AGP Executive Report

Regional Trade: COMESA leaders meeting in Harare called for removing trade barriers, improving connectivity and deepening regional trade and investment. Infrastructure: Zinara secured US$400 million through a CBZ bond to rehabilitate the Beitbridge–Harare, Harare–Chirundu and Bulawayo–Victoria Falls highways, key routes for commerce and tourism. Trade Outlook: Afreximbank projects Zimbabwe’s deficit to widen from US$600 million in 2025 to nearly US$900 million this year and US$1.4 billion in 2027, as imports of fuel, machinery and other goods outpace mining-led exports. Currency and Payments: A proposed real-time payments system could make ZiG transactions faster and cheaper, but analysts say lasting adoption depends on trust in the currency and institutions, not technology alone.

Digital Currency: Zimbabwe is pursuing an Indian-backed instant-payment system to make ZiG transactions faster and cheaper, but analysts warn that technology alone cannot build trust in the currency. Investment and Trade: President Emmerson Mnangagwa is in Moscow for the Russia-Africa Summit, seeking partnerships in energy, technology and industry. The recent COMESA summit also brought regional traders to Harare to explore new markets, while Zimbabwe reported stronger export earnings. Economic Outlook: IMF figures put Zimbabwe’s economy at about US$65.9 billion, making it Africa’s 14th largest; questions remain over how much of the reported decade-long growth reflects real economic gains. Markets and Business: Zimbabwean stocks rose as agriculture led trading, and Stanbic urged businesses to develop bankable projects to attract investment and create jobs. Workplace Rules: A new Occupational Safety and Health Act lets workers refuse imminently dangerous work and sets penalties for employers who breach safety requirements.

ZiG Payments: The Reserve Bank is negotiating with India’s NPCI International on a real-time payments system to make transfers faster and cheaper. But technology alone will not build confidence in the currency; people need sound reasons to use it. Regional Trade: A COMESA business forum in Harare connected traders seeking markets for products including honey, maize, sugar and apparel. ECA also backed circular-economy investment in regional value chains such as leather, textiles and plastics. Investment: Stanbic Bank Zimbabwe urged businesses and public institutions to develop bankable projects that can attract capital and support jobs. Economic Figures: The IMF’s October outlook values Zimbabwe’s economy at US$65.9 billion, ranking it 14th in Africa—up sharply from US$17 billion in 2017. Pension Relief: IPEC has begun paying US$200 each to 8,600 pensioners affected by the 2019 currency changes, with US$1.75 million distributed through EcoCash.

Border Rules: ZIMRA has set 30 days as the standard limit for temporary permits for foreign-registered vehicles entering Zimbabwe. Extensions require prior approval, and total stays cannot exceed three months. Energy Planning: ZESA is surveying household power use and solar adoption to help plan distribution and improve grid reliability. Regional Trade: As Zimbabwe takes the COMESA chair, leaders are urging stronger regional trade, while Mnangagwa has called for mineral value addition. Markets: Zimbabwe stocks rose, led by agriculture, as VFEX turnover reached US$2.81 million. Investment and Infrastructure: Davipel’s US$12 million investment has drawn attention to special economic zone tax incentives, while ZINARA says it has cleared US$206 million in road debt and is seeking new credit lines. Business Regulation: Zimbabwe has reserved 17 sectors for citizens and warned that some foreign firms could lose licences if they fail to meet ownership rules.

Business Liabilities: About 15 cars gifted by the late Wicknell Chivayo remain unpaid, a dealership owner says. Recipients, including musician Sugar Sugar, face uncertainty over ownership while the estate is settled. Market Activity: Zimbabwean shares rose on Friday, led by agriculture and industry. The VFEX recorded US$2.81 million in turnover across 261 trades, while the ZSE logged ZWG9.43 million across 50 trades. Regional Trade: Zimbabwe’s Emmerson Mnangagwa took over as COMESA chair at the Harare summit, where leaders called for fewer trade barriers, stronger regional links and more local processing of resources. Zimbabwe also reported strong growth in export earnings. Power Planning: ZESA has begun a nationwide household survey to track energy use and solar adoption, information it says will help improve grid reliability and plan future supply. Professional Services: Baker Tilly Zimbabwe appointed tax specialist Simbarashe Hamudi as country managing partner.

