
<p>HARARE, May 23 (Reuters) &#8211; Veteran Zimbabwean nationalist Dumiso Dabengwa, jailed by Robert Mugabe on treason charges during army massacres that rights groups say killed thousands in his home region in the 1980s, has died aged 79, a state-owned newspaper said on Thursday.</p>



<p>Dabengwa was head of intelligence for the armed wing of the ZAPU liberation movement, which was led by the late Joshua Nkomo, Mugabe’s then political rival, in a struggle against white minority rule in the then Rhodesia.</p>



<p>The Herald newspaper said Dabengwa died in Kenya on his way to Zimbabwe from India where he sought medical treatment.</p>



<p>Nicknamed the “Black Russian” because of his military training in Russia, Dabengwa was accused of hiding arms of war, the pretext for the army crackdown in western Zimbabwe that rights groups say killed 20,000 most minority Ndebele.</p>



<p>In 1983 Dabengwa was charged with treason by Mugabe’s government. He was acquitted by the courts but remained in dentention until his release in 1986.</p>



<p>Dabengwa would in later years say that ZAPU’s armed wing included members from South Africa’s ruling African National Congress (ANC), which was fighting the apartheid government and that some of the cached arms belonged to ANC’s military wing.</p>



<p>The 1982 to 1987 massacres have continued to haunt President Emmerson Mnangagwa, who was Mugabe’s security minister during the period. Mnangagwa last month said Zimbabweans should openly talk about the massacres, known as “Gukurahundi”, as part of a national healing process.</p>



<p>Dabengwa became a government minister for eight years up to 2000 after ZAPU merged with the ruling ZANU-PF. After leaving government, Dabengwa became critical of Mugabe and ZANU-PF policies until his death.</p>



<p>In the run-up to the July 2018 presidential and parliamentary vote, Dabengwa supported opposition leader Nelson Chamisa for the presidency. (Reporting by MacDonald Dzirutwe, Editing by William Maclean)</p>


The ‘black Russian’ jailed by Mugabe dies


<p>HARARE (Reuters) &#8211; Zimbabwe has awarded a concession to explore for and mine platinum to a company linked to a Nigerian billionaire as the country speeds up investment in a mining sector it hopes will transform the country’s struggling economy.</p>



<p>The concession comes just over a year after President Emmerson Mnangagwa’s government signed an agreement with Cyprus-based Karo Resources to develop a $4.2 billion integrated platinum mine.</p>



<p>Zimbabwe is seeking to quickly exploit its reserves of platinum, which is used in catalytic converters for limiting emissions at a time vehicle manufacturers are moving to electric cars powered by lithium batteries.</p>



<p>The information ministry said Bavura Holdings, in which Nigerian billionaire Benedict Peters is a major shareholder, would on Thursday sign an agreement to mine platinum on Zimbabwe’s mineral-rich Greak Dyke. It did not give details.</p>



<p>Peters, who is based in Ghana, is the founder of Aiteo Group, which has interests in oil.</p>



<p>Mines Minister Winston Chitando said last month the government would name two new investors to develop separate platinum mining projects west of the capital.</p>



<p>Anglo Platinum and Impala Platinum Holdings already mine platinum in Zimbabwe. Impala also owns a joint-venture mine with Sibanye-Stillwater.</p>



<p>A Russian consortium and Zimbabwean investors are developing a platinum project in Darwendale near Harare.</p>



<p>Reporting by MacDonald Dzirutwe; Editing by Mark Potter</p>


Nigerian billionaire awarded platinum concession in Zimbabwe

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<p>As the economy of Zimbabwe struggles its President Emmerson Mnangagwa met this week with a group of entrepreneurs at State House in Harare to discuss a possible way out of the crisis. For more on the outcome of the meeting CNBC Africa is joined by an Entrepreneur Chad Chawanda, CEO of Size Chunk.</p>


