rates Nedbank indicative rates
30 days 60 days 90 days 30 days 60 days 90 days
5% 5% 5% 5% 5% 5%
120 days 180 days 360 days 120 days 180 days 360 days
5% 5% 5% 5% 5% 5%

Economic Data
Inflation May 2024 M-o-M Y-o-Y Int trade Apr-24 Mar-24
CPI 0.09% 3.48% Imports US$772.4 mln US$692.7 mln
Food Inflation 0.13% 4.28% Exports US$515.5 mln US$534.7 mln
Non-Food inflation 0.07% 3.14% Trade deficit US$256.9 mln US$184.3 mln

Wednesday on the ZSE

Diary of Forthcoming Events
Friday June 21
–Masimba Holdings AGM, 12pm, 44 Tilbury Road, Willowvale

Monday June 24
–RTG AGM, 12pm, Jacaranda Rooms 2 and 3, Rainbow Towers

Tuesday June 25
–FMP AGM, 9:30am, First Mutual Office Park, 100 Liberation Legacy Way, Borrowdale
–Zimpapers virtual AGM (ZB Transfer Secretaries), 11am

Wednesday June 26
–African Sun virtual AGM (Escrow platform), 12pm

Thursday June 27
–Zimplow AGM, 10am, Zimplow Head Office, 10 Harrow Road, Msasa and virtual via Escrow platform
–FBC AGM, 3pm, Royal Harare Golf Club

Friday June 28
–ZBFH virtual AGM (ZB Transfer Secretaries platform), 10am
–GB Holdings AGM, 11:30am, Cernol Chemicals Boardroom, 111 Dagenham Road, Willowvale

Wednesday July 10
–Dairibord virtual AGM (Escrow platform), 2pm

Friday July 19
–CBZ virtual AGM (FTS platform), 10am

Monday August 12
–Heroes’ Day

Tuesday August 13
–Defence Forces Day

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