Power Planning: ZESA has begun a nationwide household survey to track energy use and rooftop solar uptake, information it says will help improve grid reliability and plan future supply. Regional Trade: Zimbabwe’s Emmerson Mnangagwa has taken over as COMESA chair. Leaders at the Harare summit called for fewer trade barriers, smoother borders and more local processing to boost jobs and investment across the bloc. Export Growth: Zimbabwe recorded a US$591.5 million trade surplus, with August exports rising 91% year-on-year to US$1.68 billion. Earnings from processed and manufactured goods climbed 67.9% to US$593.4 million. Mining Finance: Namib Minerals signed a non-binding US$30 million term sheet with Ecobank Zimbabwe to fund development and exploration at Redwing gold mine, subject to final agreements. Infrastructure: ZINARA has cleared a US$206 million road debt accumulated over 15 years and is looking to secure new credit lines.

Regional Trade: Emmerson Mnangagwa has taken over as COMESA chair, pledging to push industrialisation and value addition. Leaders called for more intra-regional trade and fewer border barriers; Zimbabwe says bloc exports topped US$40 billion in 2025. Mining Finance: Namib Minerals’ Zimbabwe subsidiary signed a non-binding US$30 million Ecobank term sheet to fund Redwing Mine’s development and resource work, subject to final agreements and conditions. Infrastructure Funding: ZINARA has cleared its US$206 million DBSA debt, ending a 15-year obligation and potentially improving its access to credit for road projects. Border Rules: ZIMRA has tightened temporary import permit checks for foreign-registered vehicles. Permits will usually be limited to 30 days, with longer stays assessed individually up to three months.

Regional Trade: Zimbabwe took over the COMESA chair as leaders called for fewer trade barriers, stronger regional integration and more intra-African trade. Road Finance: ZINARA has cleared its US$206 million DBSA debt, ending a 15-year obligation and potentially improving access to credit for road projects. Industrialisation: Government is pushing mineral processing and manufacturing to retain more value locally, while Zimbabwe uses its COMESA role to promote regional value addition. Business Climate: Plans to reserve 17 sectors for citizens and revoke licences from non-compliant foreign firms add uncertainty for investors. Regional Energy: Aliko Dangote’s US$327 million stake in Kenya’s oil pipeline is part of a planned Africa-wide fuel distribution network, with potential implications for regional supply and trade.

COMESA and Investment: Zimbabwe takes over the bloc’s chairmanship as leaders meet in Harare. Analysts say it should use the role to attract foreign investment and grow exports. Economic Outlook: IMF figures put Zimbabwe’s economy at US$65.9 billion, Africa’s 14th largest. But analysts warn that statistical revisions may inflate the picture without reflecting stronger jobs, production or household spending. Mining: Lithium producers are urging tax cuts on processed products to make local refining more viable and boost export earnings. Trade and Energy: Zimbabwe is expanding one-stop border posts and operating hours to cut delays for cross-border traders. Dangote Industries is also considering a fuel distribution corridor through Zimbabwe and Zambia as it builds an Africa-wide network. Business: Davipel’s US$12 million investment highlights special economic zone tax incentives, while Zimplow reported an US$891,000 profit as mining demand rose.

Industrial Investment: Davipel says tax incentives cut machinery costs by 40% for its US$12 million agro-processing project, highlighting how SEZ rules can support new capacity. Corporate Results: Zimplow swung to a US$891,000 pre-tax profit in the nine months to September, with stronger mining demand and machinery sales lifting revenue. Trade Finance: CBZ is seeking a conditional US$50 million BADEA facility to support importers, exporters and business working capital. Digital Banking: InnBucks’ ZIMSWITCH certification lets cardholders use its expanding ATM network to withdraw cash. Business Regulation: Government says 17 sectors are reserved for citizens, with foreign participation limited in some activities and licences at risk for non-compliant firms. Economic Outlook: A new analysis questions whether Zimbabwe’s estimated US$66 billion economy reflects stronger output or mainly statistical and price changes. Infrastructure Finance: ZINARA has repaid its US$206 million DBSA highway loan, clearing a long-standing debt that had constrained its ability to seek project funding.

Energy: Invictus Energy says its Mukuyu-2 well has intersected a significant gas-bearing zone in the Cabora Bassa project, a potential boost for Zimbabwe’s energy prospects. Regional Trade: President Emmerson Mnangagwa says Zimbabwe is ready to partner with COMESA members to deepen trade and attract investment. A study also estimates Coca-Cola contributed US$3.6 billion to the regional economy in 2024. Digital Connectivity: Starlink plans to offer direct-to-cell mobile service in Zimbabwe, but local regulatory approval will still be required. Mining Investment: Analysts see a potential valuation gap at Ariana Resources, citing the Dokwe gold project’s estimated US$740 million net present value against the company’s roughly US$29 million enterprise value. Markets and Business: The ZSE rose 0.91% as materials and industrial shares gained, while the VFEX slipped. PPC Zimbabwe faces a US$72,600 claim over cement allegedly paid for but not delivered.

