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Mnangagwa names ex-banker Mthuli Ncube finance minister

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Zimbabwean President Emmerson Mnangagwa on Friday appointed former banker Mthuli Ncube as finance minister and kept Winston Chitando in charge of mining, placing two technocrats at the helm of plans to rescue the country’s battered economy.

The 75-year-old leader is under pressure to rebuild an economy hit by lack of foreign investment, unemployment above 80 percent and acute dollar shortages that have hobbled some imports.

Mnangagwa won a disputed vote on July 30, the first election in the southern African nation since Robert Mugabe was removed by the army last November after nearly four decades in power.

In appointing Mthuli Ncube, Mnangagwa wants to show the international community that he is giving priority to the economy and moving away from the Mugabe years where important cabinet posts were given on patronage lines.

“It sounds very encouraging especially on the choice of finance minister. That’s a very good foundation for the country’s economic recovery prospects,” said John Robertson, a Harare-based independent economist.

“I hope the president will permit those ministers to exercise their skills without interference.”

Mthuli Ncube, 55, is a former chief economist and vice president at the African Development Bank (AfDB) and was also a lecturer in finance at the London School of Economics and Wits Business School in South Africa.

He founded Zimbabwe’s Barbican Bank and asset management company, which were, however, put into administration by the central bank in 2005 after only two years of operations. The bank’s license was later canceled.

Mthuli Ncube will be tasked with crafting an economic recovery program as well as coming up with strategy to pay off Zimbabwe’s $1.8 billion arrears to the World Bank and AfDB.

Chitando, a former managing director and chairman at the Impala Platinum and Sibanye-Stillwater joint venture platinum miner Mimosa, was favorite to be retained at the mines ministry, to which he was first appointed in Nov. 2017.

Reuters

BUSINESS

African Union’s Inclusion in G20: A Significant Acknowledgment of a Continent with 1 Billion Inhabitants

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The world’s most powerful economies, the G20, have welcomed the African Union (AU) as a permanent member, recognising Africa’s more than 50 countries as important players on the global stage. US President Joe Biden and Indian Prime Minister Narendra Modi both expressed support for the AU’s permanent membership.

The AU has advocated for full membership for seven years and, until now, South Africa was the only African country in the G20. The AU represents a continent with a young population of 1.3 billion, which is set to double by 2050 and make up a quarter of the world’s population.

Africa’s 55 member states have long pushed for meaningful roles in global bodies, including the United Nations Security Council, and want reforms to the global financial system. The continent is increasingly attracting investment and political interest from global powers like China, Russia, Gulf nations, Turkey, Israel, and Iran. African leaders are challenging the framing of the continent as passive victim and want to be brokers instead.

They seek fairer treatment by financial institutions, delivery of rich countries’ long-promised $100 billion a year in climate financing for developing nations, and a global tax on fossil fuels. The AU’s full G20 membership will enable it to represent a continent that’s home to the world’s largest free trade area and abundant resources needed to combat climate change. The African continent has 60% of the world’s renewable energy assets and over 30% of the minerals key to renewable and low-carbon technologies.

African leaders want more industrial development closer to home to benefit their economies. Finding a common position among the AU’s member states, from economic powers to some of the world’s poorest nations, can be challenging, but Africa will need to speak with one voice to influence G20 decision-making. African leaders have shown their willingness to take collective action, as seen during the COVID-19 pandemic. As a high-profile G20 member, Africa’s demands will be harder to ignore.

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Forging Strong Bonds: Iran and Zimbabwe Deepen Economic Ties in Raisi’s Africa Tour

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Zimbabwe and Iran

On Thursday, Zimbabwe and Iran signed 12 memorandums of understanding to strengthen their bilateral ties during Iranian President Ebrahim Raisi’s visit to Africa. Raisi had previously visited Kenya and Uganda before meeting with Zimbabwean President Emmerson Mnangagwa in Harare. Among the 12 MOUs is a plan to establish a tractor manufacturing plant in Zimbabwe with the help of an Iranian company and a local partner. The two countries also signed agreements for cooperation in energy, agriculture, pharmaceuticals, and telecommunications, as well as research, science, and technology projects.

Mnangagwa expressed his appreciation for investments in several sectors of Zimbabwe’s economy to reporters after the signing ceremony. However, he did not disclose the amount of investment Zimbabwe is expecting from Iran. Raisi mentioned the economic challenges facing Iran and Zimbabwe due to U.S. sanctions but emphasised his country’s efforts to build closer economic ties.

According to Iran’s foreign ministry, trade with Africa is expected to exceed $2 billion this year, but there was no comparison to the previous year’s figures. This African visit is the first by an Iranian leader since 2013, following a visit to three Latin American countries in June, all of which are also affected by U.S. sanctions.

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Breaking News: E-Creator Fraud Ring Leader Apprehended by Police

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The Zimbabwe Republic Police is requesting that individuals who have been deceived by E-Creator, Zhao Jiaotong come forward and report to the nearest police station.

According to police spokesperson Assistant Commissioner Paul Nyathi, the kingpin of the E-Creator Ponzi scheme has been arrested on charges of fraud. The suspect is identified as Chinese national Zhao Jiaotong, who is said to be the founder of the notorious platform that has scammed people out of thousands of dollars.

Nyathi stated, “The Zimbabwe Republic Police confirms the arrest of Zhao Jiaotong, 39, in connection with a case of fraud in which unsuspecting members of the public were duped through the E-Creator Ponzi scheme.”

The police are urging anyone who may have fallen victim to E-Creator to report to their nearest police station. Additionally, the public is encouraged to exercise caution and perform thorough research before investing in any Ponzi or pyramid schemes that promise quick returns.

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