Zimbabwe's RBZ chief 'disappointed' as banks shun ZiG1.2bn war chest
via NewsDay Zimbabwe1 min read
The Reserve Bank of Zimbabwe's chief has expressed disappointment over banks' reluctance to utilize a ZiG1.2 billion war chest. This comes amidst various economic and social developments in Zimbabwe, including a 59% jump in tobacco volumes despite depressed prices, and the Grain Marketing Board beginning to pay outstanding arrears to farmers. Other news highlights include Nedbank Zimbabwe appointing Betty Murambadoro as MD, Harare hosting a Food for Life Festival, and foreign military attachés touring ARDA projects. The country is also seeing a crackdown on illegal gambling and political tensions leading to violent attacks in grasslands plots. Meanwhile, Harare residents are increasingly relying on shared boreholes due to a deepening city water crisis.
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This summary was AI-generated from a story originally published by NewsDay Zimbabwe.
Indonesian company Wings is participating in this year’s Zimbabwe International Trade Fair ZITF to find distribution partners and expand its market for fast-moving consumer goods. According to company representative Madeline Madziwanika, their presence at ZITF highlights their commitment to entering new markets and establishing strategic relationships. Wings aims to introduce a variety of products, including cappuccino beverages, detergents, and instant noodles, to the Zimbabwean market. The company, which already operates in South Africa, views Zimbabwe as a key part of its regional expansion strategy. Wings' goal is to secure a reliable partner to grow its brand in Zimbabwe and, once established, create employment opportunities, particularly in sales and distribution. This move by Wings reflects a growing international interest in Zimbabwe’s market, with global companies looking to capitalize on local demand and investment prospects.
Harare's Avenues suburb will host the Food for Life Festival at David Livingstone Primary School on May 30, organized by the Women in Farming and Entrepreneurship WIFE Trust. Founded by Nyaradzo Amanda Munyoro, the initiative focuses on women and youth within the food value chain, from production to market. Munyoro stated that the festival aims to empower women by providing a platform to share knowledge, build networks, and access opportunities, addressing the lack of recognition and support they often face. This year's event aligns with the United Nations' International Year of the Woman Farmer and emphasizes heritage-based education, celebrating indigenous knowledge and African culinary traditions. The Grassroots Project within the festival supports small-scale farmers, home-based food processors, and emerging entrepreneurs, with exhibition tables priced at US$20 and an entry fee of US$2 to ensure accessibility. Attendees can expect cooking demonstrations, traditional dishes, tasting sessions, and workshops on sustainable food systems. The festival also provides networking opportunities for collaboration and market access. Organizers envision national expansion for the festival, which launched in 2024, and are seeking partners, sponsors, volunteers, and participants.
Hardsound Systems, led by CEO Ephraim Rateiwa, is enhancing Zimbabwe's live sound industry by providing production services for concerts, festivals, churches, schools, and venue installations. The company, which started by servicing small local events, has grown through consistency, reinvestment, and a focus on reliability, expanding into larger productions. Hardsound Systems differentiates itself through professionalism, quality, continuous investment in equipment, and staff training. The company collaborates with partners, including established artists and event promoters, to enhance event delivery and extend its reach. Hardsound Systems is also expanding regionally, aiming to compete at a broader level and showcase Zimbabwean capabilities, while addressing challenges such as economic fluctuations, rising equipment costs, and competition through careful planning and operational flexibility. The company plans to expand services, invest in advanced equipment, and collaborate on larger regional projects, including developing in-house innovations like its proprietary drum set, Rigel.
Zimbabwe's tobacco marketing season has seen a significant increase in volumes, with 149.92 million kilograms sold across auction and contract floors by Day 34 of trading. This represents a 59% volume increase compared to the 93.99 million kilograms sold by the same point in 2025. However, prices have remained under pressure, with the combined average price at US$2.65 per kilogram, a 22.5% decline from last year's average of US$3.42 per kg. Auction floors recorded 8.81 million kilograms at an average of US$2.06 per kg, while contract sales accounted for 141.12 million kilograms at US$2.69 per kg. The Zimbabwe Economic Review attributes this divergence to increased supply, quality mix dynamics, and softer global demand. Tobacco remains Zimbabwe’s top agricultural export and a key foreign currency earner, supporting thousands of smallholder farmers.