Regional Trade: Harare is hosting a COMESA business exhibition ahead of the bloc’s summit, with firms from Zimbabwe and other member states showcasing products and services. Energy Investment: Invictus Energy has started moving its rig to the Musuma-1 site in northern Zimbabwe, with drilling scheduled for November as the company tests for oil and gas beyond its existing discovery area. Economic Outlook: IMF projections put Zimbabwe’s 2026 GDP at US$65.92 billion, ranking it 14th in Africa, with growth forecast at 5% on stronger mining and agriculture. Business Risks: The late Wicknell Chivayo’s estate faces reported US$5.1 million in debts to three Harare car dealers; separately, workers have reportedly left two road sites run by his company, clouding project deadlines. Tax Compliance: ZIMRA is targeting 50,000 informal traders as new withholding-tax and VAT rules loom, raising potential compliance costs for small businesses. Digital Economy: Zimbabwe-founded Cassava Technologies has joined a World Bank initiative to widen access to affordable AI computing across emerging markets, initially including Africa.

Power and Investment: The Zimbabwe-Zambia Energy Projects Summit returns to Livingstone on November 3–5, with generation, mining demand and cross-border connections on the agenda. ZESA reports 635MW of private power projects under construction and another 730MW moving towards financial close. Capital Markets: Amalgamated Brands is seeking to raise US$20 million through a VFEX listing, offering shares at 35 cents each; much of the proceeds will go to existing shareholders. On Monday, the VFEX rose 0.52% while the ZSE slipped 0.29%, with thin trading on both markets. Tax and Business: ZIMRA is targeting 50,000 informal traders, with a 5% withholding tax and a US$25,000 VAT threshold looming. Mining and Industry: African leaders are pressing for local mineral processing to create jobs and retain more value, but costly electricity remains a major obstacle. Currency: Fresh concerns over ZiG’s ability to win public trust add to questions about Zimbabwe’s reliance on the US dollar.

Capital Markets: Amalgamated Brands is offering US$20 million of shares on the VFEX at 35 US cents each, giving investors exposure to Cairns Foods and brands including Willards and Sun Jam. Much of the money will go to existing shareholders, rather than directly funding expansion. Tax and Compliance: ZIMRA is targeting 50,000 informal traders for registration by year-end, as it seeks to widen the tax base and roll out new compliance measures. Market Watch: The VFEX rose 0.52% on Monday while the ZSE fell 0.29% on thin trading. Zimbabwe’s shares are up a reported 71% this year in local-currency terms, but exchange-rate movements and limited liquidity complicate the picture for investors. Growth and Investment: Afreximbank estimates Zimbabwe’s economy grew 8.3% in 2025 and forecasts 5% growth in 2026, with agriculture, gold and critical minerals among the drivers. The bank says local processing of lithium, gold and platinum could create jobs and expand trade, but high electricity costs and unreliable power threaten investment in mineral beneficiation.

Mineral Processing: Africa’s push to refine minerals at home could attract investment to Zimbabwe’s lithium sector, but a shortage of cheap, reliable electricity threatens projects’ viability. Lithium Investment: Huayou-owned PLZ and ATZ expect annual earnings above US$600 million as production and beneficiation expand, after US$1.1 billion invested in their Zimbabwe operations. Trade Links: Afreximbank and customs agencies used Beitbridge as a benchmark for planned border upgrades on Nigeria-Benin and Nigeria-Cameroon routes, underscoring Zimbabwe’s role in regional trade. Business Costs: Econet InfraCo says AI has helped cut diesel costs by 30%, a significant saving as firms contend with power challenges. Cement Dispute: Erksales is seeking US$72,600 from PPC Zimbabwe over 330 tonnes of cement it says were paid for but never delivered; a bid to reinstate the case is set for November 6.

Cement Dispute: PPC Zimbabwe faces a US$72,600 compensation claim over 330 tonnes of cement allegedly paid for but never delivered. The High Court will hear an application to reinstate the case on November 6. Lithium Earnings: Prospect Lithium Zimbabwe and sister company ATZ expect annual earnings to top US$600 million as output and processing grow; owner Huayou has invested US$1.1 billion in its local operations. Border Trade: Afreximbank and customs authorities from Nigeria, Benin and Cameroon are exploring a border upgrade, following a benchmarking visit to Beitbridge. Plans include better digital links, infrastructure and streamlined customs procedures. