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FEBRUARY 9 TO 15, 2024
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SHAME MAKOSHORI/ JULIA NDLELA
ZIMBABWE'S acting deputy prosecutor-general, Michael Reza, is facing allegations of “conspiracy” and “sabotage”
in connection with disputed gold claims
in Bindura, documents obtained by Truth
Diggers show.
Truth Diggers is Alpha Media Holdings’
investigative unit.
Blackgate Investments, a company embroiled in a 15-year battle to regain gold
claims, has accused Reza of colluding
with a rival company, Ran Mine and G&P
Industries, to undermine their efforts.
Reza, the firm alleged in papers filed
with the police last month, worked with
Ran Mine and G&P Industries to ‘prejudice’ it of the claims, known as Kimberly
18, 19, 20 and 21, situated at Ran Mine in
Bindura.
Two of the claims were awarded to Ran
Mine and G&P Industries in 2021.
Reza's alleged involvement in the dispute escalated when he allegedly dropped
criminal charges reported over a year by
Blackgate against Jack Murehwa, a director at Ran Mine.
Blackgate director Angeline Munyeza
claimed that Reza's decision was allegedly based on a ‘fake’ letter from the former
permanent secretary in the Ministry
of Mines, Professor Francis Gudyanga,
which granted authority to Ran Mine.
However, during a dispute resolution
committee meeting in February 2020,
the same letter was disowned by Gudyanga.
“Mr Reza in his letter states that the former permanent secretary (in the Ministry
of Mines) Prof F. P. Gudyanga unequivocally grants Ran Mines authority to
proceed and work on the disputed claims
and yet during the dispute committee
meeting held on the 6 th of February
2020, the same letter was disowned by
the dispute committee,” Munyeza said in
a letter, which forms part of the police
dockets.
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Deputy PG implicated
in gold mine scandal
“The dispute between Blackgate and
Ran Mines and G&P Industries is awaiting
judgment in the High Court (HC 6425/21),
therefore, meaning the case hasn’t been
resolved yet.”
The letter was also copied to the National Prosecuting Authority (NPA),
where Reza is a senior official.
The allegations against Reza are contained in several documents filed by
Blackgate to the police against individuals, including former mines minister
Winston Chitando.
Chitando last week refused to comment, saying the matter was still before
the courts.
Blackgate's director alleged that: "It
is through our own private investigations that we have unearthed this glaring
evidence and established that there are
certain individuals within the police
force that are working in unison with Mr
Winston Chitando, Mr Jackson Peterson
Murehwa, and Mr Michael Reza to sabotage our case".
She said during a meeting convened by
the Ministry of Mines and Mining Development in 2020 to resolve the dispute,
Murehwa produced a letter that was allegedly written by Gudyanga, which
stated that the gold claims belonged to
Ran Mines.
However, Gudyanga, in a sworn affidavit, denied writing the letter, pointing
out inconsistencies in the signatures and
asserting that the letter did not originate
from the Ministry of Mines and Mining
Development.
“The undersigned do hereby take an oath
To Page 2
Zim licences US$9,7bn investments
FREEMAN MAKOPA
THE Zimbabwe Investment and Development Agency (Zida) said this week it issued 615 licences to investors worth almost
US$9,7 billion during the year ended December 31, 2023.
Tafadzwa Chinamo, chief executive officer at Zida, told the Zimbabwe Independent
on Wednesday that the US$9,7 billion was
almost double the year's target of about
US$5 billion.
He said the outlook was promising, with
one big investment proposal received during the final quarter of the year still being
reviewed.
About 148 of these investment licences
were issued during the fourth quarter, according to statistics released by Zida, which
said the proposals during the final quarter
were worth US$ 4,4 billion.
While the overall trend showed a rise in
licenced investments from 2022 to 2023,
the tourism sector appeared to attract comparatively less global attention.
The data indicated that the energy sector took the lead with an investment value
of US$3,5 billion, closely followed by the
mining industry with just over US$2,5 billion.
Zimbabwe's recent global attention can
be attributed to significant discoveries in
its resources sector, particularly in lithium,
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platinum, and gold.
Notably, an Australian firm recently announced a major gas find in the Zambezi
Valley. As part of Zimbabwe's recovery
strategy, the mining industry, along with
manufacturing, tourism, and agriculture,
is expected to play a central role.
Last year was expected to be a turning
point for Zimbabwe’s mining sector, when
annual revenues were targeted at US$12
To Page 2
2
Zimbabwe independent february 9 to 15, 2024
LOCAL NEWS
TATIRA ZWINOIRA
THE Australia Stock Exchange (ASX) last
month raised an issue against Zimbabwe
domiciled platinum producer, Zimplats
Holdings Limited, following concerns the
big miner may have breached listing rules
after telecoms executive Chipo Mtasa (pictured) resigned from the board on January
8, 2024.
However, according to Zimplats, the
matter has since been resolved, after the
miner satisfied the bourse that there were
no infractions to its listing requirements,
following Mtasa’s resignation.
The ASX had written to Zimplats, saying the PGMs miner should have reported
Mtasa’s exit within a week from the date of
her resignation, which was January 8. The
ASX’s compliance office said they were
only notified of Mtasa’s resignation on January 26.
In correspondence obtained by the Zimbabwe Independent between Zimplats and
ASX, Zimbabwe’s biggest platinum outfit,
which has invested over US$1 billion since
entering the market in the early 2000s, had
insisted that they had done nothing wrong,
saying corporate governance issues were at
the core of their operations.
This was after the ASX had noted that
notification of Mtasa’s resignation should
have been lodged with the bourse by January 15 2024.
Asked to comment on the matter, Zimplats spokesperson Busi Chindove said they
were glad that the misunderstanding had
been resolved amicably.
She said: “ASX made a query, which Zimplats responded to. At no stage was trading
in Zimplats shares suspended on the ASX.
Zimplats is pleased to report that the ASX
was satisfied with its compliance response,
and accordingly, the matter is now closed”.
In a letter dated January 29 to Zimplats,
ASX’s compliance office said the firm only
notified the bourse on January 26. ASX said,
in the letter, Zimplats may have violated
listing rules 3.19A and 3.19B with regards to
disclosures following Mtasa’s resignation.
“As the Appendix 3Z indicated that the
director ceased to be a director on 8 January 2024, it appears the Appendix 3Z
should have been lodged with the ASX by
15 January 2024,” ASX Compliance said in
the letter.
“As it was lodged on 26 January 2024, it
appears that ZIM may have breached listing
Australian bourse asks Zimplats
tough questions after Mtasa exit
rules 3.19A and/or 3.19B.”
‘ZIM’ is Zimplats’ code on the ASX.
“Under listing rule 18.7, we ask that you
answer each of the following questions
having regard to listing rules 3.19A and
3.19B and guidance note 22…Please explain
why the Appendix 3Z was lodged late,” the
letter further states.
“What arrangements does ZIM have in
place under listing rule 3.19B with its directors to ensure that it is able to meet its disclosure obligations under listing rule 3.19A?
“If the current arrangements are inadequate or not being enforced, what additional steps does ZIM intend to take to ensure compliance with listing rule 3.19B?”
the letter states.
ASX demanded that Zimplats explains
how and why it filed Mtasa’s resignation
after prescribed timeframes, before giving
the firm until February 5, 2024 to respond.
“If you are unable to respond to this letter
by the time specified above, ASX will likely
suspend trading in ZIM’s securities under
listing rule 17.3,” ASX Compliance said.
Zimplats had a market capitalisation of
about AU$2,36 billion on the ASX, which
translated to US$1,53 billion as of Wednesday this week.
Over the year ending Wednesday, the
firm had lost slightly over US$500 million
on the ASX after its share price dropped before stabilising last December.
Patricia Zvandasara, chief financial officer at Zimplats responded on February 5,
saying Zimplats, one of southern Africa’s
biggest platinum operations, took the issue
of corporate governance seriously.
“Compliance with the ASX listing rules,
continuous disclosure and good corporate governance are a priority for Zimplats
Holdings Limited,” Zvandasara said.
“The company closed for the holiday
period on the 15th of December 2023 and
re-opened on the 8th of January 2024.
Mrs Mtasa's resignation was lodged with
the board secretariat on the 8th of January
2024, whereupon the notice was communicated to the board, and Zimplats investor
relations office, as part of ensuring that all
listing and third-party disclosure requirements were timeously adhered to,” she
added.
Zvandasara said filings were lodged with
the Australian Securities and Investment
Commission only, and accordingly, effected the filing with the ASX on January
28, 2024.
“Listing rule 3.19B requires ZIM to have
in place arrangements as are necessary, to
ensure that a director discloses information
that will enable the timeous disclosure to
the ASX of (i) a director initial interest, (ii)
change of interest, and (iii) final interest,”
she said.
She said where these existed, it had to
be reported to the full board, with relevant
recommendations for implementation.
“ZIM has in place a board charter, which
requires its directors to discharge their duties in accordance with the ASX listing
rules.”
Zvandasara said Zimplats’ audit and risk
committee, operating on delegated authority, was further charged with the mandate
of ensuring appropriate procedures exist to
monitor directors' declarations on the extent of their interests and dealings in Zimplats' shares.
She said where these existed, this had to
be reported to the full board, with relevant
recommendations for implementation.
“Further, Mrs Mtasa's Appendix 3Z is the
same in substance as that filed in 2019 when
she was appointed, to that filed in 2024 as at
the announcement of her resignation. Mrs
Mtasa acquired no interest in ZIM during
her tenure,” Zvandasara said.
“We confirm that annually directors are
obligated to declare their interest in ZIM.
Directors are in compliance, and no interest was noted during the declaration process for Mrs Mtasa.”
Zim licences US$9,7bn Deputy PG implicated
investments
in gold mine scandal
From Page 2
billion, from about US$3,2 billion five
years ago.
The data showed that 119 licences were
issued in the services industry, with investors promising to inject US$1,2 billion.
The report said US$1,9 billion worth
of licences were issued in the construction sector, the bulk of them from foreign
investors.
Resource-rich provinces, such as
Mashonaland West and Masvingo,
emerged as focal points for attracting investors, dominating in terms of licenced
projects.
Harare Province, serving as an economic hub, recorded 312 licenced projects
valued at about US$1,9 billion.
Mashonaland West Province recorded
the biggest value of licenced deals, according to Zida, which said 37 investors
applied to set up projects worth US$2,3
billion.
Chinamo attributed the trend to interest
in the province’s mining sector.
A total of US$1,8 billion worth of projects were licenced in Masvingo, with
Manicaland Province attracting 21 projects worth US$1,5 billion.
Zida said it attracted investors from 47
countries during the review period, compared to 2022, when licences were issued
to investors from 33 countries, including
Zimbabwe.
China continued to dominate, having
the highest number of investors, with a
preference for the mining sector, followed
by manufacturing.
It said China and Japan contributed the
highest projected investment values in
2023.
“The regional distribution of investments underscores a pronounced concentration in Harare Province, signifying a
strategic allocation of capital towards this
economic hub,” Zida said in the report.
“Predominantly, the investment landscape in this province is characterised by
a focus on the manufacturing and services
sectors, indicating a deliberate effort to
capitalise on the economic potential and
business opportunities inherent in these
industries.
“This targeted deployment of investments aligned with a nuanced understanding of the economic landscape,
where Harare Province emerges as a
pivotal centre for fostering growth and
development.
“The inclination towards the manufacturing sector underscores a commitment
to industrial activities, capitalising on the
region’s infrastructure, skilled workforce,
and logistical advantages.
“Simultaneously, the emphasis on the
services sector indicates a recognition of
the evolving dynamics of the contemporary economy, where service-oriented
industries play a crucial role in driving
innovation, enhancing efficiency, and
meeting the diverse needs of a burgeoning consumer base,” the report says.
It further states that: “As investors strategically position themselves in Harare
Province, they are poised to leverage the
synergies arising from a robust ecosystem
that facilitates collaboration, innovation,
and sustained economic expansion”.
From Page 1
and state as follows; I was the permanent
secretary in the Ministry of Mines and Mining
Development from September 2013 to May
2017,” Gudyanga said.
“There was a letter, which was purported
to have been written/generated by me dated
November 2013 (the date is not clear on the
letter), directed to Messrs Atherstone and Cook
in the matter between Blackgate Investments
(Private) Limited vs. Mines (Private) Limited,
G&P Industries (Private) Limited. I wish to state
that I am neither the author nor generator of
the letter dated November 2013 directed to
Messrs Atherstone and Cook and my reasons
are as follows; the signature on the letter is not
mine. Although it looks like mine, l did not sign
that letter, the letter does not bear both my initials as I am addressed as Prof F.P Gudyanga,”
he said in his affidavit.
In a docket filed under case number (CR
1158/10/23), Blackgate re-opened its criminal case against Murehwa and other Ran Mine
directors.
“The evidence from (a government official),
who stated that F.P. Gudyanga is the one, who
authored the document and appended his signature, is blatantly misleading to the courts as
this evidence was used by the head of prosecution Mr Michael Reza to decline prosecution on
Jackson Murehwa CR822/01/22 and this resulted in prejudice to our mining rights. Therefore,
the accused acted unlawfully,” the affidavit
reads.
Last week the NPA, and Ran Mine and
G&P Industries' legal counsel said they could
not comment on the matter, saying it was
subjudice.
“We cannot comment on an issue that is
being investigated. We do not have the docket
or full information about allegations and the
extent of them,” Angeline Munyeriwa, spokesperson at the NPA, said, when asked about the
case and allegations against Reza.
“So, until the docket is presented to the NPA
and citing the involvement of PG (prosecutor
general), we cannot comment until it is submitted to us.”
However, investigations show that the NPA
received the dockets on January 24.
Chris Mhike, the legal counsel for Ran Mine
and G&P Industries directors, also said last
week: “As you are fully aware, commenting
on cases that are subjudice is improper and
unethical. Accordingly we are unable to render
any factual or legal remarks on the matter at
this stage.”
The Zimbabwe Republic Police confirmed
receiving the complaints but stated that they
were still under review.
In a letter addressed to the ZRP, Pfungwa
Kunaka, the current Mines and Mining Development permanent secretary, said the letter,
which was purportedly signed by Gudyanga, “does not appear to have come from the
ministry”.
“This office acknowledges that the letter
said to have been produced by Jackson Murehwa from our Ministry and signed on the 25th of
November 2013 by the then permanent secretary professor F.P. Gudyanga does not appear
to have originated from this Ministry.
“The Ministry did not have the letter in its
file. Beyond that, records do not show that any
specific use of the letter was applied to resolving the dispute referenced above,” said Kunaka.
His letter is part of documents submitted to
the police.
Zimbabwe independent february 9 to 15, 2024
3
LOCAL NEWS
SHAME MAKOSHORI
Foreign investment inflows into Zimbabwe are projected to surge this year, following revelations that an Asian mining firm has
proposed a deal worth about US$7 billion.
The deal represents one of the most significant developments in the sector in recent
years.
The proposal, reminiscent of a Glencorestyle operation, has been submitted by Ajako United (Pvt) Ltd to the Zimbabwe Investment and Development Agency (Zida), as
the country aims to fortify its position in the
global mining industry.
This is according to Zida’s 2023 report that
explains investment trends in the past year.
If approved, this deal would stand among
the largest projects since a decade-old proposal by russian investors to inject US$4 billion into a platinum operation.
United's ambitious US$6,94 billion proposal, currently undergoing due diligence
by Zida, aims to establish a comprehensive
mining, processing, and trading operation
based in Harare.
While not as colossal as Glencore Plc, the
Swiss multinational commodity trading giant, the scale of the investment underscores
the potential transformation awaiting Zimbabwe's mining sector.
Documents obtained exclusively by the
Zimbabwe Independent shed light on the ambitious plans of United, with a focus on the
extraction, processing, and trading of gold,
as well as other minerals such as lithium,
manganese, and copper.
If approved, this deal would stand among
the largest projects since a decade-old proposal by Russian investors to inject US$4 billion into a platinum operation.
This is according to Zida’s 2023 report that
explains investment trends in the past year.
“In Q4 (fourth quarter) of 2023 the agency
received a proposal with a projected investment value of US$6,94 billion, for minerals
trading and mining development, which is
being reviewed,” Zida said in the paper, noting that another deal worth US$1,4 billion
was also under consideration.
Zida's 2023 report highlights another
substantial deal in the mining sector, with
Innermost Resources Zimbabwe (Pvt) Ltd
proposing a US$1,4 billion investment for
the mining and processing of gold in Penhalonga, Turk Mine, and Kwekwe.
“Innermost Resources Zimbabwe (Pvt)
Ltd, US$1,4 billion towards mining andprocessing of gold in Penhalonga, Turk Mine
and Kwekwe. The projects are expected
to eventually contribute to increasing the
country’s gold production from the current
200 tonnes to 300 tonnes per year by 2025,”
the report states.
“The mining sector continued to draw the
most investment, both in terms of number
and projected investment value. In Q4 2023,
76% of the projected investment value for all
licences were issued in the mining sector.
“Year-to-date 2023, the agency managed
to attract investors from 47 countries compared to year-to-date 2022, where licences
were issued to investors from 33 countries,
including Zimbabwe.”
It said Chinese investors continued to
dominate, “having the highest number of
investors with mining being their most preferred sector followed by the manufacturing
sector”.
The surge in foreign investment, exemplified by the US$7 billion deal, is crucial for
Zimbabwe's target to elevate annual mining industry revenue to US$12 billion, a goal
that the country failed to achieve at the end
of 2023.
Last week, the Independent reported that
capital inflows into new coal shafts had accelerated alongside the expansion of existing
mines in Zimbabwe’s north western hotspots, as investments into steel production
and coal fired power facilities reinvigorates
investor appetite.
Two of the biggest destinations for coal –
the Manhize steel facility and Hwange thermal power station’s Units 7&8 — saw government and private investors pour a total of
US$3 billion to resume production.
Hwange 7&8 kicked off production in
2023 following a US$1,5 billion investment,
with the US$1,5 billion Chinese steel plant
expected to resume production this quarter.
In responses to questions from the Independent, Pfungwa Kunaka, permanent secretary in the Ministry of Mines and Mining
Development, said while there was scope
for coke exports, Hwange and Manhize lay at
the heart of an investor boom that has been
Foreign investor lines up
US$7 billion mining deal
experienced since 2021.
Investments into coal expanded by 80,7%
between 2021 and 2022, official data shows,
with more funding expected this year.
“In 2021, government announced investments into coal mining and coke oven batteries. This announcement has seen growth
in this sector with US$166,4 million being
realised as of 2022, compared to US$92,1
million in 2021,” Kunaka said.
“The country has witnessed the opening
of new coal mines, expansion of existing operations and resuscitation of operations during the period.”
Government data shows Muchesu Coal
Mine began production last year following a
US$20 million investment.
Zida CEO Tafadzwa Chinamo
“Turbo Mine expanded production to 75
000 tonnes per month to cater for increased
power generation at Hwange Power Station
Unit 7&8. Zambezi Gas expanded operations
in 2021 and opened a second pit with a capacity of 100 000 tonnes of coal, doubling
their monthly production,” Kunaka said.
“The Makomo Resources operation is being resuscitated through contract mining to
Sino Hydro and Mutagech (a mining division
of South Mining).”
Government majority-controlled Zimbabwe Stock Exchange listed Hwange Colliery Company Limited mines in the same
coalfields. It has struggled for decades due to
under-capitalisation.
But Kunaka said following a remodelling,
the firm would be working with contractors
to improve output in five opencast mines.
7 February 2024
Procurement Regulatory Authority of Zimbabwe Updates on Supplier Registration;
Clarifies Registration of the Trademark and Cautions Opportunists on Unauthorised
use of the Logo.
The Procurement Regulatory Authority of Zimbabwe (PRAZ), has commenced the 2024
registration of suppliers for public entities under the new platform, the electronic
Government Procurement (eGP) System. All suppliers are urged to exercise caution
and remain vigilant against opportunistic individuals who are attempting to exploit the
registration process for personal gain. Annual registration per category per calendar
year remains US$120.00 or ZWL$ equivalent at the prevailing interbank rate found
on the eGP Platform on any given day. It is important for suppliers to verify the
authenticity of any claims or offers made in relation to the Authority’s services.
PRAZ does not employ touts or agents who purport to register on behalf of suppliers
whilst swindling them of their hard-earned resources. While the Authority is responsible
for overseeing and regulating public procurement practices, it is important to note
that it has not engaged service providers who charge for providing supplier registration
services. PRAZ remains fully committed to its mission of “setting standards and
regulating public procurement and disposal of public assets in a manner that is
transparent, fair, honest, cost effective and competitive”.
PRAZ recently registered its LOGO (above) as a trademark, which serves as a symbol
of the Authority’s identity and credibility. The trademark was registered to safeguard
against counterfeit use and unauthorized representation, ensuring that stakeholders
can easily identify and trust the Authority’s official communications and services.
The Authority is committed to maintaining open lines of communication with
stakeholders, and welcomes enquiries regarding the supplier registration process or
any related matters.
For media and general PRAZ enquiries
Phone +263719004453 / WhatsApp +263712899505
Email: feedback@praz.org.zw
4
Zimbabwe independent February 9 to 15, 2024
LOCAL NEWS
World Bank energy team headed for Zim
A WORLD Bank team was expected in Harare this week to explore how the global
lender can help Zimbabwe address its
power energy, according to officials with
knowledge of the development.
The global lender suspended loans to
Zimbabwe over a decade ago, after Harare defaulted on crucial commitments to
a cross-section of creditors, including the
Paris Club.
Zimbabwe’s external debt had rocketed
to about US$14 billion in 2022, with a hefty
amount owed to the World Bank.
However, the lender has continued to
offer technical assistance in a range of areas to help Zimbabwe overcome a myriad
of crises.
A government official said on Wednesday the team was expected to meet private sector players with interests in energy
projects.
These independent power producers
(IPPs) are seen as a key factor in helping
the country deal with its energy crisis.
A World Bank official in Harare did not
respond to enquiries about the visit.
But the government official said the experts would be exploring how to “get Zimbabwe’s energy back on track”.
“The World Bank team is arriving in
Zimbabwe to look at how Zimbabwe can
get its energy on track,” the official said,
noting that on the investment front, interest in Zimbabwe’s energy had improved.
“The focus on Zimbabwe has improved.
The policy with regards to energy has shifted slightly and a number of investors have
Hwange Thermal Power Station ... Existing power facilities have been generating between 1 000
megawatts and 1 500MW against a national demand of between 1 800MW to over 2 000MW.
been making inquiries. We have had British investors.”
In December, the Zimbabwe Independent
reported that the African Development
Bank (AfDB) had provided a US$2,5 million loan to government for energy sector
reform support.
Zimbabwe has struggled to provide
enough power to meet growing demand as
new investors flock to exploit minerals.
Currently, existing power facilities have
been generating between 1 000 megawatts
TelOne mulls decommissioning
copper cable infrastructure
FREEMAN MAKOPA
THE country’s landline telecoms provider,
TelOne, says it will be decommissioning
some of its copper cable infrastructure to
stem rampant vandalism, which cost the
firm US$1 million last year.
Chief executive officer Lawrence Nkala
said under the programme, copper cables
would be replaced by technologies, such as
optic fibre and wireless access solutions.
The firm this week said it recorded 316
live network attacks during the year-ended December 31, 2023, with about US$1
million lost.
TelOne said the value of vandalised network in 2023 stood at US$518 827, while an
estimated business loss for the period stood
at US$480 950.
Officials said higher levels of copper infrastructure vandalism were now threatening TelOne.
“As our strategy in the short-term, we
have increased our physical security patrols in partnership with the Zimbabwe Republic Police (ZRP),” Nkala told the Zimbabwe Independent.
“We have also fortified some of our
routes with alarms, a move that has greatly
improved the security response time and
has led to an increase in the rate of arrests.
“We are, however, cognisant of the fact
that replacing copper with newer technologies like fibre and LTE (Long Term
Evolution) wireless solutions, which are
less susceptible to attacks is the long-term
solution. Not only does this tame the menace of network thefts, but it also guarantees
superior service for our clients.”
The firm has also partnered with the Zimbabwe Revenue Authority and state security agencies to step up patrols at the country’s borders to fight copper smuggling.
According to statistics seen by the Independent, TelOne recorded the highest live
network attacks in Harare in 2023, followed by the Midlands Province.
Matabeleland North had the least number of attacks.
The number of those arrested during the
period was 38, with only four convictions.
Dealers are reportedly taking advantage
of the disharmony of legislative provisions
to circumvent the law by exporting scrap
under the Second Hand Goods Act as op-
(MW) and 1 500MW, against a national
demand of between 1 800MW to over
2 000MW.
But experts say the country has potential
to generate up to 1 900MW through solar,
wind, geothermal, small hydropower stations, and biomass, working with IPPs.
These are the same areas that global institutions have been focussing on.
AfDB said: “The project implementation
is still at procurement stage and the outcomes are likely to be achieved by the project closing date. Project implementation
was initially delayed by having to relaunch
the procurement process for the project
coordinator due to non-responsive bids.
“Project implementation is now on track
for completion by the revised project closing date of 31 May 2025. The project closing date was revised to 31 May 2025 and all
outputs are forecasted to be completed by
31 May 2025.”
Explaining the purpose of the funding,
AfDB said: “To facilitate the creation of an
enabling environment for promoting independent power producers, thereby improving the availability of electricity supply to support economic growth.”
A study conducted last year by the Zimbabwe National Chamber of Commerce
said there were challenges in implementing Zimbabwe’s IPPs.
Challenges include the bankability of
projects, the lack of feasibility studies, a
lack of funding, foreign currency distortions and delays in compensating IPPs. —
Staff Writer.
Govt spends
US$45m on
Mbudzi
Interchange
GAMUCHIRAI NYAMUZIWA
TelOne CEO Lawrence Nkala
posed to the Minerals Marketing Corporation of Zimbabwe Act.
TelOne has since started replacing copper infrastructure in some parts of Chitungwiza, Gweru, Bulawayo and Harare.
While these interventions have been
critical in curbing copper theft, there seems
to be no lasting solution in place, given the
slow pace of deployment of the new tech-
nologies, a challenge that the company has
attributed to lack of capitalisation.
Security and risk expert Proctor Nyemba
said there was need to tighten internal controls to curb cable theft.
“The problem is that people who used
to work at these institutions have been retrenched and know the loopholes at the organisations,” Nyemba said.
Transport and Infrastructural Development
minister Felix Mhona says government has
spent US$45 million towards the construction of Mbudzi Interchange in Harare, a key
infrastructure project aimed at enhancing connectivity and strategic positioning in the region.
The project, with a total estimated cost of
US$88 million, is reported to be 55% complete,
though it has fallen behind schedule.
Mhona said the interchange provided crucial
connections with neighbouring countries, including Malawi, Zambia, Mozambique and the
Democratic Republic of Congo (DRC).
“Construction works at the Mbudzi Interchange are progressing well, with the project
now at 55% complete,” Mhona said. “This strategic move aims to connect countries like DRC,
Malawi, Zambia, Mozambique and Zambia
through Kanyemba. So we are also seeing dualisation and expansion of Harare-Bindura road,
including construction of Kanyemba road into
Zambia and Mozambique, and the Kanyemba
border post enhancement and expansion.”
The project aims to facilitate smoother
cross-border transportation and trade, fostering economic integration in the Southern
African region. Despite the progress made, the
delay in completion raises concerns about the
overall efficiency of the infrastructure development initiative.
However, the Zimbabwe Independent last
month reported that several directors at the
Ministry of Transport are under investigation for
alleged corruption related to a fund intended to
compensate property owners affected by the
interchange construction.
Whistleblowers reportedly exposed a
scheme where figures were manipulated to
inflate property values, leading to the misappropriation of substantial funds by property
owners and corrupt officials..
A director in the ministry was arrested and
later released on bail.
It was estimated last year that up to US$35
million would be paid out to about 130 affected
companies and residential properties to help
them relocate. Some officials claimed that
US$12 million could have been paid out to at
least 52 individuals and businesses by the end
of 2023.
Zimbabwe independent february 9 to 15, 2024 5
6
Zimbabwe independent february 9 to 15, 2024
INTERVIEW
FOLLOWING a difficult 2023, in which
Zimbabwe’s currency suffered one
of its worst hammering on both
the black and formal markets, the
country remains in peril as hardships
confronting consumers deepen. Last
week, researchers at Imara Asset
Management summed up the crisis
when they remarked: “In 2024, the
formal sector is weak. The retailers
cannot sell product at prices that
make economic sense and so trade
goes elsewhere and government
receives less VAT (value added tax)
than it should. The banks receive
limited amounts of deposits relative to
the size of the economy and so their
balance sheets shrink in real terms.”
For an in-depth understanding of the
troubles haunting consumers, our
business reporter, Tafadzwa Mhlanga
(TM) had a discussion with Phillmon
Chereni (PC, pictured), director of
corporate affairs at Consumer Council
of Zimbabwe (CCZ). Below are
Chereni’s impressions of the problems
affecting consumers:
TM: For many consumers, 2024 started
on a bad note, with new taxes that triggered price hikes. What has been the impact on consumers?
PC: New taxes announced in the 2024
National Budget proposals have since been
reviewed downwards. It was expected that
businesses that had increased prices of
goods and services will also reduce prices.
But toll gate fees, electricity tariffs and local authority charges have since increased.
Businesses are passing on the costs to end
users. Consumers are bearing the burden
as disposable incomes have been further
eroded.
TM: Which of the new taxes have had
the biggest impact?
PC: Increases on toll gate fees on Zimbabwe’s prime routes and passport fees are,
among others, impacting on livelihoods.
There has also been an increase in taxes for
spectacle frames.
TM: Where does the total monthly food
basket stand now?
PC: As measured by the Consumer
Council of Zimbabwe’s Low-Income Urban Earner Monthly Basket for a family of
six, the cost of living measured in the local currency increased by 72% from ZW$3,
628 994.20 in December 2023 to ZW$ 6,
242 051.65 for January 2024. Most products
in the basket went up by almost 80%. The
increase in the prices of most basic goods
in the family fasket is mainly attributed
to the significant weakening of the local
currency whose value depreciated by approximately 62% during the period under
review.
Among the top shakers and movers in
the basket were cabbage, salt, tomatoes,
onions, and cooking oil, which rose by
97,7%, 63,7%, 56,4%, 50,6% and 44,8%,
respectively. This is partly attributed to the
high demand for these products during the
festive season. In contrast, water and rates,
washing powder, transport, and education
recorded the least movement. Commodity
prices increased sharply due to the steep
depreciation of the local currency after
the relaxation of the managed exchange
rate by the central bank last month. Most
supermarkets now display United States
dollar (USD) prices as they are more stable
compared to the local currency. They are
strictly insisting on payments in the greenback for selected commodities.
TM: What were the trends in US dollar
prices?
PC: In USD terms, the basket decreased
by 10,96% from US495,04 to US$440,79
during the same period. This is attributed
to the dual pricing system, which the CCZ
noted in the market. Most products, which
are paid for in US dollars attract discounts.
This is why prices dropped in United States
dollars. But the prices of cabbage, salt, tomatoes, onions, cooking oil, and laundry
bar did not drop.
TM: Tell us about trends in the price of
services?
PC: As indicated above power tariffs, toll
gate fees and local authority charges are
among those that have increased. Some
local authorities are actually demanding
Zim consumers on edge as
Zimdollar drubbing worsens
Price of cabbage leads big shakers at 98% rise as demand shoots
their payments in USD as a hedge against
inflation, despite the fact that the majority of our consumers have no access to the
USD.
TM: Have you discussed with Treasury
how the new taxes have affected consumers? What has been the feedback?
PC: As CCZ, part of our mandate is lobbying and advocacy on behalf of consumers. We have represented consumers
at various policymaking interfaces with
business associations and regulators. We
have raised many concerns that consumers have. We have been attending dialogues organised by our parent ministry,
the Ministry of Industry and Commerce,
seeking views from business, producers
among other stakeholders to find solutions bedevilling market transgressions.
Before the announcement of the 2024 National Budget, CCZ presented a paper to
the Parliamentary Portfolio Committee on
Budget.
TM: Are there any ways, in your opinion,
that government can use to raise revenue
without affecting consumers?
PC: Consumers will be affected by widening the tax base, which involves targeting certain sectors of the economy that
were previously untaxed. These include
the informal sector, which was previously
excluded. Take note of the new Zimra tax
dispensation.
TM: What are the major challenges facing consumers?
PC:Consumers are being affected by
non-display of shelf prices, rampant use
of disclaimer clauses, which include no
returns, no refunds, no exchange, which
are a violation of Section 42 of the Consumer Protection Act (CPA). Unfair pricing
of goods and selling exclusively in United
States dollars for certain products are also
factors affecting consumers. The shortage of local currency in the market, especially bond notes, is affecting consumers.
This problem is mostly experienced by the
commuting public. Incessant power outages, high pricing of goods and shortage of
some basic commodities like mealie meal,
cement and others are also affecting consumers. The non-collection of waste and
unavailability of clean water from local authorities, shortages of drugs in hospitals for
chronic illnesses, inadequate equipment
like cancer treatment machines, low disposable incomes for most consumers are
also challenges affecting consumers.
TM: Tell us about wages with regard to
the cost of living.
PC: The CCZ basket is a research-based
document that could be used to bench-
mark incomes. It is sought by organisations
when bargaining for salary adjustments.
TM: The Consumer Protection Commission (CPC) began its operations last year,
conducting inspections of some of the
products that consumers use. Would you
say this commission has done a good job so
far of weeding out defective products?
PC: Check with the Consumer Protection Commission for more detail and statistics. However, the CPC has been doing
enforcement blitzs in different provinces
such as Manicaland, Midlands, and Masvingo. I know a lot of businesses were found
wanting in terms of compliance with new
regulations.
TM: Are you collaborating with the CPC?
PC: The commission is a statutory body
that was born through an Act of parliament, the Consumer Protection Act
(CPA)…and is a regulator. The CCZ, in terms
of the Act, is also regulated by this Act in
doing our operational work. CCZ collaborates with CPC as the regulator and in other
various activities of mutual interest, especially in line with consumer education and
awareness programmes. We have been doing outreach awareness programmes on
fair digital financial services, in partnership with other stakeholders, such as the
Reserve Bank of Zimbabwe and Postal and
Telecommunications Regulatory Authority of Zimbabwe, educating consumers on
their rights, and responsibilities in accessing digital financial services.
CCZ has carried out blitzes targeting retail shops failing to comply with CPA provisions, such as use of disclaimer clauses
and failure to display prices. Several shops
have been fined.
TM: As CCZ, what do you recommend is
needed to protect consumers from wanton price increases as well as substandard
goods in the market?
