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Mnangagwa extends John Mangudya’s term by another five years

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John Mangudya

President Emmerson Mnangagwa on Friday appointed John Mangudya for a second and final five-year term as central bank governor, a government official said.

John Mangudya was first appointed to the post in 2014 but his term was marred by the bank’s decision to introduce the surrogate bond note currency two years later in a bid to end a severe shortage of U.S. dollars and cash.

“The extension takes effect from 1 May 2019 for another five years,” Misheck Sibanda, chief secretary to the president and cabinet said in a statement.

Mangudya’s appointment had been largely expected after Mnangagwa’s spokesman George Charamba said the governor would get a second term.

Zimbabwe is gripped by a severe shortage of dollars that has seen the country struggle to import food and medicines for hospitals. Reuters

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BUSINESS

Zimbabwe set to rebase economy after adopting a new currency

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Zimbabwe Economy

Zimbabwe’s Finance Minister announced the rebasing of the economy on Wednesday, following the adoption of a new currency earlier this year, and said growth would be slowed this year by a drought and a cyclone that hit eastern regions.

The Zimbabwe economy grew higher than expected in 2018, Finance Minister Mthuli Ncube told parliament.

The central bank scrapped the peg between its quasi-currency bond note and electronic dollars against the U.S dollar in February and merged them into a single transitional currency called the RTGS dollar.

Rebasing the Zimbabwe economy broadly means changing the reference points used to calculate the country’s gross domestic product.

The southern African nation rebased its economy last October boosting it by 40% to $25.8 billion and Ncube said the adoption of the RTGS$ required another rebasing exercise, which put the economy at RTGS$70.1 billion or $21 billion at the official exchange rate.

Ncube said the Zimbabwe economy had grown by 6.2 per cent in 2018 compared to an initial forecast of 3.1 per cent but he saw growth being throttled this year by “severe economic shocks”, including a drought that has wilted crops and a cyclone that hit western parts of Zimbabwe in March.

He said Zimbabwe had 876 000 tonnes of maize in strategic grain reserves, enough to feed the country for seven months.

Ncube said the national treasury’s austerity measures had meant a budget surplus of RTGS$443 million was recorded in the first quarter and added that the target of a budget deficit of 5% of GDP would be achieved this year. Reuters

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BUSINESS

No change in passport fees: RG

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Zimbabwe passport fees

Registrar-General Mr Clement Masango yesterday dismissed social media reports alleging that Zimbabwe passport fees are set to be increased soon, saying Government had a well-structured method of conveying such messages.

In an interview, Mr Clement Masango said production of passports resumed last Friday afternoon after a system malfunction owing to a technical fault.

“There have been reports on social media alleging that passport fees will be hiked,” he said. “That is not true. I am concerned as the Registrar- General that some people seem to thrive on creating controversy meant to instil alarm and despondency in society.

“This kind of behaviour must be condemned in the strongest terms. To members of the public, I would want to say it is not Government practice to communicate official matters through social media. There are no plans to revise passport fees upwards as alleged by the social media.”

According to the online reports, fees for a normal passport were set to rise from $53 to $253. It had also been reported that fees for an urgent passport would go up from $253 to $800.

The reports of a Zimbabwe passport fees review coincided with a temporary halt in the issuance of passports due to the technical fault.

“The stoppage was as a result of a system malfunction,” said Mr Masango. “It was rectified and by Friday afternoon production had resumed. There is, therefore, no need for members of the public to panic.

“The situation is under control and production of passports has since resumed after that temporary setback. As a department, we want to apologise to our stakeholders for the inconvenience that they went through as a result of that stoppage.”

The RG’s Office is working round the clock to clear a passport backlog which has also been spawned by escalating for the prized document.

The Passport Office has also had to contend with limited financial resources to procure consumables, thereby taking longer to clear the backlog.

The office is on record as expressing its commitment to clear the backlog, which has been characterised by long and winding queues at the Central Registry in Harare.

The long queues have also created a fertile ground for rent-seeking behaviour, with some unscrupulous people cashing in on desperate passport applicants. The Herald

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Cassava Smartech Zimbabwe ventures into trucks business

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Cassava Smartech Zimbabwe

Cassava Smartech Zimbabwe, yesterday launched the Vaya logistics unit, an additional entity that deals with delivery trucks and van services under its Vaya division.

The launch of the new product was done at the Cassava Smartech stand at the Zimbabwe International Trade Fair (ZITF).

Like any ordinary ride, the trucks and vans can be “easily” booked from anywhere at any time via the convenience of a mobile application, management said.

Chief executive officer Mrs Dorothy Zimuto said the launch came about after Cassava had noticed high demand for service to transport cargo on the market.

“Today, here in Bulawayo, we are launching Vaya logistics under the Vaya division because we noticed that there is a need to transport cargo from one place to another,” she said.

She said the company noticed that people using Vaya mobile were bringing cargo along with them which small rides could not transport.

“Previously we only had Vaya express, which moved small packages from one point to another but we have now introduced vans and trucks that can transport heavier cargo,” said Mrs Zimuto.

She said the services were not in competition with any business but were rather complementing what is already on the market.

Mrs Zimuto said Cassava was working on introducing waste disposal services and Vaya specialists services such as borehole drilling, road construction and plumbing under the Vaya division.

She said Cassava was looking at creating a pool of builders, plumbers, electricians, agronomists, mechanics, drivers, nurse aides, carpenters, tillers, tailors, tutors, hairdressers, barbers and domestic workers so that they can be connected to their various markets under an initiative called Technites.

Cassava Smartech has managed to successfully bring into operation Vaya tractor and ambulance services, which can also be accessed on the Vaya mobile app.

Meanwhile, Cassava Smartech, taking advantage of the ZITF platform, has also launched its shuttle services by offering free rides to exhibitors, business people and professionals travelling to the trade fair by air.

Throughout the trade fair week, the Vaya shuttle will be offering free shuttle service to all visitors to ZITF landing at Joshua Mqabuko Nkomo International Airport. The Chronicle

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