Tongaat Hulett Chief Executive Officer (CEO), Peter Staude, has
described the opportunity and potential in Zimbabwe as "mind-boggling."
"Sugar production could double what we are getting in Mozambique, with
similar low costs and access to the European Union. We are also debt
free in Zimbabwe, where we have a mill and refinery," said Staude.
Staude said that the macro-economics needed to come right in the
country. Last year the company had to contend with hyperinflation,
exchange rate movements, foreign currency shortages and price controls
as Zimbabwe was gripped in its worst economic crisis ever.
IMF team visits Zim.
HARARE – An International Monetary Fund team will visit Zimbabwe this
week after a two year break to assess the country’s economic situation
and humanitarian crisis and explore ways to re-open funding lines for
the country.
In a statement released on March 9, the Bretton Woods twin said a staff
team led by Vitaliy Kramarenko will visit Harare during March 9-24 to
conduct discussions with Zimbabwe.
"The IMF mission will review Zimbabwe’s economic situation and
prospects and discuss with the authorities their policies to address
the acute economic and humanitarian crisis facing the country," said
the statement.
IMF staff plan to meet with Finance Minister, Tendai Biti, and other senior officials.
The visit by the IMF is not expected to lead to financial aid for
Zimbabwe, but officials said it would give the lenders an idea of the
direction of government economic policy.
Digital paradise
HARARE – The Ministry of Information, Technology and Communication is
partnering with the Ministry of Tourism and Hospitality to market
Zimbabwe as an attractive tourist destination and ensure the country
becomes a digital paradise.'
Information, Technology and Communication Minister, Nelson Chamisa,
noted that challenges facing the ICT sector were negatively affecting
online marketing of the country's tourist destinations.
"We are going to address the problem of connectivity," said Chamisa.
"We have the Internet but it is slow. Other countries have advanced on
communication technologies.
Tourism and Hospitality Minister, Walter Mzembi, said that tour
operators must develop an aggressive marketing strategy to counter the
exploitation' of Victoria Falls by regional counterparts.
Kameni raises funds
HARARE – Kameni, a platinum-group metals and chrome miner, has raised
R300 million for its two mining projects in Zimbabwe and South Africa.
Kameni plans to build a chrome and platinum mine along Zimbabwe's Great Dyke.
"We've been enormously encouraged," said Chief executive Stephen Gorven.
Kameni had extended the closing date of its seed capital-raising
programme to March 20 to secure additional funding, which would be used
to pay deposits on long-lead capital items, thus accelerating Kameni's
path to production.
Impressing investors was the inclusion in the Kameni executive team of
several members of the Eland Platinum executive, which had made a
particularly successful disposal to Xstrata, as well as the grade, size
and shallow positioning of the company's ore bodies, and also the
company's compliance with the equity-ownership requirements of both
South Africa and Zimbabwe.
Its major assets are the near-surface Kalkfontein PGMs project in South
Africa and the surface Bougai PGMs-chrome project in Zimbabwe, which,
Gorven said, both allowed for rapid exploration, development and
cash-generating mining.
CSO fails to announce figures
HARARE – The Central Statistical Office's (CSO) failure to announce
inflation figures for the last seven months will affect listed
companies that are expected to announce their year end financial
results by end of next month. It has also affected companies' future
planning as many unofficial figures have been announced since July last
year.
CSO last announced the inflation figure at 231 million per cent for
July last year. Their official excuse has been that there were no
products to measure inflation.
We remain hopeful that the inflation figures will be released, said
Zimbabwe Stock Exchange (ZSE) chief executive, Emmanuel Munyukwi. We
will see what action we will have to take when the time comes and the
deadlines lapse.
SMEs to eradicate poverty
BULAWAYO – Small and Medium Enterprises (SME) and Co-operatives
Development Minister, Sithembiso Nyoni, says SMEs should establish
revolving funds to ensure they do not solely rely on donors.
"There is a lot of dead capital that is inactive and being used for
consumption. Players in the sector should organise themselves into
savings and credit groups," she said. "Let us be the starting point of
support and eradicate poverty from our own strength not just donor and
charity aid.
Meanwhile, the Small to Medium Enterprises Development Centre will this
month launch a website to help enterprises in the sector market their
products.
"The website lays a platform through which SMEs in the country can
market their products, air their views, form partnerships, link or
learn about a number of essentials for growth," said chief executive
officer, Themba Ncube.
BY STAFF REPORTER
Post published in: Economy