PC: Price increases will remain a thorny
issue that has to be addressed holistically
by all sectors involved in the food supply
chain in a bid to balance accessibility on
the part of consumers, sustainability on
the part of the industry to continue operating, with policymakers enacting enabling
statutes to promote investment for industry growth as well as statutory obligations
payments. Enforcement remains key in
ensuring our borders are not porous so
that smugglers who bring in sub-standards
products are brought to book and held
accountable.
TM: What can we expect from CCZ this
year?
PC: We are targeting to continue with
our education and awareness programmes
targeting remote areas with our partners
in line with the government's vision, we
‘leave no one and no place behind’. We
believe in stakeholder engagements which
will bring in policymakers, producers, and
retailers. These dialogues will be held in
major cities to create platforms for continuous engagement by all stakeholders. A
CCZ Training Academy will be launched in
collaboration with the University of Zimbabwe to train and empower both consumers and businesses to have an appreciation of the CPA, how to conduct themselves in the market, knowledge of their
obligations among other things
Zimbabwe independent february 9 to 15, 2024 7
feature
Ben
Payton
Correspondent
Namibian president Hage Geingob (pictured) died in Windhoek on Sunday at the
age of 82, weeks after announcing that he
had been diagnosed with cancer.
Geingob’s
vice-president,
Nangolo
Mbumba — also aged 82 — was immediately
sworn-in as the country’s new leader. He
will serve the last year of Geingob’s term in
office, but will not stand in elections scheduled for November. Mbumba praised Geingob for his role in building the country’s institutions and entrenching stability.
“It is poignant and reassuring to note that
today, even in this time of loss, our nation
remains calm and stable,” the new president
said at his inauguration ceremony.
Both his supporters and opponents agreed
that Geingob was one of Namibia’s most important political personalities of recent decades, helping to forge the southern African
nation’s identity.
During the long struggle against apartheid
South Africa’s occupation of Namibia, Geingob spent some 27 years in exile. From 1975
until 1989, he was based in Lusaka as director of a UN-backed educational body, the
United Nations Institute for Namibia, which
helped trained Namibians for roles in a future
post-liberation government.
Geingob then played a key role in drafting the country’s constitution in the run-up
to independence in 1990, and was appointed
as prime minister under President Sam Nujoma. He served in this role for 15 years in
total across two separate spells. In 2015, he
won the presidency with 87% of the vote and
was re-elected five years later, albeit with a
reduced majority.
Investment record
Geingob’s presidency will be remembered
fondly by most foreign investors, especially
in the energy sector. Companies in various
energy-related industries have flocked to
Namibia in recent years. As well as its wealth
of natural resources, the political stability overseen by Geingob has been a major
attraction.
Some of the world’s largest oil and gas
companies were persuaded to carry out exploratory drilling in the waters off Namibia
during Geingob’s presidency. In 2022, Shell
and Total both reported massive oil discoveries. While there will inevitably be a span of
several years at least between discovering oil
and actually beginning production, Namibia
now has a realistic opportunity to become a
globally significant hydrocarbons player.
In handing a lifetime achievement award
to Geingob last September, the African Energy Chamber emphasised that the president
had been an important factor in the country’s successful efforts to unlock its potential.
“Under Geingob’s leadership, Namibia has
earned a reputation for good governance,
which has contributed to continued investment and exploration since the 2022 discoveries,” it said in a statement.
The AEC further noted that Geingob had
avoided lumbering investors with red tape
or engaging in hostile negotiating tactics.
“Geingob has taken a proactive approach to
avoiding these stumbling blocks, greatly increasing the likelihood of positive outcomes
for his country and his people,” it said.
As well as oil and gas, Namibia has also
come to be seen as one of the most promising locations in Africa for producing ‘green
hydrogen’, in which solar energy is used to
power the process of electrolysis that separates hydrogen from oxygen. Green hydrogen
can potentially replace fossil fuels in various
industrial applications.
Since 2021, a massive green hydrogen
scheme spearheaded by Hyphen Hydrogen
Energy — a company based in Namibia but
largely owned by German investors — has
begun to take shape. The $10bn project will
be built in several stages, with an eventual
aim of producing 350,000 tonnes of green
hydrogen annually from a 3-gigawatt electrolyser facility.
Several European countries have taken
note, regularly dispatching envoys to negotiate cooperation agreements with Namibia in
the hope of securing offtake deals. European
Commission President Ursula von der Layen
managed to secure a strategic partnership
with Namibia on sustainable raw materials
value chains and renewable hydrogen. Last
Namibia mourns leader who
put country on energy map
ensuring that plans are converted into concrete developments. In doing so, they will be
relying on the foundations established by the
late president.
Elections in November
October, she noted that “Namibia is becoming a front-runner in the green hydrogen
space”.
Geingob’s successors will have the task of
Elections will be held in November as
planned, with the new president due to take
office in March 2025. The ruling SWAPO
party has already selected Netumbo NandiNdaitwah, who was deputy prime minister until Geingob’s death but now replaces
Mbumba as vice-president, as its candidate.
Given SWAPO’s political dominance – it
has easily won every presidential and parliamentary election since independence
– Nandi-Ndaitwah is the clear favourite to
secure victory in November and become
Namibia’s first female president. — African
Business.
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8
Zimbabwe independent february 9 to 15, 2024
EDITORIAL & OPINION
Zimbabwe
Independent
february 9 to 15, 2024
We are now under
black market ‘rule’
T
HE vandalism of copper cables at telecoms operator TelOne, National Railways of Zimbabwe (NRZ) and power
utility Zesa Holdings must be given the serious attention
that they deserve.
There seems to be a deterioration of this problem, while
law enforcement agencies and the entire government bury their head
in the sand as if nothing serious is taking place.
The laws have been tightened, but the conviction rates have been
disappointing.
Surely, immediate, robust actions are overdue to deal with this
mindless vandalism of critical public infrastructure.
The institutions that are at the mess of the scourge are all at the heart
of industry and commerce – the more they are decimated by mindless hooligans the longer it will take to address Zimbabwe’s prolonged
economic crisis.
Delays in the shipment of goods by the NRZ due to cable thefts at
Zesa’s powerlines for instance, affects entire industrial production targets, stifles demand for labour in companies and triggers jobs losses.
Often, authorities tend to focus on the most immediate consequences of cable theft and vandalism to Zesa, ignoring this bigger picture.
By surrendering public infrastructure to the mess of vandalism, authorities are taking part of the destruction an economy that is already
in peril. A single cable theft can ground mines, which generate foreign currency for the country and employ more than 30 000 people.
It is one of the reasons why Zimbabwe’s aspiration to turn the mining
sector into a US$12 billion industry by revenue flopped last year. Cable thefts must be arrested and punished before an entire economy is
grounded. Elsewhere in this edition, we report that TelOne lost about
US$1 million last year due to copper cable thefts. In TelOne’s case, the
cost of switching to new technologies is hefty.
While they work on changing technologies, they will not immediately solve the problem, which means as the company migrates more
and more of its infrastructure will remain under threat, complicating
Zimbabwe’s telecoms system. The same can be said of Zesa, Zimbabwe National Water Authority, NetOne and a range of private sector
operators. Authorities have left Zimbabwe to decelerate into chaos.
Foreign currency is being controlled by black market dealers, who
hold not less than half of United States dollars in the economy.
The public transportation system is now being controlled by armies
of unroadworthy vehicles that have become a law unto themselves,
rampaging the streets and killing people.
The market place for goods and services is slowly moving from formal to the dark markets, where survival is only for the fittest. Even
traffic enforcement has been taken over by touts in some cases. Markets have been colonised by politically connected crooks, who collect
the fees that local governments must use to improve service delivery.
If one requires public documents, they have to go through a crook
lurking on street corners to facilitate the quick release of the document. Local authorities’ pipes are often ripped open and water leakages are now commonplace. Who is in charge?
Make Zim investor friendly
I
NVESTMENT statistics released by the Zimbabwe
Investment
Development
Agency (Zida) made startling
revelations about the amount
of potential billions that are supposed to flow into the economy.
Out of the US$9,6 billion worth
of investment proposals licenced
in 2023, over US$6 billion were in
mining and energy sectors.
More than US$3,5 billion worth
of projects from 20 investment
proposals were licenced in the
energy sector. Mining attracted
US$2,5 billion.
Zida said a US$7 billion project,
whose papers were submitted towards the end of last year, was still
under due diligence processes.
These statistics point out that
the bulk of licences issued in 2023
were foreign direct investments
(FDI), through initiatives by Zida.
But that effort must be complemented by authorities in government by bridging the gap between
proposal and implementation.
Zimbabwe has a bad reputation for
having good projects on paper but
lethargy on implementation.
While some projects have been
successfully implemented, the
overall scoring has been dismal.
There are a plethora of bottlenecks on the ease of doing business comparing with other African
countries, such as Rwanda. Some
investors have bitterly complained
about the exorbitant costs of doing
business in Zimbabwe.
Mining royalties, arguably the
harshest in the region, coupled
with onerous taxes hamper economic growth in many sectors, including tourism.
The discrepancy between the
value of licenced tourism projects,
at US$2 million, and the sector's
pivotal role in the nation's recovery raises questions about the efficacy of current policies.
Continued political instability
Editor’s
Editor’s
Memo
Memo
faith zaba
Nevanji
Madanhire
fzaba@zimind.co.zw
nmadanhire@zimind.co.zw
increases the risk profile of Zimbabwe — something which scares
away investors.
To build confidence, the government has a responsibility to ensure
a stable political climate. Perpetual
electoral modes and inter-party
internecine clashes paint a bad
picture.
And this must be corrected if the
government is serious about economic growth.
To translate FDI into tangible
economic growth, Zimbabwe
must strategically address key
challenges and capitalise on opportunities to attract and retain
foreign investment.
Investors worldwide crave stability and predictability in the
business environment. Zimbabwe must provide a consistent
policy framework, especially in
areas such as the repatriation of
dividends.
Policy consistency fosters investor confidence, assuring them that
their investments are secure and
subject to transparent regulations.
Zimbabwe should review fiscal policies, striking a balance
between revenue generation and
creating an investor-friendly
environment.
Reducing unnecessary financial
burdens will make the country
more attractive to foreign capital.
While the energy and mining
industries have huge potential, efforts should be extended to other
sectors like agriculture, technol-
ogy, and manufacturing.
A diversified portfolio of industries will not only attract a broader
range of investors but also contribute to sustainable economic
growth.
The persistent power crisis poses a challenge to investment implementation. Zimbabwe should
prioritise investments in the energy sector, harnessing renewable
energy sources and incentivising
independent power producers
(IPPs). A reliable and sufficient
power supply is a critical infrastructure for businesses and industries to thrive.
The power crisis is a major
drawback for investors.
Currently, existing power facilities have been generating between 1 000 megawatts (MW) and
1 500MW, against a national daily
demand of between 1 800MW to
over 2 000MW.
But experts say the country
has potential to generate up to 1
900MW through solar, wind, geothermal, small hydropower stations, and biomass, working with
IPPs.
Then there is the cancer in the
public sector — corruption. The
toxic behaviour within high public
sector positions not only adds to
the cost of doing business but also
erodes investor confidence.
Zimbabwe must take decisive
actions to combat corruption, implementing stringent measures to
ensure transparency and accountability. A corrupt-free environment is essential for building trust
with international investors.
It is imperative for Zimbabwe to
implement strategic reforms, particularly in the face of counterproductive measures like hefty taxes
introduced at the close of last year.
Such actions risk compromising
the nation's appeal to investors,
with potential repercussions for
businesses and employment.
Structured currency: Will it save the Zimdollar?
P
RESIDENT Emmerson Mnangagwa told Cabinet this week that a
number of policy measures will be
put in place by authorities to stop
price hikes, stabilise the foreign
exchange rate, preserve the value of the local
currency, and eventually promote savings.
He claimed that a structured currency will
be used to accomplish this.
He did not, however, elaborate on what he
meant.
The President may have intended to implement currency reforms, such as altering
the monetary policy framework, introducing additional security features, or changing
the denominations of money, according to
some analysts.
Some believe he was talking about providing structure to the local currency through
changes to the foreign exchange policy, inflation targets, or interest rate modifications.
Alternatively, it is possible that he was
discussing the Central Bank Digital Currency, which has been under development by
the Reserve Bank of Zimbabwe (RBZ) since
2021.
We're not sure.
However, one thing is certain—none of
these strategies will be successful.
It should be noted that the government
has previously proposed similar currency
reforms in an effort to stabilise the foreign
exchange market and preserve the value of
the domestic currency.
A few examples include the implementation of a multi-currency system, a 1% tax
on all foreign payments, and assumption of
all foreign currency debts from the central
bank. In order to provide people with an alternative store of value to the US dollar and
lessen their dependency on it, the government launched the Zimbabwe gold-backed
Candid
Comment
mthandazo nyoni
mnyoni@newsday.co.zw
digital token. It also unveiled the Mosi-OaTunya Gold Coin.
However, these reforms have sadly not
been able to stabilise the Zimbabwe dollar,
which has depreciated by around 90% since
the start of the year, and the discrepancy between official and parallel exchange rates is
still growing.
According to the official exchange rate,
the value of the Zimbabwean dollar against
the greenback as of Wednesday was US$1:
ZW$11 109. On the black market, it was
trading for ZW$15 000.
We wonder how many currency adjustments we should require in order to
strengthen the local currency.
The monetary authorities are obviously diagnosing the problem incorrectly. As
economist Gift Mugano would eloquently
describe it, it is like applying toothpaste after
you have lost your teeth.
It will not work.
The authorities must simply do the right
thing.They ought to quit creating policies
that weaken the demand for the Zimbabwe
dollar and cease printing money.
For example, the government charges exclusive greenbacks for services like passport
fees. This has a negative impact on the local
currency.
Finally, the government ought to let the
formal market choose an exchange rate that
is widely accepted.
Zimbabwe independent February 9 to 15, 2024 9
ECONOMY & FINANCE REVIEW
ABCs of climate investing
Rufaro Hozheri
& Pascaliah Mapfumo
analysts
WITH a realisation that there is a dire
need to protect the planet from environmentally unsustainable practices
and curb climate change, climate action became unavoidable.
The origins of climate action might
be traced back to the Kyoto Protocol
in 1997, which aimed at ensuring that
industrialised nations reduce their carbon dioxide emissions and the presence
of greenhouse gases in the atmosphere.
According to the United Nations Development Programme (UNDP), climate action means stepped-up efforts
to reduce greenhouse gas emissions
and strengthen resilience and adaptive
capacity to climate-induced impacts.
One way of taking climate action
would be through making a drastic
shift to more ecologically friendly production methods, for example, moving away from fossil fuels to greener
forms of energy. An alternative approach would be to identify, support
and promote entities that are undertaking green and ecologically friendly
projects.
Let us take company ABC for example that operates a thermal power station and emits carbon dioxide into the
atmosphere. Instead of switching immediately to a hydropower station or
solar, which might not be feasible in
the interim, it can identify company
XYZ, which is growing trees or doing
other environmentally friendly projects that reduce carbon emissions and
support it as a way to offset the actions
of company ABC.
It is estimated that one tonne of carbon dioxide will need 50 trees to be
grown per year to offset its impact.
The above example is a generalisation of the concept but more practically
what happens is that governments,
especially of industrialised nations,
have emission targets that they want
to achieve. To do so they set targets for
companies as well and penalise those
companies that fail to do so either
through taxes. In addition, markets are
created for those companies exceeding their carbon limits to purchase
carbon credits from those entities that
are below the limits. These markets are
known as compulsory markets.
Even other entities that are not nec-
essarily compelled by their governments to reduce emissions can do so
through voluntary carbon markets.
These voluntary carbon markets allow even non-regulated entities to
reach carbon neutrality by trading carbon credits in the market. The market
for voluntary carbon offset credits was
estimated at around US$2 billion in
2022. Carbon offset credits, according
to Investopedia are permits that allow
the owner to emit a certain amount of
carbon dioxide or other greenhouse
gases. Carbon offset credits are measurable and verifiable emission reductions, from certified climate action
projects. These permits essentially are
moulded into financial instruments that
are traded like any other commodities.
The biggest debate at the moment is
whether the pricing of the carbon credits fully captures the impact of the effects of carbon dioxide and greenhouse
gas emissions, but this is a debate that
this article will not delve into.
A country in Europe can purchase
its offset credits from a project in Asia
or Africa. This makes the topic of carbon credits relevant to even countries
like Zimbabwe that are not highly industrialised and emit less carbon dioxide and greenhouse gases but perhaps
could also be involved in nature-based
solutions.
Nature-based solutions fall into four
categories, which are forestry practices,
wetland-related practices, restorative
agriculture, and ocean-based practices.
Forestry practices include planting new
forests, allowing forests to re-grow naturally where they have been cut down,
and improving forest management.
These projects reduce, avoid or remove greenhouse gas emissions, including but not limited to protecting
and restoring irrecoverable natural carbon sinks, forests or marine ecosystems
and scaling nascent carbon removal
technology that keeps global climate
goals within reach.
Projects must adhere to a rigorous
set of criteria to pass verification by
third-party agencies and a review by
a panel of experts at leading carbon
certification standards, like Vera Verification, Carbon Standard or the Gold
Standard. After an organisation or an
individual buys a carbon credit, the
credit is permanently retired so it cannot be re-used. Perhaps you might be
asking that if all carbon credits are the
same, will they differ in terms of quality. The factors that influence the quality are called environmental integrity
drivers and they include permanence,
additionality, baselines and no leakage
amongst others. Permanence speaks to
carbon dioxide removal that cannot be
reversed in the future, whilst no leakage
is concerned about carbon dioxide displaced outside the project boundaries.
These carbon credits are also issued
based on actual and accurately measured carbon dioxide emission reduction
following a robust, independent, thirdparty validation and verification.
As you would imagine, in business
there is always a risk of fraud and the
equivalent in the area of reducing emissions is greenwashing.
Greenwashing occurs when companies fail to prioritise in-house emissions
reduction, double-count carbon credits, or invest in non-verified credits.
These acts are greenwashing because
they deceive the public into thinking
such companies are committed to reducing carbon emissions.
So, what do investors look for when
climate investing? The evaluation metrics include but are not limited to regulatory landscape, project viability, and
risk versus return computations.
Investors are inclined to invest in
projects from jurisdictions that have
clear and supportive legislation and
in countries where the government is
committed to enforcing environmental
policies. The projects should have an
alignment between financial expectations with sustainability goals and have
positive risk-adjusted returns with
robust project designs and execution
plans. Investors also pay particular attention to stakeholder engagement in
these projects. There is importance in
collaborating with local communities
and other stakeholders, such that projects have a social positive impact.
In conclusion, the Zimbabwean
carbon market opportunities include
abundant renewable resources, afforestation, carbon sequestration potential, and climate and sustainabilityaware governance.
Statutory Instrument 150 of 2023
provides a stepping stone to the Climate
Change Bill that will provide the control
and management of carbon credit trading projects in the country.
Hozheri is an investment analyst with an interest in sharing opinions on capital markets
performance, the economy and international
trade, among other areas. He holds a B. Com
in Finance and is progressing well with the
CFA programme. — 0784 707 653 and Rufaro Hozheri is his username for all social media
platforms. Mapfumo is an environmentalist
and an associate at Conservation Focus.
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Climate change: Is Zim
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Recent financial reports
Ceteris
from key agricultural comParibus
panies in Zimbabwe paint a
bleak picture of the industry's
Tinashe Duma
health, attributing the dismal
performance to the adverse
effects of climate change.
Unlike other sectors, the agricultural sector directly influences food security, and the current downturn is raising alarms
not only among Zimbabweans but also in neighbouring countries dependent on the nation's agricultural output.
And unlike other sectors, the agricultural sector directly impacts food security and, therefore, the highlighted performance
is alarming to Zimbabweans and other dependent countries.
Peer agricultural companies, Tanganda Tea Company and
Ariston, recently reported a decline in volumes in most products, particularly the common product between these two
companies, bulk tea, along with other products like avocados.
In a Trading Update for its third quarter ended December 31
2023, Seed Co Limited attributed the 28% decline in total volume of Zimbabwe seed sales to delayed rains and diminished
enthusiasm for cropping owing to the looming El-Nino drought.
Meanwhile, the Grain Marketing Board (GMB) of Zimbabwe
is reportedly under-capacitated, and expected to be alarmingly low on stocks in March, a phenomenon, which has already
induced a spike in grain prices across the country.
In this regard, food security in Zimbabwe seems to be faced
with an immediate threat than it is a long-term crisis. Two main
factors come in as the main threats to GMB and overall food
security in the country. These are delayed planting due to climate change, and poor harvest, as shown in already published
data by agricultural companies.
As reported by Seed Co Limited, climate change has seen
a delayed rain season in 2023/24 season, and this implies the
harvesting season is also expected to delay to beyond the
usual April.
As temperatures rise, rainfall patterns shift, and carbon dioxide concentrations increase, the timing of crop harvesting is
significantly affected. With grains expected to run dry by March,
an extended harvesting period comes as a heavy blow to medium-term food security in the country.
Additionally, the deliberate reduction in seed procurement
was rather a coping mechanism due to the looming drought
as it allowed farmers to conserve resources such as water and
fertiliser.
During an El Niño drought, water becomes scarce and expensive, making it crucial for farmers to use it efficiently. By
planting fewer seeds, farmers can ensure that the limited water
supply is used more effectively, leading to better crop survival rates, hence a reduction in seed volume sales by Seed Co
Limited.
In addition to impacting the local food security, the expected
low harvesting will also likely have a negative effect on Zimbabwe’s export levels on agricultural products.
Zimbabwe has been suffering from a currency crisis for decades, and with the current highly fragile currency, demand for
foreign currency continues to escalate.
This demand has to be met with a commensurate supply of
foreign supply in a bid to stabilise the exchange rate.
According to a recent announcement by the government, the
Central Bank seeks to add United States dollars (USD) supply to
stabilise Zimbabwe dollars (ZWL) depreciation, and supply of
this is partially dependent on the country’s ability to generate
foreign currency through exports.
Zimbabwe mainly relies on mining and agricultural exports
as a key source of income, respectively, and when harvests
are low, there is less product available to be sold on the international market.
On overall, sustainable agricultural practices, climate-resilient crops, and adaptive strategies are essential to mitigate the
impact of the looming El Niño and ensure a stable food supply
for future generations.
Duma is a financial analyst and accountant at Equity Axis, a
leading media and financial research firm in Zimbabwe. —
twdumah@gmail.com or tinashed@equityaxis.com, Twitter:
TWDuma_
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10 Zimbabwe independent FEBRUARY 9 TO 15, 2024
INTERACTIVE FEEDBACK
Gerald
Mtombeni
JOURNALIST
„„ZIMBABWE, like many other countries,
is vulnerable to a range of natural disasters,
including floods, droughts, and cyclones. In
recent years, the country has recognised the
potential of digital technologies in enhancing
disaster response and mitigation efforts.
From early warning systems to mobile
applications and crowdsourcing platforms,
digital technologies have emerged as powerful tools to improve preparedness, response,
and recovery in Zimbabwe.
Digital technologies have greatly improved
early warning systems in Zimbabwe, enabling authorities to provide timely alerts and
vital information to communities at risk.
The Meteorological Services Department,
for instance, has implemented automated
weather stations that collect real-time data
on weather conditions.
This data is then analysed to generate
accurate and timely forecasts, which are
disseminated through various channels, including radio, television, and SMS alerts. By
leveraging digital technologies, early warning systems can reach remote and vulnerable
communities, enabling them to take proactive measures and evacuate if necessary.
Additionally, mobile applications can
provide localised weather information and
alerts, ensuring that individuals have access
to critical information on their smartphones.
Mobile applications for disaster preparedness have become valuable tools for disaster
preparedness in Zimbabwe. For instance,
the Zimbabwe Red Cross Society has developed the “Disaster Preparedness App” that
provides users with information on disaster
risks, safety tips, and emergency contact
numbers.
The app also includes a feature for users
Blessing
Nyatanga
POLICY ANALYST
„„IT is evidently clear that Nokia was at
least the hottest property in business parlance and its dominance in mobile phones
was a force to reckon with.
You will remember how the mighty mobile phone manufacturer was famously
known for its durable products and a solid
battery life. Not in a million years would the
ordinary people have imagined that Nokia’s
fortunes would take a sharp turn for the
worst.
The decline in market share and influence
of Nokia begs a pertinent question as to how
the giant iconic brand fell from grace. This
article will attempt to establish the dynamics of that fall.
Slow to adapt to phone evolution
In a fast-paced world of technology, Nokia
failed to realise how deft mobile operators were and how fast they were garnering
momentum on advancing smart phone technology and improving the lives of techno
savvy customers.
Nokia became too relaxed on the smart
phone evolution and made the dire assumption that consumers would continuously be
lured by a lengthy battery life and durability
of mobile phones.
While durability was an imperative factor,
the smart phone evolution became an attractive feature to the 21st century customer,
who realised that life would be made less
Use of digital technologies in
disaster response, mitigation
to report incidents and request assistance
during disasters. Similarly, the Zimbabwe
National Water Authority has launched the
“Water Crisis App” to help monitor and manage water resources during droughts.
A number of countries in Africa have embraced the use of digital technologies such
Rwanda, South Africa, Ghana and Ethiopia
to name a few.
Rwanda has been proactive in adopting
digital technologies for disaster management.
The country utilises the Rwanda Emergency
Medical Services (REMS) platform, which integrates mobile technology and GPS tracking
to enhance emergency response and medical
services during disasters
South Africa has integrated digital technologies into its disaster management strategies.
The South African Weather Service uses
digital platforms to disseminate weather
forecasts, severe weather warnings, and
alerts to the public. The country also employs
mobile applications and online platforms for
information sharing and coordination during
emergencies.
Ghana has embraced digital technologies
in disaster management. The country's National Disaster Management Organisation
(NADMO) employs mobile applications and
online platforms for information dissemination, coordination, and reporting of incidents
during emergencies.
Ethiopia has made efforts to integrate digital technologies into disaster response and
mitigation. The country has implemented the
Rapid Emergency Assessment and Coordination Tool (REACT), which is a mobile-based
platform used for collecting, analysing, and
sharing data during emergencies.
It is important to note that while these
countries have adopted digital technologies
in disaster management, the extent of implementation may vary among different regions
and organisations within each country.
This app enables users to report waterrelated issues, track water availability, and
receive updates on water rationing schedules. These mobile applications empower
individuals to be better prepared for disasters, fostering community resilience.
Crowdsourcing and social media platforms
have played a significant role in disaster response and mitigation in Zimbabwe. In times
of crisis, citizens turn to platforms like X and
Facebook to share real-time information,
request help, and provide updates on the
ground situation.
These platforms enable authorities and
relief organisations to gather critical information, identify areas of need, and coordinate
response efforts.
For example, during the Cyclone Idai disaster in 2019, social media platforms served
as vital communication channels for disseminating information, organising relief efforts,
and mobilising resources.
Crowdsourcing platforms, such as Ushahidi, have also been utilised to map affected
areas, track incidents, and coordinate volunteer efforts.
The power of crowdsourcing and social
media allows for rapid information dissemination, efficient resource mobilisation, and
community engagement, strengthening disaster response and recovery
Remote Sensing and GIS Mapping Digital
technologies, such as remote sensing and
Geographic Information Systems (GIS) have
revolutionised data collection and mapping
in disaster-prone areas of Zimbabwe.
Satellite imagery and remote sensing technologies provide high-resolution data that
can be used to assess the extent of damage, identify hazard-prone areas, and plan
response strategies. Organisations like the
United Nations Office for the Coordination of
Humanitarian Affairs utilise GIS mapping to
visualise and analyse data on affected populations, infrastructure, and resources.
This information aids in decision-making,
resource allocation, and coordination of relief efforts. Additionally, drones equipped
with cameras and sensors have been used
to capture real-time imagery, conduct damage assessments, and survey inaccessible
areas, enabling a more comprehensive understanding of the disaster's impact.
While digital technologies offer immense
potential in disaster management, Zimbabwe faces several challenges in their effective
implementation.
Limited access to reliable internet connectivity and technological infrastructure gaps
pose barriers to the widespread adoption of
digital technologies, particularly in rural areas.
Addressing these challenges requires investment in infrastructure development and
efforts to bridge the digital divide.
Additionally, ensuring data privacy and security is crucial, as the collection and storage
of sensitive information during disasters can
be at risk
Mtombeni is a journalist based in
Harare. He writes here in his own
personal capacity. — garymtombeni@
gmail.com/ +263778861608.
Businesses must adapt
to tech advancements
complex through smart phone technology.
The emergence of android gathered serious
pace and Nokia was caught by surprise as
people started preferring the smart phones.
A lacklustre operating system
ods further eroded customer confidence,
which was sufficient to diminish their market presence.
Overconfidence in brand strength
Poor marketing strategies
Nokia firmly believed that despite launching their smart phones late, people would
still flock their stores and make purchases
and yet in essence, those delays in making
the technological advancement was also
proving to be a litmus test as far as staying
relevant was concerned.
It was always imperative for Nokia to
move with the times and take advantage of
their edge as they had been in the industry
for a considerable amount of time.
Taking chances and leaving it until the
last hour proved to be a grave mistake and
cost them a whole market share.
Marketing plays a significant and pivotal role
in shaping a brand’s success and perception.
Brands like Samsung and Apple adopted the
umbrella marketing strategy, which was a
focal point for expanding their product lines.
However, Nokia failed to follow suit on the
umbrella branding strategy, missing out on
the opportunity to create a cohesive and recognisable brand identity.
Inefficient selling and distribution meth-
Nokia's failure can be attributed to a combination of factors that hindered its ability to
adapt, innovate, and stay competitive in the
mobile phone market.
The resistance to smartphone evolution,
missed opportunities, ineffective marketing strategies and a lacklustre operating
system proved costly.
Ultimately, Nokia's decline serves as a
When Nokia realised that smart phone
evolution was the future, they should have
produced a top of the barrel operating system that would overshadow the android
system, which had emerged. Unfortunately,
the Symbian operating system was marred
with flaws and could not make the desired
inroads.
The android system was a well-polished
operating system, which saw many loyal
customers running from Nokia. This was a
major cause of downfall for the Nokia brand.
Conclusion
reminder of the importance of staying agile,
embracing change, and continuously evolving to meet consumer demands.
Nyatanga holds a Bachelor’s degree in
banking and investment management.
— blessnyatanga@gmail.com/
0784909184.
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Zimbabwe independent February 9 to 15, 2024 11
column
When Zanu PF still sweats
to convince itself it won
MUCKRAKER
Celebrating majority
F
ollowing Zanu PF’s massive win
against itself, the party’s director of
misinformation, David Marapira, was
quoted as saying his party would use its super-majority responsibly.
He said: “We assure (the public) that they
are safe in their trust of Zanu PF, and they
will not regret this decision of trusting in
policies of President Mnangagwa.”
We are sure that Zanu PF is the most trusted organisation in the country. We all know
that when they had a two-thirds majority,
they used it to build the economy and enact legislation that makes the country look
good. Besides, nobody would even think of
regretting putting their trust in the President. His performance has been nothing but
stellar. He never gives false promises.
As for the election victory, one was reminded of Sasha Baron Cohen’s character,
General Aladeen, in The Dictator. The man
decided to hold his own Olympics. He ran
in the 100m dash, by firing the starting gun
himself — when he was conveniently already halfway down the stretch.
He then shot all the other runners. He
went on to win a world record 14 gold medals. There was much celebrating across his
kingdom. What a leader.
Commiserating with Chris
T
he nation came together to commiserate with Cde Chris Mutsvangwa, the
owner of the liberation struggle. He
was fired from his job, which entailed sitting around the office all day and posting
on Facebook about China. Bored by it all, he
decided, reportedly, that he wanted a busier
office. He decided that the one of spying on
Zimbabweans was a good fit.
One report said Chris was sacked after
he allegedly went to the country’s owner to
demand that he be appointed State Security
minister. Naturally, the President decided
that it would not be very clever to give the
job of spying to someone who cannot keep
his mouth shut. All our spying efforts would
end up in WhatsApp groups, being whispered
in the corridors, and even posted on Facebook
Twitter: @MuckrakerZim
Free comedy show ... Hail the new CCC president and spokesperson-in-one Promise Mkwananzi.
alongside pictures of holidays in America.
So, instead of being promoted, Cde Chris
found himself out of a job. Now he can concentrate on his other job: being the Zanu PF
mouthpiece.
He is doing well on that front; this week,
he released a statement on the death of Namibian President Hage Geingob, in which
he managed to make the condolence message about himself. A true professional.
The snoozefests resume
C
abinet resumed its weekly snoozefests this week, and the President gathered his ministers to give them shocking news — he expects them to perform.
This must have come as news to them.
Since when do ministers get fired for poor
performance?
Mnangagwa also told his people to remove bureaucracy and that “seamless processes should be nurtured” in government
departments. But, Mr President, if we allow
things to be efficient, where would we eat?
According to Mnangagwa, there was also
an “unbecoming trend” of cabinet ministers bunking meetings and neglecting their
work.
“This must stop forthwith,” the man said.
We can only assume his ministers, like
any self-respecting civil servant, have been
moonlighting for extra income, selling eggs
and live chickens in the office during work
hours to supplement their income.
Zec praise singers
I
n the alleged parliament, Zanu PF officials were busy with critical issues of the
day — praising the Zimbabwe Electoral
Commission for a job well done in last year’s
elections.
Mberengwa North MP, Tafanana Zhou,
said: “These elections were free, fair and
there was no violence before, during and after the elections. All of us, for the first time,
agreed with the outcome of the elections,
which meant that Zec did very well and no
one petitioned the court in coming up with
or challenging the manner in which Zec had
done its job.”
Clearly, months later, Zanu PF is still trying to convince itself that it won. There was
more Zec praise from the MPs.
“To hold an election on time and under
budget, using, furthermore, a currency experiencing some volatility, is a testament
to the ability of professionalism of the Zimbabwe Electoral Commission,” said Edson
Zvobgo Junior, MP for Masvingo Central,
showing yet again that sometimes apples do
fall far from trees.
Whose corruption?
I
t is always good to see that the country
does not tolerate corruption.
The Zimbabwe Allegedly Anti-Corruption Commission (Zacc) announced
this week: “A Beitbridge couple with assets worth close to US$2 000 000 has been
ordered to explain how they obtained five
vehicles and eight properties in the medium
and low-density areas of Beitbridge and
Norton. The Unexplained Wealth Order was
granted by Justice Benjamin Chikowero.”
That is right. We do not tolerate any form
of corruption, especially when it is committed by unknown, ordinary members of
the public. When we see anyone spending
money and they have no explanation as to
their wealth, we will move in.
Unless, of course, that person is a portly
gent who gets government tenders, eats
the money, and then spends piles of dollars
buying cars for dozens of people, which he
says he is doing in the ruining party’s name.
For such people, Zacc suddenly becomes
visually impaired.
CCC comedy show
A
s a big fan of blood sports like MMA
and cryptic puzzles, Muckraker is
keenly entertained by the goings-on
in the opposition. It is so entertaining that
nobody actually knows what is going on,
including those who are involved.
Unless you were in a coma, you will
know that Nelson Chamisa recently quit
his party, the Citizens Coalition for Change
(CCC). The power-hungry lot he left behind
is, strangely, refusing to take power. In the
void, there is a comedy show, free of charge
like that street theatre stuff they used to do
in Harare’s CBD.
Promise Mkwananzi, who has assumed
the roles of president of CCC and spokesperson, depending on the weather, has
been providing the best entertainment. In
a post this week, he told anyone who cared
to listen that Chamisa had promised him a
ministerial post.
“He (Chamisa) stated that he had expected more from me and that I was one of
the people he had earmarked for ministerial
role,” Mkwananzi told us, unprompted.
One wonders what position that would
have been. For some of us, the last we heard
of Mkwananzi before he reappeared was after an internal audit at Tajamuka, the activists’ group. The memory is fuzzy, but Muckraker remembers the audit report mentioning something about missing funds and the
purchase of a Subaru.
Zambia’s cholera
O
ur neighbours up north are learning fast. Some of us naively assumed
some angels had taken over Zambia.
Now, as the economy underperforms and
cholera takes its toll, President Hakainde
Hichilema’s government has told their people the source of the problem.
According to a news report: “Local Government and Rural Development minister
Gary Nkombo says the heightened levels of
cholera this year are associated with former
president Edgar Lungu and the breakdown
in the rule of law during his tenure.”
We welcome Hichilema to the club of
ZBFH_2155
M
essages of congratulations are
pouring in from all around the world
after Zanu PF won a two-thirds majority in the National Assembly following a
hard-fought election against nobody.
By-elections last week saw the reeling
party allegedly winning six extra seats in the
lower House of parliament. Of course, Zanu
PF is delighted.
Mike Bimha, the most bored Zanu PF
commissar in living memory, said the party
had won because “we have done well with
the economy”.
“There are things that people can touch,
which demonstrates performance,” Bimha
said. He was most likely referring to things
like worthless bank notes.
He went on saying by-election voters
chose Zanu PF because “we are one of the
fastest growing economies in the region and
that in itself is a manifestation of a performance-focused Zanu PF government”.
Some of these people will soon develop
ulcers if they carry on swallowing their own
acidic fibs at this rate.
12
Zimbabwe independent february 9 to 15, 2024
IN-DEPTH INTERVIEW
Bigger plans ahead for Tongaat
LAST month, Tongaat Hulett Limited
creditors approved a business
rescue plan (BRP) for the South
African-headquartered firm that
has a regional footprint, including in
Zimbabwe. The BRP is spearheaded
by the South African domiciled
investment consortium, Vision Group,
which will see the entity acquiring
claims and security against Tongaat
worth ZAR8 billion (about US$419,92
million). After this acquisition,
ZAR4,1 billion (US$215,21 million)
of these claims would be converted
into equity. Vision representative,
Rob Bessinger (RB, pictured), was
in Zimbabwe last week as part of a
regional tour. Our business reporter,
Tafadzwa Mhlanga (TM) caught up
with him to discuss Vision’s game
plan. Below are excerpts of their
discussion:
TM: Please take us through an overview
of the business rescue plan?
RB: It has been a long journey for us. We
have been looking at Tongaat since 2020.
So it has been for years, and we have just
come up with a business rescue plan. We
had a meeting in January, which was (arranged) by the business rescue practitioners. Ninety-eight percent of the creditors
approved (the BRP), which means that it
has been adopted. The rescue practitioners have to implement our plan and it will
take a few months as we take back the
business to solvency.
We believe that this is a very good business that has a very big legacy and history. Sadly, what we have realised across
the region is the decline in the cane being
grown and produced. We believe we can
change the trend that has been happening. We are a group of regional and local
investors. We have Rute Moyo, who has a
very well-established business interest in
the region. We have Robert Gumede, who
is a very well-known industrialist with
operations across Africa. We have the
Terris Fund, who is a long-term investor and has been investing across Africa’s
mining and agriculture. We also have the
Almoiz Group from Pakistan, who is renowned for transformation. This is the
sort of background (that we have).
TM: How did the company end up with
a business rescue plan?
RB: The plan is to make sure that it is
aligned with the region. It is also vital to
align with the regulators and the ministries, and I must say we have had a very
good meeting with the Head of State, the
President (Zimbabwe President Emmerson Mnangagwa), and some of his cabinet
ministers.
We are working on the alignment. We
all know that there are always challenges
to get things done but we have alignment.
We have had meetings in Mozambique,
before this (visiting Zimbabwe), and we
will be doing the same in South Africa.
The alignment with regulators is very
good for business, especially with the regulation frameworks that exist. We want
to make sure that we can get the mills to
operate more efficiently and once we do,
we want to make sure that we make more
yield.
We want to see the business grow. If
we can get more cane, we want to make
sure the livelihoods that depend on Tongaat across the region are well taken care
of. In Zimbabwe, there are about 15 000
employees, who could be impacted by the
operation of Tongaat.
TM: What will be the impact of the BRP
on the local business?
RB: The impact is that the group could
be broken up. We have been insistent that
the group must not be broken up. But I
think you have to look at it as an infrastructure group that sits across the southern region. I think having to resolve the
issues that have started in the southern
region is very vital, which will bring sta-
Fact file: Rob Bessinger
l Director and founder of Valorem Capital, an
advisory and investment vehicle focused on
emerging markets with a primary focus on SubSaharan Africa
l More than 25 years of M&A and corporate fibility across all the Tongaat groups.
The debt occurrence in South Africa
came from building the Zimbabwean and
Mozambican businesses. I think keeping
it together is very vital and we are very
excited.
TM: What should the markets expect
during the rescue plan?
RB: As the plan is being implemented,
we will be taking full control of the business. We have a four to five-year plan that
is going to work on stability. Firstly, it will
stabilise and maintain everything, making sure that we create jobs and that the
growth is built around diversification, improving the mills, the fields, and getting
involved with the growing community.
nance at investment banks in both South Africa
and the United Kingdom
l Prior to a career in investment banking, practiced law at one of the top South African law
firms focusing on M&A and corporate finance.
One of the strengths is that we are
working with the Almoiz Group. They
have a multitude of small-scale growers
in Pakistan. We think that involvement
with such growers is vital. Once we get
this stability to grow, have enough yield,
we will inject millions of rands into the
business.
TM: Would you say duty exemptions
on products like sugar had an effect on
HVEL?
RB: It does affect us. We are the second biggest employer in the country after
government. Low sugar prices affected
the livelihood of the Tongaat infrastructure. Cheap imports put pressure on Tongaat’s operations. We were very happy
when we had the meeting with the President (when we were informed) that the
duty exemption had been paused.
TM: How will Tongaat capitalise on this?
RB: I think what is important is for us to
focus on what we set out to do. We need
to improve yields, and focus on reducing
the cost of doing business. We do believe
that we can grow this business beyond the
domestic supply and make sure that we
work hard to bring foreign currency into
the country.
TM: Tell us about Tongaat’s debt restructuring efforts?
RB: As part of our plan, we have acquired all the debt, and we will be converting a substantial amount of that to equity. We will make sure we right-size the
balance sheet to an optimal capital structure for the group. But, various external
factors come in and it puts a lot of challenges in the plan. We are quite confident
and excited.
TM: What is the outlook for 2024?
RB: We would like to grow this business
so that it creates adequate jobs, increases
our supply domestically and internationally. South Africa has a deficit of sugar,
and I think the solution should come
within Africa. For Zimbabwe, if this business grows, jobs will be created, and foreign currency will start to flow in. We are
also looking at diversifying and going into
power generation, and as we all know,
power generation is key as we go on the
journey we are going in Africa.
Another issue that is key is the issue
of management. Right now, we are very
impressed with it, and I think it is just a
company that needs help in certain areas.
We have been over to Pakistan and got
into their plants. If we could get to that
level of efficiency and the yield that they
are getting that would be an incredible
turnaround for our business. It does not
happen overnight, but we have to spend
time on the plan for the next two years
to stabilise and restructure to better efficiencies and once we do that then we start
to diversify.
TM: Tell us more about your regional
tour?
RB: We have spent the last week spending time with management in the region
so that we get to understand the challenges they are facing.
The key factor in this issue is the management and we believe that there are
challenges we need to address before
we start thinking of where we will end
up in 2024. The major challenges are
operational.
There is a lot of uncertainty in the business, and we probably need to get more
comfortable in the business. There is a
need for mindset change.
ZIMBABWE INDEPENDENT FEBRUARY 9 TO 15, 2024 13
ANALYSIS
Is SME banking the next frontier?
Yona
Menon Banda
ECONOMIST
THE increasing speed and scale of change
affecting the world has underlined the adage that change is the only true constant.
Everyday, emerging technologies and
evolving consumer preferences are driving
seismic changes across global commerce.
In recent times Zimbabwe has maintained
a fairly large banking sector, populated by
a mix of large and small, foreign and indigenous institutions. While the sector
has valiantly navigated the complexities of
Zimbabwe’s dynamic economic environment, its architecture has remained relatively static.
However, recent transactions could be
the catalyst for some significant changes
in the landscape of the sector.
From 2012 to 2022, the collective share
of total public deposits held by commercial banks increased from 40% to 73%, at
a compound annual growth rate of 6,2%.
With FBC Holdings’ acquisition of
Standard Chartered Bank Zimbabwe,
and CBZ Holdings’ pending acquisition of
ZB Holdings, the tier 1 banks could collectively control more than 80% of total
public deposits by the end of 2023.
All this casts a large spotlight on the future of the non-tier 1 banks.
They face a narrowing space for growth
in retail and corporate banking. So, it follows that the route to growth for nontier 1 banks might lie in non-traditional
banking. Arguably, right now, the longterm future of these banks depends heavily on establishing an alternative growth
anchor. One area that appears to hold
much untapped potential is the small to
medium enterprise (SME) banking segment. Zimbabwe has a rapidly growing
and vibrant micro, small to medium enterprise (MSME) sector, with a national
count of 1,64 million active MSME owners
and an estimated contribution of US$8,6
billion to gross domestic product (GDP) in
2022.
The sector is expected to be a key driver
of innovation, employment and economic growth as the country pursues its Vision 2023 development agenda.
However, MSMEs generally face significant challenges accessing sustainable financing from the formal financial
markets.
Several studies have highlighted restricted access to finance as a major obstacle to the growth and development
of Zimbabwe’s MSME sector. Analysis
shows that despite the sector’s growing
economic significance, its share of the
banking industry loan book has remained
relatively flat.
Further, the total value of loans to the
sector has declined significantly in real
terms since the country de-dollarised,
falling from US$170 million in 2017 to the
equivalent of US$73 million at the end of
2022.
This is despite most of the commercial
banks establishing specialised SME desks
as extensions to their retail and corporate
banking operations.
Research has shown that low levels of
formal MSME financing are attributable to
factors such as insufficient or unreliable
financial information, and inadequate
managerial capacity.
The World Bank posed that in addition
to financing, SMEs in developing countries also require technical assistance
facilities such as like financial literacy
training, business plan development,
marketing support and market studies,
legal support, operational and process
improvement, facilitating access to international supply chains and information
technologies.
Alternative financing sources for MSMEs such as Venture Capital (VC) and Private Equity (PE) have scope to close the
MSME financing gap and meet some of
the expanded technical support needs.
However, Zimbabwe’s VC/PE industry
is still emerging and has limited capacity
to make a significant impact in the short
to medium term.
So, the onus remains on the banking
sector to develop solutions for the MSME
financing problem. Considering the growing dominance of the Tier 1 banks in the
retail and corporate banking spaces, developing a specialised capacity as a MSME
financier represents a possible long-term
survival strategy for the other banks.
SME focused banks are a notable feature
in developed and developing economies.
They make it a core part of their business
model to provide financial services and
solutions tailor fitted to the needs of SMEs.
The banks often strategically position
themselves at the centre of their clients’
financial network by offering value-added
business support services to complement
the more conventional banking services.
These value-added services typically
include invoice management, payroll
support, tax preparation, and inventory
management.
The services can also be non-financial,
such as providing clients with online toolkits, training, workshops, networking,
mentoring, useful publications and informative media programmes.
SME banks also typically embed themselves in the SME ecosystem by investing
in, developing or partnering in innovations that are aimed at supporting these
firms, such as payment or trading platforms. In the Zimbabwean context, Ecobank’s single market trade hub stands out
as a major strategic attempt to tap into the
SME ecosystem.
NMB Holdings’ move into FinTech
through its recently formed X-Plug Solutions subsidiary has potential. The big
question is if any of the non-tier 1 banks
are willing to take a more aggressive approach towards SME banking - making it
a fully integrated core function rather than
an extension to the traditional banking
business model.
Risks are abound. But, it could be the
foundation of a modern, tightly integrated
financial services provider.
It could start with a unique MSME facing
service offering that attracts the primary
target customer base.
Over time, growing or maturing MSME
banking clients could provide a market for
expanded financial services such as advisory, insurance and wealth/asset management. Reduced information asymmetries and business networks formed
through long-term client relationships
could complement the operations of a PE/
VC business. Maturing investments in the
PE/VC operation could then feed into an
investment banking operation.
Arguably, given the shrinking space for
growth in the traditional banking segments, it is a proposition worth exploring.
Banda is an economist and consultant who
writes in his own capacity. — yona.menon93@
gmail.com.
;*.#"#8&
*/%&1&/%&/5
14
Zimbabwe independent february 9 to 15, 2024
OPINION
Lack of strategy in opposition politics
Munyaradzi
Mapfumo
political analyst
ONE of the biggest issues that one must
contend with in politics is that it is a contested space. Allegiances and goals are ever
changing and there is, therefore, a need to
be able to maneuver these changes and ensure survival.
Politics by its very nature does not follow
morally acceptable ways of taking power.
Every political player is plotting, planning,
and seeking ways to amass the most power
possible.
The very set up of politics is, therefore,
to realise that it is a negotiated space and
at every moment one should be seeking
arrangements that would benefit all the
participants.
The greatest undoing of the politics in
Zimbabwe is the obsession with the strong
man as a leader of the party. From Zanu
PF’s electoral congresses, the leader of the
party has always been elected unopposed.
The democratic space has been limited
and those that have had a chance of dethroning the incumbent like Simba Makoni
and Joice Mujuru’s political careers were
thrown into the history dustbins.
The opposition seems to have followed
the same modus operandi with any dissent
to Morgan Tsvangirai causing splits to parties like the MDC, MDC-T and eventually as
a ripple effect of those MDC-A.
Tsvangirai was viewed as the one that
could bring the end of the Zanu PF rule.
He had the backing of the masses, and one
must concede that the party had great successes under his leadership.
The party was the first to shake Zanu
PF’s dominance in parliament in 2000 and
a hotly contested 2002 presidential election. Tsvangirai was the first person ever
to hand Zanu PF an electoral loss in 2008
as he won the first round of elections and
ultimately led opposition to government in
the following year. There was no doubt of
his popularity and the effect he had on the
people judging by the huge rallies.
However, it is this success and mass appeal that was also a hindering factor in
building an institution that would outlast
him. The first of these challenges were experienced barely a decade into the formation of the party where he was not willing
to toe the line after the national executive
of the party did not vote in line with his
aspirations.
This culminated in the first major split
of the party. Although the party survived
these skirmishes, it set a precedent and a
culture where constitutionalism was not
set in stone and could be sacrificed at the
expediency of populism.
The chaotic succession of Tsvangirai,
which saw his protégé Nelson Chamisa,
who had some of the attributes that he had
learnt from his sponsor. The idea of constitutionalism was once again brought into
question and that also led to splits and more
splits in the opposition ranks. On the other
hand, even the splinters continued a downward spiral and in the long run it was the
voters who were disfranchised.
What is clear from the above is that there
is a culture of defiance of rules and regulations in the opposition ranks. This has
become an organisational culture that has
been perpetuated over time.
Edgar Schein defined culture as “a pattern of shared basic assumptions learned
by a group as it solved its problems of external adaptation and internal integration,
which has worked well enough to be considered valid and, therefore, to be taught to
new members as the correct way to perceive, think and feel in relation to those
problems”.
From the above definition, one can deduce that the culture of organisations is as
important for the success of the organisation as the shared values and vision. Culture will shape all aspects of the organisation. The recent implosion of CCC saw some
accusing the leader of running the organi-
A young Nelson Chamisa (left) is consoled by the late Morgan Tsvangirai after sharing his ordeal
at the hands of state security agents at an opposition rally.
sation himself without collaboration with
other members.
This can be seen to be more of a cultural
thing where the leader is never questioned
and the lack of democratic space, even
though on paper the organisation insists
that they are.
This kind of culture is therefore difficult
to maintain cohesion within the organisation, which might work for the ruling party,
because there are no incentives or rewards
that can be reaped for toeing the party line.
There are no government contracts, diplomatic positions, board appointments to
parastatals that can make people sacrifice
ideology over principle.
Before the assumption of state power,
cohesion can and will only work if the people feel that their voices and input is valued. It is, therefore, important to have an
inclusive kind of leadership that takes on
board the ideas of both the leadership and
the masses.
Another critical issue that has become a
culture is the idea that any disagreements
have to lead to a split. Disagreements are
over magnified, and the approach used is
one that seeks to decimate the partners.
The idea that it might be better to reconcile rather than be right seems elusive in
Simba Makoni split the opposition vote in the 2008 election forcing a presidential run-off.
the opposition ranks. The splits that have
happened since 2005 should have never happened. It seems that even after so
many splits, which have left the opposition
weaker, the politics of the strong man have
left little room for reconciliation. The idea
of conflict resolution is one that needs to be
worked on.
Conflict and disagreements are part of
humanity and learning to navigate these
at organisational level is the only solution to building organisations that last for
generations.
Also, one of the major issues that seems
elusive is one of shared values.
What everyone is clear about is what
damage Zanu PF has caused, from the economic woes that bedevil the people, unemployment, inadequate and unsatisfactory
public goods.
Everyone is clear that there needs to be a
change, however, how this change is going
to look like seems to be the bone of contention. There seems to be self-deception
among the opposition politicians. There
seems to be low clarity on the future, and
people with low clarity are particularly
vulnerable to rationalising their actions
based in narrowly defined self-interest,
that is using to give them the illusion that
they are doing the right thing. In other
words, self-deception is the root of most
leadership malfunction.
Finally, the opposition seems to suffer
from lack of self-awareness and situational
awareness. The idea that they know that
Zanu PF, if given an opportunity, will infiltrate and destroy them, has not led to a different set of actions that reflect that reality.
The idea that the Zanu PF has a plethora
of state resources, which they can employ
to thwart opposition means that the opposition must be more proactive, innovative,
and agile to gain power.
In conclusion, there needs to be some
serious self-introspection on the way forward. It cannot be that two decades later,
several elections later, the opposition is still
failing to grab power from the same group
of people. Different strategies would have
to be employed but above all there needs to
be a change in the culture and conflict resolution. It can never be over emphasised that
there is power in unity and the opposition
stands to gain much ground if they could
utilise their diverse human resources.
Mapfumo is research associate at the African
Leadership Centre, at the African Leadership
Centre in Nairobi, Kenya. — X@spearmunya.
Zimbabwe independent february 9 TO 15, 2024
15
OPINION
CCC in uncertain waters
Ntando
Dumani
political analyst
WE are only a month into the new year,
but it already feels like it has been long. The
political year has started in earnest, lending
credence to the counsel of political sages: A
day is a very long time in politics.
A lot of significant developments took
place within the Citizens Coalition for
Change (CCC) in the space of one week and
are sure to shift the contours of opposition
politics with far-reaching consequences for
the future.
My installment this week will focus on
trying to understand the implications for
the CCC after Nelson Chamisa. In contrast,
my next installment will follow Chamisa
and seek to explore possibilities in his path.
But before I dive into the CCC waters, let me
rant for a moment.
Shamelessly taxing the disabled
The full impact of Finance, Economic Development and Investment Promotionminister Mthuli Ncube’s 2024 budget is already
being felt by the cross-section of Zimbabwe’s impoverished population. The 2024
budget has brought a biting tax regime.
Everything and everyone is taxed. Heavily.
Well, not exactly everyone. The gospel-prenuers in shiny suits go scot-free. I
am talking about the latter-day self-proclaimed prophets. They are fear mongers
and choristers of grandiose romanticism
profiting from the two vanities: fear and
hope!
They receive tithes, ‘seeding,’ and other
church contributions — extorting money
from the meek sheep of their congregation
ostensibly on behalf of God. But their insatiable appetite knows no bounds. They also
sell anointed water, anointed trinkets, and
anointed nonsense! And all this is tax-free.
Amidst all this, there is one group whom
Ncube’s hand cannot resist extorting — the
disabled. The Finance Minister has introduced what activists are terming “disability
tax”.
As renowned journalist, Hopewell
Chin’ono has reported, the government has
shamelessly introduced a 15% tax on prescription eyeglasses, hearing aids, Braille
reading material, Braille typewriters,
Braille wristwatches, motorised and nonmotorised wheelchairs, and even crutches.
My kinspeople say, “abana honi banoswanhula nyama mundilo yebhofu” (They shamelessly steal meat from a blind person’s
plate).
It is now expensive to be disabled in
Zimbabwe.
Opposition focus on self-immolation
One would think these are important issues
around, which the opposition can mobilise.
But the CCC has abdicated its responsibility
of checking the excesses of government. It
is missing in action as it is preoccupied — as
always — with internal power struggles.
These internal squabbles hit a crescendo
when the CCC leader, Chamisa, hit the eject
button and exited the party. Clearly, this
was not under self-selected circumstances,
but his hand was forced by what his supporters say has become a poisoned chalice.
It had become clear that he had lost control of the party at the back of internal institutional inadequacies and political discord
that opened cracks for imposter Sengezo
Tshabangu with the help of biased courts to
capture the party.
Zanu PF could not let the opportunity
pass by; they were happily fanning the embers of that fallout. At that point, it was the
best political move to make. It was the only
move left on the chessboard for Chamisa.
This move has caused ripples across the
political spectrum in Zimbabwe. Before we
follow this thread further, let me throw another development into the mix. Enters Job
Sikhala.
There are no coincidences in politics
After 595 days in pre-trial detention, fire-
Free at last ... Job Sikhala's release has added to the mix of shoving and jostling in the opposition as he seeks to reclaim relevance.
brand opposition leader Job Sikhala was
sentenced to a suspended two-year prison
term after being convicted earlier in January of inciting public violence.
His release has added to the mix of shoving and jostling in the opposition as he seeks
to reclaim his relevance and influence in
the space; his supporters have clearly been
burning the midnight torch.
I am yet to understand the “Mandela incarnate” narrative — and voice that Sikhala has been possessed by. Is it deep conviction or delusion? There is usually a thin line
between the two.
The timing of Sikhala’s release is also
quite interesting. Former United States
President Franklin D. Roosevelt famously
quipped that, “In politics, nothing happens
by accident. If it happens, you can bet it
was planned that way”.
Sikhala’s release should also be read in
this perspective. If one believes in political
coincidences, then one must also believe
that Henrietta Rushwaya picked the wrong
handbag to the airport, which quite “coincidentally” had six kilogrammes of gold in
it.
We will understand how the Sikhala pixels fit into the bigger political picture. All in
good time. Let us go back to CCC.
Low down of MPs, councillors staying
What is clear amid these muddy waters is
that Chamisa has not requested any elected
official to resign their post.
Contrary to popular narratives from social media keyboard warriors, it would
seem he expects them to stay put. It would
be ill-advised to make such a demand.
The immediate resignation of Fadzayi
Mahere should be understood as the desire
to advance her political career and put herself in pole position for whatever new outfit
Chamisa will create.
The trappings of public office
The motivations and interests of those remaining in their parliamentary and council
positions are not homogeneous.
Three types seem to be emerging. There
are those who put their all into their election campaigns financially. They invested
their family income, savings and are possibly in debt.
They threw their families into deprivation to secure a win for the party. They
would expect that the income, benefits,
and cushions of public office will enable
them to regain their lost personal resources
and secure a livelihood for their families, at
least for the next five years. Barring Sengezo Tshabangu’s further recalls, of course.
Some are loyal to the people, and the
leader
The second group is composed of those
who are unquestionably loyal to Chamisa
but understand the game principle of occupying space in time.
These are interested in occupying and
defending the political space gained so far
because quitting will be tantamount to donating those posts to Zanu PF.
Past by-elections demonstrated that
Tshabangu is out of his depth. To quote
William Shakespeare, “he is all sound and
fury, signifying nothing.”He is the incarnation of the idiom, “all hat and no cowboy.”
This cohort of CCC officials is also interested in serving the public, especially at the
local government level, where the interface
between residents and public officials is felt
every day in the delivery of public goods
and services. They are driven by a sense of
duty to the electorate; hence, they will stay.
Others have an axe to grind
The third group is composed of those who
have an axe to grind with Chamisa. Over
time, they have become aggrieved and disenchanted by Chamisa's inadequacies that
have played out in the public for some time
now.
To an extent, legitimately so. These inadequacies are also partly responsible for
the ensuing crisis in the opposition. These
are not interested in following Chamisa to
the new movement that he may be putting
together.
Some are deluded and think his political career is done. This is a parochial self-
pleasuring view.
The others in this cohort understand that
it is not Chamisa whose political career is
done but theirs. They are preparing to extract whatever benefits they can while it
lasts in the next five years.
This group is dangerous. All sorts of morbid symptoms will emerge in this group because that is enough motivation for looting,
corruption, and cutting deals with Zanu PF.
The sober view
The abdication of Chamisa from the CCC
leadership has opened a leadership vacuum
in the party. What you must bear in mind,
dear reader, is that CCC is hardly a monolithic entity.
It has many contours and shades. This is
because of its foundation, which was made
up of a loose electoral alliance of more than
four political parties.
The loose coalition eventually morphed
into a political party post-2018, first as
MDC-A and later as CCC. As such, different
factions are angling to take over leadership
and dominate the party.
It is, therefore, not surprising that several interim leadership structures have
emerged. There is one by Tshabangu that
seems aligned with the People’s Democratic Party faction(led by its former president
Tendai Biti).
Another is by the Citizens National Assembly, which is aligned with Chamisa’s
loyalists, and a third structure is aligned
with the MDC green faction (which was led
by Professor Welshman Ncube). Other factions, like the Maruva faction, have yet to
show their hand.
The political vultures are seen settling
the CCC carrion, throwing any short-term
prediction of the form and character of the
party that will emerge when the dust finally
settles into doubt. CCC is in uncertain waters but it is early days still.
This is my sober view; I take no prisoners.
Dumani is an independent political analyst. He
writes in his personal capacity. — @NtandoDumani
16
ZIMBABWE INDEPENDENT FEBRUARY 9 TO 15, 2024
MOTORING
MOTORING
section
Andrew
Muzamhindo
ANALYST
MARETHA Gerber has been appointed
Daimler Truck Southern Africa's (DTSA)
first female president and CEO effective
April 1 2024. It is a giant leap for the company's leadership and dedication to gender
equality in the motor industry.
This is something that Zimbabwe can
learn from as it remains a male-dominated
industry.
Gerber will take over from departing CEO
Michael Dietz, who is moving on to a new
position as CEO of the Regional Centre Middle East and Africa.
Gerber offers extensive expertise to the
role that is not found anywhere else in the
Daimler organisation.
She has worked for the firm for over 20
years, during which time she has been involved in many different areas, including
marketing, sales, and dealer management.
She started out as an employee of what was
then Daimler Chrysler and Mercedes-Benz
SA, but she worked her way up the ranks.
In 2018, Gerber continued her rise to the
top by becoming the head of MercedesBenz Trucks.
The fact that she rose through the ranks
to become vice-president of sales and marketing for both Mercedes-Benz and Fuso
Trucks is evidence of the breadth of her responsibilities at the firm, thanks to her strategic thinking and leadership.
In his brief to the media, Andreas von
Wallfeld, CEO of Daimler Truck Overseas,
praised Gerber's extensive background and
outstanding client interaction as reasons
for her selection for the position. As Dietz
takes on his new worldwide job, the same
heartfelt recognition is extended to him for
his quality and knowledge. Dietz has been
with the Daimler brand since 1990 and has
served in numerous roles.
As she takes on her new role, Gerber
hopes to see expansion and fresh ideas
implemented.
They expect her leadership to take DTSA
to new heights, given the company's history
of impact in the commercial vehicle industry, especially in Southern Africa. With a
keen eye on next-generation e-mobility solutions, her emphasis on collaboration and
using the capabilities of DTSA's seasoned
leadership and skilled staff is in line with the
company's forward-looking objective.
In line with worldwide movements towards lowering carbon emissions and
encouraging environmental responsibility, DTSA's business strategy focuses on the
transition to sustainable mobility.
With Gerber at the helm, DTSA is poised
to revolutionise the heavy vehicle sector in
Southern Africa by bringing electric trucks
to the market later this year.
Among the many products the firm offers,
built in East London, are trucks from Fuso,
Mercedes-Benz, and Mercedes-Benz buses.
Freightliner and Western Star Trucks are
among the brands that DTSA supports with
parts and services.
Its sphere of influence extends across
Southern Africa, touching on marketplaces
in countries like South Africa, Botswana,
Lesotho, Eswatini, Malawi, Mozambique,
Zimbabwe, and Zambia.
When I asked her about her vision for
Zimbabwe, Gerber said she was honoured
to have been entrusted with this opportunity to take over as CEO of Daimler Truck
Southern Africa.
“Zimbabwe is one of our focus markets,
where we want to invest and grow so that
we cannot only support the country but also
the operators running in and throughout the
country with spares and new vehicles.
Zimbabwe is 100% in our strategy of
growth and strengthening from Daimler
Daimler Truck Southern Africa
appoints first female CEO
Outgoing CEO and president of DTSA Michael Dietz (left) hands over the reins to Maretha Gerber.
Truck Southern Africa’s perspective,” she
said.
This significant appointment further solidifies Mercedes-Benz Trucks' dedication
to excellence and market leadership after
the brand's 2023 gaining of the heavy commercial vehicle market leader position in
South Africa.
Additionally, in 2022, DTSA celebrated
60 years of manufacturing at its East London factory, which played a crucial role in
assembling the brands it owned. The name
change to DTSA, after Daimler Truck AG's
split from Mercedes-Benz Group, highlights
the company's exclusive concentration on
the transportation and trucking industries.
With Gerber at the helm, DTSA is ready
to make waves in business and become a
leader in its field. Her groundbreaking work
as a female leader challenges industry standards and highlights the value of diverse
leadership, marking a culture shift for DTSA
and the automotive industry as a whole.
The primary goal of Daimler Truck Southern Africa is to provide top-notch assistance
to clients in their operations. Customers can
trust that the electric, safe, dependable, and
connected cars and services that they create
meet all of their needs.
Our clients, and everyone else, who
keeps Africa going, can always count on
them. Regardless of department or brand,
they are all working towards the same goal,
and that is what motivates them.
“We work for all who keep Africa moving" is a statement that the employees of
Daimler Truck Southern Africa hold in high
regard. This statement refers to the transporters, who move commodities from various African ports to places like supermarkets, building projects, and hospitals.
For those, who offer transport services,
whether it is to and from work, school, or
vacation destinations, this goes for a lot of
things, including the public services that
ensure towns and streets are clean.
Every day, they are motivated by this
objective. With over 40 manufacturing facilities worldwide and over 100 000 people,
they are among the biggest commercial vehicle manufacturers in the world.
Coaches, bus chassis, city buses, intercity
buses, and heavy-duty vehicles are all part
of their inventory.
Daimler Truck AG, a global leader in
commercial vehicles since the creation of
the truck more than 125 years ago, is a pioneer in the industry today. Daimler Truck
Southern Africa Ltd and its subsidiaries
have been serving consumers since their
establishment in South Africa more than 60
years ago. The company offers a wide range
of goods and services to ensure that customers have an ideal experience.
Zimoco represents DTSA locally.
Who is Maretha Gerber?
Gerber has over 20 years of experience in
the Daimler organisation, including stints
at Daimler Chrysler and Mercedes-Benz
South Africa.
She has a marketing degree. Maretha
worked her way up the sales, marketing,
and dealer network management ranks
within Daimler before taking up a position
as a dealer principal in the Mercedes-Benz
Own Retail dealer network, after which she
returned to headquarters in 2018 to assume
the role of head of Mercedes-Benz Trucks
and, since 2021, in her current role as vicepresident of sales and marketing for Mercedes-Benz Trucks and FUSO.
andrew@muzamhindo.com.
Zimbabwe independent February 9 to 15, 2024 17
COLUMN
Sneak peek into Pakistan polls 2024
World
View
GWYNnE DYER
Pakistan’s former prime minister, excricket superstar and latter-day populist
politician, Imran Khan (pictured), was having a quiet week in jail, six months into his
three-year sentence for corruption, and
suddenly, all hell broke loose.
On January 30, he was given another 10year jail sentence for leaking state secrets
(to wit, an official report by Pakistan’s ambassador in Washington of a conversation
with two United States State Department
officials).
The following day, another court gave
both him and his wife, Bushra Bibi, 14-year
jail sentences on another corruption charge
for allegedly selling official gifts he had been
given while in office (four Rolex watches, an
expensive pen, some cuff links) and keeping
the proceeds.
And on February 2, another court sentenced him and his wife to eight years in
prison for getting married too soon after his
wife divorced her previous husband in 2018.
Islam says a woman must wait three months
before remarrying. They say she did wait:
her ex-husband says she didn’t (although he
only mentioned it recently).
Did the poor man have that on his conscience all these years? Or did he only “remember” it when the army asked him to?
All this is happening because of the parliamentary election in Pakistan held yesterday.
Imran Khan has already been banned from
running in it, and thousands of members of
his Pakistan Tehreek-e-Insaf party (PTI —
Pakistan Movement for Justice) have been
arrested or simply disappeared in order to
deter his supporters from voting.
And just to make sure that his party
doesn’t win the election — which it might
do on a free vote — the courts have banned
the use of the PTI’s cricket-bat symbol on
the ballot. The PTI gets the votes of the poor,
who are most likely to be illiterate (40% of
the adult population can’t read), and without the cricket bat they won’t know whom
to vote for.
Pakistan is the world capital of cynicism.
Everybody knows that a coalition of the other parties, fronted by another former prime
minister, Nawaz Sharif, will win this election
because he has the army’s blessing — just as
Imran Khan had the army’s blessing when
he became prime minister six years ago.
Imran Khan is in jail now mainly because he lost the army’s support when he
challenged its overweening power in both
politics and the economy. But he should not
despair, for his replacement, Nawaz Sharif,
has gone through the same cycle and is now
having a happy ending (at least temporarily).