Zimbabwe’s Mnangagwa meets business  leaders over economic crisis


<p>HARARA (Reuters) &#8211; Zimbabwe’s state power utility imposed the worst rolling blackouts in three years on Monday, with households and industries including mines set to be without electricity for up to eight hours daily.</p>



<p>The power cuts are bound to stoke mounting public anger against President Emmerson Mnangagwa’s government as Zimbabweans grapple with an economic crisis that has seen shortages of U.S. dollars, fuel, food and medicines as well as soaring inflation that is eroding earnings and savings.</p>



<p>Many Zimbabweans say life is getting harder and that Mnangagwa is failing to deliver on pre-election promises last year to rebuild an economy shattered during Robert Mugabe’s 37-year rule.</p>



<p>The Zimbabwe Electricity Transmission and Distribution Company (ZETDC), citing reduced output at its largest hydro plant and ageing coal-fired generators, said power cuts would start on Monday and last up to eight hours during morning and evening peak periods.</p>



<p>The country last experienced such serious blackouts in 2016 following a devastating drought.</p>



<p>Isaac Kwesu, chief executive of Chamber of Mines, which groups Zimbabwe’s biggest mining companies said critical industries like mining should be spared from the black-outs, locally known as load shedding.</p>



<p>“Mining requires electricity for both operations and safety. It will be very costly to have production stoppages, that is why we will be engaging ZETDC to find ways to minimize any costly disruptions due to the electricity cuts,” Kwesu told Reuters.</p>



<p>Mining accounted for more than two-thirds of Zimbabwe’s $4.8 billion in total export earnings last year and any power cuts in the sector will affect production and exports.</p>



<p>In the past, some of the big mines, including platinum and gold producers, have resorted to directly importing electricity from neighbouring countries like Mozambique and South Africa.</p>



<p>“The power shortfall is being managed through load shedding in order to balance the power supply available and the demand,” ZETDC said in a public notice.</p>



<p>Zimbabwe is also experiencing shortages of fuel, forcing motorists to queue for hours and the government has so far failed to deliver on previous promises to end the shortage.</p>



<p>The southern African nation, which is producing 969 MW daily against peak demand of 2,100 MW, is entering its peak winter power demand season, which will increase electricity consumption.</p>



<p>Energy and Power Development Minister Joram Gumbo was quoted by a local newspaper saying he would travel to Mozambique this week to try to agree an electricity supply deal with that country’s power utility Hydro Cahora Bassa.</p>



<p>Reporting by MacDonald Dzirutwe; editing by Emelia Sithole-Matarise</p>


Here’s why Zimbabwe faces worst power cuts in 3 years

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<p>Zimbabwe celebrated 39th Independence Day today, amid economic crises with President Emmerson Mnangagwa delivering the key note speech at the main celebrations at the national sports stadium. Joining CNBC Africa for a conversation is Tafadzwa Muguti, Zanu PF Director for Economic Affairs.</p>


Zimbabwe turns 39, govt vows to solve economic problems


<p>MAPUTO (Reuters) &#8211; Hundreds of thousands of people are still in need of aid after Cyclone Idai battered Mozambique, Zimbabwe and Malawi in March.  </p>



<p>More than 1,000 people have been reported killed by the storm, the flooding it caused and heavy rains before it hit. The World Bank estimates the affected countries will need over $2 billion to recover.</p>



<p>Following is an outline of the disaster, according to government and U.N. officials.</p>



<h3 class="wp-block-heading">MOZAMBIQUE</h3>



<p>Cyclone Idai made landfall on the night of March 14, near the port city of Beira, bringing heavy winds and rains. Two major rivers, the Buzi and the Pungue, burst their banks, submerging villages and leaving bodies floating in the water.</p>



<p>People killed: 602</p>



<p>People injured: 1,641</p>



<p>Houses damaged or destroyed: 239,682</p>



<p>Crops damaged: 715,378 hectares</p>



<p>People affected: 1.85 million</p>



<p>Confirmed cholera cases: 4,979</p>



<p>Confirmed cholera deaths: 8</p>



<h3 class="wp-block-heading">ZIMBABWE</h3>



<p>On March 16, the storm hit eastern Zimbabwe, where it flattened homes and flooded communities in the Chimanimani and Chipinge districts.</p>



<p>People killed: 344</p>



<p>People injured: 200</p>



<p>People displaced: 16,000 households</p>



<p>People affected: 250,000</p>



<h3 class="wp-block-heading">MALAWI</h3>



<p>Before it arrived, the storm brought heavy rains and flooding to the lower Shire River districts of Chikwawa and Nsanje in Malawi’s south. The rains continued after the storm hit, compounding the misery of tens of thousands of people.</p>



<p>People killed: 60</p>



<p>People injured: 672</p>



<p>People displaced: 19,328 households</p>



<p>People affected: 868,895</p>



<p>Compiled by Emma Rumney; Editing by Alison Williams</p>


Hundreds of thousands displaced after Cyclone Idai, death toll over 1,000


<p>HARARE (Reuters) &#8211; Zimbabwe’s economy grew by 4 percent last year, below an initial target of 4.5 percent, treasury said on Thursday, as the country struggles with a severe shortage of dollars and surging inflation.</p>



<p>Treasury said in its fourth quarter report ending December that the government’s foreign and domestic debt stood at $17.8 billion, with 46 percent of that amount owed to foreign lenders.</p>



<p>Reporting by MacDonald Dzirutwe; Editing by Angus MacSwan</p>


Zimbabwe’s GDP grew by 4 percent in 2018,  below initial target

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<p>Zimbabwe&#8217;s Ambassador in South Africa David Hamadziripi has applauded the diaspora business community for their role in contributing to the development of South Africa’s economy, and also urged them to consider investing back in their home country. For more CNBC Africa’s Daniel Sango caught up with the Ambassador at the Zimbabwe Achievers Awards ceremony held in Johannesburg.</p>


Zimbabwe Ambassador lauds diaspora’s contribution to SA’s economy, urges them to invest back home


<p>HARARE (Reuters) &#8211; Zimbabwe appealed on Tuesday for $613 million in aid from local and foreign donors to cover food imports and help with a humanitarian crisis after a severe drought and a cyclone that battered the east of the country.</p>



<p>An El Nino-induced drought has wilted crops across Zimbabwe and left about a third of its 15 million people in need of food assistance, according to a U.N. agency.</p>



<p>The situation was worsened when Zimbabwe, along with Mozambique and Malawi, were last month battered by Cyclone Idai, leaving hundreds of thousands needing food, water and shelter.</p>



<p>An appeal document given to reporters by the ministry of information showed the government is seeking about $300 million in aid for food while the rest would fund emergency shelters, logistics and telecommunications among other needs.</p>



<p>Hundreds of people have died in Mozambique and Malawi and the death toll in Zimbabwe was now 344.</p>



<p>Meanwhile, Information Minister Monica Mutsvangwa said the cabinet had hiked the maize price paid to farmers by 86 percent to $232 a tonne and maintained a subsidy for millers in a bid to keep the price of the staple maize meal down.</p>



<p>In February, Zimbabwe scrapped a 1:1 peg between the U.S. dollar and the bond notes and electronic dollars it introduced to compensate for its hard currency shortage, merging the surrogate currencies into the RTGS dollar.</p>



<p>Mutsvangwa said farmers would be paid 726 RTGS dollars ($232), up from 390 RTGS dollars.</p>



<p>The RTGS dollar was trading at 3.12 to the U.S. dollar on Tuesday on the bank market and at 4.4 on the black market.</p>



<p>The government is the sole buyer and seller of maize in Zimbabwe through the state-owned Grain Marketing Board.</p>



<p>Reporting by MacDonald Dzirutwe; Editing by Mark Heinrich </p>


What you need to know about Zimbabwe seeking $613 million in aid after the country was hit by drought and Cyclone Idai

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<p>The controversial black ownership law in Zimbabawe is dead.  The requirement that black Zimbabweans own majority stakes in foreign owned business – that has hurt investment in the country for more than a decade -is going out of the window. So says the finance minister Mthuli Ncube in an exclusive interview with CNBC African.</p>


Zimbabwe’s indigenisation policy is dead – FinMin Mthuli Ncube

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<p>One hundred and twenty seven individuals changing the world joined this year’s cohort of &#8211; WEF-Young Global Leaders, a dynamic community of people under the age of 40 who represent the best of their generation.</p>


Zimbabwean minister makes prestigious WEF Young Global Leaders 2019 list


<p>HARARE (Reuters) &#8211; Zimbabwe expects to raise $350 million from selling shares in five state-owned telecommunications companies and a bank, as part of economic reforms being pursued by the government, Finance Minister Mthuli Ncube said in a statement.</p>



<p>The southern African nation’s economy is experiencing a severe dollar crunch and faces more headwinds from a drought this year that has wilted crops and left up to 5.3 million people in need of food aid, according to a U.N. humanitarian agency.</p>



<p>Ncube said on Tuesday the government would dispose of shares in its two mobile phone operators NetOne and Telecel Zimbabwe, the country’s sole fixed line telephony company TelOne, postal services Zimpost and state-owned savings bank POSB.</p>



<p>“Work is already under way to identify transaction advisers. Government projects to realise over $350 million from this initial process,” Ncube said in a statement, without giving a timeline.</p>



<p>Ncube was not immediately available to comment but he said in October selling state firms, known locally as parastatals, was one of the ways to reduce government spending.</p>



<p>The government has targeted selling some or all shares in 43 of its companies, most of them loss-making and which have relied on state bailouts over the years.</p>



<p>Rebuilding the troubled economy is the biggest challenge to President Emmerson Mnangagwa, who was re-elected in a disputed vote last July and is seeking to pivot away from some of the disastrous policies of his predecessor Robert Mugabe.</p>



<p>Reporting by MacDonald Dzirutwe; Editing by Alison Williams<br></p>


Here’s how Zimbabwe plans to raise $350 million

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<p>Torrential rain has devastated parts of Mozambique, Zimbabwe and Malawi, killing more than 150 people and leaving scores more without homes, power and access to aid. The Gift of the Givers foundation is working hard to get humanitarian aid to affected areas. CNBC Africa’s Kopano Gumbi spoke to Ahmed Bham, Team Leader at Gift of the Givers.</p>


Cyclone Idai leaves destruction in Mozambique, Zimbabwe & Malawi


<p><em>Mthuli Ncube*</em></p>



<p>Zimbabwe
is on a journey of reform. Nobody ever said it wouldn’t be a bumpy ride; but
the most important thing is that the journey has begun, and we are heading in
the right direction.</p>



<p>The
Transitional Stabilisation Programme (TSP), the first step of government’s
economic reform programme, was launched in October 2018. Its goal was clear: To
stabilise the economy, attract investment and lay the foundation for shared and
sustained growth.</p>



<p>The
overall picture so far is one of cautious optimism, largely based around the
effectiveness of our measures to balance the budget. </p>



<p>The key
to managing any budget, whether a household or a country, is to not spend more
than you have. For years, that is unfortunately exactly what our governments
have done, and the first step towards progress is to return the fiscal deficit
to sustainable levels; both through cutting unnecessary spending and increasing
revenue. </p>



<p>The target
for 2019 is ambitious, but attainable: To reduce the budget deficit from about
12% of GDP to 5%.</p>



<p>Over the
past four months, we have made significant cuts to expenditure in five main
areas: First, we have ended the unsustainable practice of issuing Treasury
Bills to finance the deficit, forcing us to spend within our means and within
the budget.</p>



<p>Second,
we have reduced the public wage bill by cutting salaries of senior government
officials by 5% across the board, retiring over 3000 youth officers, and
establishing a more modest bonus system for civil servants that saved over US$75
million in 2018 alone.</p>



