🇿🇼ZimbabweSouthern Africa
Zimbabwe urged to leverage youth, diaspora, and connectivity for economic growth
via NewsDay Zimbabwe1 min read
Zimbabwe has been encouraged to utilize its youth, diaspora population, and connectivity to accelerate economic growth. This comes as the country faces various economic and social challenges, including power outages, raw material shortages impacting operations like ART, and political tensions. The article also highlights the introduction of a gold-backed ETF on the VFEX by First Mutual Wealth Management Private Limited FMWM and ongoing efforts to pay farmers for grain deliveries. Other issues include illicit drugs fueling violence in mining areas and concerns about parliamentary integrity.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
Must ReadThe Reserve Bank of Zimbabwe RBZ has announced a long-term strategy to gradually phase out the use of the U.S. dollar for domestic transactions, aiming to restore confidence in the local currency and transition to a mono-currency system. Innocent Matshe, RBZ deputy governor, stated at the Zimbabwe Impact Investment Dialogue that the goal is to anchor the economy on the Zimbabwe Gold ZiG currency. He clarified that this transition would be gradual, emphasizing, "Not soon, but one day." Matshe noted that the ZiG has gained approximately 2.5% in the past three months. While foreign currency accounts will remain, allowing for necessary foreign currency transactions, the use of U.S. dollar cash for routine domestic purchases will eventually be discontinued. There will be no forced conversion of foreign currency balances, and foreign-denominated obligations and access to foreign exchange for importers through formal banking channels will continue. Matshe acknowledged the skepticism due to past currency instability but stressed that policy consistency is crucial for rebuilding trust and improving investor confidence. He asserted, "No country can develop using another country’s currency."
Must ReadZimbabwean President Mnangagwa and Botswana's President Boko are working to promote health trade and investment deals between their two countries. This initiative aims to strengthen economic ties and cooperation in the health sector, potentially leading to new opportunities for both nations.
Indonesia is looking to increase its trade and investment presence in Zimbabwe. This initiative comes as Zimbabwe is also being encouraged to leverage its youth, diaspora population, and connectivity to accelerate economic growth. The country is seeing various economic developments, including the upcoming debut of a gold-backed Exchange Traded Fund ETF on the VFEX, managed by First Mutual Wealth Management Private Limited. Additionally, foreign military attachés have toured ARDA projects, commending Zimbabwe's agricultural efforts, and the GMB has begun settling outstanding arrears with farmers for grain deliveries.
More than 250 women participated in a free cervical and breast cancer screening program in Highfield over two days, indicating increased public awareness of the disease. The initiative, supported by local institutions and health organizations, exceeded its target of 100 patients on the first day. Dr. Rejoice Kututwa, a resident medical doctor at Highview Clinic and Maternity, noted that the response surpassed expectations and fostered a proactive health consciousness among women. Naomi Badza, health services manager at the Cancer Association of Zimbabwe, emphasized the critical importance of early detection, stating that cervical and breast cancer are leading causes of cancer-related deaths among women in Zimbabwe. Eliot F. Chikati, managing director and orthopaedic surgeon at Highview Clinic and Maternity, highlighted the collaboration with corporate partners like TM Pick n Pay and CABS, and the Cancer Association of Zimbabwe, as crucial to the initiative's success. Mary Makombore, a beneficiary from Glen Norah, expressed satisfaction with the accessible and timely health services provided, encouraging other women to participate.