Like Khan, Sharif was a legally elected
prime minister who was brought down by
various corruption charges when the army
turned against him. He got out of the country before the obedient courts delivered their
final verdicts, sat out his disgrace in London
— and now he is back!
The army needed a replacement for Khan,
so Sharif’s criminal convictions were rapidly
dismissed, he came home again, and soon
he will be prime minister once more. But the
wheel will keep turning, because nobody
can fix what ails Pakistan without breaking the political and economic power of the
army. And nobody can break that.
A quarter of a billion Pakistanis are
trapped in this loop because the country sees
itself as being in a permanent confrontation
with India, which has six times the population and 12 times the GDP. So long as that vision prevails, Pakistan’s army will be seen as
indispensable and its position as the final arbiter of everything will be unchallengeable.
The conflict imposes a far lesser burden
on India, which has never experienced direct military rule. (Pakistan has spent almost
half its history being ruled by generals.) But
it was always impossible for Pakistan to decide that India is not an existential threat,
because if it isn’t, then why did they have to
partition the old British-ruled India at all?
In addition, the current Indian government, under Prime Minister Narendra Modi’s
BJP party, is doing its best to reshape India
into the anti-Muslim, Hindu nationalist state
that Pakistanis have always claimed it was.
Modi will win his third straight election in
April/May, and by the end of that term the
claim will be true.
Imran Khan was never going to change
all that. He didn’t even want to. For all his
desire to curb the army’s arrogant manipulation of Pakistan’s politics, he never questioned the perpetual confrontation with India that made a militarised state necessary.
That allegedly even made nuclear weapons
necessary.
He may even be back in power one of
these days. He is still a very popular politician (57% approval in the last credible opinion poll), and we already know he is willing
to make deals with the army.
The army giveth and the army taketh
away. Blessed be the names of the generals.
Dyer is a London-based independent journalist.
His new book is titled The Shortest History of War.
18
Zimbabwe independent february 9 to 15, 2024
OPINION
Scarcity vs abundance mindest
learning: An abundance
•Continuous
mindset encourages a commitment to
Adelaide
Chimbarara
consultant
IN the dynamic world of professional accountants and business leaders in general,
success is often shaped by more than just
technical expertise.
A critical factor influencing a professional’s career trajectory is their mindset.
These mental frameworks can significantly
impact a professional's journey.
This article explores the implications
of adopting a scarcity versus abundance
mindset, drawing inspiration from Stephen
Covey's teachings on proactive thinking.
Additionally, these mental frameworks intersect with the transformative impact of
Artificial Intelligence (AI).
The interplay between scarcity and
abundance mindsets is often an implicit
aspect of professional life, and its influence
can be underestimated.
The subconscious tendency to resist
change or view advancements, such as the
integration of new technologies, as threats
rather than opportunities for professional
growth may further underscore the prevalence of scarcity thinking within the field.
The subconscious exhibition of a scarcity
mindset often manifests as well in limited
networking, resistance to mentoring others, technological aversion, and reluctance
to acknowledge achievements of others.
•
Striking a balance
Scarcity and abundance mindsets
The scarcity mindset is rooted in the belief
that resources, opportunities, and success
are limited. Stephen Covey, in his seminal
work "The 7 Habits of Highly Effective People",
discusses the concepts of a scarcity mindset, rooted in fear and competition, and an
abundance mindset, rooted in collaboration and a belief in limitless opportunities.
Professionals embodying a scarcity
mindset may fear competition, hesitate to
share knowledge, and be reluctant to take
risks. On the other hand, an abundance
mindset is characterised by the belief that
opportunities are limitless, collaboration
fosters success, and there is enough for
everyone.
Professionals with an abundance mindset embrace challenges, share knowledge,
and view setbacks as opportunities for
growth.
Scarcity mindset challenges
of competition: Professionals oper•Fear
ating from a scarcity mindset may per-
ceive colleagues as adversaries rather
than collaborators. This fear can lead to
a lack of cooperation and hinder professional growth and mutual success. This
mindset also may be exhibited in some
professionals seeing others in the same
industry, e.g. Chartered Institute of Management Accountants (CIMA), Chartered
continuous learning. Professionals embrace new challenges, seek out opportunities for professional development, and
understand that the learning journey is
ongoing. Covey's "Sharpening the Saw"
habit highlights the need for ongoing
self-renewal. It emphasizes engaging in
activities that enhance physical, mental,
emotional, and spiritual well-being to
maintain sustained effectiveness in personal and professional life. Just as a saw
requires sharpening for optimal performance, individuals benefit from regular
self-care through activities like exercise, learning, and relaxation, promoting
long-term success and fulfillment.
Resilience in the face of challenges:
Adopting an abundance mindset helps
professionals view challenges as opportunities for growth rather than insurmountable obstacles. Resilience becomes a key attribute, enabling them
to bounce back stronger after setbacks.
Covey underscores the importance of
maintaining a positive and proactive attitude in the face of adversity, using setbacks as learning experiences and opportunities for personal development.
•
Accountancy (CA), and Association of
Chartered Certified Accountants (ACCA)
in professional accounting, as rivals for
limited opportunities rather than as
valuable contributors to the diverse skill
set essential for the industry. This exclusionary attitude not only obstructs collaboration but also impedes the recognition of the complementary strengths that
various qualifications can bring to the
collective professional landscape.
Reluctance to share knowledge: Scarcity-minded professionals may hoard information, fearing that sharing insights
could diminish their value. This behaviour limits the potential for collective
growth and impedes innovation within
the profession. Truthfully speaking,
there have often been concerns about
the growing number of accounting professionals entering the market compared
to a time when their qualifications were
relatively scarce and highly sought after. Some professionals fear that the increased competition for job opportunities could dilute the prestige and exclusivity associated with their profession.
This mindset might lead to a reluctance
to welcome newcomers into the field,
as professionals perceive them as potential threats rather than valuable con-
•
tributors to the profession's growth and
dynamism.
Risk aversion: Those with a scarcity
mindset tend to avoid taking risks, fearing failure. This aversion can impede
career advancement, as growth often
requires stepping out of one's comfort
zone. Covey's teachings on proactive
thinking highlight the importance of
taking initiative.
Abundance mindset opportunities
innovation: Profession•Collaborative
als with an abundance mindset foster a
culture of collaboration. They recognise
that sharing knowledge and ideas can
lead to innovative solutions, benefiting
both individuals and each profession as a
whole. Stephen Covey's principle of synergypromotes the concept that collaborative efforts can yield outcomes greater
than individual contributions. Encouraging creative cooperation and synergy
involves combining diverse strengths to
achieve solutions that surpass independent efforts. It emphasises mutual benefit,
creative problem-solving, and values the
growth of individuals through teamwork
and open communication, aligning with
Covey's broader philosophy of effectiveness and personal development.
While embracing an abundance mindset
is advantageous, it is essential to strike a
balance. Professionals should be mindful
of resource constraints and industry competitiveness but not let these factors stifle
their growth. Combining a realistic assessment of challenges with a positive and collaborative mindset can lead to a powerful
approach to navigating the professional
landscape.
The introduction of Artificial intelligence
(AI) in accountancy further necessitates a
balanced mindset. While AI introduces efficiency and automation, the human touch
remains indispensable for strategic decision-making, ethical considerations, and
complex problem-solving.
Professionals can leverage AI as a tool
to enhance their capabilities rather than
viewing it as a threat.
Conclusion
The mindset a professional adopts can
shape their career journey; in the era of AI,
this becomes increasingly critical. Choosing between a scarcity and an abundance
mindset significantly influences how professionals approach challenges, view opportunities, and interact with peers.
As each profession continues to evolve,
cultivating an abundance mindset can be
a powerful tool for not only personal success but also contributing to the collective
growth and innovation within the professional accounting and business leadership
community.
Chimbarara is a member of the Institute of Chartered Accountants of Zimbabwe. She is also an
internal auditor at Family Aids Caring Trust.
Decoloniality and gender social systems
Lovemore
Nyawo
analyst
FROM the shadows of colonial brutality emerges a profound aspiration for gender equality, unshackling societies from
the iniquities that have haunted them for
centuries.
The legacy of Western-imposed gender
norms must be dismantled, paving the way
for a decoloniality movement that seeks
to rejuvenate indigenous gender perspectives and integrate them into planning and
programming.
In the aftermath of colonisation, the indomitable force of Western knowledge permeated former colonies, leaving an indel-
ible mark on human relationships through
indoctrination and social subjugation. The
foreign concepts of race and gender were
introduced as tools of domination, creating
binary opposites and reinforcing hierarchical social categories that endured through
the post-colonial era.
The very concepts of race and gender in
Africa were foreign imports, intertwined
with the inferiority of native women.
Ruthless gender-related violence played a
pivotal role in the formation of colonial societies, perpetuating its insidious presence
into the post-colonial period. Colonization,
an inherently gendered act, normalised the
sexual violation of women, perpetuating
their subordination in all aspects of life.
The mid-20th-century decolonisation
movement prompted a collective awakening to this insidious influence, sparking
a quest for liberation from Western para-
digms. As the world grapples with diverse
racial, ethnic, geographical, and sexual
identities, a crucial framework for understanding gender systems has become
imperative.
Colonisation imposed hierarchical distinctions to serve the interests of invaders,
perpetuating disparities between males
and females.
However, Lugone (2014) argues that the
Western-centric understanding of feminism obscures the diversity and myriad
perspectives that exist globally. Decolonial
feminists posit that the Global North continues to dictate knowledge, stifling indigenous systems that predate colonisation.
While political movements like PanAfricanism and African Renaissance have
made strides, areas like culture, psyche,
spirit, language, and religion remain colonised. Western knowledge systems weigh
heavily on Africa, perpetuating asymmetry rather than empowering dispossessed
communities.
African universities, regrettably, continue to be conduits for the reproduction of
colonial ideologies, further entrenching the
legacy of colonialism.
The need to decolonise is urgent, and the
consequences of post-colonial and postmodernity eras must be addressed. Re-examining prehistoric indigenous knowledge
systems is essential, reclaiming pre-existing gender social systems and integrating
them with contemporary themes.
Liberation lies in the acknowledgement
of diverse perspectives, fostering a world
where gender systems are not dictated by
the vestiges of colonialism, but shaped by
the voices and experiences of all.
Nyawo is a development practitioner.
Zimbabwe independent FEBRuary 9 to 15, 2024
19
SPORTS NEWS
THE one thing to know about Fabien
Galthie's (pictured) team is that they are a
very, very proud bunch of Frenchmen, a
group that's hurting having just been humiliated on their home patch.
A big, ugly bear has been poked with a
huge stick and it is now heading for Edinburgh. They know that if they lose to Scotland tomorrow then their Six Nations is
over. Pride is on the line.
It is a cultural thing with French rugby.
When you are embarrassed in front of your
own fans, you would better react.
The French rugby public have gone nuts
since Friday's loss to Ireland. They have
gone through the coaches and the players.
It has been unsparing.
Those fans will demand that France take
no prisoners at Murrayfield. This is what is
coming.
The quality of the rugby has been top
drawer in the Galthie years. There has been
a high winning percentage, the team has
been rejuvenated by a new and exciting
generation of players.
The World Cup was a massive blow. The
first huge setback and in the build-up to
the Ireland game it was still what people
were talking about.
‘Have the players recovered psychologically and physically?Are they ready to win
the title?’
And then they got blown off the field in
Marseille.
They conceded four tries, or more, for
the second game on the bounce with Shaun
Edwards as defence coach. That hasnot
happened very often. They looked bereft of
ideas. The line-out got picked apart.
The public wants to understand why this
happened and everybody is getting it in
the neck. There is a context to all of this,
though.
Ireland were the worst possible team to
start against. They had huge disappointment of their own at the World Cup and
they are still one of the best teams on the
planet. They were always going to be dangerous, even if France were a settled crew,
but they werenot.
Huge changes have been made in the
way this team is being prepared. Galthie is
Six Nations 2024: Scotland
host wounded France
still the head of everything, but much of his
backroom staff have gone.
Thibault Giroud, the head of performance
and conditioning, has left for Bordeaux.
Kharim Ghezal has gone to Stade Francais as forwards coach. Christian Labit has
also gone to Stade as head coach.
Influential people have been ripped out.
Galthie has had two weeks with the new
staff. There is a new line-out calling system
under Laurent Sempere, the former Stade hooker. Ireland laid waste to that new
line-out.
After the World Cup the Irish lads got
rested and rotated and got eased into the
new season. The French boys went back to
their clubs and have pretty much started
every game since then.
All of that came together in a really messy
affair in Marseille. Fans demand success
but there has been a lack of compassion for
what has gone on behind the scenes.
All the changes, the loss of Antoine Dupont and Emile Ntamack, the red card for
Paul Willemse.
Maxime Lucu played at nine instead of
Dupont. Lucu is an absolute competitor,
terrific week-in, week-out for Bordeaux.
He's been criticised very heavily.
The reality is that Dupont at his very best
wouldnot have made a difference because
France were completely beasted in every
facet.
Loads of line-outs robbed, no front-foot
ball, an incredibly well-drilled Ireland
team playing at the top of their game. Everybody is having a go at Lucu but it is not
his fault that France had no go-forward
ball, that his scrum was under-powered
with seven men, a predicament that saw
him trying to operate behind a pack that
was going backwards. No quick ball, no
opportunity to play.
Dupont would have been irrelevant. Too
much went wrong. Ireland were too good.
They pulled France's pants down.
Which brings us back to Murrayfield on
tomorrow. The same things apply - this is
a France team with new coaches trying to
bed-in and new systems which havenot
yet settled.
It is a French team that has played a lot
of rugby already this season, a French team
now missing not just Dupont and Ntamack, but also the excellent Thibauld Flament, the gigantic Emmanuel Meafou and
Willemse, who is suspended.
But I go back to the bear that has been
poked with a big stick. They will arrive in
Edinburgh without some world class players who helped make them Grand Slam
champions in 2022, but they will be carrying some amount of fury with them. Proud
players, these. The backlash is coming. —
BBC Sport.
Gasly targets progress in Ivory Coast run to Afcon
‘bold’ new Alpine F1 car final ‘like a dream’
ALPINE driver Pierre Gasly is setting his
sights on competing at the top of Formula
One this season following Wednesday's
launch of a "bold" new car for 2024.
The French team finished sixth in the
constructors' standings last season, dropping two places from 2022.
Neither Gasly nor fellow French driver
Esteban Ocon managed to finish in the top
10 of the drivers' standings last year, with
the pair only recording one podium finish
each.
The 28-year-old Gasly, speaking at the
launch of the A524 car, said: "We came
with a bold car and aggressive strategy so
we know there is a lot of work ahead of us.
"Second year with the team so I definitely feel there is more potential to unlock
and I am excited to get going.
"We want to see the team at the top,
that's where want to be as well so we will
work for that."
The 2024 F1 calendar features a record 24
races, starting with the Bahrain Grand Prix
on March 2.
"It was a great winter, feels like we were
in Abu Dhabi (the last race of the season)
not so much of a long time ago, so we
haven't had much of a break but we are
coming into a record-breaking season,"
Gasly said.
"It's going to be intense but we are prepared for it physically, mentally.
"I'm feeling in a much better place than
I was 12 months ago when I came here for
the first time. I'm feeling amazing and just
want to get behind the wheel in the car and
push it to the limit."
Gasly and Ocon will have the chance to
get behind the wheel of the new car when
testing gets under way in Bahrain from
February 21, before they start their campaign on March 2 on the same track.
Ocon, 27, is gearing up for his eighth
season in Formula One and is ready for the
Alpine driver Pierre Gasly
challenge of the sport's longest season yet.
"To see it (the new car) for the first time,
it looks very aggressive and there has been
an enormous amount of work going on
through months and months," he said.
"I'm very happy because it has been a
long winter but we are ready to get going.
"It's going to be a super-long season, 24
races, record-breaking. So it was very important to be healthy and start with a good
physical level for that whole long season."
— Supersport.
Ivory Coast coach Emerse Fae (pictured) described his team's achievement in winning through to the final of
the Africa Cup of Nations as being "like a
dream" after the tournament hosts beat
the Democratic Republic of Congo 1-0 in
Wednesday's last-four encounter.
Sebastien Haller scored the only goal of
the game in the 65th minute at the Ebimpe Olympic Stadium to take Ivory Coast
through to Sunday's final against Nigeria.
It is a remarkable turnaround for the
Elephants, who were on the brink of
elimination after losing 4-0 to Equatorial
Guinea at the same stadium in their final
group match on January 22.
"We are happy, we're really moved.
It's like a dream, when you go back two
weeks to the defeat here against Equatorial Guinea," said Fae.
"It was hard then to imagine that we
might qualify for the final of our own
AFCON."
That defeat was Ivory Coast's heaviest
ever home loss and they looked certain
to be eliminated in the first round, only to
scrape through as the last of the four best
third-placed teams thanks to Morocco
winning their last group game against
Zambia.
Coach Jean-Louis Gasset was sacked
following the Equatorial Guinea debacle and so Fae, who had been an assistant, was promoted to the role of interim
coach.
Under him, Ivory Coast beat holders
Senegal on penalties in the last 16, and
then came from behind to beat Mali in
extra time in the quarter-finals, despite
playing most of that match with 10 men.
"As long as you still have a five or 10
percent chance you need to keep believing, because that is what makes football
beautiful," said midfielder Franck Kes-
sie, who was named man of the match
against DR Congo.
"After the Morocco result we knew
we had qualified and that changed
everything.
"It gave us the strength we needed,
it boosted us. We knew we couldn't do
worse than in the first round.
"We need to keep going like this because you can't go all the way to the final
only to then give up."
Sunday's final will be a repeat of the
group game between Ivory Coast and
Nigeria on January 18, which the Super
Eagles won 1-0.
Meanwhile, DR Congo will have to settle for a third-place play-off in Abidjan
tomorrow against South Africa.
They had been hoping to win through
to a first Cup of Nations final since they
were champions as Zaire in 1974, half a
century ago.
If they beat South Africa they will take
the bronze medal, which would match
their performances in 1998 and in 2015.
— Supersport.
9 7 7 1 5 6 4 0 6 9 0 0 0
ISSN 1564 - 0698
football
Ivory Coast run to Afcon final ‘like a dream’/19
Independent
SPORT
Zimbabwe independent
february 9 to 15, 2024
Kuipers carries Zim hopes
at Troutbeck Africa Cup
MUNYARADZI MADZOKERE
ZIMBABWEAN triathlete Andie Kuipers
is set to carry the country’s hopes in the
women Elite class at the 16th edition of
the Troutbeck Africa Triathlon Cup, which
will be held in Nyanga next week.
The Bonaqua Africa Triathlon Cup will
be staged on February 17.
The 21-year-old US-based triathlon
star will be making a first appearance at
the Troutbeck event in four years and has
had to defer her studies at Wingate University where she is studying psychology as she bids for 2024 Paris Olympics
qualifications.
Kuipers is one of the 10 athletes, who
received the International Olympic Committee (IOC) Olympic Solidarity Scholarship from the Zimbabwe Olympic Committee (ZOC) to assist her in preparations
for the Olympics.
It would be the first time that Zimbabwe has representation in the Elite women
class since 2022 when veteran triathlete
Greer Wynn competed.
“It’s been four years since I raced at
Troutbeck. One of the reasons I deferred
my semester from University was to come
and do Troutbeck and I also have a few
commitments and races to do in terms of
qualifying for the (Paris) Olympic Games. I
am really excited to be here,” Kuipers said
at the Triathlon Zimbabwe press briefing
in Harare on Wednesday.
Kuipers will line up against five other women from five different countries,
namely Algeria, Ireland, Romania, Japan
and the Netherlands.
However, the country will not have representation in the elite men class where
eight athletes from four different coun-
US-based Zimbabwe triathlete Andie Kuipers poses for a picture with Youth, Sport, Arts and
Recreation minister Kirsty Coventry at the Bonaqua Africa Triathlon Cup press briefing at Holiday
Inn on Wednesday.
tries have entered the competition including 2022 winner Ayan Beisenbayev from
Kazakhstan.
This edition of the event sees a drastic fall
in the number of entrants dropping drastically due to the cholera epidemic, which
has hit the country in recent months.
According to tournament director Rick
Fulton, a number of international athletes have had to pull out from the event
for safety reasons, even choosing to forego
the Olympics points that would come with
participating at Troutbeck.
At least 30 athletes for both the elites
and juniors from across the world have
registered to compete, a huge slump from
the 51 that took part in last year’s edition.
“Unfortunately, the level of numbers of
elite athletes that we were hoping to attract
given we are within the Olympic qualification period has not worked,” Fulton said.
TZ president Ross O`Donoghue paid
tribute to the sponsors, who have come on
board to support the event making special
reference to newcomers MCM Legal.
“Am thankful to our sponsors who
have walked with us through thick and
thin. Bonaqua, the title sponsor, Cimas’
iGo, CFAO, Rooney’s Events, African Sun,
Troutbeck Resort, Ecocash, Simbisa, your
support has been immense.
“As a body we have continued to grow
and we are delighted that our sponsors’
catalogue grows with us, this year I would
like to announce and welcome the arrival
of MCM Legal to the sponsors’ basket. We
sincerely hope that they will enjoy the experience and the partnership for this event.
“We would like to thank MCM Legal and
the entire sponsor group for their support and commitment to this high profile
event,” he said.
Elite athletes competing in the event will
get world ranking points for the International Triathlon Union (ITU) ranking system. This means that the points scored by
athletes will ultimately become Olympic
Ranking Qualification points.
Troutbeck is well known as one of the
world’s best resorts for triathlon sports and
is a tourism hub with safe, clean, disease
and animal-free water, good roads within
perfect terrain as well as a friendly climatic
environment.
Broos proud of Bafana despite heartache
SOUTH Africa coach Hugo Broos says he
is proud of his side despite their heartbreaking semi-final loss to Nigeria on
post-match penalties at the Africa Cup of
Nations in the Ivory Coast.
William Troost-Ekong put Nigeria into
the lead from the penalty spot midway
through the second half, before South
Africa earned a spot-kick of their own in
the final minute of the 90 and it was converted by Teboho Mokoena.
The game went to penalties but it was,
ironically, South Africa-based goalkeeper Stanley Nwabali at Chippa United, who
proved the hero for Nigeria as he saved
twice in the shoot-out to guide the Super
Eagles to a 4-2 victory.
Bafana Bafana had arguably created
the better chances in the game and might
have won it at the end of the 90 minutes
had Khuliso Mudau not blazed over with
the goal at his mercy.
“Football can be hard sometimes, when
you see the performance of my team, and
then there is penalties, and then you lose
Bafana Bafana coach Hugo Broos
the penalties and you are not in the finals, it’s hard to accept that because we
play very good game,” Broos said.
“I think we were the best team in the
first half, we got the best chances, Nigeria didn’t have any chances. Second
half they have few chances which resulted in a goal and we changed something tactically, and we could come
back.
“We created more chances which
means if we had scored, we would have
been in the final and not Nigeria.”
Broos, who confirmed he would like
to stay in his role after the finals, says
his players gave their all.
“It’s a big disappointment for everyone, we believe we played a very good
game, not just (against Nigeria) but
throughout the tournament. I’m proud
of my players.”
Bafana Bafana now play DR Congo in
the third-place play-off on Saturday,
while Nigeria meet hosts Ivory Coast in
Sunday’s final. — Supersport.
ZIMBABWE INDEPENDENT February 9 to 15, 2024 X1
IndependentXtra
Zimbabwe
Khumbulani Muleya
American disc jockey and
scholar, Lynnée Denise, recently
embarked on a journey to Zimbabwe following the publication
of her book about Blues musician
Willie Mae Thornton titled Why
Willie Mae Thornton Matters.
She made an appearance at
the DJ Scholarship & Black Music Geographies: The Zimbabwe
Sessions, an event curated by
Dark Art Matters. The event took
place at Ela The Garden in Newlands, Harare, on January 24 and
featured multidisciplinary artist
Thandiwe Gula-Ndebele.
Another thought provoking
discussion with the theme “Encounters: A Listening: From the
Bluest Eye to the Blackest Sunlight” was hosted two days later
at the National Gallery of Zimbabwe in Harare. The session,
coordinated by Tinofireyi Zhou,
included music producer Anesu
“Aspya” Mapako, who revealed
previously unheard sounds and
his project The Other Side of the Wall.
“Our last session was inspired
by the West African, Ghanaian
word ‘Palaver’, which is defined
as an improvised conference between two or more groups possibly without a shared language
or culture. It seems it’s a word
with many definitions, but this
in particular is the definition
that we worked with,” Zhou told
IndependentXtra.
“So our conversation was improvised between the three of
us, facilitated by music and our
particular musical journeys and
technology. On one side, we used
the turntables to illustrate ideas,
thoughts, experiences, our voices and our thoughts (equally as
technologies as well) and Aspya
would also use his sampler and
poetry in similar ways.”
The discussion revolved around
the drum, as a thread connecting
black people and highlighting its
impact on Afro-diasporan migration and how African Americans
used it to create house music.
The drum’s association with
resistance is legendary. During
the 1739 Stono Slave Rebellion in
South Carolina, revolting slaves
Independent
American DJ, scholar traces black
historical events through music
Tinofireyi Zhou (right) speaks while Anesu “Aspya” Mapako (left) and visiting American DJ and scholar Lynnée Denise
watch during a listening session hosted at National Gallery of Zimbabwe in Harare recently. Pic: kmcommunications.
used it as an essential tool for
communication. As a result, slave
holders responded by enacting
the Negro Act, which among other things abolished and outlawed
the drum.
Some of the interesting perspectives raised during the discussions were the type of music
that was created under suppression and the disenfranchisement
of Black people in Africa and
the diaspora, particularly in the
1980s.
In London, there was political
turmoil triggered by the Brixton
Uprising of 1981. British prime
minister Margaret Thatcher, a
super-Conservative, was cutting
down on social programmes and
spaces where blacks could gather
and listen to music.
In the United States, president Ronald Reagan was doing a
similar thing in black communities closing day care centres and
reducing assistance for pregnant
women and their infants.
Denise, who spoke about her
experiences in South Africa, is
researching about South African
musical history. She referred to
the assumption that house music could never have come from
Africa as a “backhanded and underhanded” insult, noting that
the deliberate denial to identify
Africa with technology or any
type of advancement.
About her DJ scholarship ex-
DStv’s Pick of the Week
plorations that brought her to
Zimbabwe, she said she has always been curious about Zimbabwe ever since reggae legend Bob
Marley sang the song Zimbabwe.
“I was like, wait, where is Zimbabwe on this map, what is this
country starting with the letter ‘Z’
and why is Bob Marley in Jamaica
singing about independence, independence from who?” Denise
said.
This is the point that she says
got her to think about music beyond dancing and listening and
started using it to be conscious
of who she was as a black person
within a larger black world.
“When I’m here (Zimbabwe),
I really feel a Jamaican energy,
Kingston in particular. I don’t feel
Jamaica in South Africa, I didn’t
feel Jamaica so much in Ghana
when I went there, and I didn’t
feel Jamaica in Morocco. But I do
feel Jamaica here and I’m curious about why, and I think one of
those reasons is music.”
According to her, DJ scholarship is not just about archiving,
but also shaping the narrative
through text and also “developing
ongoing, unyielding political fears
of curiosity about black people in
the rest of the diaspora”.
The interdisciplinary artist was
influenced by the 1980s and her
parents’ record collection.
Born in Los Angeles, California, she is currently based in
Amsterdam. Her work traces and
foregrounds the intimacies of underground nightclub movements,
music migration, and bass culture
in the African diaspora.
She coined the term DJ scholarship in 2013, which explores
how knowledge is gathered, interpreted and produced through
a conceptual and theoretical
framework, shifting the role of
the DJ from a party purveyor to
an archivist and cultural worker.
Her concern for black people
writing and interpreting their
own experiences prompted her
to write liner notes (writings
found on the sleeves of LP record
albums and booklets) and a book.
She said: “Often times it is not
us. That’s what I learnt about liner notes. But then also, that’s why
I committed to writing a book
about Willie Mae Thornton (19261984) who is black, and a woman.
And, as a black woman, I made a
political decision to write about
her life, because there was only
one book available about her titled Big Mama Thornton, written by
a German (Michael Sporke) who
lived in Dusseldorf and has never
been to the black South.”
Drake responds to inappropriate video leak
He is on his worst behaviour.
Canadian rapper Drake became a
trending topic on X after an alleged
inappropriate video of the rapper was
leaked online.
In the clip, a man who appeared
to be the superstar, undressed from
the bottom down and began touching
himself while sitting on a bed.
The headboard of the leaked video
seems to match the one that Drake
has on his US$220 million private jet.
However, the 37-year-old seemingly didn’t mind the video leak as he
laughed it off when asked about it by
popular streamer Adin Ross.
After the video garnered hundreds
of thousands of reactions online, Ross
sent Drake — born Aubrey Graham —
a voice memo asking him about the
clip.
“I’m still Live, bro. We was just
looking at the s–t. It’s like crazy bro,
like God damn,” Ross, 23, said in the
recording. “You are blessed with your
voice, you are blessed with performing, you are blessed to be you, you are
blessed to be number one and you are
also blessed to have a f–king missile.”
After he sent the message to the
five-time Grammy winner, Ross
claimed Drake replied and “put like
eight laughing emojis”.
However, it’s unconfirmed if the
man in the video really is Drake as
he has yet to comment on the video
publicly.
Page Six has reached out to Drake’s
rep for comment but did not immediately hear back.
Throughout the years, Drake has
had no issue showing off his ripped
abs and physique online. And despite
the “Degrassi” alum having women
throwing themselves at him, he is still
single.
Last July, he revealed that he believes the concept of marriage is
“ancient”.
“I don’t know. It seems like a thing
of, like, ancient times or something.
I think I will eventually,” he said on a
now-deleted episode of The Really
Good Podcast with Bobbi Althoff at
the time. “I don’t know, I don’t think I
can offer somebody what they would
be looking for. Just consistency. I think
my life, my work is my priority.”
Drake — who has been in relationships with Rihanna, Tyra Banks,
SZA, and Serena Williams — said he
couldn’t offer “consistency” or dedication to a relationship “at this stage”
in his life. — Page Six.
X2
Zimbabwe independent Xtra february 9 to 15, 2024
LIFESTYLE & ARTS
Francis Wood was sitting in the passenger seat of his son’s car when his phone
rang with a call from an unknown number. It was the FBI (Federal Bureau of Investigation), the voice on the line told the
94-year-old retired doctor.
“Hang up, Dad!” Tom Wood recalled
telling his father that day in January 2022.
“It’s a scam.”
It turned out to be anything but. The
caller was a special agent who had news
that felt “utterly improbable and astonishing in every way, shape and form,” said
Wood’s daughter, Penelope Kulko — a
priceless piece of art stolen from the family had resurfaced more than 50 years after
the crime.
Truth be told, the events that led to
its recovery seemed stranger than any
scammer’s fiction.
The Schoolmistress, a late 18th century
work from the renowned British portrait
artist John Opie, spent more than three
decades hanging in the Woods’ dining
room until it was stolen in 1969 by three
New Jersey Mafiosi, allegedly under the
direction of a firebrand state senator.
For years, the painting embarked on a
clandestine journey through the criminal
underworld — only to be found after an
accounting firm liquidated the estate of a
recently deceased client who purchased a
convicted mobster’s Florida home.
Though The Schoolmistress is now tied to
an era when the mafia reigned supreme in
New Jersey, thanks to the headline-making heist, its history stretches back another 200 years to the time of King George III.
The oil painting from 1784 captures a slice
of daily life: a woman and boy engrossed
in reading as other schoolchildren look on.
It was an early work by Opie, who was
nicknamed the “Cornish Wonder” and
rose to fame for his ability to produce detail-rich portraits despite lacking formal
training. His chiaroscuro technique, which
uses light and darkness for depth and has
been compared to Rembrandt’s and Caravaggio’s, quickly won the admiration of
King George III and other British nobles.
The stolen artwork is another version
of a painting on display in London’s Tate
Britain museum.
In 1788, it was purchased from Opie by
the Earl of Stamford, George Harry Grey,
who passed it down to a chain of his descendants. The painting, which was last
publicly displayed in the 1857 “Art Treasures” exhibition, then wound up at a
Christie’s auction, where it was sold to a
London-based art-dealer.
That’s how Wood’s parents ran across it
Priceless painting’s journey through the
criminal underworld ends 54 years later
Francis Wood, 96, admires the John Opie painting, “The Schoolmistress”, that was stolen from his
parents’ Newark home in 1969 and recently returned to him.
in 1930, while on a trip to London during
“the height of the Great Depression”, the
96-year-old said. The couple, a physician
and a member of the Newark Museum’s
board of trustees, bought the painting for
about US$7 500 and took it on their transatlantic journey aboard the SS Paris, ac-
cording to the FBI.
In their New Jersey home, the painting hung across from the dining table for
39 years, filling three generations with
memories.
“We all had Sunday dinner at our grandparents’ house every other week,” Kulko,
64, said. “My seat was facing the painting
and I just remember it so well. I saw it every other Sunday for 10 years and my father
saw it there ever since he was three. It’s a
connection to his parents.”
The chain of events that would lead to
the painting’s disappearance began on
July 7, 1969. That day, Gerald Festa, Gerald
Donnerstag and Austin Castiglione — all
tied to the New Jersey mob — tried breaking into the Wood home in search of a rare
coin collection, according to an FBI affidavit. A burglar alarm drove them away, and
Anthony Imperiale, a Newark City Council
member who would go on to serve in the
New Jersey state Senate, responded along
with the police.
According to the affidavit, the home
caretaker mentioned to Imperiale that
the Opie painting was “priceless”. Just 18
days later, the mobster trio came back to
the home — this time running off with the
artwork.
The Schoolmistress remained lost to the
criminal underworld for over five decades
— until FBI Special Agent Gary France got
a knock on the door of his Utah office in
December 2021: an accounting firm that
was liquidating James R Gullo’s estate said
they had a painting that appeared to be
stolen.
When he reached out to the Wood family with his discovery, “it took them some
time to digest it”. For months on end,
Wood’s children pored over old photos
and documents to prove their family’s
rightful ownership. Luckily, they had the
“old and yellowed and kind of crunchy
papers” documenting the painting’s purchase in 1930, Kulko said. A judge in the
Fifth Judicial District Court for Washington County, Utah, ruled it was theirs.
Earlier this month, the painting was
tucked inside a box and shipped to New
Jersey from Utah — and France was there
to witness the reaction as the family gathered to rediscover what for so long had
seemed like a lost treasure.
As for the painting, Wood said it’s now
hanging in his retirement home — next to
another Opie painting the family bought
in the 1980s as “placeholder” while awaiting the return of “The Schoolmistress.” — The
Washington Post.
