Category: Zimbabwe

  • Can Zimbabwe’s New Gold-Backed Currency Overcome Public Skepticism and Crackdowns?

    Can Zimbabwe’s New Gold-Backed Currency Overcome Public Skepticism and Crackdowns?

    Zimbabwe’s latest attempt to stabilize its economy through the introduction of a gold-backed currency, the Zimbabwe Gold (ZiG), has met with public skepticism and stringent enforcement measures. Despite extensive promotional efforts, including a patriotic song by reggae artist Ras Caleb, the ZiG faces substantial hurdles. The government launched the ZiG…

  • Zimbabwe to fine businesses not using new official exchange rate

    Zimbabwe to fine businesses not using new official exchange rate

    Zimbabwe Cracks Down on Businesses Using Inflated Exchange Rates for New Gold-Backed Currency In a bid to stabilize its newly introduced gold-backed currency, the Zimbabwe Gold (ZiG), the Zimbabwean government has implemented stringent measures against businesses using inflated exchange rates. According to a government notice obtained by Reuters, any business…

  • Zimbabwe Introduces Gold-Backed Currency to Replace Struggling Zimdollar

    Zimbabwe Introduces Gold-Backed Currency to Replace Struggling Zimdollar

    In a bid to stabilize its volatile economy, Zimbabwe has unveiled a new gold-backed currency, the Zimbabwe Gold (ZiG), as a replacement for the beleaguered Zimdollar. The introduction of ZiG marks the country’s fourth attempt at currency reform in a decade, with hopes pinned on its stability and the backing…

  • Zimbabwe Faces Deepening Economic Woes Amid Drought and Falling Commodity Prices

    Zimbabwe Faces Deepening Economic Woes Amid Drought and Falling Commodity Prices

    Nevertheless, macroeconomic volatility fueled by monetary instability and substantial exchange rate distortions keeps Zimbabwe’s economic activity below its potential. Inflationary pressures remain high in 2024 as local currency depreciation intensifies. Recent reports reveal that Zimbabwe’s economic struggles are intensifying as the country contends with a severe drought and plummeting commodity prices. The…

  • Zimbabwe: banking sector faces 75% job decrease Since 2000

    Zimbabwe: banking sector faces 75% job decrease Since 2000

    The Zimbabwe Banks and Allied Workers Union (ZIBAWU) reports that 75% of jobs in the sector have been lost since the beginning of the millennium. This decline is attributed to a combination of accelerated digitization and socio-political challenges facing the nation over the past two decades. In discussions with NewZimbabwe.com…

  • Zimbabwe Informal Traders Reject Zimdollar Amid Currency Uncertainty

    Zimbabwe Informal Traders Reject Zimdollar Amid Currency Uncertainty

    Delay in Launch of New Currency Raises Concerns Over Economic Stability In a dramatic turn of events, Zimbabwe’s informal traders, who represent approximately 75% of the nation’s employment, have ceased accepting the Zimdollar, also known as the RTGS dollar, citing concerns over its depreciating value. The anticipated introduction of the…

  • MTN acts proactively to bring back internet access in Ghana.

    MTN acts proactively to bring back internet access in Ghana.

    MTN Ghana has said that it is working to ensure that, in the wake of the nation’s internet outage, its services will restart in full. The business recently declared that, in order to help its customers receive better internet and data services, it has acquired more capacity from its international…

  • The Sustainable Infrastructure Development Symposium of South Africa (SIDSSA) Masterclass marked the launch of the Cape Town Infrastructure Report.

    The Sustainable Infrastructure Development Symposium of South Africa (SIDSSA) Masterclass marked the launch of the Cape Town Infrastructure Report.

    The city’s 2023 infrastructure report was unveiled on March 17 at a masterclass held in conjunction with the Sustainable Infrastructure Development Symposium of South Africa (SIDSSA) by Caley Green, the principal professional officer for the city of Cape Town. The revised report, which evaluates the bulk infrastructure of the city…

  • Zimbabwe and the US’s relationship reached a new low following new sanctions.

    Zimbabwe and the US’s relationship reached a new low following new sanctions.

    According to Farai Shawn Matiashe, there is little chance that the US’s sanctions against Zimbabwean President Emmerson Mnangagwa and other high-ranking officials will allow important debt recovery negotiations to resume. After the Biden administration sanctioned Zimbabwe President Emmerson Mnangagwa and other key officials and claimed that his government was arresting…

  • Africa Talks Business: Transforming Narratives, Uniting Africa

    Africa Talks Business: Transforming Narratives, Uniting Africa

    Introduction Africa Talks Business, a pioneering media and publishing organization, has embarked on a mission to redefine Africa’s narrative. Founded with a vision to unite the continent through compelling stories of business owners and entrepreneurs, Africa Talks Business aims to showcase the true essence of Africa – a land brimming…