<p>Third, we
have diverted our resources to pressing areas by freezing the hiring of
non-critical staff, while hiring 3000 additional staff in the education sector
and almost 2000 in the health sector. Finally, we have cut unnecessary
expenditure and ‘perks’ for ministers and MPs, most notably by suspending the
procurement of vehicles.</p>



<p>These
measures have been complemented by a concerted effort to widen our revenue
base. One prominent example, the 2% tax on electronic transactions, was hotly
disputed when it was announced, but its impact has been significant. US$166
million was raised in the last two months of 2018, and almost US$100 million
was raised in January alone. We project that over US$600 million will be raised
during 2019. </p>



<p>These
measures have combined to have a major impact on our nation’s finances. The
monthly budget deficit declined from US$242 million in November to a surplus of
US$733 million in December, and a provisional surplus of $113m for January, an
impressive turnaround in such a short time. </p>



<p>Of
course, as all Zimbabweans know, it has not been all plain sailing. The
inflationary pressures we have faced have caused uncertainty and pain, and we
have made dealing with this our number one concern. To address this, we have
pushed ahead in our efforts to narrow the fiscal deficit and slow down money
supply growth, and we project inflation to slow down to below 10% by the end of
the year. </p>



<p>The shift
in our monetary policy has been well documented, as we seek to remove the
distortions which prevented efficient functioning of the foreign exchange
market, and the economy as a whole, pushing prices beyond the reach of most
Zimbabweans.</p>



<p>In contrast,
the new monetary policy – based around the liberalisation of our foreign
currency market and discarding of the fixed 1:1 exchange rate peg between the
US$ and the Bond note – will promote stability, bring down prices and build
confidence. </p>



<p>Its implementation
is already underway and government has won praise internationally for truly
allowing the market to determine the value of RTGS Dollar. Meanwhile, the RBZ
is strengthening this arrangement by focusing on containing money supply
growth, while it has also put in place monitoring mechanisms to ensure that the
interbank foreign exchange market is not manipulated. </p>



<p>A further
area of progress is in the acceleration of the reform of State Owned Enterprises
and Parastatals (SOEs). Having approved the implementation framework for 43
SOEs and parastatals in 2018, Government has targeted five public enterprises
(Tel-One, Net-One, Telecel, ZIMPOST and POSB) for immediate reforms and work is
already underway to identify transaction advisors. Government projects to
realise over US$350 million from this initial process. </p>



<p>Other key
reforms underway include turning the Grain Marketing Board (GMB) into a
strategic reserve entity under government and a commercial arm; improving the
governance, leadership and operational efficiency at Allied Timbers;
Re-bundling ZESA (Zimbabwe Electricity Supply Authority) into a single
corporate board to improve governance; the rationalization of Industrial
Development Corporation units and partial privatization, as well as many more.</p>



<p>We are also
accelerating and deepening the ease and cost of doing business reforms to
improve competitiveness. This includes the establishment of a One-Stop Shop
Investment Centre, and legislation to establish a specific and dedicated
institution – the Zimbabwe Investment and Development Agency (ZIDA) – is now before
Parliament. ZIDA is set to be fully operational in the coming months, and will enable
the processing of investment approvals within a day, significantly improving
the investment climate.</p>



<p>I am
aware that there are those who are disappointed by the pace of change, and who
expected progress to be faster. Unfortunately, this was never going to be the
case. Reforming, restructuring and rebuilding our economy was always going to
take time, and attempts to prematurely accelerate the process are liable to
cause greater upheaval and suffering. A sober, strategic and step-by-step
process remains the best way to achieve our goal.</p>



<p>By the
same token, these improvements should not give us reason for back-patting and
self-congratulations. They are but one step in a much longer journey, and will
mean nothing if we don’t finish the job.</p>



<p><em>*Mthuli Ncube is Zimbabwe’s Finance Minister and a former Chief Economist at the African Development Bank</em></p>


Op-Ed: Why  Zimbabwe is on the path to progress

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<p>South African President Cyril Ramaphosa has again called for the lifting of sanctions against Zimbabwe. This is after United States extended sanctions by one year saying they will only be lifted, if Harare has implemented certain reforms. Joining CNBC Africa’s Karabo Letlhatlha to speak on the sanctions, legitimacy issue, elective congress and the current economic challenges facing Zimbabwe is MDC Leader Nelson Chamisa.</p>


MDC’s Nelson Chamisa speaks out on Zimbabwe sanctions, dialogue and elective congress

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<p>Zimbabwe has been a country ravished by the plight of price increases and shortages of basic commodities. One company believes that the cause of many of the countries trying times is due to the challenges of money printing. So could the solution to Zimbabwe’s woes be through technological advancements in monetary transactions. A technology business known as ZIM-BO-CASH hopes to solve the monetary crisis in Zimbabwe by establishing a decentralized national currency by using blockchain technology. Philip Haslam, Head of Communications at Zimbocash.</p>


How Blockchain can be used to fix Zim’s currency problems

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<p>Zimbabwe has recently adopted a new currency which is called the Real-Time Gross Settlement dollars. However, there have been a few hiccups along the way. Recent news suggests that South African banks are going to stop supplying Zimbabwe with US dollars amidst fears of being implicated if they found dealing with Harare- based institutions. For more on the Zimbabwean currency crisis CNBC Africa spoke with John Robertson and Independent Economist.</p>


Zimbabwe

The ‘black Russian’ jailed by Mugabe dies

Nigerian billionaire awarded platinum concession in Zimbabwe

Zimbabwe’s Mnangagwa meets business leaders over economic crisis

Here’s why Zimbabwe faces worst power cuts in 3 years

Zimbabwe turns 39, govt vows to solve economic problems

Hundreds of thousands displaced after Cyclone Idai, death toll over 1,000

Zimbabwe’s GDP grew by 4 percent in 2018, below initial target

Zimbabwe Ambassador lauds diaspora’s contribution to SA’s economy, urges them to invest back home

What you need to know about Zimbabwe seeking $613 million in aid after the country was hit by drought and Cyclone Idai

Zimbabwe’s indigenisation policy is dead – FinMin Mthuli Ncube

Zimbabwean minister makes prestigious WEF Young Global Leaders 2019 list

Here’s how Zimbabwe plans to raise $350 million

Cyclone Idai leaves destruction in Mozambique, Zimbabwe & Malawi

Op-Ed: Why Zimbabwe is on the path to progress

MDC’s Nelson Chamisa speaks out on Zimbabwe sanctions, dialogue and elective congress

How Blockchain can be used to fix Zim’s currency problems

Zimbabwe’s currency crisis worsens

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Zimbabwe

The ‘black Russian’ jailed by Mugabe dies

Nigerian billionaire awarded platinum concession in Zimbabwe

Zimbabwe’s Mnangagwa meets business leaders over economic crisis

Here’s why Zimbabwe faces worst power cuts in 3 years

Zimbabwe turns 39, govt vows to solve economic problems

Hundreds of thousands displaced after Cyclone Idai, death toll over 1,000

Zimbabwe’s GDP grew by 4 percent in 2018, below initial target

Zimbabwe Ambassador lauds diaspora’s contribution to SA’s economy, urges them to invest back home

What you need to know about Zimbabwe seeking $613 million in aid after the country was hit by drought and Cyclone Idai

Zimbabwe’s indigenisation policy is dead – FinMin Mthuli Ncube

Zimbabwean minister makes prestigious WEF Young Global Leaders 2019 list

Here’s how Zimbabwe plans to raise $350 million

Cyclone Idai leaves destruction in Mozambique, Zimbabwe & Malawi

Op-Ed: Why Zimbabwe is on the path to progress

MDC’s Nelson Chamisa speaks out on Zimbabwe sanctions, dialogue and elective congress

How Blockchain can be used to fix Zim’s currency problems

Zimbabwe’s currency crisis worsens

News Tips

Advertise With Us

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