C R OSS WO R D P U Z Z L E & Q U I Z Z E S
Crossword Puzzle
SUDOKU
Across
1. Detection device which reacts to
certain physical conditions (such as
heat or light) (6)
4. Not following the rules; not just (6)
7. Existing in reality; not potential (6)
8. Flying machine (8)
12. Reveal or disclose, e.g. a secret or
criminal (6)
14. You lost this when you cannot remember (6)
15. Broadcast on Twitch or small waterway (6)
16. Chicken portion (6)
18. Relating to education and scholarship (8)
22. Without concealment; deception,
or prevarication (6)
23. Kind of bird used as a messenger
in WWII (6)
24. Not avoid; Bear, withstand (6
© Spencer Mkoki
Down
1. A type of medical image (4)
2. Apartment with one main room (6)
3. Show a connection between (6)
4. Consumer (4)
5. Emotion caused by the threat of
danger (4)
6. Relax (4)
9. Easy to understand (5)
10. Large area of trees and undergrowth (6)
11. Unusual and interesting; usually because it comes from a distant country
(6)
13. An armless reptile (5)
16. Turn into (6)
17. To go beyond the quantity, amount or rate (6)
18. As soon as possible (4)
19. Challenge to do something foolhardy (4)
20. Night sky feature (4)
21. Use a keyboard (4
SOLUTIONS
Zimbabwe independent XTRA FEBRUARY 9 to 15, 2024
FOOD & TRAVEL
Ruwarashe
Muzamhindo
chef
THE culinary world is a vibrant tapestry of
flavours, techniques, and stories, and for
me, it has been a journey of self-discovery,
creativity, and entrepreneurial pursuit.
As a chef and culinary enthusiast, I have
come to realise that the path of gourmet
cuisine, fine dining, and the development
of unique indigenous recipes has not only
enriched my life but has also presented me
with opportunities for personal and professional growth.
In this article, I will take you through my
personal culinary odyssey, shedding light
on the transformative power of food, the
lucrative potential of the industry, and the
idea that each one of us has the potential to
be a chef with our own complex and unique
recipes.
FOOD & TRAVEL
Culinary Canvas: Exploring art,
business of gourmet cuisine (I)
the West, or infusing classic recipes with
modern twists, I have been able to produce
a symphony of tastes that resonate with a
broad spectrum of palates.
The pursuit of excellence
While the culinary world has been a source
of personal fulfilment for me, it has also instilled in me a sense of responsibility to nurture the next generation of culinary talent.
I have had the privilege of mentoring aspiring chefs and enthusiasts, guiding them
through the nuances of gourmet cuisine, the
art of plating, and the alchemy of flavours.
Witnessing their growth and witnessing
their passion for the culinary arts has been
immensely rewarding, and it reaffirms my
belief in the transformative power of food
as a medium for personal and professional
development.
The impact on my life
Culinary artistry has been more than just a
profession for me — it has become a way of
life. The meticulousness of fine dining, the
pursuit of perfection in gourmet cooking,
and the exploration of indigenous flavours
have all shaped my worldview and ignited
a passion within me. Through my culinary
journey, I have learned the importance of
patience, attention to detail, and the ability
to adapt to diverse cultural influences.
The kitchen has become my creative
sanctuary, where I am free to experiment,
innovate, and express myself through the
medium of food.
A symphony of flavours
Gourmet cuisine and fine dining represent
the pinnacle of culinary excellence, where
artistry meets gastronomy. The experience
of crafting and presenting intricate, multicomponent dishes has taught me the value
of precision, balance, and the harmonisation of diverse ingredients.
Each plate I prepare is a canvas on which
I strive to evoke an emotional and sensory
response from diners. The process of curating tasting menus, pairing wines, and creating visually stunning presentations has
honed my skills as a chef and has allowed
me to push the boundaries of my creativity.
Indigenous recipes
One of the most rewarding aspects of my
culinary journey has been the exploration
and development of indigenous recipes.
Drawing inspiration from the rich tapestry
of my cultural heritage, I have delved into
traditional cooking methods, obscure ingredients and time-honoured recipes that have
been passed down through generations.
By infusing modern techniques and flavour profiles, I have been able to breathe
new life into these culinary treasures, pre-
X3
Conclusion
The process of curating tasting menus, pairing wines and creating visually stunning presentations
makes it the pinacle of culinary experience.
serving their authenticity, while presenting
them in innovative and unexpected ways.
This exploration has not only enriched
my culinary repertoire but has also allowed
me to share a part of my heritage with a
wider audience.
The business of food
While the culinary field is undeniably a
realm of passion and creativity, it is also a
thriving industry with substantial economic
potential.
As a chef and entrepreneur, I have come
to understand the nuances of menu engineering, cost control, and the art of creating
culinary experiences that are not only extraordinary but also financially viable.
From pop-up dining events to bespoke
catering services, the opportunities to
monetise culinary expertise are diverse and
expansive. The demand for unique dining
experiences, coupled with the rise of food
tourism, has created a fertile ground for culinary entrepreneurs to thrive.
The chef in everyone
One of the most beautiful aspects of food
is its universality—it transcends cultural,
linguistic, and geographical boundaries. I
firmly believe that within each of us lies the
potential to be a chef, with the ability to cre-
ate complex and unique recipes that reflect
our individual tastes and experiences.
Whether it is a fusion of flavours from
different corners of the world or a reinvention of a cherished family recipe, the act of
cooking allows us to become storytellers,
weaving narratives through the dishes we
create. In today's age of information and
connectivity, the resources for honing culinary skills and experimenting with unique
recipes are boundless.
From online cooking tutorials and virtual
culinary workshops to an array of exotic
ingredients available at our fingertips, the
barriers to entry into the world of gourmet
cuisine have never been lower. Embracing
our inner chef not only allows us to express
our creativity but also fosters a deeper appreciation for the cultural tapestry of global
cuisine.
The art of fusion
As someone deeply passionate about both
traditional and contemporary culinary expressions, I have found immense joy in the
art of fusion cooking. The amalgamation of
diverse culinary traditions, ingredients, and
techniques has led to the creation of dishes
that are both innovative and deeply rooted
in cultural heritage.
By marrying the flavours of the East and
In conclusion, my journey in the culinary
field has been nothing short of transformative. From the precision of fine dining to the
soul-stirring exploration of indigenous recipes, each facet of this world has left an indelible mark on my life.
The fusion of artistry, entrepreneurship, and cultural exploration has not only
broadened my horizons but has also presented me with boundless opportunities for
growth and self-expression.
As I reflect on my experiences, I am reminded that the culinary world is a realm
that welcomes all who are willing to embrace it with passion, dedication, and a
spirit of innovation. Whether you aspire to
craft elaborate tasting menus, explore the
nuances of indigenous ingredients, or simply experiment with unique recipes in your
home kitchen, the world of gourmet cuisine
beckons with open arms. I encourage each
one of you to embark on your own culinary
odyssey, for within each of us lies the potential to be a chef, an artist, and a storyteller through the language of food.
Next week I will share easy, unique and
delicious recipes that you might enjoy trying out.
“Chef Ruwa” Muzamhindo has nine years’ experience in a professional kitchen and has enjoyed
the concept of food since the tender age of two.
She studied at the South African Chefs Academy
in Cape Town and the Culinary Arts Academy in
Zimbabwe to become a level three advanced
chef. Her specialties range from indigenous ingredients to fine dining, gourmet food, food
health and safety and food research and development.
I t ’ s a w e i r d wo r l d
„„fisherman REELS GIANT shark
A shark fishing expert landed a monster
on a Florida beach Wednesday when he
singlehandedly reeled in a 1 200-pound
(544kg), 12-foot (3,65m) great white shark.
Blaine Kenny, who owns Coastal Worldwide, a shark fishing outfitter and fishing
tour group in Pensacola, and his business
partner, Dylan Wier, set themselves up on
Tuesday night at on Navarre Beach, about
25 miles east of Pensacola, aiming to catch
the “biggest sharks possible,” they said on
their YouTube channel.
The duo set out on their mission by “using the biggest bait possible” — a head of
a 150-pound swordfish head and a head of
an 80-pound yellowfin tuna head, The Miami Herald reported.
At 8 a.m. the following morning, there
was a tug on Kenny’s line, and he started to
reel in the fish.
“He just jumped!”‘ Kenny says in the
video.
The entire process took an hour, since
Kenny would draw in the fish and it would
pull back out into the water. “He’s not letting me take anything,” he explains in the
clip, which is close to 25 minutes long.
“We might have to end up chasing him at
some point.”
Weir, who served as Kenny’s spotter,
made predictions on what the sea creature
The impressive feat was captured on video, which was posted on YouTube.
could be.
“It’s a big, big wintertime shark,” he
says.
“There’s only a few things it can be, a
mako, a giant tiger, a white shark or the
biggest dusky we’ve ever seen in our lives,”
Weir chatters. “We’re just going to play it
out, not jump to assumptions, and really
does it matter what’s on the other end of
that line right now? We have one task at
hand and the task is Blaine has to stay
locked in. I have to stay locked in.”
With the help of a drone, Wier searched
overhead to determine what was on Kenny’s line.
“Look at that, that’s a white shark!” Wier
says.
“Oh my gosh, bro,” Kenny replies, and
continues to try to bring the shark to shore.
“You did, dude,” Weir continues. “Yeah,
that’s a monster, dude, that’s not just any
white shark.”
At one point toward the end of the ordeal, Kenny thought the shark had slipped
off the line. “That was terrifying,” he said.
“I was gonna be heartbroken.”
He eventually pulled the massive animal
onto the shore, but because it was a great
white, Weir said it had to get it in and out
of the water as fast as possible. Once Kenny
removed the hook from the shark, the animal was released back into the water.
“I’ve said it so many times before,” he
gushed. “But truly, truly words cannot describe the feeling of this fish right here.” —
New York Post.
X4
ZIMBABWE INDEPENDENT XTRA FEBRUARY 9 TO 15, 2024
HEALTH PAGE
OEDEMA is an abnormal accumulation of fluid in the tissues of
the body leading to swelling that
can create pain. It can affect any
part of the body but most commonly affects the feet, ankles,
legs, hands and arms.
Oedema can be a sign of a serious condition. Although it is
most often confined to a small
area, it can affect the entire body.
Pregnant women and older
adults are more susceptible to
oedema than others but it can
happen to anyone.
Unknown underlying medical
conditions may cause oedema
swelling will not appear in the
legs but in the area around the
sacrum, a bony structure at the
base of the lumbar vertebrae that
is connected to the pelvis.
The skin over the swollen area
appears tight and shiny. When
pressure is applied to the area
with a finger, an indentation
appears. This is called pitting
oedema.
In the case of pulmonary oedema, there is often no evidence
of fluid retention or noticeable
swelling on examination. This is
because the fluid is backing up
into the lungs.
Signs and symptoms of pulmonary oedema include shortness of breath, difficulty breathing when lying flat, waking up
breathless and requiring multiple
pillows to raise the head at night
for a comfortable sleep.
Causes
Medications,
infections
and
various medical conditions can
cause oedema, in addition to
pregnancy.
The balance and regulation
of fluid in the body is complex.
Oedema occurs when tiny blood
vessels in the body called capillaries leak fluid into the surrounding tissues. This excess
fluid causes the tissues to swell.
If the heart is weak and cannot
pump blood efficiently, blood
collects in particular areas of the
body, which will cause fluid to
leak from the blood vessels into
the surrounding tissues.
If the right side of the heart is
weak, pressure will build in the
peripheral tissues in the body
such as the hands, ankles, feet
and legs.
This is referred to as peripheral
oedema.
If the left side of the heart is
weak, pressure will build in the
lungs, causing what is called
pulmonary oedema. Idiopathic
oedema is the accumulation of
fluid in surrounding tissues with
Treatment
no identifiable cause.
Oedema during pregnancy
may occur because pregnant
women have a greater volume of
fluid circulating in the body and
because they retain more fluid. Women can also experience
postpartum oedema.
Oedema may be caused by a
variety of medications, such as
steroids, calcium channel blockers, non-steroidal anti-inflammatory drugs and oestrogen.
Liver disease and kidney dis-
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ease can both cause oedema.
Both of them are vital for maintaining fluid balance in the body.
If severe disease is present in either of them, oedema can develop. Common examples include
cirrhosis of the liver, chronic
kidney disease and acute kidney
failure. Another cause of oedema
is venous insufficiency. This is
a common condition in which
blood does not return to the heart
efficiently from the peripheral
areas of the body such as the ankles, legs, feet and hands.
This typically results in oedema in both legs.
Types
The most common types of oedema are pulmonary oedema and
lymphedema. Pulmonary oedema is fluid in the lungs, usually
due to heart disease.
Lymphedema is a build-up of
lymph fluid when lymph channels are damaged, for example
after breast cancer surgery.
The lymphatic system drains
fluid from distant parts of the
body, such as your feet or hands.
If the system is damaged then
the drainage is less effective and
oedema develops in the part of
the body affected by the damage.
There is no known cause for
idiopathic oedema but it mostly
affects pre-menopausal women.
Localised oedema is fluid retention in a particular part of the
body. It is usually due to injury or
an allergic reaction.
Generalised oedema affects
the whole body. It usually causes
puffy ankles after standing and
puffy eyes after lying down for a
while. This may be due to an underlying heart condition.
Cerebral oedema is fluid in the
brain tissues, usually due to infections, such as meningitis or a
condition affecting the brain itself such as effects of a stroke or
brain tumour.
Signs and symptoms
For further details, please contact Production desk on
773930-8 during office hours
Symptoms depend on the cause
of oedema. In peripheral oedema, signs and symptoms include
swelling of the affected areas,
which causes the surrounding
skin to tighten.
The swelling from peripheral
oedema is gravity-dependent.
It increases or decreases with
changes in your body position. If
you are lying on your back, the
Treatment for oedema requires
treatment of the underlying condition that is responsible for it.
If oedema is the result of health
problems, such as congestive
heart failure, liver disease or
kidney disease, the swelling can
only be managed.
Temporary oedema can often be improved by reducing the
amount of salt in your diet. Your
doctor may prescribe a diuretic
to help flush extra fluid out of
the body by increasing the rate of
urine production.
However, diuretics do not
work when oedema is the result
of medication.
Mild oedema usually goes
away on its own, especially if
you help your body eliminate the
fluid by raising the affected limb
higher than the heart.
Elevating the swollen body
part above the level of the heart
several times a day helps improve circulation. In some cases,
elevating the affected body part
while you sleep may be helpful.
Moving and using the muscles
in the affected body part, especially the legs, may help pump
the excess fluid back toward the
heart.
Prevention
Depending on the cause, oedema
may not be preventable. However, a healthy balanced diet and
plenty of exercise can reduce the
likelihood of non-communicable diseases that may give rise to
oedema.
Some self-care techniques can
help reduce the risk of oedema.
These include avoiding tobacco
and alcohol consumption, maintaining a heathy weight and eating healthy foods. Stay away from
packaged and processed foods
with a high salt content.
Keep moving as much as possible. Avoid sitting or standing
for long periods without moving
around. Get up and walk around
when traveling, especially during
long flights.
The information in this article is
provided as a public service by the
Cimas iGo Wellness programme,
which is designed to promote good
health. It is provided for general information only and should not be
construed as medical advice. Readers should consult their doctor or
clinic on any matter related to their
health or the treatment of any health
problem. — igo@cimas.co.zw or
WhatsApp 0772 161 829 or phone
024-2773 0663.
BusinessDigest
Zimbabwe
INDEPENDENT
February 9 to 15, 2024
World
Markets
African Markets
Name
JSE ASI
NGSE
NSE ASI
EGX 30
Price (US$)
74,066.44
100,667.38
91.89
28,142.53
% Change
-0.33
-1.41
-0.68
+0.85
www.theindependent.co.zw
FTSE/JSE Indices
Name
S&P 100
S&P 500
Nasdaq
DJIA
Price (US$)
3,452.90
4,995.06
17,755.07
38,677.36
Date
Turnover
Volume
Feb 2-8
US$529 505,05
2 999 392
Other indices
Name
Price (US$)
FTSE All World (Exc US) 116.4600
Russell 1000
2,736.05
Russell 2000
1,950.36
% Change
+0.78
+0.82
+1.04
+0.41
No. of Trades
Market Cap.
259
Tongaat consortium mulls
massive power project
% Change
+0.16
+0.83
-0.17
US$1,19bn
ZSE bulls
camp at
Delta Corp
BELINDA CHIROODZA
Upgrading ... Tongaat Hulett is looking at diversifying and going into power generation.
TAFADZWA MHLANGA
NEW investors in South African agro-industrial giant, Tongaat Hulett Limited, have
unveiled an expansive strategy to inject
millions of dollars into power generation
and ethanol production in Zimbabwe, signalling a significant diversification move
for the company.
The announcement comes following the
recent approval of the firm’s business rescuer plan (BRP) by creditors, marking a
crucial step in Tongaat Hulett’s journey to
stability.
The agro-industrial firm, deeply entrenched in sugarcane farming and milling across regional markets, including
Zimbabwe, stands possibly as the country's second-largest employer after the
government.
In an interview with businessdigest, Rob
Bessinger, representing Vision Group, the
consortium executing the BRP, emphasised
the importance of bringing stability to Tongaat, a move deemed critical to preserving
up to 15 000 jobs in the country.
As part of the BRP, Vision is set to acquire
claims against Tongaat valued at ZAR8 billion (approximately US$419,92 million),
with ZAR4,1 billion (US$215,21 million)
converting into equity.
Bessinger highlighted the consortium’s
determination to contribute to addressing
Zimbabwe’s foreign currency crisis, a factor exacerbating the country’s longstanding
economic challenges.
“We are also looking at diversifying and
going into power generation,” Bessinger affirmed. “As we all know, power generation
is key as we go on the journey we are going in Africa. This is probably the best way
to put it as the push towards power generation is part of a broader and phased plan
to upgrade the mills and diversify revenue
streams.”
He outlined a phased plan to upgrade
mills and diversify revenue streams, focusing on enhancing boiler systems to provide
additional steam and bagasse — the fibrous
material leftover from crushing sugarcane.
The excess steam and bagasse will serve
as feedstock for high-efficiency co-generation, a key element in the consortium’s
strategy.
Bessinger emphasised the urgency to stabilise the business both operationally and
financially, while concurrently upgrading
boiler systems to high-pressure for improved efficiency.
“Vision’s most immediate concern is to
stabilise the business, both operationally
and financially,” Bessinger said.
“In parallel, we plan to start a process of
upgrading boiler systems so that they provide additional steam as well as bagasse.
This excess steam and bagasse will then
serve as the feedstock for high-efficiency
co-generation.”
He said collaborating with Pakistan’s
Almoiz Group, known for its expertise in
energy projects, Tongaat aimed to leverage their experience in high-efficiency cogeneration systems for capacity-building in
power exports.
Almoiz’s involvement is expected to
play a pivotal role in enhancing Tongaat’s
mills and driving the power generation
programme.
“Almoiz operates three high-efficiency
co-generation systems and their experience
in building and operating such co-generation plants will be invaluable in building
capacity for power exports,” Bessinger said.
“We plan to significantly improve the efficiency of Tongaat’s mills by upgrading the
boiler systems to high-pressure. This is an
area where a Vision member, Almoiz, has
extensive experience.”
The strategic partnership aims to replicate
the efficiency demonstrated by Almoiz’s
operations, setting the stage for Tongaat’s
two-year plan to stabilise, restructure and
embark on a diversified trajectory.
Tongaat’s ambitious investment plan
underscores its commitment to sustainable growth, positioning the firm to play a
pivotal role in Zimbabwe’s economic landscape while contributing to the broader African journey toward power generation and
diversified revenue streams.
“It does not happen overnight, but we
have to spend time on the plan for the next
two years to stabilise and restructure to
better efficiencies and once we do that then
we start to diversify,” Bessinger said.
BEVERAGE maker, Delta Corporation Limited,
has been attracting more than half of the investors participating on the Zimbabwe Stock
Exchange (ZSE), leading to its market capitalisation soaring by 37% to US$1,03 billion.
Delta’s capitalisation was US$755,18 million
at the end of 2023.
Since the start of the year, equity trades
have been overwhelming, dominated by trading in Delta as investors have sought a stable
counter to hedge against the depreciating local
currency. The gain represents a US$278,71 million rise in Delta’s valuation, making it the most
valuable counter on the ZSE.
The local currency has depreciated by over
70% against the greenback since the beginning
of the year.
“Since the beginning of the year, approximately US$15 million worth of shares were
traded on VFEX (Victoria Falls Stock Exchange)
and ZSE equities,” local market researchers
ZSE Technician said, in its latest newsletter for
the week ending February 4, 2024.
“Delta dominates the market with more
than a third and total dominance of the big four
is 79. Delta broke out of the historical average of
US$0,53 in week five (of the new year). There is
a resistance from the 2023 high of US$0,70 and
Delta closed the week at US$0,69. For short
trades, this was a perfect exit point and for the
long-term, be prepared for a major pull back.”
ZSE Technician said if it broke the US$0,70
mark, the next stop would might be US$0,94.
In last week’s performance, the research
firm noted that 53% of all volumes on the ZSE
was allocated to Delta, a signal that many institutional investors are targeting the counter.
“Econet attracted 22% and FBC 4%. FBC is
not a highly active stock and has (had) about
three high volume trades in 2024,” ZSE Technician said.
On the VFEX, fast food firm Simbisa Brands
recorded the highest percentage of volumes
traded at 49%, Innscor Africa (40%) and Axia
Corporation (6%).
Padenga Holdings and First Capital Bank had
the least percentages of volume concentration.
“Generally, the whole ZSE is overbought and
since three counters determine the direction of
the index, Econet can reduce a bearish force
that can be caused by current key levels,” the
research firm noted.
The three counters, apart from Delta, include
Econet Wireless Zimbabwe and FBC Holdings.
The research firm said the major economic
indicator affecting the ZSE now was the exchange rate.
“The ZSE index is running away from a flat
parallel market exchange rate resulting in 89%
USD (United States dollar) value gains in 2024.
A flat PMR (parallel market rate) indicates that
the economy is expecting a jump in exchange
rate as the RBZ (Reserve Bank of Zimbabwe) is
trying to close the premium of the black market,” ZSE Technician said.
It added that changes in the official rate were
now higher than those in the parallel market.
This can be seen in the fact that while the
local currency depreciated by over 70%,
year-to-date, on the official forex market, on
the parallel alternative, the depreciation was
33,6%.
“We also need to monitor parallel market
premium since it directly affects the ZSE index.”
2
Zimbabwe independent BUSINESS DIGEST FEBRuary 9 to 15, 2024
LOCAL BUSINESS
Ordinary citizens under
siege from new taxes
TAFADZWA MHLANGA
THE Consumer Council of Zimbabwe
(CCZ) has sounded the alarm over the
adverse impact of a new tax regime implemented last month, which has led to
significant price hikes across various sectors, further burdening ordinary citizens
already grappling with the country's prolonged economic instability.
Finance minister Mthuli Ncube, during the presentation of the 2024 National
Budget in November, introduced several
taxes, including a wealth tax and a sugar
levy.
However, the subsequent increase in
passport prices, toll fees, motor vehicle
registration fees, and fuel importation
levies, coupled with recent additions like
a 15% tax on spectacle frames and lenses, has worsened the financial strain on
consumers.
In an interview with businessdigest, CCZ's
corporate affairs director, Phillmon Chereni, highlighted the impact on low-income urban earners.
Notable spikes were observed in prices
of essential products like cabbage, salt,
tomatoes, onions, and cooking oil.
“As measured by the council’s (CCZ),
low-income urban earners’ monthly
basket of six increased by 22,66% from
ZW$2 958 460,7 (US$490 as at November
1) in November 2023 to ZW$3 628 944,20
(US$590 as at December 1) in December
2023,” Chereni said.
“Among the top shakers and movers in
the basket were cabbage, salt, tomatoes,
onions, and cooking oil, which rose by
97,7%, 63,7%, 56,4%, 50,6% and 44,8%,
respectively.
“This is partly attributed to the high demand for these products during the festive season. In contrast, water and rates,
washing powder, transport, and education recorded the least movement.
“Commodity prices increased sharply
due to the steep depreciation of the local
currency after the relaxation of the managed exchange rate by the central bank
last month,” he added, noting that local
authorities and some government agencies had also hiked prices.
The Zimbabwe dollar has depreciated
by over 70% to ZW$10 927,52 on the official foreign exchange market against the
US dollar since January, exacerbating the
economic challenges faced by citizens.
The Famine Early Warning Systems
Network (FEWS NET) reported a 45% increase in the cost of living in Zimbabwe
dollars in the last month alone.
Compared to January 2023, the cost of
BUY Zimbabwe, a campaign outfit that advocates for the consumption of domestic
products, said this week the government's
recent move to reintroduce import taxes
on some basic commodities was a positive
step that will improve the competitiveness
of Zimbabwean goods.
This comes at a time when retailers have
been crying over losing business to informal traders.
The move was meant to encourage customers to select locally produced goods,
supporting employment growth and the
national economy.
A charge levied on imported items is
known as an import duty. It is typically
expressed as a percentage of the value of
Vodacom refuses to give up
SOUTH African tech entrepreneur Nkosana Makate, creator of ‘Please Call Me’
idea, is set to face-off again with the telecom giant Vodacom despite his victory
at the Supreme Court of Appeal of South
Africa (SCA) yesterday. Makate was seeking a review of the US$2,5 million (ZAR47
million) compensation offered by the
company. Yesterday, the SCA determined
that Makate is entitled to receive between
5% to 7,5% of the total money generated
from the idea, plus interest. That revenue is generated over an 18-year period,
from 2001 to 2019. The court rejected Vodacom's appeal against an earlier High
Court decision that concluded the telco
had not compensated Makate adequately.
The Please Call Me concept is that a user
without airtime can send a text message
to another subscriber, who then calls
them back. — ITWEB Africa.
NSE gets CMA nod
living has surged by about 595%, primarily driven by the devaluation of the local
currency.
FEWS NET noted that the new taxes
were driving up US dollar prices in Zimbabwe, affecting household purchasing
power, particularly for those earning in
Zimbabwe dollars.
“The devaluation of the Zimbabwe dollar and rapid increase in the cost of living
is expected to particularly impact households earning in Zimbabwe dollars, with
the rise in USD prices also negatively impacting household purchasing power as
the lean season peak,” FEWS NET said.
The sugar levy, criticised by the Confederation of Zimbabwe Industries (CZI)
in a December submission to the government, was deemed excessively high and
a potential obstacle to affordability for
consumers.
CZI warned that the proposed US$0,02
per gram tax on sugar in beverages, excluding water, could render beverages
unaffordable.
The sector, consuming about 7 000 metric tonnes of sugar per month, would face
a staggering tax burden, with implications
on the cost of living for citizens.
The proposed levy could lead to a
monthly tax payment of approximately
US$140 million for the beverage sector,
totalling US$1,6 billion annually.
“This proposed levy is extremely high,
and will see beverages being not affordable to consumers,” CZI said in its paper.
“The beverages sector in Zimbabwe
uses about 7 000 metric tonnes of sugar
per month. The minister proposed to introduce a levy of US$0,02 per gramme of
sugar contained in beverages, excluding
water.
“This proposed levy is extremely high,
and will see beverages not being affordable to consumers. To put things into context, the beverages sector in Zimbabwe
uses about 7 000 metric tonnes of sugar
per month.
“When charging the US$0,02 per
gramme tax, it implies that a kg of sugar
pays a tax of US$2, and a metric tonne
of sugar will pay a tax of US$20 000, at a
time when a metric tonne of sugar only
cost US$900. This means that for the 7
000 metric tonnes of sugar consumed per
month by the beverage sector, they have
to pay a monthly tax of approximately
US$140 million amounting to US$1,6 billion per annum,” the report notes.
As Zimbabweans grapple with rising
prices and economic challenges, the impact of the new tax measures reverberates
through households, prompting concerns
about the affordability of essential goods
and services for ordinary citizens.
See full interview on Page 6.
•
Return of duty lifts burden
on companies — Buy Zim
JULIA NDLELA
Briefs
imported goods, as well shipping costs. It
can help local producers withstand foreign competition.
Alois Burutsa, general manager at Buy
Zimbabwe, said local businesses' sales
and profitability had decreased as due to
lack of competitive pricing for local items.
“Buy Zimbabwe welcomes government's recent decision to reinstate import
duties on basic commodities as a progressive development that will contribute to a
fairer competitive landscape for domestically produced goods,” he said.
“We would like to highlight the potential of this move to incentivise consumers
towards choosing locally-made products,
thereby, bolstering the domestic economy
and fostering job growth.
“The development will help increase
capacity utilisation and deepen economies of scale, translating to lower prices
on the domestic market,” Burutsa added.
The informal sector sells cheaper goods
as they incur less costs compared to big
retailers, but they do not pay taxes to
government.
“The reintroduction of import duties serves not only to stimulate the local
economy but also levels the playing field
for domestic products in comparison to
their foreign counterparts,” Burutsa said.
“We need to acknowledge that numerous foreign products that were finding
their way duty free into our wholesale and
retail outlets benefit from rebates or subsidies in their home countries, providing
them with an unfair advantage over locally manufactured goods.”
The NSE (Nairobi Securities Exchange)
is set to operate a hybrid fixed-income
market following the approval of amendments to its Fixed Income Trading Rules
by the Capital Markets Authority. The approval will now enable the NSE to offer
a secondary market that combines both
onscreen and Over-the-Counter (OTC)
trading of fixed-income securities. This
new development is expected to move
competition in the bonds market a notch
higher after CMA recently approved the
East African Bond Exchange (EABX) to
run an Over-the-Counter (OTC) trading platform. An OTC market is an infrastructure that allows traders to interact
without having to go through a formal
securities exchange. “The decision to operationalize a hybrid fixed-income market, marks a decisive strategic leap in our
efforts to broaden and enhance the efficiency and appeal of Kenya’s bond market to investors.” Geoffrey Odundo, Chief
Executive Officer of the NSE said. — Kenyan Wall Street.
Nigeria seeks WB support
Anna Bjerde, the World Bank managing
director of operations, has met with federal government authorities for talks on
what she called “ambitious” plan of government to steer the economy towards recovery and what more support that Bretton Woods Institution can avail the Africa
largest economy. BusinessDay understands
that ongoing talks are focused on macroeconomic reforms as well as Nigeria’s social
safety net programmes, which the bank is
hugely supporting especially at this time.
Bjerde who is visiting Nigeria for the first
time said she is also in the country to assess the ongoing projects and Programme
of the World Bank in order to decide on
areas of further support for the country
currently undergoing economic stress.
— BusinessDay.
SPEAKING
during a news conference in
Blantyre this week to give an update on
the project,
Escom
senior projects manMTN
on tower
renovation
ager Alexander Kaitane said the realisation ofZambia
the project
translateainto
imMTN
has will
announced
plan
to
proved access
to electricity
supply
in serthe
upgrade
50 network
towers
to 4G
country
50 megawatts
(MW).
He said:
vice
thisby
year.
The upgrade
of these
towers from 2G and 3G coincides with the
government's attempts to phase out
such infrastructure. In addition, officials said that MTN has built 110 towers
in rural areas during the last two years.
Among them, 18 have been upgraded to
3G. "MTN is committed towards universal
access and rural coverage," Abbad Reda,
MTN Zambia chief executive officer, said.
Redda was speaking at Mushindamo, a
northern district in Zambia. The mobile
provider commissioned a 4G network
tower, which it anticipated would increase communication. The event's guest
of honour was Felix Mutati, minister of
science
'XXX and technology. He praised MTN
for supporting the government's proposal to phase out towers with networks
inferior than 4G. "The private sector must
work together in order to increase connectivity to the Zambian people," he
went on to say. — ITWEB Africa.
ZIMBABWE INDEPENDENT BUSINESS DIGEST FEBRUARY 9 TO 15, 2024
LOCAL BUSINESS
BLESSED NDLOVU
IN the wake of a catastrophic fire that engulfed Paramount Garment Works' Harare factory in December, the leading clothing company is grappling with prolonged
delays in receiving insurance compensation, further jeopardising its prospects for
a swift return to full-scale operations.
The fires, which raged for about two
weeks, inflicted extensive damage estimated at around US$30 million on the
factory.
Paramount Garment Works, a stalwart
in the country's clothing manufacturing
sector with approximately 2 500 employees, faced not only the physical devastation caused by the fires but also logistical
challenges during the firefighting efforts.
Insufficient water supply for fire tenders prolonged the extinguishing process,
forcing the apparel firm to purchase water
to support Harare City Council firefighters.
As the flames were finally subdued,
Paramount revealed the staggering estimate of the damages, underscoring the
urgency for insurance compensation.
Despite being fully insured, the company is now confronted with a precarious
situation as insurers have yet to disburse
compensation.
“Our challenge now is the threat of
being driven under by insufficient cash
flows for replacement of the lost stock,
the rebuilding of warehouses and working
capital as we build up production,” Paramount group finance director Jeremy
Youmans said this week.
“Service providers, such as the reinsurance companies and bankers have
been slow to respond or have responded
but are unable to react sufficiently due
to constraining bureaucracy and ways of
working. We were fully insured, we were
paid up, and now we need that service
provider to deliver,” he noted, as the firm
returned to start the new year with part of
its Harare factory idle. While Paramount
follows due process to access compensation, Youmans emphasised the difficulties
the company was facing due to the protracted timeline.
“The conservative workings so far put
the total claim at over US$30 million. The
fire kept reigniting and the water supply kept failing to enable it to be extinguished,” he said.
“We are fully insured so we expect to get
paid out as per our policy. From there we
will trade. The replacement of the building is estimated at around US$15 million.”
But Zimbabwe’s insurers are also going
through a tough situation with revenues
hammered by a slowdown in insurance
uptake.
Businessdigest made several efforts to
reach out to the firm’s insurer – one of
the leading brands in Zimbabwe - to find
out why they had delayed disbursing
compensation.
But at the time of going to press, the insurer had not responded.
The rebuilding journey is pivotal for
Paramount, not only to secure its position
in domestic markets but also to meet consumer demand in foreign markets.
The clothing and textile sector, already
contending with fierce competition, faces
additional challenges from an influx of
cheap imports, which significantly undercuts domestic prices.
Youmans pointed out the cutthroat
competition in the clothing sector, compounded by the infiltration of low-quality
and second-hand products.
The impact of second-hand clothing,
often sold below the cost of raw materials,
poses a threat to the sector's stability.
The struggle to reorganise production
processes and establish temporary warehousing is exacerbated by the ongoing
challenges in the sector.
Many of the country’s long established sector brands have folded due to
the competition, which revolves around
the smuggling of mostly second hand
products.
“Second hand clothing is a problem as
it is sold for less than its raw materials,”
Youmans said.
“Low quality imports are only a threat if
consumers want cheap garments no matter how low quality.
“Reorganising the production processes
and temporary warehousing has been a
lot of work. It will get better with every
day though,” he added.
Fire-damaged clothing giant
bleeds as insurers delay payouts
(Edgars Stores Limited, incorporated in Zimbabwe in 1948 under Company Registration Number 379/1948)
C AU T I O N A RY S TAT E M E NT
The Directors of Edgars Stores Limited (the “Company”) wish to advise all shareholders and
the investing public that the Board, subject to shareholder approval and the granting of all
necessary regulatory authorisations, has approved the delisting of the Company from the
Zimbabwe Stock Exchange, immediately followed by its listing on the Victoria Falls Stock
Exchange (the “Transaction”).
Further details of the Transaction will be provided to Shareholders once all regulatory
processes have been finalised.
Shareholders are therefore advised to exercise caution and consult their professional advisers
when trading in the Company’s shares.
By order of the Board,
Chipo Mafunga
Company Secretary
7 February 2024
HEAD OFFICE
Edgars Stores Limited, 15th Floor, ZB Life Towers,
77 Jason Moyo Avenue, Harare, Zimbabwe.
Financial Advisor
Sponsoring Broker
Directors:
T N Sibanda (Chairman), S Mushosho (CEO)*, C Claassen, M Hosack, C F Dube, P Mnyama*,
C Mutevhe*, M Robb. * Executive
3
4 ZIMBABWE INDEPENDENT BUSINESS DIGEST
FEBRUARY 9 TO 15, 2024
Zimbabwe independent BUSINESS DIGEST february 9 to 15, 2024
5
column
Piggy’s Trading
& Investing Tips
Batanai Matsika
A LOOK at Africa’s insurance sector reveals
that limited disposable income amongst the
majority is a major cause of low life insurance uptake. Insurance penetration levels in
Zimbabwe of around 4,1% remain low when
compared to the developed world. Except
for South Africa, insurance markets in Africa are very small. Among the largest life
markets in Africa, Ghana, Kenya and Morocco have enjoyed very strong insurance
premium growth over the past few years.
It can thus be argued that the low penetration levels present a significant opportunity
for insurance companies. New product developments in life insurance coupled with a
growing middle class, may in the long-term
help increase insurance penetration levels.
Importance of life insurance sector
It is a fact that Sub-Saharan Africa (SSA)
needs private finance for economic development. International finance is available
but is costly and creates vulnerability to financial instability. Domestic savings offer a
cheaper and more stable source of funds.
However, this requires savings levels to be
increased, and savings to be retained within
host economies. Life insurance is, therefore,
an important part of the financing agenda.
This is because as economies deepen, life
insurance penetration increases, raising
savings levels by providing contractual savings for households.
Life insurance has the
potential to both mobilise domestic savings
and investment and
to create employment
and enhance household
welfare
Life insurance also helps to stabilise
household welfare and complements public
welfare provision.
Policy approaches
It is of paramount importance to put in place
policies that assist in accelerating the development of life insurance markets.
Those countries with active policy have
seen markets develop at a faster pace than
would be expected relative to their gross domestic product (GDP).
The most important area for active policy
is to promote a liberalised, well-regulated
private sector that includes large scale firms.
Such large-scale firms are most commonly those with regional or global businesses.
They include domestic businesses that are
active in expanding regionally and foreign
participants. Specific benefits of large-scale
firms include the following;
Contributing to scale and stability in the
sector
Stability in life insurance markets requires large-scale firms. These have deep
capital bases and diversification benefits
derived from risk pooling.
Accelerating the building of distribution
networks
Large-scale firms bring experience in
building and managing agency networks
and joint ventures with local firms. They
disseminate appropriate standards of customer protection and service. This accelerates life insurance market development
through rapid expansion of high-quality
distribution networks.
•
•
•
•
Driving knowledge
Large-scale firms introduce global ‘best
practice’ in terms of risk management, accounting, actuarial work, legal, compliance
and corporate governance.
They also bring best practice in relation to
supervision and customer relations.
How life insurance can
transform an economy
This enables knowledge and technology transfer including to national employees
and regulatory bodies. Life insurance has the
potential to both mobilise domestic savings
and investment and to create employment
and enhance household welfare, thereby
helping to drive economic growth and development at a crucial time in Sub-Saharan
Africa.
Supervisors such as the Insurance and
Pensions Commission of Zimbabwe (Ipec)
can also take a leading role through advocacy as well as financial awareness campaigns on life insurance. Ipec has in the past
conducted financial literacy programmes on
insurance and pensions with a view to enhancing consumer confidence, insurance
penetration and the pension coverage ratio.
The financial awareness initiatives include training of journalists on insurance
and pensions to enhance coverage about the
industry, issuance of bi-annual consumer
education newsletters, trustees training
workshops, road shows, television and radio interviews, news, publishing of various
newspaper articles, brochures, digital and
social media.
In conclusion, there is an urgent need
to encourage long term investments even
within a weak economy. Government, regulators, pension funds and related institutions need to encourage and support investing at all levels of the economy. There is also
a need to create new assets and investment
vehicles while also driving the financial inclusion agenda.
Investing and saving is also critical for a
developing economy like Zimbabwe given
that it promotes capital formation, creates
employment opportunities and controls excess liquidity. It is against such a background
that there is a need to create effective mechanisms for long term investments.
For more insights, join a PiggyBankAdvisor WhatsApp Group (+263 78 358 4745).
Matsika is the managing partner at Mark and
Associates Consulting Group and founder of piggybankadvisor.com. — +263 78 358 4745 or
batanai@markassociatescg.com/ batanai@piggybankadvisor.com.
6
ZIMBABWE INDEPENDENT BUSINESS DIGEST FEBRUARY 9 TO 15, 2024
MARKETS DATA AS AT 07.02.24
All Share index
ZSE Top10 index
ZSE Top15 index
LEVEL
559,065.53
248,833.87
330,969.81
Small Cap index
Medium Cap index
ZSE Financials index
ZSE Consumer Discretionary index
ZSE Consumers Staples index
ZSE Industrials Index (new)
ZSE ICT Index
ZSE Materials Index
ZSE Real Estate Index
9,807,750.94
2,120,082.82
1,297,802.27
1,086,422.19
569,750.31
758,687.56
410,652.95
210,062.01
427,000.08
TOP 5 RISERS WEEKLY
COUNTER
PRICE
92,083.5
OK
15,000.0
G/BELTINGS
8,900.0
TURNALL
226,660.0
NMBZ
201,775.0
TSL
W.O.W
3.01%
1.07%
-0.19%
-1.40%
16.18%
24.27%
7.50%
-13.68%
16.44%
26.24%
4.57%
13.15%
M.T.D
3.01%
1.07%
-0.19%
Y.T.D
165.17%
176.22%
171.47%
-1.40%
16.18%
24.27%
7.50%
-13.68%
16.44%
26.24%
4.57%
13.15%
78.85%
130.31%
167.52%
81.37%
158.97%
152.67%
237.59%
92.98%
63.22%
TURNOVER
ZWL $c
44,543.48
7,000.00
3,800.00
78,220.00
69,525.00
%
94%
88%
75%
53%
53%
ZSE ASI
LUSE
BSE
JSE
NSE
LEVEL
559,065.53
11,339.81
8,950.19
74,558.52
92.52
W.O.W
3.01%
1.74%
0.21%
0.00%
0.88%
M.T.D
3.01%
1.74%
0.21%
0.00%
0.88%
Y.T.D
165.17%
4.72%
0.23%
-3.04%
0.45%
USD/ZAR
USD/CNY
GBP/USD
USD/ZMK
USD/NGN
LEVEL
18.86
7.21
1.26
26.90
1407.00
W.O.W
0.00%
1.49%
0.45%
-0.86%
-0.74%
M.T.D
1.38%
0.68%
-0.96%
3.89%
54%
Y.T.D
6.13%
6.10%
4.58%
39.92%
205.92%
ZSE ASI
TOTAL $M
DELTA
73%
ECONET
16%
ECOCASH
3.6%
NMBZ
4%
3%
OK
TOP 5 FALLERS WEEKLY
COUNTER
PRICE
DELTA
864,444.3
MEIKLES
519,000.0
SEEDCO
279,997.8
TANGANDA
286,000.0
AFDIS
424,095.0
ZWL $c
(261,643.75)
(156,000.00)
(66,061.17)
(41,161.39)
(30,645.00)
FOREX MARKET LEVEL
INTERBANK
11108.74
W.O.W
-8.61%
ZSE TOP 10
VOLUME
Gold
Platinum
Nickel
Copper
Oil
%
-23%
-23%
-19%
-13%
-7%
TOTAL $M
OK
12%
ECOCASH
13%
ECONET
18%
ZHL
32%
21%
DELTA
SMALL CAP INDEX
542,744
VFEZ ASI
102.52
572,093
103.76
584,266
102.59
549,075
101.69
555,246
101.47
559,066
99.63
3.01%
-2.82%
246,210
MEDIUM CAP INDEX
1,824,771
258,447
1,952,522
261,620
2,043,762
242,330
2,045,524
247,447
2,045,968
248,834
2,120,083
1.07%
16.18%
9,947,031
ZWL INTERBANK
10,152.39
9,947,031
10,315.09
LEVEL
W.O.W
M.T.D
Y.T .D
9,947,031
10,501.47
2,032.79
896.57
15,660.00
3.78
73.52
-0.79%
-3.09%
-3.62%
-3.21%
-3.46%
0.23%
-5.23%
-2.56%
-0.51%
3.94%
8.37%
-7.58%
-42.09%
-6.51%
-6.70%
9,807,751
10,706.87
9,807,751
10,927.53
9,807,751
11,108.74
-1.40%
-8.61%
ZSE Weekly Commentary
250%
200%
150%
*Feb -Nov Inflation : Blended
200%
150% 150% 140% 140% 150% 150% 150% 150%
130% 130% 130% 130%
100%
50%
6.6%
0%
-50%
-92%
-100%
-150%
Policy Rate
Inflation MoM
Ex Rate YoY
The ZSE slowed down the magnitude of gains in the first week of February,
attributable to an oscillatory performance which was induced by profit-taking
sell-offs. This follows a record performance in January, with the ZSE All Share
Index garnering a growth of 55% in US$ terms. In the week under review, the ZSE
All Share Index surged by 3.01% to close at 559,065.53 points. Market heavies
and medium caps sailed in positive territory in the week while penny stocks
suffered a -1.4% dip. ZSE All Share Index is 165.17% up in nominal terms, which
translates to 45.7%. Month-to-date, the bourse is 3% up in nominal terms and
down -5.9% in real terms.
The US$ denominated bourse, VFEX, reversed prior week's gains following an
announcement by the government to address foreign currency liquidity in the
economy. The mainstream VFEX All Share Index shed off -2.82% in the week
under review to close at 99.63 points. The All Share Index was rebased to 100 at
the beginning of the year to account for the six listings in 2023. A total of 6
counters seccumbed to sell-offs in the week, heavily weighing on 3 risers. Since
the beginning of the year, the VFEX All Share Index has eased by a mild -0.4%. An
aggregate of US$509,687 exchanged hands on VFEX in the week under review,
down from US$800,360 traded in the prior week.
On the currency markets, increased ZWL supply fueled a run-away exchange
rate on the parallel market, widening the exchange premium to over 60%
against the formal exchange rate. Resultantly, the interbank rate has widened
the margin of depreciation as traders bid higher along with government’s efforts
to close the premium gap. At the close of the most recent auction trading week,
the ZWL shed off -0.65% against the US$ on the Auction market to close at
ZWL5,827.8 per US$. On the interbank market, the ZWL depreciated by a
staggering -8.6% against the US$ to close at ZWL11,108.74.

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Zimbabwe independent BUSINESS DIGEST february 9 to 15, 2024
7
business & investment forum
A relook into 2024 National Budget
Zvikomborero
Sibanda
researcher
THIS year’s national budget became law
in Januaryafter the Parliament passed the
2024 Finance Act and the 2024 Appropriation Act.
The former contains the proposals of
the government for the levy of new taxes,
modification of the existing tax structure,
or continuance with the existing structure
beyond the period approved by Parliament,
while the latter appropriates government
funds to specific government ministries,
departments, and agencies (MDAs) and
various government-funded programmes.
This first column for 2024 starts with a
relook into the 2024 budget, the instituted
amendments, and their implications.
2024 budget implications
As alluded to earlier, the Parliament listened
to the public concerns about the misgivings
of the 2024 executive budget proposals,
leading to some amendments. However, the
whipping system being followed in Parliament stifles constructive debate, as shown
by many regressive tax proposals that were
left intact despite public resentment. Some
of the passed regressive proposals are briefly discussed below.
Social protection programmes: The final 2024 budget failed to increase budget
votes for social protection programmes significantly. Only 4,12% of approved budget
funds were earmarked for flagship social
protection programmes like the Basic Education Assistance Module (Beam), child
protection services, and support for older
people and persons with disabilities.
With the Treasury’s track record of late
disbursements of funds, the value of these
funds, which are already inadequate to
provide cushion to vulnerable groups, will
likely be eroded by inflation.
Crowd-out informal traders from supply
chains: The informal traders are now restricted from purchasing goods and services
directly from manufacturers without possessing valid tax clearance certificates and
value-added tax (VAT) registration.
Although the VAT registration threshold
was reduced from US$40 000 to US$25 000,
the amount remains beyond the reach of
many informal traders and small businesses. This policy move is detached from reality as the economy has primarily become
informal, with about 70% of economic
activity estimated to occur in the informal
economy.
Also, this policy stance will significantly
hurt local manufacturers as an influx of
cheap imports will substitute local products.
Paltry tax-free threshold: The Treasury
reviewed the monthly tax-free threshold from ZW$500 000 to ZW$750 000.
Although this will provide some relief to
low-income earners, the tax-free amount
is grossly inadequate given the context of
persisting Zimbabwe dollar (ZWL) depreciation and ZWL inflation.
For instance, with market prices benchmarked at the parallel exchange rates,
ZW$750,000 is equivalent to about US$50
at the current week’s average parallel exchange rate of ZWL/USD 15 000. I submit
that the tax-free threshold must be indexed
to the poverty datum line (PDL), which is
informed by the all-items consumer price
index (CPI).
VAT zero ratings and exemptions: VAT
zero ratings are now limited to exports,
while VAT exemptions are only limited to
selected goods like medicines and medical
services. All other goods and services, including basics, are now standard-rated.
This policy is disproportionately affecting
vulnerable members of society (the poor
majority), who generally have a high marginal propensity to consume. The levying
of VAT has caused a significant increase in
market prices of basic goods; hence, households are now spending more of their earnings on food (current consumption), leaving little for saving and investment (future
consumption).
Some of the amendments made to the 2024 National Budget in January. Source: Ministry of Finance.
Covid-19 and cushioning allowance: The
civil servants’ US$300 Covid-19 allowance
has become part of the pensionable emoluments – salary component. While this
move has increased the real value of salaries
for civil servants, it is now subjected to tax,
further reducing disposable incomes for already lowly-paid government workers.
Strategic fuel reserve (SFR) levy: The
SFR levy was increased by US$0,03 and
US$0,05 per litre of diesel and petrol,
respectively.
The SFR adjustment and an increase
in toll gates and fees are pushing public
transportation costs upwards. The policy
stance has also ballooned the cost of doing business, increasing the prices of final
goods and subduing business hiring (more
unemployment).
Treasury U-turn on its 2024 budget
The regressive budget proposals came into
effect in January 2024, and consumers witnessed significant hikes in the shelf prices
of many essential goods, such as bread,
rice, cooking oil, meat, and beverages.
By removing the VAT zero-rating of basic commodities, the Treasury intended to
increase tax revenue collections.However,
as warned by economists, this policy move
disproportionately impacted the poor majority through increases in market prices.
Economic theory posits that poor people
have a high marginal propensity to consume (MPC); that is, they spend almost all
of their incomes on current consumption
with little savings for the future.
As such, the increase in the prices of essential goods significantly reduces their
disposable incomes. It also reduces vulnerable groups' access to food in a year when
food availability is expected to fall as the
country battles El Nino weather conditions.
More so, high domestic prices encourage
the smuggling of cheap imports, which can
have dire consequences on the health of ordinary citizens (unregulated importation of
GMOs), sustainability of domestic industry
(stiff competition from cheap imports), and
lower government tax revenue collections
(smuggling is a form of tax evasion).
Cognisant of the preceding, the Treasury
made an abrupt U-turn, reversing some of
these proposals as indicated in Table 1.
The adjustments made by the Treasury
have vindicated my earlier reservations
about how the 2024 budget process was
conducted.
The process was hardly participatory; for
instance, public hearings were done virtually, crowding out views of marginalised
and vulnerable groups. Had authorities
provided adequate time for budget consultations with critical stakeholders, including
business, consumers, labour, and civil society, some of these anti-people and antigrowth proposals in the 2024 budget would
not have been passed and become law.
While I commend the Treasury for being spectacularly flexible in correcting this
anomaly and protecting poor citizens who
faced the brunt of price hikes, I still believe
these policy reversals/adjustments must
be tabled before Parliament for debate and
vote.
Similarly, at least further amendments
are required to make the 2024 budget propoor and pro-growth.
Parting shot
There are many non-tax and non-inflationary strategies that the Treasury can employ
in broadening the revenue generation base
to support sustained and inclusive economic growth and development.
These include, among others, fighting
corruption and impunity by strengthening
existing legal and regulatory frameworks,
capacitating accountability and oversight
institutions, implementing e-procurement
and value-for-money processes, enforcement performance contracts for top government officials, and adopting advanced
technologies at ports of entry and exits such
as surveillance drones and drug-detecting
machines.
There is also a need to develop, operationalise, and fully implement the National
Formalisation Strategy to simplify business
registration procedures and processes, implement progressive taxation for MSMEs,
automate tax payment and taxpayer education, establish codes of conduct for the employment of workers in the informal economy, improve labour inspection and new
approaches to formalisation, and ensure
tremendous respect for the law, including
extending labour protection to unprotected
sectors.
In addition, the government must fully
diversify the economy to reduce revenue
risk by supporting value addition and beneficiation, particularly agro and mineral
value chains.
Sibanda is an economic analyst and researcher.
He writes in his personal capacity. — bravosibanda@gmail.com or Twitter: @bravon96
8
Zimbabwe independent BUSINESS DIGEST FEBRUARY 9 to 15, 2024
new horizon
Anesu
Chikumba
brand & content
marketer
INVEST in your personal brand. Building a
personal brand will increase your visibility,
help you build a reputation and establish
credibility.
This is in addition to expanding your
network, opportunities and even earning
potential. Your personal brand is, who you
are and how people perceive you.
Personal branding is the ongoing process
of (defining and) refining what you stand
for; communicating this through verbal
and non-verbal channels.
Social media can help you build your
personal brand. Before you begin using it
to do so, you need to remember that social
media channels are communication tools,
which means that you need to first create a
message and then take it online.
This is in the same way in which you
would decide on what you want to talk
about before you call someone to have a
conversation — like the application you
would use to call someone, social media is
a communication tool.
This points to your personal brand needing to go beyond social media platforms as
your personal brand should remain intact
should any of the social media platforms
close business or introduce unfavourable
terms.
Your audience will still be interested
in following your journey if you create a strong enough personal brand and
message.
A few questions you can ask yourself if
you are not sure on where to get started
with building your brand are:
What do you want to be known for?
What do you stand for?
Who do you want to serve?
Answering these questions will help you
create your brand message, which you can
communicate through both offline and online channels.
Anything you share on social media should be aligned with your answers
to these questions, and overtime when
people ask about you, the answers given
should be somewhat related.
This is as people will know you for the
things you consistently do or talk about.
You develop a reputation based on what
you consistently do as the people around
will start to expect you to behave in that
way. You, therefore, need to ensure you
can follow through on your promise.
If you want to be known as the ‘go to’ in
your industry; start working on becoming the person that can deliver as the ‘go
to’ person would, consistently superseding
expectations.
Each individual or group that encounters your brand should have a good report
when asked what their experience was
working with you.
Not being able to deliver on your promise (and who you say you are) will result in
not only a loss of trust but a negative reputation. This as in the same way customers will refer you when they have a good
experience, they will let their colleagues
know you may not be the best option for
the next speaking event, book contribution or even consulting opportunity.
Building your personal brand may seem
impossible when you start, but remember
that the majority of the work lies in doing
what few are willing to do – going above
and beyond the day to day work.
Remember that the thought leaders
and industry experts you know started
somewhere.
For you to know them as a thought
leader, they would have been consistently
working on, or sharing about their area of
interest for an extended period.
They had to start before we had the advantage of social media where you can
reach hundreds of people with a single
post and reach out to people you would
have otherwise struggled to connect with.
You trust your thought leaders because
they consistently deliver and you can
choose one or two things to be consistent with on social media as you build your
personal brand.
If you consistently share trends surrounding your industry, overtime people
will expect you to share the insights and
••
•
Get started with social
media for personal brand
Business activity
when asked for an expert in your industry they will more likely (remember and)
refer you over someone who would have
mentioned what they do once or twice.
Given one of my most frequently asked
questions surrounding building a personal
brand online is “what do I share about?”,
here are a few content ideas you can include in your social media strategy as you
use social media to help you build your
personal brand.
Industry activity and involvement
You would have noticed people sharing
about events they attended, meetings they
had or even books they have read surrounding their area of interest.
The only people I have seen look down
upon this are people that have not tried to
showcase that aspect of their work. Showing yourself in places and conversations of
your subject matter shows:
You are genuinely interested in your
work and understand the need to keep
updated with changes in your industry.
You engage with like-minded experts
giving the impression you are able to collaborate and do not view everyone as
your competitor.
When you do this you also benefit from:
the power of association as being seen
with trusted individuals or organisations
will help you positively grow your own
reputation.
•
•
•
Your opinion
It is easier to share information you have
seen than it is to form an opinion sur-
rounding it and consistently share this.
This means that constantly sharing your
opinion on topics in your industry will
help you become a go to for information as
not everyone will do this, and it takes time
and skill to take information, and what
you think in a way that can be easily understood by the layman.
It also takes courage as this opens you
up to criticism.
Thought leaders are thought leaders because they share their belief and point of
view surrounding industry norms, trends,
models and so forth.
Also, if you share your way of thinking
and an individual makes use of this information, you would have essentially taught
them something and each time they make
use of that information, you will come to
mind.
Think about the kind of person that
typically gets invited to speak on panels or share their insights for articles in
your industry. While it may be as a result
of their position and organisation (which
points back to the power of association);
it could be because they consistently
share their take on the subject matter and
would bring a new or interesting angle to a
conversation.
We tend to want to compare ourselves to
our colleagues when they keep being invited to consult or even speak on a subject
matter.
You may be the better option, but a lack
of visibility will lead to you being overlooked. Social media can help you become
more visible.
If you are a speaker, social media can help you become more visible.
If you are an entrepreneur your business
can benefit from you building your personal brand. You can share lessons you
have learned from building your business,
about the strides you are making and your
business journey. People enjoy stories.
As you share your journey, you will invite those on a similar path to engage with
you, while those that aspire to be on it will
look to you as you pave the way for them.
If you are in a corporation, you can
share your journey by communicating
what you are learning while respecting the
limits that may be placed on this by your
organisation.
For example, sharing about a project you
worked on after it has been completed, or
sharing about your early years will draw
the attention of those on a similar path and
those looking to be on the same path.
You can also share about how you overcame challenges that are common to your
field.
There are topics that will always be of interest such as how to transition from university into corporate, as students graduate
and step into new roles every year.
How you would combine these content ideas to help you grow your personal
brand would be determined by your goals,
resources and how quickly you want to
grow your personal brand.
I often get clients that come to build their
personal brand because they have something they want to do or achieve in a few
months-time, which would require them
to have an online presence.
I also work with experts that have decades of experience looking to start sharing
their journey and mentoring or coaching
candidates looking to step into the positions they are in. Regardless of why you
want to build your personal brand online,
start where you are, with what you have
and be prepared to learn as you go.
Also remember that building your personal brand is a journey and it will not
happen overnight.
Chikumba is an online brand strategist and
content marketer, who works with people and
organisations looking to bridge the gap between
what they want to be known for and who they
currently are. These weekly New Horizon articles, published in the Zimbabwe Independent,
are coordinated by Lovemore Kadenge, an independent consultant, managing consultant
of Zawale Consultants (Pvt) Ltd, past president of the Zimbabwe Economics Society and
past president of the Chartered Governance &
Accountancy Institute in Zimbabwe (CGI Zimbabwe). — kadenge.zes@gmail.com or mobile:
+263 772 382 852.
ZIMBABWE INDEPENDENT BUSINESS DIGEST FEBRUARY 9 TO 15, 2024 9
EXECUTIVE APPOINTMENTS,
LEADERSHIP & STRATEGY
The unsung hero of job evaluation
demotivation and resentment among
employees.
MEMORY NGUWI
WHILE many components contribute to a
successful job evaluation process, one element reigns supreme: the job description.
This seemingly simple document acts as
the foundation upon which the entire evaluation rests, shaping internal pay structures and attracting and retaining talent.
Unfortunately, the crucial role of the
job description is often overlooked, leading to inaccuracies, biases, and, ultimately,
flawed evaluations. In this article, I will
explain the importance of well-crafted job
descriptions in job evaluation, highlighting
the perils of neglecting this cornerstone.
We will explore the dangers of managers
neglecting validation, the problematic influence of incumbent inflation, and unveil
best practices for creating accurate and reliable job descriptions that empower successful evaluations.
Building better job descriptions
The good news is that these pitfalls are not
insurmountable. By implementing best
practices, organisations can craft reliable
and accurate job descriptions that underpin a robust and transparent job evaluation
process:
Regular review and validation: Conduct
periodic reviews of job descriptions involving supervisors, incumbents, and
external experts to ensure accuracy and
relevance.
Focus on objective criteria: Base job descriptions on criteria such as skills required, decision-making authority,
•
•
•
•
impact on the organisation, and market analysis, minimising subjective
interpretations.
Clear and concise language: Avoid jargon
and ambiguity, utilising clear and concise
language that accurately reflects the essential duties and responsibilities of the
role.
Collaboration and transparency: Involve
relevant stakeholders, including incumbents, supervisors, and HR professionals,
in the creation and validation process to
foster openness and ownership.
Conclusion: Investing in foundation
A well-crafted job description is the cornerstone of a successful job evaluation process.
By recognising its importance, investing
The power of precision
Job evaluation aims to assess the relative worth of different positions within
an organisation. This delicate process necessitates an in-depth understanding of
each role's demands, responsibilities, and
impact. Enter the job description, which
serves as a comprehensive roadmap outlining the essence of the position. A precise
and objective job description provides several critical benefits:
Fair and unbiased evaluation: A clear
picture of the job facilitates an impartial
assessment, minimising the influence of
subjective interpretations and personal
biases.
Transparency and consistency: A standardised format and well-defined criteria
across job descriptions ensure internal
equity and consistency in the evaluation
process.
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Compiles scholarship offers from
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•
The pitfalls of neglect
Despite their significance, job descriptions
often receive insufficient attention, particularly regarding validation. This negligence creates a breeding ground for inaccuracies and inconsistencies, jeopardising
the evaluation process and its outcomes.
The dangers of overlooking validation
include:
Job creep: Unchecked job descriptions
may balloon over time, accumulating
duties beyond the core responsibilities,
leading to inaccurate evaluations and inflated compensation structures.
Subjectivity: Ambiguous descriptions
open the door for personal interpretations and favouritism, undermining the
fairness and transparency of the evaluation process.
External market disparities: Outdated
or inaccurate descriptions can lead to
pay structures misaligned with external
market trends, making the organisation
uncompetitive in attracting and retaining
talent.
•
•
•
W
WhatsApp
pp Hi to:
+263 718 787 962
and unlock your dreams
eams to
Scholarships
ps
in our
Content Bundle
or
Subscribe
to subscriptions@alphamedia.co.zw
Incumbent inflation: Internal threat
Beyond managerial neglect, another significant challenge arises from the internal stakeholders themselves: Incumbents.
With a vested interest in their compensation and career progression, some individuals may attempt to inflate the job description, exaggerating responsibilities, skills
required, and the overall importance of the
role. This "incumbent inflation" distorts the
true nature of the job and has detrimental
consequences:
Artificially inflated pay structures: Inflated descriptions lead to higher job grades
and unwarranted compensation increases, creating internal pay inequities and
unsustainable costs.
Difficulty attracting qualified candidates:
Exaggerated requirements deter suitable candidates, making it harder to find
qualified individuals for the actual role.
Demotivation and frustration: When
inflated evaluations become the norm,
genuinely demanding jobs may not receive adequate recognition, leading to
•
•
•
PURSUE
!
REAM
YOUR D
in its accuracy, and guarding against internal biases, organisations can build a foundation for fair and equitable compensation
structures, attract and retain top talent, and
pave the way for a motivated and productive workforce. Remember, neglecting the
job description is not an option; it is an investment in your organisation's present
and future success.
Nguwi is an occupational psychologist, data
scientist, speaker and managing consultant at
Industrial Psychology Consultants (Pvt) Ltd, a
management and HR consulting firm. https://
www.linkedin.com/in/memorynguwi/
Phone
+263 24 248 1 946-48/ 2290 0276, cell number
+263 772 356 361 or e-mail: mnguwi@ipcconsultants.com or visit ipcconsultants.com.
10 Zimbabwe independent BUSINESS DIGEST
february 9 to 15, 2024
COLUMN
Budding emphasis on ESG in mining
Nyasha
Mpahlo
environmentalist
THE world of business and investment is
undergoing a significant transformation,
with an increasing focus on sustainability
and responsible practices.
Within this context, Zimbabwe's mining industry is facing a crucial moment,
as it grapples with the necessity to incorporate environmental, social, and governance (ESG) reporting principles into its
operations.
Currently, the country’s record on sustainable mining and social protections is
despicable and with increased investments
in lithium and other minerals exploration,
the problem can only be expected to grow.
ESG reporting in mining
As global stakeholders place greater emphasis on sustainability and responsible
business practices, the requirement for
ESG reporting in the mining sector becomes increasingly vital.
ESG reporting encompasses a comprehensive set of standards that assess a company's conduct in environmental, social,
and governance realms. It extends beyond
traditional financial system of measurement, to providing investors and stakeholders with insights into the overall impact of mining operations.
Zimbabwe's mineral wealth has led the
country to rely on the mining sector for
economic growth, replacing agriculture,
which once placed the country as the
breadbasket of Southern Africa.
Environmental concerns
Zimbabwe has ambiguities within its existing laws on environmental management, Section 100’s consideration of environmental impact assessment report and
issue of certificate, subsection 3c of the
Environmental Management Act does not
clearly give how the law empowers communities to hold agencies accountable, like
on issues to do with rehabilitation as part
of monitoring mining activities.
With the growing exploration and extraction of mineral resources the environmental repercussions in Zimbabwe are immense. Mining activities not only increase
the impact of climate change but operational effects also lead to water scarcity,
loss of biodiversity, habit destruction and
pollution, hence the mining industry bears
a significant responsibility in mitigating
these ecological footprints.
Rivers have been and remain at high risk
of being contaminated by the discharge of
potentially toxic chemicals from mineral
extraction.
Without diligent reporting, the consequences of mining operations in Zimbabwe can be catastrophic as host communities will continue to encounter unbearable
working conditions and environmental
footprints by mining companies.
Social and governance concerns
In addition to environmental considerations, the social and governance aspects of
ESG reporting hold equal importance.
Employment and labour issues, employee benefits, health and safety, human rights, community relations, and how
broad-based economic empowerment can
be advanced to communities by mining
activities are integral components of sustainable and responsible mining.
Governance matters, such as anti-corruption measures and board oversight
play a crucial role in ensuring ethical and
responsible conduct within the mining
industry, and for enhanced transparency and accountability mining companies
need to adopt ESG reporting.
Legislation and policy concerns
Zimbabwe's current legislative framework
Mining operations have a destructive effect on the environment.
lacks comprehensive provisions for ESG
reporting to support social and economic
rights concerns that emanate from mining
activities.
The country lacks legal framework on
Free, Prior and Informed Consent (FPIC)
the right of indigenous people to give or
withhold their consent for any action that
would affect their lands, territories, or
rights and sharing of mining royalties between the central government and local
authorities and the communities.
Zimbabwe still lacks a clear and legally
binding framework on investment-related
displacements that are essential to addressing environmental impacts, water access and other human rights concerns that
emerge from mining activities.
The Zimbabwe Development and Investment Agency (Zida) Act requires investors
using Zida to protect the environment and
operate responsibly, but the lack of regulations on responsible investment at the
agency is hindering efforts to hold the investors accountable.
Zimbabwe Stock Exchange (ZSE) and
Victoria Falls Stock Exchange (VFEX)-listed companies in Zimbabwe adhere to ESG
reporting requirements, in terms of the
Statutory Instrument 134, securities and
exchange (ZSE Listing Requirements) rules
of 2019.
Non-listed entities operate with less
scrutiny, posing potential risks to environmental and social welfare. Apart from the
listed companies ESG reporting is yet to
gain traction in Zimbabwe, only a few mining companies are listed on the ZSE and
VFEX, which are Rio Zim, Hwange Colliery, Caledonia Mining Corporation and
Bindura Nickel Corporation.
In 2023 SI 134 improved ESG reporting
for listed companies to report on sustainability issues as part of their financial disclosures in line with Practice Note 16 issued
on November 13 2023 and took effect from
January 1 2024.
A clear and binding legal framework that
encompasses issues of greenwashing and
ESG reporting for all mining operations
should find a way into the mines and min-
erals act.
Current driving concerns
The necessity to expand ESG reporting,
policy, and monitoring in Zimbabwe is
evident, especially in the context of lithium
exploration and extraction activities crucial
for the global energy transition.
Zimbabwe holds Africa’s top lithium deposits and 5th largest in the world, which
has placed the country on the spotlight to
contribute almost 20% of the world’s lithium required for battery manufacturing.
Already several lithium exploration and
extraction activities are taking place in the
country, which increases the pressure to
broaden ESG reporting, policy and tracking
record.
Placing Zimbabwe lithium at the heart
of the global energy sector if not managed
properly in a comprehensive policy environment can deepen economic and social
inequalities linked to mining.
ESG reporting by mining companies
ensures that sustainable and responsible
practices are ingrained in the core of mining operations while battling the growing
demand for lithium.
Challenges and urgency
The ‘resource curse’ phenomenon has afflicted Zimbabwe as a result of several gaps
within the natural resources governance
system, causing widespread environmental degradation, pollution of water systems,
loss of livelihoods, forced evictions and
relocations, drug shortages at local hospitals and clinics, dilapidated school infrastructure, collapsed bridges and poor road
networks in areas where mining is taking
place.
The lack of strong ESG reporting regulations exacerbates these challenges, necessitating urgent action to address deficiencies in mineral resource governance
systems.
The urgency to adopt and implement ESG
reporting standards in mining activities is
underscored by the potential for permanent harm to the environment and local
communities if sustainable practices are
not prioritised.
Zimbabwe is home to over 60 types of
minerals that can be commercially extracted and ESG rules and protocols should be of
key concern to the sector.
Call for responsible mining
The adoption and advancement of ESG reporting in Zimbabwe's mining sector have
the potential to revolutionise the industry,
aligning it with global sustainability standards and fostering responsible practices.
By embracing ESG principles, mining
companies cannot only enhance their reputation and competitiveness but also contribute to the well-being of the environment and local communities.
The time for sustainable reporting in
Zimbabwe's mining sector is now, and
concerted efforts from stakeholders, government, and advocacy groups can pave
the way for a more sustainable and equitable future. Green Governance Zimbabwe
(GGZ) is at the forefront of advocating for
sustainable reporting in Zimbabwe's mining sector. Through research, advocacy,
and collaboration, GGZ aims to elevate the
discourse on ESG reporting, drawing inspiration from global best practices and urging
the government to prioritise sustainable
mining practices.
By fostering a culture of transparency
and accountability, GGZ seeks to catalyse
positive change in the Zimbabwean mining industry, ensuring that the country's
mineral wealth is harnessed equitably and
sustainably. GGZ even suggests making it a
criminal offence for non-compliance.
Mpahlo is the director of Green Governance
Zimbabwe Trust and an independent advisor
on environmental, social and governance issues in Africa. These weekly New Perspectives
articles, published in the Zimbabwe Independent, are coordinated by Lovemore Kadenge, an
independent consultant, managing consultant
of Zawale Consultants (Pvt) Ltd, past president
of the Zimbabwe Economics Society and past
president of the Chartered Governance & Accountancy Institute in Zimbabwe. — kadenge.
zes@gmail.com or +263 772 382 852.
ZIMBABWE INDEPENDENT BUSINESS DIGEST FEBRUARY 9 TO 15, 2024
11
COLUMN
Jacob
Mutisi
ICT EXPERT
WHEN we think of wildlife films, South
Africa and Kenya often come to mind.
This is because these countries are
dominant in the media and the internet.
However, we must not overlook Zimbabwe, a country that was once a leading
wildlife filming destination in the 1970s
and 1980s.
Today, we have an opportunity to encourage wildlife film producers to venture into Zimbabwe's wilderness and
capture its natural beauty for the international market.
As of January 2024, there were 5,35 billion internet users worldwide, which was
about 66,2% of the global population.
It is time for African filmmakers to produce their own wildlife films and market
them to the global community.
The internet continues to revolutionise
wildlife filming by expanding the reach,
distribution, collaboration and impact of
films.
It provides a platform for filmmakers to
share their stories, raise awareness, educate and inspire audiences worldwide.
By so doing, they contribute to the conservation of wildlife and the preservation
of natural heritage.
Several renowned wildlife film producers have filmed in Zimbabwe over the
years.
These include National Geographic,
which has a long history of producing
wildlife documentaries.
They have explored the diverse ecosystems, wildlife, and conservation efforts in
Zimbabwe's national parks.
The BBC Natural History Unit, which is
producing acclaimed wildlife documentaries like Planet Earth, has also filmed in
Zimbabwe.
Their productions have showcased the
country's stunning landscapes, wildlife
behaviour, and conservation challenges.
David Attenborough, the legendary
British broadcaster and naturalist has
filmed in Zimbabwe during his illustrious
career.
Dereck and Beverly Joubert are renowned wildlife filmmakers and conservationists, who have dedicated their lives
to documenting Africa's wildlife.
They have filmed in Zimbabwe extensively, capturing the beauty of the country's landscapes and the struggles faced
by its wildlife.
These few examples of wildlife film
producers, who have recognised the potential of Zimbabwe's wilderness and
have captured its beauty on camera.
Their work has not only showcased the
country's natural wonders but also contributed to raising awareness about the
need for conservation and sustainable
practices in the region.
Zimbabwe's wilderness is a hidden gem
waiting to be explored and showcased to
the world. Its diverse ecosystem, breathtaking landscapes, and abundant wildlife
offer a wealth of untapped potential for
captivating storytelling.
From the iconic Hwange National Park,
where herds of elephants roam, to the
majestic Victoria Falls and the enchanting Mana Pools National Park, Zimbabwe
presents a rich tapestry of natural wonders that deserve global attention.
By extending an invitation to renowned
wildlife film producers, we can unlock the
full potential of Zimbabwe's wilderness.
Their expertise and artistic vision can
bring fresh perspectives and captivating
narratives to the international market.
Capturing Zimbabwe's unique wildlife
and landscapes not only educates and
inspires audiences but also highlights
the need for conservation efforts in the
region.
The involvement of international filmmakers can also provide a significant
economic boost to local communities,
creating employment opportunities and
stimulating tourism.
In addition to inviting international
filmmakers, it is high time for Africans to
seize the opportunity and produce their
own wildlife films.
Africa possesses a wealth of talented
Unlock Zim’s untapped
wildlife filming potential
filmmakers, who can provide authentic
perspectives, cultural insights, and stories that resonate with local and global
audiences.
By empowering African filmmakers to
tell their own narratives, we contribute to
a more diverse representation of Africa's
wildlife and its conservation challenges.
To support wildlife film production in
Zimbabwe and across Africa, it is essential
to build a robust infrastructure and foster
collaboration.
Governments, conservation organisations, and film industry stakeholders
should work together to provide necessary resources, training, and financial
incentives.
This collaborative effort can establish
a framework for knowledge sharing and
skill development, enabling African filmmakers to create high-quality wildlife
films that can compete on the international stage.
In addition to encouraging production, it is vital to focus on marketing African wildlife films to the international
community.
Africa's rich biodiversity and cultural
heritage offer unique selling points that
can attract a global audience.
By leveraging various distribution
channels, film festivals, and online plat-
forms, African filmmakers can gain visibility, expand their networks, and secure
international distribution deals.
This not only benefits the filmmakers
themselves but also enhances Africa's
representation in the global wildlife film
market.
Zimbabwe's wilderness holds immense
potential for wildlife film production, and
it is time to reclaim its status as a leading
destination in the industry.
Mutisi is the CEO of Hansole Investments(Pvt)
Ltd. He is the current chairperson of Zimbabwe
Information & Communication Technology, a
division of Zimbabwe Institution of Engineers.
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12
Zimbabwe independent BUSINESS DIGEST february 9 to 15, 2024
business opinion
We must not give up on Zimpost
Kevin
Tutani
economic
Analyst
IN 2013, President Vladimir Putin signed a
decree, which included the national postal service, Russian Post, to the list of the
country's strategic industries.
President Putin understood that there are
very few businesses, which have as wide a
reach as a national post office, through its
extensive branch network.
A post office connects the people to the
government and other businesses more
than most services can do, except for the
internet.
Nevertheless, the internet itself is not as
enduring as several people might think.
In the event that a few key undersea internet cables break, a country may lose internet connectivity internally and with the
outside world, leaving it to depend on traditional services, such as, the post office and
analogue (traditional) media broadcasts
like radio or TV.
A functional post office can also serve as
a means for the government to keep crucial details about the characteristics of its
population. Private businesses can also use
the post office to assist with market engagement, through the distribution of pamphlets and market research surveys, among
other things.
In several countries, postal services can
also be used to make payments to all types
of government accounts (water, electricity bills, taxes, etc), distribute social grants
(pension allowances, disaster relief cash
payments, etc) and for the purchase of various products such as bus or train tickets.
Thus, the importance of the post office can
only be undermined by one without replete
knowledge of the capabilities and potential,
which such an organisation wields.
Zimpost
Zimbabwe's national postal service provider, is Zimpost, which is wholly-owned by
the government. The company has a wide
branch network, comprising 239 outlets,
distributed through the country, covering
both rural and urban areas.
Reports suggest that it currently employs
over 1 000 workers, although in its prime
(in the early 2000s), it would have been responsible for far greater numbers.
Had it not undergone various operational challenges, a distressing local business environment and failure to keep pace
with changes in technology and customer
demands, it would have still been a major
national employer to date.
The company offers mail and parcel delivery services, freight logistics and insurance, among other products. Due to technological improvements in mobile internet
technology, mail services have rapidly declined, whilst parcels and freight logistics,
which includes the delivery of huge product
consignments for companies, have grown.
Partnerships with banks and other money transfer agents (such as Mukuru, Access
finance) has created an additional revenue
channel for the company.
There is also agency banking, which
enables the customers of various banks to
make deposits or withdrawals from their
bank accounts at any Zimpost branch.
This has enabled banks, such as FBC,
NMB and others, to have a wider reach than
they originally would have, without the
partnership with Zimpost.
Although Zimpost has the potential to
make the overall economy more effective,
it is in need of vital changes to its current
business model.
Thereafter, it may need to introduce more
innovative strategies, so as to ensure that
it grows and plays its part as an enabler of
economic growth in the country.
Changes to existing structure
In order to improve the viability of its
branch network, Zimpost may need to consider closing down some of its unprofitable
branches.
The 239 it currently has, immediately
raise the concern that they may be a burden
on the company's viability. In South Africa,
for example, SA Post Office has determined
to close about 400 of its 1 000 branches, in
order to remain with only 600.
The 600 will be distributed evenly across
the country, with a post office truck moving around on certain days of the week in
the most isolated areas, to continue providing services.
It also goes without much saying that
of the 239 branches, which Zimpost has,
several are likely unprofitable. Thus, considering a reconstitution of the number of
branches and their distribution across the
country will be essential.
An employee audit will also be crucial,
in order to ensure that there are no duplicate job roles within the organisation. The
audit should also search for ghost workers
who may still be getting salaries whilst they
have been made operationally redundant,
by lack of equipment in the organisation or
through being assigned to a branch which
was long-closed.
Existing products, such as, the money
transfer services - Zipcash and Postcash,
need to also be redesigned or discarded if
they have a poor cost-benefit balance.
It may not be surprising to discover that
the two have cost the company much more
than their respective earnings, since they
do not appear to have widespread adoption in the market, such as, the competing
services of Ecocash and NetOne's "OneMoney", among others. Agency banking
services, however, seem to have been embraced and may only need to be upgraded,
in the future.
Importance of new products and services
One of Zimpost's services includes the
provision of customer-focused delivery
(logistics) services for various retailers,
which sell their products online. These include OK Zimbabwe and Gain Cash and
Carry. To expand the reach or significance
of the logistics branch of the company,
Zimpost may also need to partner with
government, in order to become the preferred service provider for the government's transportation needs.
This means that they should be the recommended choice for distributing command agriculture or presidential-scheme
crop inputs, which are meant for farmers
and villagers spread all around the country.
Additionally, the Zimpost logistics vehicle fleet may also need to utilise any disruptions to National Railways of Zimbabwe
(NRZ) services, so that it serves affected
customers, whose freight may be affected
by any NRZ delays or challenges. This will
translate to greater income for the business.
The company also needs to consider participating in the importation and export of
goods (international trade) on behalf of its
local customers.
Marketing and brand strategist, Simbarashe Mukondo, wrote in one of his' blog
posts on LinkedIn, emphasising that Zimpost may need to provide the comprehensive package of vehicle customs clearing,
registration and number-plate application
services for civil servants' duty-free car
imports.
To add to that, considering that there are
about 54 000 cars (50 000 second-hand
and 4 000 brand new), which are imported
into Zimbabwe each year, it may be gainly
for Zimra to target the whole market segment of imported vehicles and provide the
requisite facilities. Alternatively, the company may apply to financial regulators and
get licences to facilitate foreign trade at a financial level, through letters of credit, purchase order finance, etc.
The sheer size of the country's imports
(US$8,6 billion in 2022) indicates that there
is so much business, which the postal service provider can profitably utilise.
In his blog post, Mukondo went on to
describe how Zimpost could also branch
into errand services where it can serve the
domestic market with assistance around
basic needs such as, dropping and picking
customers' clothes from the dry-cleaner.
This may also include school dropoffs for scholars, utility bill or other petty
(small) payments to third parties, etc. There
is a strong likelihood that errand services
would be a successful revenue stream,
since the authentic brand of Zimpost
(which is government-owned) implies that
it will be easier for clients to establish trust
with the company, unlike as they would,
with unknown private sector participants.
There is also a possibility for the post
office to enter the ride-hailing business,
where it transports passengers and acts as
competition to Uber, Bolt, Vaya Africa, etc.
In order to revamp the money transfer
side of the business, the post office should
find creative methods to ensure that it restores its lost market share and retains
profitability.
Much revenue can be made from the provision innovative financial services. Firstly,
Zimpost may need to provide a digital app
(to be downloaded online) which can be
used by anyone to upload or deposit payments for further use at retail stores or onward transfers to third-parties, which include; all government accounts, relatives,
friends and private businesses.
Citizens still have gaps in their payment
requirements to government service providers (including utilities), for the payment
of transportation (ride-hailing or plane
tickets), retail services, mobile transfers
to individuals and so forth, which can be
provided for by this touted Zimpost digital
payments app.
In order to differentiate this from a bank
account, it can have a $500 limit on cash
which individuals can upload (deposit) to
the app. This means that, the post office
should further entrench its involvement
with cash and financial services.
This is mostly necessitated by the fact
that physical mail will continue to lose relevance through the years. Thus, instead of
making mail and parcels the main revenue
stream, the business must grow towards
digital finance and other innovative and
timely market requirements.
The leadership at Zimpost may need to
lobby (seek) for the integration of the post
office into the government's digital transformation processes, as another option for
generating revenue.
When the government chooses to provide digital versions of birth certificates,
national ID documents, title deeds, marriage or divorce certificates, among others, the post office should aim to be the
facilitator which will collaborate with the
authorities.
In South Africa, from 2022, the Department of Home Affairs embarked on a quest
to transform 340 million paper-based civic
records (IDs, birth certificates, etc), into
digital format.
The country's finance Minister, Enoch
Godongwana, assigned the project a budget
allocation of ZAR559,5 million (US$29,6
million) for the 2023/24 financial year.
Since such projects involve significant
expenditures and human resource requirements, incorporating the input of post office workers in them, would result in
greater profitability for the postal service
provider.
The long-term goals of Zimpost may need
to include using drones as part of their mail
and parcel delivery systems. Apart from the
efficiency that drones bring, they will add
towards strengthening of the brand parity
of Zimpost, if they are managed well.
Drones have an added advantage of high
reliability, since they cannot be stuck in
traffic.
In November 2023, it was reported that
South African courier company, AramexSA
was contemplating using the "Black Swan
drone", manufactured by Dronamics, for
some of its cargo deliveries in that country.
The drone is reported to be able to transport up to 350 kg of cargo, for 50% less cost
(compared to road freight), 60% less emissions and 80% more speed.
It was also mentioned that it could takeoff and land, in a 400 metre space and
travel as much as 2 500 kilometres. The
executives at Zimpost may need to keep
their eyes open regarding this product line,
so that they are not overmatched by their
competitors, who may also introduce this
technology, at some point in time.
Tutani is a political economy analyst. — tutanikevin@gmail.com.
Zimbabwe independent BUSINESS DIGEST february 9 to 15, 2024
13
BUSINESS OPINION
Vanessa
Machingauta
equities analyst
Banks have always improved
the way they apply FinTech solutions to stay ahead of the game.
The current FinTech solution
to which banks are working to
adapt is artificial intelligence,
also known as AI.
Zimbabwean banks have started utilising this technology albeit at a slower pace compared
to financial players in developed
economies.
AI has already impacted a wide
variety of operations within the
banking industry.
Major processes that have witnessed the application of AI include customer services, credit
risk management, asset management, document processing and
fraud detection.
AI offers new and innovative opportunities in banking
service delivery, and overhead
management.
Locally, almost all commercial
banks have created strategic departments and subsidiaries focusing on digitalisation and digital capabilities.
AI has impacted customer
service departments in banks
in a positive, way and customer
feedback has started indicating
that bankers are creating value
through technology.
But human customer service
remains critical in more complicated tasks.
Numerous researchers have
concluded that, even though customers are satisfied with their
experience with AI and accept
the technology, they do not accept it equally as human customer service.
Instead of replacing human
customer service, AI will mostly
play a complimentary role.
AI can help employees with
organising and increasing the efficiency of processes, which increases productivity.
In addition, fewer employees
will be needed when AI gets integrated into banking processes.
In the last five years Zimbabwean banks have started utilising chatbot systems as one on an
effective capability to minimise
overheads.
A chatbot is a computer programme that helps a customer by
answering questions from customers, using AI techniques such
as Natural Language Processing.
The introduction of chatbots
by banks helps ease the banking
process for the employee.
A chatbot advisor has multiple advantages over a human
advisor.
By being available round the
clock giving instant answers to
customers, chatbot improves
turnaround time and increases
the efficiency within the customer service process.
Still, human advice is preferred
when it comes to accountability
and effectiveness.
For this reason, in case a chatbot does not provide the answers
a customer wants,escalations will
be redirected to manual formats.
Another important process
in which AIs play an important
role is the customer on boarding
process.
This process includes all activities that are involved in introducing a new customer to the bank.
This includes, among others,
data and document collection,
identification checks and know
your customer (KYC) procedures.
The steps taken in this process
are crucial as they can make or
break the ongoing relationship
with the customer.
Introducing AI speeds up this
How AI is transforming
the Zim banking sector
process and increases the security to start the new relationship with the customer on good
terms without any prior physical
engagements.
While the Zimbabwean banking industry is benefiting from
AI, it comes with its downside
risk factors.
General disadvantages observed thus far include:
High costs of implementation;
High maintenance and support
costs;
High cyber risk; and
Shifting employment cost biased towards technical human
resources
Beside the generic chatbots
limitations, the tool also carries
specific issues depending on the
nature of deliverables.
A specific disadvantage of a
chatbot can be around accuracy
of responses on unique and unstructured enquiries. The chatbots are trained with a specific
data set.
If an application contains data
that is not accurate, the chatbot
will provide inaccurate answers.
Further, chatbots have difficulties with handling complex
queries.
Therefore, customer service
should still have employees since
AI cannot be expected to handle all possible queries of the
customers.
Using AI in asset management
also has its limitations and potential risks.
A big potential risk of using
AI when making trading investments is over-fitting, using too
much known information to create the algorithm.
This concept of over-fitting means that the algorithm
is trained to exactly match the
training data, with the result that
the algorithm is not accurate for
unseen data. If this happens, the
AI is useless for making trading
decisions.
Using historical data to train
these algorithms also makes
them particularly ineffective
during a crisis.
The reason for a crisis cannot
always be traced back to historical data.
The rise of the crisis can be
quite sudden. This makes the
market more volatile and more
unpredictable than normal.
Risks of the implementation of
AI can also be found in financial
crime protection.
A big risk is that a bank can lose
its credibility when customers
are mistakenly seen as fraudsters.
••
••
This type of mistake is also
known as a ‘Type One Error’ or a
false positive.
This mistake can be made by
the system due to a racial bias
within the algorithm.
A ‘Type Two Error’ can also
happen when a fraudster is not
detected.
The risk of bias is not only relevant for fraud detection systems.
This can also happen when AI is
used to give credit risk scores, to
determine if credit should be extended to the customer.
AIs also have some regulatory
bottlenecks in areas where this
technology is utilised.
Further, the implementation
of these RegTechsolutions brings
multiple challenges.
One of these challenges is the
inconsistency in regulations between different national and international regulators.
Another challenge is that of
replacing legacy systems that
do not integrate with the new
technologies.
Digital innovations in the modern banking landscape are no
longer discretionary for financial
institutions.
Instead, they are becoming
necessary for financial institutions to cope with an increasingly
competitive market and changing
customer expectations.
In the era of modern banking,
many new digital technologies
have been driven by AI as the key
engine leading to innovative disruptions of banking channels
Banking is at a pivotal moment.
Technology disruption and consumer shifts are laying the basis
for a new S-curve for banking
business models.
Even though AI is at the root of
innovation, it has already made a
significant impact on the Zimbabwean banking industry, providingimprovements in the processes of client service, credit risk
assessment, asset management,
crime detection and regulatory
compliances.
Machingauta is an equities analyst at
IH Securities. — vmachingauta@ihsecurities.com.
Victoria Falls Stock Exchange Limited W eekly
Statistics
W eek Ending 08 February 2024
EQUITY MARKET
2023
REG
Number of Trades
Volume
Value (USD)
Foreign Trades
Purchases (USD)
Sales (USD)
Net Sales / Purchases
Index M ovements
Index Name
All Share
M arket Capitalisation
VFEX Market
Capitalisation (USD)
W eek Ended
8/2/2024
259
2,999,392
529,505.05
W eek Ended
1/2/2024
229
2,428,678
609,258.92
W eek Ended
8/2/2024
277.90
368,627.44
-368,349.54
W eek Ended
1/2/2024
0.00
45,951.78
-45,951.78
W eek Ended
8/2/2024
98.9757
W eek Ended
1/2/2024
103.7602
% Change
W eek Ended
8/2/2024
W eek Ended
1/2/2024
% Change
1,195,251,18
6
1,253,221,487
For more information, visit
W ebsite: www.vfex.exchange
Email: info@vfex.exchange
% Change
13.10%
23.50%
-13.09%
100%
702%
-4.61%
-4.63%
14
Zimbabwe independent BUSINESS DIGEST FEBRUARY 9 TO 15, 2024
BUSINESS OPINION
Samson
Ntambalika
TECH EXPERT
BROADLY defined, corruption is “the
abuse of entrusted power for private gain”,
according to Transparency International.
This subtle phenomenon knows no borders and has deeply rooted itself globally.
In the context of Zimbabwe, corruption
has taken hold in the very heart of the nation — the public sector.
The public sector encompasses government institutions, its decentralised units,
and various other entities responsible for
delivering public programmes, goods, or
services.
Within this vast arena, public sector
corruption manifests in numerous forms,
impacting multiple facets of Zimbabwean
society. It finds a home in:
Government ministries and departments (MDAs), where officials misuse
their entrusted authority for personal
gain, diverting resources away from the
public good.
The army, the police and other security
agencies. Even the institutions tasked
with safeguarding the nation can fall
victim to corrupt practices, eroding trust
in vital public services.
Municipalities — local governments,
which should be serving their communities, may instead be engaged in corrupt activities, compromising the wellbeing of citizens.
State-owned enterprises (SOEs) — entities established for the benefit of the
nation can be plagued by corruption,
siphoning off valuable resources meant
for public use.
Government contractors — those contracted to carry out public projects may
engage in corrupt practices, resulting in
subpar work or inflated costs.
The Transparency International Global
Corruption Perceptions Index (CPI) has
rated Zimbabwe poorly, with a score of
23/100, where a score of 0 represents a
highly corrupt state and 100 denotes a very
clean one. It is evident that corruption has
become deeply entrenched in Zimbabwe's
public sector, and addressing this issue is
paramount.
In this blog post, we will delve into the
multifaceted problem of public sector corruption in Zimbabwe. We will explore its
various forms, the factors that perpetuate
it, and the efforts being made to combat it.
The fight against corruption is not just a
duty of the government but a collective effort that requires the commitment of every
Zimbabwean citizen. Together, we can
strive for a more transparent, accountable,
and corruption-free future for our nation.
Towards combating corruption:
A call for change in Zim polity
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Corruption in public sector
Corruption within the Zimbabwean public
sector is not a mere anomaly but has become systemic and endemic. It manifests
in various forms, including grand corruption, petty corruption, and patronage.
Zimbabwe's struggle with public sector
corruption encompasses several defining
features, each shedding light on the extent
and complexity of the issue:
Grand Corruption: This form of corruption involves high-level government officials distorting policies or manipulating the normal functioning of the state
for their personal benefit. A prominent
example is the occurrence of public procurement malpractices, where critical
decisions are influenced by self-interest
rather than the public good.
Petty Corruption: At the grassroots level,
petty corruption thrives as low and midlevel public officials abuse their entrusted power while interacting with ordinary citizens seeking basic goods or services. This corruption seeps into everyday life, affecting crucial documents like
birth certificates, identification cards, or
passports. These services, which should
be readily accessible to all, become the
subject of extortion and bribery.
Patronage: In the realm of public sector
corruption, patronage is a particularly
insidious form of favouritism. It occurs
when individuals are appointed to positions or receive government benefits not
because of their qualifications or entitlement but due to their political affili-
•
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•
Mbudzi interchange, just another “eating” project.
ations or connections. This practice undermines meritocracy and erodes trust
in government institutions.
The Transparency International Global
Corruption Perceptions Index (CPI) paints
a grim picture, awarding Zimbabwe a low
score of 23/100, signifying a significant corruption problem within the public sector.
As we continue, we will not only uncover the intricacies of these corrupt practices
but also explore the factors fueling this
pervasive issue.
At this point, it is important to note that
corruption is transferable from the public
to the private sector mainly due to the high
acceptance of bribes by public officials.
The public sector in Zimbabwe currently
works in a challenging planning and economic environment, such that the sector
becomes incapacitated, leading to poor
service delivery. As economic pressures
mount, public officials, both in the public
and private sectors, may resort to demanding illicit payments.
They may justify these actions by citing
their own financial struggles, including
salaries that fall below living standards.
Factors fueling corruption
Understanding the root causes of corruption is crucial to combat it effectively. Corruption in Zimbabwe is fueled by a combination of regulative, cultural, and normative elements.
Regulative elements
Regulative elements pertain to the rules,
monitoring mechanisms, and sanctions
that influence conduct. However, in Zimbabwe, these elements have proven ineffective. The absence of standalone whistleblower protection laws and a lack of judiciary independence have hindered anticorruption efforts.
Additionally, institutions like the Zimbabwe Anti-Corruption Commission (Zacc)
have fallen short in investigating high-profile government officials and transparently
managing funds.
Without dedicated laws to protect whistle-blowers, those who expose corruption
are left vulnerable to reprisals and victimisation. Another critical issue is the executive's unilateral appointment of judges.
When the executive holds significant
sway over the judicial appointment process, it compromises the independence of
the judiciary. An impartial adjudication
of corruption cases becomes challenging
when the judiciary is not shielded from
the influence of the executive and political
elites.
Moving on to the Zimbabwe Anti-Corruption Commission (Zacc), it faces limitations that affect its effectiveness. Zacc
lacks prosecutorial powers, relying on the
National Prosecuting Authority (NPA) for
prosecution.
This reliance has contributed to percep-
tions that Zacc is ineffective, particularly
when it comes to investigating high-profile
government officials.
Furthermore, Zacc’s failure to adequately account for public funds, as highlighted
by the Office of the Auditor General (OAG)
in 2022, erodes public confidence in the
commission and discourages individuals
from reporting corrupt acts.
Lastly, within public-sector organisations, there is an undue reliance on internal and external audits to combat fraud.
Unfortunately, these audits are not specifically designed for this purpose. To address
corruption effectively, there is a pressing
need to introduce a dedicated audit framework tailored to tackle fraud head-on.
These regulatory shortcomings shed
light on the challenges Zimbabwe faces in its fight against corruption. However, the awareness of these issues also
opens the door to potential solutions and
improvements.
Cultural elements
The cultural aspect plays a significant role
in sustaining corruption. Zimbabwe's civil
society struggles to combat corruption
due to poor strategy, fragmentation, and
strained relations with the state. When
civil society organisations are unable to coordinate effectively and maintain a tense
relationship with government institutions,
their ability to tackle corruption becomes
severely compromised.
Another cultural factor at play is the rationalisation of corrupt practices. Rationalisation by both perpetrators and victims
contributes to low levels of integrity, as individuals justify their actions with phrases
like “what I took is a very tiny portion of
the national cake”.
This rationalisation is not limited to those
engaging in corruption; even victims of
corrupt acts may fall into this trap. It involves justifying or normalising corrupt
behaviour, ultimately leading to a decline
in ethical standards and integrity.
Moreover, corrupt individuals often employ specific discourses to absolve themselves of guilt. These discourses serve as
excuses or justifications for their actions.
For instance, the saying “Mbudzi inodya
payakasungirirwa,” which loosely translates
to "a goat feeds from the area where it is
tied," rationalises taking advantage of opportunities for personal gain when they
arise.
Similarly, phrases like "what I took is a
very tiny portion of the national cake" and
"almost everybody at my workplace is doing it" minimise the impact of individual
corrupt acts and shift blame onto a collective responsibility.
These cultural elements contribute to the
perpetuation of corruption in Zimbabwe
by creating an environment where corrupt
practices are not only tolerated but also
excused.
Recognising and addressing these cultural factors are crucial steps in the fight
against corruption.
Normative elements
Social norms and roles also perpetuate
corruption in Zimbabwe. Testimonies reveal that citizens often resort to bribery
to access essential services, indicating the
acceptance of corrupt behaviour as the
norm. Efforts to combat corruption often
underestimate its social embeddedness.
Testimonies from the Transparency International Zimbabwe 2021 National Bribery Perception Index (TI Z 2021 NBPI) are
telling. They reveal a stark reality:
“If you don't pay something, you will
forever be on the waiting list”.
“You cannot get most of the services you
need unless you pay a bribe”.
“There are a lot of high-sounding nothings on the fight against corruption in
Zimbabwe. There are cases without a
single conviction”.
These comments paint a clear picture of
how deeply ingrained corruption has become in Zimbabwean society. It is not just
a matter of individual actions; it is woven
into the very fabric of social interactions
and expectations.
Social norms play a pivotal role in influencing behaviour. They can either perpetuate corruption or act as a catalyst for
change. Unfortunately, many anti-corruption efforts have fallen short because they
underestimate the degree to which corruption is socially embedded.
To combat corruption effectively, it is
crucial to address these ingrained norms
and perceptions.
Now, let us ponder a couple of questions:
What do you think about the "catch and
release" approach used in arresting people suspected of committing corruption
crimes?
What implications does this approach
have for the general public?
These questions encourage us to reflect
on the effectiveness of anti-corruption
measures and their impact on society as
a whole. As we continue to explore the
fight against corruption in Zimbabwe.
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Consequences of corruption
One of the most concerning facets of corruption is its impact on society's well-being. Consider sextortion, a form of corruption where sex becomes the transaction
currency.
This insidious practice can lead to a host
of adverse outcomes, including unplanned
pregnancies, the spread of sexually transmitted infections (STIs), mental health
challenges, and even substance abuse.
These consequences not only harm individuals but also strain the social fabric of
communities. Moreover, corruption casts a
long shadow over the delivery of essential
To A15
Zimbabwe independent BUSINESS DIGEST FEBRUry 9 TO 15, 2024
15
BUSINESS OPINION
From A14
services like education and healthcare.
When funds meant for these services are
diverted for personal gain, it translates into
subpar materials, inadequate infrastructure,
and a shortage of qualified human resources.
This, in turn, compromises the quality and
accessibility of these services, leaving the
most vulnerable members of society to bear
the brunt.
Towards combating corruption:
A call for change in Zim polity
Undermining democracy and growth
In the political arena, corruption can erode
the very foundations of democracy. Electoral fraud, for instance, undermines the
integrity of elections and hinders economic
growth.
When voters are denied their voice and
elected officials remain unaccountable, it
sows the seeds of distrust in the political system. This, in turn, may lead to a lack of motivation among government officials to serve
their constituents' needs effectively.
What’s a worse, elected official may
themselves engage in corrupt behaviour,
further obstructing socio-economic progress. These political forms of corruption
create a toxic cycle that hinders the development and prosperity of nations.
A drain on resources
From an economic standpoint, corruption
can have dire consequences. Resources that
should be channeled toward public welfare
are diverted for private gain, resulting in reduced fiscal space. This means fewer funds
available for vital public investments in infrastructure, healthcare, and education.
Additionally, corruption tarnishes a country's risk profile, discouraging foreign direct
investment (FDI) and reducing the inflow of
aid. As corruption festers, it also contributes
to a brain drain, with job seekers seeking
opportunities abroad, depleting the nation's
human capital and stunting its potential for
growth.
In a nutshell, corruption's impact extends
far beyond financial losses; it leaves a lasting
imprint on society, politics, and the economy. Recognising these consequences is the
first step toward addressing this pressing issue and fostering a brighter future for all.
Progress and promising initiatives
Amidst the challenges posed by corruption
in Zimbabwe, there are glimmers of hope
and notable strides being taken in the battle
against this pervasive issue.
Let us explore some of these positive
developments that demonstrate the government's commitment to combating
corruption.
Zim Anti-Corruption Commission
The mere existence of a specialised anticorruption commission, known as Zacc, can
be viewed as a strong indicator of the government's dedication to addressing corruption head-on. This institution is tasked with
investigating and prosecuting cases of corruption, playing a pivotal role in upholding
accountability.
National Anti-Corruption Strategy
Zimbabwe has taken significant steps by developing the national anti-corruption strategy (NACS) for the period 2020–2024. The
creation of the NACS aligns with regional and
international anti-corruption frameworks,
including Article 5 of the United Nations
Convention against Corruption (UNCAC), to
which Zimbabwe is a signatory.
This strategic document serves as a roadmap for combating corruption and establishing a foundation for anti-corruption
efforts.
Specialised anti-corruption courts
To expedite the handling of corruption cases, specialised anti-corruption courts have
been established in all 10 provinces of Zimbabwe, operating at both High Court and
Magistrate Court levels.
These dedicated courts have achieved
significant results, clearing 79% and 89%
of cases at High Court and Magistrate Court
levels, respectively, during the year 2020.
Embracing technology
Efforts are underway to harness the power
of technology, particularly artificial intelligence (AI), in the fight against corruption.
This includes reducing human intervention
in critical processes like the approval of key
public sector documentation, such as Tax
Clearance Certificates and electronic government procurement (e-procurement).
National Assembly ... Empowering legislators to fulfill their oversight roles effectively will ensure that the checks and balances within the political
system are upheld.
Furthermore, the introduction of the Integrated Electronic Case Management System
(IECMS) in the courts promises to expedite
case disposition, benefiting not only general
legal proceedings but also corruption cases.
However, it is important to acknowledge
that while these initiatives represent significant progress, challenges and gaps still exist. For instance, the NACS document needs
further refinement, particularly in terms of
collaboration between Zimbabwe's anticorruption agencies.
Implementation remains a crucial hurdle,
and bridging these gaps will be vital in making the fight against corruption more effective and sustainable.
These positive developments are stepping
stones on the path to a more transparent, accountable, and corruption-free Zimbabwe.
Strengthen regulatoryframework
To fortify the regulatory framework and
bolster the fight against corruption, several
strategic actions have been proposed:
Stand-alone whistle-blower legislation:
A significant stride towards enhancing
the regulatory framework involves the
enactment of dedicated whistle-blower
legislation. This legislation aims to provide more robust protection for whistleblowers, empowering them to report
suspected corruption cases without fear
of repercussions. The official announcement of this bill's introduction during the
President's State of the Nation Address
(Sona) on November 23, 2022, signals
the government's commitment to creating a secure environment for those who
choose to expose corrupt practices.
Addressing sextortion with dedicated
legislation: Acknowledging the unique
challenges posed by sextortion, there
is a growing consensus advocating for
stand-alone legislation designed to comprehensively tackle this issue. The existing legal framework may not adequately
cover the nuances of sextortion, necessitating dedicated legislation to fill these
gaps. By introducing specific laws aimed
at combatting sextortion, Zimbabwe can
send a clear message that such practices
will not be tolerated.
Judicial Reform through JSC Involvement: Ensuring transparency and merit
in the appointment of judges is vital for
upholding the integrity of the judiciary.
To achieve this, calls have been made for
the Judicial Service Commission (JSC) to
play a more active role in the appointment of judges. This includes reinstating
public interviews of candidates, a move
aimed at enhancing transparency and
ensuring that appointments are based on
merit rather than other considerations.
•
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Political landscape
The political environment plays a pivotal
role in the fight against corruption. To create
a more robust anti-corruption ecosystem,
we need to address various aspects of the
political landscape:
Strengthening Democracy: A robust de-
•
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mocracy is a potent weapon against corruption. By ensuring that democratic
processes are transparent, inclusive, and
fair, we empower the electorate to reject
corrupt politicians through the ballot
box.
Fostering Political Will: The commitment to combat corruption must start at
the highest levels of leadership. Fostering political will to fight corruption, particularly through strong anti-corruption
signals from the top, sets the tone for the
entire nation.
•
consistently champion ethical behavior
as a non-negotiable standard.
Engaging the younger generation: To create a lasting impact, anticorruption messages must reach the younger generation.
This can be achieved through a revamped
curriculum that integrates ethics and
anti-corruption education. Additionally,
leveraging various media channels such
as outdoor messages and collaborating
with the visual and graphic arts sector
can make these messages more accessible and engaging for young minds.
Comprehensive corruption education
Fair remuneration
Corruption education should extend to all
political players, from the grassroots level
to council and municipal representatives.
By raising awareness and promoting ethical
behavior, we can create a culture of integrity
within the political sphere.
Ensuring fair remuneration for public sector
employees is a crucial element in reducing
the temptation of corruption. When employees receive reasonable compensation,
they are less likely to resort to corrupt practices to make ends meet. Adequate funding for government entities, such as ministries, departments, and agencies (MDAs),
is equally important. This funding enables
these entities to effectively deliver social
services, reducing the need for corrupt
shortcuts.
By addressing these normative aspects,
Zimbabwe can create a society that values
ethics, integrity, and accountability. Changing the norms surrounding corruption is a
long-term endeavor, but with consistent efforts and a focus on the younger generation,
it's a goal that can be achieved, leading to a
brighter and more transparent future.
De-politicisation of SOEs
State-owned enterprises (SOEs) should
serve the public interest, not become instruments of political expedience. De-politicising and demilitarising SOEs helps ensure
they operate independently and transparently, free from undue influence.
Impartial prosecution
To deter potential perpetrators, all corruption cases must be prosecuted without bias or favor. A strong legal framework
that upholds the principle of equal justice is
essential.
Empowering civil society
Civil society organisations (CSOs) play a
vital oversight role in holding government
and institutions accountable. Creating an
environment where CSOs can operate freely
and effectively is essential for a robust anticorruption effort.
Parliamentary oversight
Revising parliamentary rules and building
the capacity of individual Members of Parliament (MPs) are critical steps. This empowers legislators to fulfill their oversight
roles effectively and ensures that the checks
and balances within the political system are
upheld.
By addressing these political aspects, Zimbabwe can work towards a more transparent, accountable, and corruption-resistant
political landscape. These strategies are essential in the fight against corruption, helping to create a brighter future for the nation.
Normative aspects
To tackle the deep-seated issue of corruption, it is crucial to address the underlying
behavioural causes and instill a culture of
integrity. Here are some strategies to target
the normative aspects of corruption:
Ethical Communication: Addressing the
behavioural roots of corruption begins
with tenacious communication and the
unwavering assertion of expected personal ethics and codes of conduct. Leaders, educators, and role models should
•
Policy development and frameworks
Effective policy development and frameworks are the bedrock of any successful anti-corruption strategy. Here are some vital
steps and considerations to strengthen these
foundations:
Compulsory ethics training
Implementing compulsory ethics training
for all public sector personnel, especially
those involved in the procurement value
chain, is a proactive measure. This training
instills a strong ethical foundation, reducing the likelihood of individuals engaging in
corrupt practices.
Leveraging artificial intelligence
The use of Artificial Intelligence Systems can
be a game-changer in the fight against corruption. Brazil's successful implementation
of an AI system that detects 225 red flags of
potential fraud in public procurement processes serves as a noteworthy example.
l Read full article on www.theindependent.co.zw
Ntambalika is a Zimbabwean-born researcher
and strategist based between Zimbabwe, South
Africa and the United States. His work focuses
on the intersection of statecraft, strategy and
security. He is a globally-recognised expert and
thought leader on cyber security, intelligence,
corruption and counter-terrorism, money-laundering and forensic accounting. — sntambalika@
gmail.com or +27 64 919 3049 and +1 202 802
6391
16
Zimbabwe independent BUSINESS DIGEST February 9 to 15, 2024
BUSINESS OPINION
A Clearer
View with
Gloria
ndoro-mkombachoto
VICTOR Hugo is the French poet and novelist credited with the phrase “Nothing is
more powerful than an idea whose time
has come”. Ideas whose time have come
are unstoppable.
As we deny and reject the innovations,
the world will continue to move ahead,
utilising the historical innovations and necessities, with us lagging behind and no one
will pay attention as we dawdle behind. We
can shout from rooftops that new innovations like Starlink are national security
threats, but it is the creators and innovators that will not only continue to rule the
world, but chow the lunch of those sleeping on the job.
As we embark upon the path towards an
artificial intelligence (AI)-infused future
like Starlink, these new innovations can
only be first understood, then embraced
and ultimately utilised for our very own
national development.
Synoptic exploration of the
growth of AI innovations
Emergence of machine learning
Rosenblatt’s introduction of the perceptron in 1958 marked the dawn of machine
learning (Rosenblatt, 1958). The potential
to train machines using data rather than
hard-coded rules was revolutionary.
This heralded the birth of neural networks, a concept inspired by biological
neural structures.
However, it was not until the development of the back propagation algorithm in
the 1980s that deep learning took its nascent steps (Rumelhart, Hinton & Williams,
1986).
The renaissance of AI
Philosophical underpinnings of AI
The field of AI, although born from
the brilliance of modern computation,
finds its roots in timeless philosophical
contemplations.
René Descartes, in his Meditations, delved
into the nature of cognition, implicitly
hinting at a realm where machines could
potentially emulate human thought processes. Even as far back as 1651, Thomas
Hobbes, in Leviathan, proclaimed that “…
reasoning is but reckoning”, reinforcing
the notion that logical computation, even if
mechanised, lies at the core of intelligence.
I first got to know about AI 38 years ago
when I embarked on the second year of
doing my Masters in Business Administration, in a course, Advanced Forecasting
Techniques, that was fascinating, to say
the least. Even as far back as 1986, it was
inconceivable that AI would have as many
applications as it now has today.
The evolution of AI
Alan Turing, the visionary behind modern
computing, posed the fundamental query: “Can machines think?” in his seminal
work, Computing Machinery and Intelligence
(Turing, 1950).
His hypothesis, famously known as the
Turing Test, established a benchmark for
machine intelligence — if a human evaluator cannot distinguish between a machine
and a human based solely on their responses to questions, then the machine can
be deemed to possess “thought”.
Since Turing’s era, AI has traversed a
remarkable path, progressing from rulebased systems in the 1960s and 70s, to expert systems in the 1980s, and the emergence of neural networks in the 1990s.
The 21st century marked the advent of
deep learning, where algorithms, inspired
by the intricate neural architecture of the
human brain, exhibited astonishing prowess in tasks, such as image and speech recognition (LeCun, Bengio, & Hinton, 2015).
Era of artificial intelligence ... As we deny and reject AI innovations, the world will continue to
move ahead with us lagging behind.
While AI offers potential for enhanced
efficiency, concerns regarding the phenomenon of “technological unemployment”, where machines may replace human jobs, persist. Already this is happening
in many industries across the world.
Quest for AGI
The quest for artificial general intelligence
(AGI) epitomises a breed of AI that possesses the remarkable ability to undertake any
intellectual endeavour human beings can
effortlessly accomplish (Russell & Norvig,
2009).
While our present-day models exhibit
remarkable proficiency within limited domains, the realisation of AGI necessitates
the creation of systems imbued with the
faculties of learning, reasoning, and the application of knowledge across multifarious
fields, thus marking the zenith of artificial
cognitive capacity.
Traversing the intricate realm of artificial
intelligence unfurls a tapestry woven with
threads of ground-breaking innovation,
intricate ethical dilemmas, and profound
socio-economic metamorphoses.
As humanity stands upon the precipice
of unparalleled technological advancements, a symbiotic alliance with sentient
machines beckons, commanding both circumspection and audacious exploration.
Interplay between dreams, reality
For countless centuries, humanity has been
enthralled by the concept of creating artificial entities that mirror the complexities of
human intellect.
This timeless aspiration, evident in ancient myths featuring automatons like Talos and the Jewish Golem, has now materialised into the realm of algorithms and
machines that emulate cognitive functions
akin to humans (McCorduck, 2004).
Early explorations into automatons
The annals of artificial intelligence are
deeply ingrained in the annals of history,
where trailblazers like Al-Jazari meticulously crafted intricate automata during the
12th century. Although these contrivances
lacked genuine cognition, they laid the
groundwork for the eventual emergence of
mechanised intelligence (Hill, 1998).
The transition
The odyssey from mechanical contraptions to the conceptualisation of intelligence commenced with visionaries like
Ada Lovelace, who envisioned a future
where Charles Babbage’s Analytical Engine
could produce art and music, foreshadowing the multifaceted capabilities of modern
AI (Lovelace, 1843).
Formalisation
Alan Turing’s theoretical groundwork, exemplified by the Turing Test and the Universal
Turing Machine, became a pivotal milestone
for machine intelligence (Turing, 1950).
His work ignited a quest to explore
whether logical computations could
pave the way for a new era of intelligent
machines.
The confluence of vast data sets, powerful computational capabilities, and refined
algorithms in the 21st century ignited a
resurgence in AI research. Deep learning
models, fortified by layers of artificial neurons, exhibited prowess in areas such as
natural language processing, image recognition, and even creative endeavours like
art generation (Goodfellow, Bengio, Courville, 2016).
GPT, AlphaGo and beyond: The accomplishments of modern AI models like
Open AI’s GPT and DeepMind’s AlphaGo not only demonstrate computational
finesse, but also a capacity for nuanced,
human-like learning and strategic
thinking (Silver et al, 2017; Brown et al,
2020).
Epilogue: The future awaits: Gazing towards the horizon, the convergence of
AI with quantum computing and the
pursuit of AGI promises a frontier where
machines may equal, or even surpass,
the breadth and depth of human cognitive abilities (Sutor, 2019).
Navigating labyrinth of AI lexicon: AI, in
its vast expanse, is strewn with intricate
terminologies, each concealing a wealth
of knowledge. For scholars and practitioners alike, manoeuvring through
these terms is crucial for a comprehensive understanding of the domain (Russell & Norvig, 2009).
•
•
•
the full text on www.theinde•Read
pendent.co.zw
Ndoro-Mukombachoto is a former academic
and banker. She has consulted widely in strategy, entrepreneurship, and private sector
development for organisations in Zimbabwe, the
sub-region and overseas. As a writer and entrepreneur with interests in property, hospitality
and manufacturing, she continues in strategy
consulting, also sharing through her podcast @
HeartfeltwithGloria. — +263 772 236 341.
The ethical dilemmas of AI
The rapid advancement of AI capabilities
has raised profound ethical concerns. Matters pertaining to bias in AI, the right to explanation, and the potential displacement
of jobs necessitate thoughtful deliberation
(Bostrom, 2014).
For instance, should a self-driving car
prioritises the safety of its passengers or
pedestrians?
Moreover, AI and machine learning
models, despite their remarkable accuracy, can sometimes function as enigmatic
“black boxes”.
This lack of transparency can impede
comprehension and troubleshooting, underscoring the necessity for transparent
and interpretable models (Doshi-Velez &
Kim, 2017).
Socio-economic ramifications of AI
Beyond the realms of technology and
ethics, AI carries unprecedented socioeconomic implications. Brynjolfsson and
McAfee (2014) in their work The Second Machine Age highlight the transformative impact of AI on industries, economies and the
nature of work.
Starlink ... AI-infused future like these new innovations can only be first understood, then embraced and ultimately utilised for our very own national
development.
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Alex Mambosasa, a distinguished legal professional, serves as a Senior Partner and Strategist at
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ENZ founder Gillian Rusike
ENTREPRENEURS Network of Zimbabwe (ENZ)
has recently announced the appointment of a
new board that will serve for a period of two years,
from 2024 to 2026. The nine member board, led
by Karen Gondo as the Chairperson, is comprised
of experienced individuals who are passionate
about entrepreneurship and dedicated to driving
positive changes that will benefit entrepreneurs
throughout Zimbabwe.
Leading the nine-member board is Karen
Gondo, who has been appointed as the chairperson. Gondo brings with her almost two decades
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management.
As the co-founder and CEO of Image Magic
Corporate and the vice president of Megafest
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faced by entrepreneurs. Gondo is committed
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The strategic decisions to be made by the new
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become the leading hub for entrepreneurs, fostering synergistic growth and empowerment.
The board members have been carefully selected based on their entrepreneurial acumen
and their potential to positively impact future and
aspiring entrepreneurs.
Gillian Rusike, the visionary Founder and Executive Director of ENZ, is spearheading the organisation's efforts to revolutionize the entrepreneurial landscape in Zimbabwe. In addition to his role
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One of the key members of the board is Edzai
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brings over 25 years of experience in the engineering business.
As the founder of Power Giants Private Limited,
he has successfully expanded the company's operations to nearly 10 African countries.
Edzai is passionate about promoting women in
positions of influence and supporting the growth
of young businesses.
Grace Musandirire, the National Treasury, is a
successful businesswoman and the Founder &
MD of Graceland Waters Resort.
She also manages other thriving enterprises,
including Grabster Fisheries and Mukaba Solutions. Grace's desire to uplift others and take ENZ
to new heights will contribute to the organisation's
success.
Alvin Nyaradzayi Mparutsa, the Project Coordinator, brings a wealth of knowledge and experience to ENZ. As the CEO of Super C Group,
which includes various subsidiaries such as Classic Super Foods, Classic Super Commodities, and
Super Feeds, he is well-equipped to contribute to
the growth of ENZ and advance its agenda.
Sharon Nhau Hungwe, a Chartered Marketer
and CEO & Founder of Legacy Air Conditioning
Pvt, will focus on the Investment Portfolio. With
her expertise in the air conditioning industry, she
has established the first female-owned entity in
as a Board Member responsible for Public Relations and Communications at ENZ. With her expertise in strategic communication, branding, and
stakeholder engagement, she enhances the visibility, reputation, and impact of ENZ within the
entrepreneurial ecosystem.
Selena Jumbe, an accomplished professional,
serves as the Secretariat on the board, ensuring
the smooth functioning of ENZ. With her exceptional skills in organisational management, strategic planning, and communication, Selena plays
a vital role in facilitating effective decision-making
processes.
ENZ was established to promote mutual support and collaboration among entrepreneurs in
Zimbabwe. The organisation provides a platform
for networking, resource sharing, and business
support at various stages of growth. ENZ firmly
believes in empowering entrepreneurs, particularly women, as a crucial driver of economic development in the country.
As ENZ moves forward with its newly appointed
board, it is poised to become a leading force in
fostering excellence, recognition, skills development, and synergies among its members. The organisation's motto, “Zvikomo zviri kure zvinopanana mhute,” which translates to "big mountains
share the mist," underscores the belief that entrepreneurs can achieve greater success through
collaboration and shared knowledge.
B2 ADVERTISING SUPPLEMENT TO THE ZIMBABWE INDEPENDENT
FEBRUARY 9 TO 15, 2024
ENZ
Women’s Desk spearheads
women entrepreneurship
ENZ Bulawayo Women Desk chairperson Kathy
Mwanza
THE Entrepreneurs Network of Zimbabwe (ENZ) has
embarked on an ambitious mission to establish women's chapters in all ten provinces of Zimbabwe, to promote female entrepreneurship and reduce the gender
gap in the workforce.
Currently, the organisation has successfully set up
chapters in Harare, the
Midlands, and Bulawayo,
led by accomplished
women entrepreneurs.
Miss Kathy Mwanza,
POWER G ANTS
the leader of the BulaTRANSMISSION
wayo chapter and a
Connecting you with power
successful entrepreneur
herself, believes that
women have the potential to generate higher
revenues and create
more job opportunities
compared to their male
counterparts.
Drawing from her experience as the founder
of Cake Fairy, the largest baking supplier
shop in Zimbabwe, Miss
Mwanza asserts that
successful women entrepreneurs serve as
inspiring role models for
other women, encouraging them to start their
businesses.
This, in turn, leads
to increased job creation for women, thereby
contributing to the narrowing of the gender
gap in the workforce.
Miss Mwanza emphasizes that women entrepreneurs are resilient
and adept at adapting
and diversifying their
businesses even in challenging economic conditions, stating, “Women mean business.”
The Midlands chapter, led by WBC cofounder and President
Congratulations Eng Edzai Kachirekwa
ekwa On Your
Y
Ms Moreblessing Kunyangwe, advocates for
Appointment As A Board Member & Secretary General Of
women to seize the opEntrepreneurs Network Of Zimbabwe.
portunities
presented
by the government's
new economic policies
TRANSMISSION
INSTALLATIONS
TRANSFORMERS
SOLAR
aimed at revitalizing the
country.
Ms Kunyangwe, who
also serves as the Manager of the Zimbabwe
SOUTH AFRICA BOTSWANA KENYA ZAMBIA ZIMBABWE MALAWI
RWANDA
LESOTHO ESWATINI
General Medical Aid
Fund (ZGMAF), a sub-
Congratulations!!!
ENZ Midlands Women
Moreblessing Kunyangwe
Desk
chairperson
Dr
sidiary of the TM Group of companies, believes that
women's full inclusion in economic development is
crucial.
She urges women to take on leadership positions
and actively participate in championing economic
growth. Ms Kunyangwe encourages unity among
women, stating, “Musha mukadzi, it is now time to
build the nation by creating strong bonds that will
ensure the revival and growth of the nation.”
ENZ has already begun the process of setting up
chapters in the three aforementioned provinces and
plans to expand to the remaining seven provinces to
provide support and prioritize the growth of women-led businesses.
The organisation aims to empower women entrepreneurs by connecting them with resources,
fostering a supportive network, and advocating for
their interests.
In addition to its efforts in establishing chapters,
the ENZ has introduced a savings cooperative initiative called “silos/mukando/rounds system.”
Over the past two years, this program has proven
beneficial to its members, enabling them to start
their businesses.
The mukando system operates on a foundation of
collective trust, shared decision-making, and mutual accountability, with the practical benefit of facilitating the growth of entrepreneurs.
The initiative offers three tiers of financial support, namely $200, $500, and $1 000, and is open
to all entrepreneurial-oriented members, both male
and female, from all walks of life.
ENZ encourages individuals interested in joining
and becoming members to embrace the opportunity to support and empower each other through
the cooperative's business silos/mukando/rounds
system.
By fostering an environment of collaboration
and collective support, ENZ aims to create an inclusive and thriving entrepreneurial ecosystem in
Zimbabwe.
Furthermore, ENZ has developed a business
rescue fund for its members. In good times, each
member contributes an affordable monthly amount
that accumulates into their shares.
In times of emergencies or economic downturns,
members can borrow from the fund at affordable or
even zero interest rates, depending on the period.
The interest paid by borrowers is retained in the
fund to grow it or can be declared as a dividend at
each financial cycle.
This fund serves as a buffer for the continuation
of businesses, providing support to all members at
any given time.
With the establishment of women's chapters
across the country, the introduction of the mukando
initiative, and the development of a business rescue
fund, ENZ is making significant strides toward promoting female entrepreneurship, economic growth,
and gender equality in Zimbabwe.
The organisation's commitment to empowering
women entrepreneurs and creating an inclusive entrepreneurial ecosystem is poised to have a lasting
impact on.
ADVERTISING SUPPLEMENT TO THE ZIMBABWE INDEPENDENT FEBRUARY 9 TO 15, 2024 B3
ENZ
Entrepreneurs to converge for business meeting
Legal advisor Alex Mambosasa
STARTING this year, entrepreneurs from various
industries will gather at Holiday Inn on February 15, 2024, for a highly anticipated Business
Breakfast Meeting.
The purpose of this event is to discuss strategies and insights that will aid entrepreneurs
in navigating the ever-changing economic
landscape.
With the recent announcement of a new tax
dispensation by the Ministry of Finance, understanding the implications and requirements is
crucial.
This meeting will provide a platform for entrepreneurs to gain a comprehensive understanding of the new tax regulations.
The event will feature Mr Persistence Gwanyanya as the guest speaker.
He is a renowned new-generation businessman, economist, and financial advisory consultant. He also is the founder and CEO of the multiaward-winning business consortium, Bullion
Group, and serves as a member of the Monetary
Policy Committee.
With his extensive expertise in understanding and interpreting economic trends, financial
markets, and investment strategies, Mr Gwanyanya has played a pivotal role in the success of
numerous businesses in challenging economic
conditions.Attendees can expect Mr Gwanyanya's presentation to provide valuable insights
and actionable guidance.
His wealth of experience will shed light on the
current economic conditions and equip entrepreneurs with the necessary tools to thrive in the
face of uncertainty.
By sharing his expertise, Mr Gwanyanya aims
to help businesses achieve remarkable success
despite the challenges posed by the dynamic
economic landscape. The Business Breakfast
Meeting will serve as a unique opportunity for
entrepreneurs, business leaders, and professionals to network and collaborate.
By bringing together individuals from various sectors, the event aims to foster a supportive environment for sharing knowledge and
experiences.
Participants will have the chance to exchange
ideas, discuss best practices, and forge new
partnerships. ENZ, the organiser of the event,
is committed to simplifying the understanding
of the new tax dispensation announced by the
Ministry of Finance by providing a platform for
entrepreneurs to gain insights from industry experts like Mr Gwanyanya.
The topic of the meeting will be “Navigating
the Economic Environment for Business Success.” Entrepreneurs and business professionals are encouraged to mark their calendars for
the Business Breakfast Meeting on February 15,
2024. The event promises to be an invaluable
opportunity to gain strategic insights and engage
with like-minded individuals.
To register for the event, interested participants can visit our office or contact us directly
for further details.In a rapidly changing economic
landscape, the Business Breakfast Meeting aims
to equip entrepreneurs with the knowledge and
tools necessary to thrive.
By attending, entrepreneurs can gain valuable
insights from industry experts, network with
peers, and collaborate to overcome challenges.
Together, attendees can navigate the economic landscape with confidence and drive their
businesses toward success in the face of evolving challenges.
Chairperson Karen Gondo
Projects co-ordinator Alvin Mparutsa
Content Bundle
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NDLE
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in our C
HOW TO SUBSCRIBE
WhatsApp Hi: +263 718 787 962
subscriptions@alphamedia.co.zw
B4 ADVERTISING SUPPLEMENT TO THE ZIMIND
FEBRUARY 9 TO 15, 2024
ENZ
Congratulatory Message to Mrs Grace Musandirire on her
appointment as the board member and also the National
Treasurer of ENZ
The board,management and staff of Graceland
Waters Resort extend our hearty congratulations to
our Mother, Founder Mrs Grace Musandirire on being
awarded the board member and also the National
Treasurer of ENZ.
We celebrate this Great feat with her.
ENZ executive board
members
Board secretary Edzai Kachirekwa
Congratulations, makorokoto, amhlophe Amai.
For More Information
+263 772 391 339 | +263 714 851 501
Public Relations executive Angela Rusike
AMH HAS ZERO TOLERANCE TO CORRUPTION
We wish to bring to the attention of stakeholders and consumers of Alpha Media Holdings (AMH)
publications that we choose to be different in everything we do.
We would like to reiterate that the AMH publications are totally committed to delivering accurate and
impartial news designed to inform the public, get Zimbabweans to speak to each other, debate and enable
them to make informed choices.
The AMH Editorial Advisory Board of Trustees exists to ensure that our publications adhere to the AMH
Pledge and Guiding Principles which seek to deliver the facts, truth and offer relevant context and analysis.
AMH strives to encourage robust debate, patriotism and tolerance among Zimbabweans.
The Editorial Advisory Board of Trustees plays a signi�cant role in this regard.
All AMH readers and advertisers are important to what we do at all material times.
They have a right to ventilate their concerns and grievances.
The Editorial Advisory Board of Trustees is one access point and platform for achieving transparency and
accountability.
Investment Portfolio executive Sharon Nhau Hungwe
The Editorial Advisory Board of Trustees is alive to increasingly disturbing developments in the Zimbabwean
media industry where journalists are accused of demanding money to publish certain stories or to block the
publication of stories by interested parties.
As a trail-blazer in the media industry, AMH is taking the lead in nipping in the bud the cancer of “brown
envelopes” wherever it exists and we are, therefore, inviting our stakeholders to join us in restoring integrity
to the profession of journalism.
In this regard, if any of our journalists are found to be involved in such reprehensible practices, stern action
will be taken without fear or favour.
We e n co u ra g e o u r s t a k e h o l d e r s to u t i l i s e t h e s e r v i ce s o f t h e AM H O m b u d s m a n
ombudsman@alphamedia.co.zw to report any transgressions by our journalists so that appropriate action
may be taken as expeditiously as possible.
MUCHADEYI ASHTON MASUNDA
CHAIRMAN
EDITORIAL ADVISORY BOARD OF TRUSTEES
03 February, 2023
ZIMBABWE
INDEPENDENT
Operations executive Sellina Jumbe
Brought by:
G lf Zone
February 9 TO 15, 2024
All things golf
- This week’s Winners Circle -
Mbezo Enterprises, an agriculture equipment supplier based in Chinhoyi won the Zim Agriculture Golf Team Champs 2024 played
at Royal Harare Golf Club last Friday.
Nomads Mashonaland Ruwa competition B Division Takawira
Njini (right) with captain Chaka Nzira.
Nomads Mashonaland Ruwa competition A Division winner
Ben Funani (right) with Captain Chaka Nzira.
Dugmore Trophy winner Tanaka Chatora
Computer To Plate
Imaging
A3 GTO Plates ( 400 x 510)
A2 KORD Plates ( 550 x 650)
A2 Somz Plates (615 x 724)
2
Zimbabwe independent February 9 TO 15, 2024
Golf Zone
MUNYARADZI MADZOKERE
P
rofessional golfer Tonderai
Masunga was the biggest winner
at the inaugural Sachies Invitational
Masterclass which was held at Royal
Harare Golf Club last week.
MasungawontheProAmeventaftercardinga
6-Under at the 72 par course, five strokes ahead
of nearest rival Never Milanzi who shot a round
of 71.
David Milanzi was tied on third place after
achieving a par score along with David Elijah,
Pride Sembo and Biggie Chibvuri, lady golfer
Shamiso Qiang and Promise Sombrero.
There were also some good scores from the
amateur after Oswell Bimha shot an impressive
5 – Under while Ruvimbo Faith Chimbabo
managed 4 – under and season campaigner
Yollander Mubayiwa was on 2 – Under.
Established last year Sachies Invitational
Masterclass is an inclusive Golf school at
Royal Harare Golf club. It mainly emphasizes
networking and inclusiveness.
Last Friday's tournament was an invitational
ProAm event where we had Pros participating
in the competition.
The main aim was to encourage and support
our local Professional Golfers in the process.
Afro-Jazz musician Rute Mbangwa provided
the entertainment during the prize giving
dinner.
Masunga wins inaugural
Sachies ProAM event
Zimbabwe independent February 9 TO 15, 2024 3
Golf Zone
Vincent
brothers
bag
US$135k
T
op Zimbabwe golf brothers Kieran
and Scott Vincent bagged US$135
200 after finishing tied for 38th
place at the season opening LIV
Golf event in Mayakoba, Mexico
last weekend.
But it was Kieran, the younger of the two
brothers, who had a memorable tournament
after his newly formed team Legion XIII won
the event in their first ever LIV Golf appearance.
The team which is captained by Spanish
two-time major winner and reigning Masters
champion, Jon Rahm walked away with a US$3
million winner’s cheque.
Englishman Tyrrell Hatton and American
teenager Caleb Surratt complete the team which
was formed barely two weeks ago.
Rahm tied for third place on the individual
leaderboard at LIV Golf Mayakoba on 10-Under
in the three rounds and walked away US$1,
25 million richer. It was Joaquin Niemann who
won the individual competition after a four-hole
playoff against Sergio Garcia as the two golfers
finished the three rounds on 12-Under.
Kieran Vincent spoke about the team’s win
ahead of the LIV Golf Las Vegas which teed off
yesterday.
“We had a great dinner on Sunday night. We
spent it together relapsing and taking in the
week showing each other some cool moments
so it was a great celebratory dinner,” he said.
The LIV Golf Las Vegas is set to conclude
tomorrow.
Last year Scott Vincent was the 22 nd best
earner on the LIV Golf circuit with a total US$
4,7 million throughout the season and will be
hoping to do better this season .
However, his side Iron Heads GC which
includes captain Kevin Na, Sihwan Kim and
Danny Lee had a difficult start to the season last
week after finishing bottom of the leaderboard.
Unlike 2023, the 2024 LIV Golf season sees
the same 54 players compete throughout the
season with 13 teams set for the year. There will
be two individual spots, one of which will be
taken by Hudson Swafford for the entire season
and the other will be rotated between different
individuals.
But while the rebel series has changed
some elements for this year, one thing that has
remained the same is the vast prize money on
offer.
Each of the 12 regular season events has
a $25m purse with $20m for the individual
competition and $5m for the team competition.
Every individual tournament winner receives
$4m, with the player who finished last in the
54-man events taking home $50,000. Each
tournament’s winning team receives $3m to
split between its four players.
The player who tops the individual standings
at the end of the season receives an $18m bonus.
Dustin Johnson took the honors in LIV Golf’s
inaugural season with 4Aces teammate Talor
Gooch scooping the pot in 2023.
The 2024 season’s finale, the Team
Championship, will have a $50m purse up for
grabs for the 13 teams. The winning team will
receive $14 million, the runners-up $8 million,
and third place $6 million. Even the team
finishing last will receive $1.25 million. For 2024,
this team prize fund will be split 60/40, with
60% of the team’s winnings going directly to a
team operating fund, while the remaining 40%
will be distributed in 10% shares to each of the
four players.
LIV’splayerswillhaveevenmoreopportunities
to add to their vast earnings with the news
that they will be allowed to play in the Major
Championships if they meet the qualifying
criteria, as well as being able to play on the
Asian and DPWorldTours. However, their hopes
of earning world ranking points were quashed in
October when OWGR rejected their bid.
GOLF
DAY
$300 PER TEAM
$80 PER INDIVIDUAL
Chapman Golf Club
6 Smit Cres, Harare, Zimbabwe
1 MARCH 2024
CALL FOR DETAILS
+263 77 370 5721
+263 78 990 0289
EMAIL US ON
info@zimbuildex.co.zw
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MEDIA PARTNERS
FORMAT:
INDIVIDUAL STABLEFORD
4
ZIMBABWE INDEPENDENT FEBRUARY 9 TO 15, 2024
Golf Zone
MUNYARADZI MADZOKERE
T
he heritage School has expressed
delight at the performance by the
team that flew the country’s flag at
the Asian Junior Masters which took
place at the Black Mountain Golf Club
in Hua Hin, Thailand.
Organized by theThai Junior Golf Association
the event saw at least 16 other teams from 16
different countries fight for the top honours.
While the team did not win in any category
the school was pleased with the performance
of the team.
“TheAsianJuniorMasters2024inThailandhas
recentlyconcluded.Itwasafantasticexperience
forourHeritagegolfers,whothoroughlyenjoyed
participating in the competition. The World
Golf Amateur Rankings certified the certificates
awarded to them, which gives recognition to
The Heritage Golf Team worldwide,” the school
said on its social media platforms.
“NotableperformancesweregivenbyMiriam
Masiya, Ruvarashe Pangeti, and Mukudzeishe
Sekeso. Additionally, Munesuishe Pangeti was
the youngest player in the tournament and
received an award for endurance as he played
54 holes in three consecutive days.
“The team will be collaborating with US Kids
Golf, SA Kids Golf, and the Asian Golf Academics.
We wish the team continued success as they
prepare for theWorld Championship qualifiers,
which will be held in Johannesburg soon,” they
said.
The tournament winners by junior category
showcased the international flair and
competitive spirit of the event, with champions
hailing from across Asia, including Arisu Kim,
Kartik Singh, Rino Sato, Kasidech Tanatunya,
Ningyao Xu, Seinosuke Fukui, Chengrui Xu,
and Ojaswini Saraswat leading their respective
divisions.
The Asian Junior Masters at Black Mountain
Golf Course has proven to be a pivotal platform
for junior golfers from around the world to
showcase their talents, compete at the highest
level, and gain invaluable experience on the
international stage.
Harald Elisson, Managing Director of Black
Mountain Golf Club, praised the exceptional
standard of play and the global participation
the tournament attracted.
“The standard of play over the three days has
Heritage School happy with Asian
Junior Masters perfomance
been truly remarkable," Harald said.
“Black Mountain are proud to be supporting
the Asian Junior Masters and we look forward
to continuing to support Junior golf in Asia, and
hosting the flagship event in the years to come.
“Thanks go out to the parents, families and
players travelling to Hua Hin from 20 different
countries to compete and we hope to see you
al again soon,” he added.
G lf Zone
All things golf
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Corporate/ Charity/ Society Golf
Profiling of weekly golf winners
Golf calendar updates
Gold course round-ups
Call:
Lina Mutsopotsi on +263 77 708 6431
Email: lmutsopotsi @alphamedia.co.zw
GOLF EVENTS
CALENDAR
Triathlon Zimbabwe Tour Fundraising
Golf Day
Date: February 9, 2024
Venue: Borrowdale Brooke Golf Estate,
Harare
_______
Mutupo/Isibingo Golf Tournament
Date: February 9, 2024
Venue: Royal Harare Golf Club, Harare
Hartzell Old Students Association
Date: March 15, 2024
Venue: Chapman Golf Club
_______
Ruzawi Old Pupils' Association Golf Day
Date : March 22, 2024
Venue: Royal Harare Golf Club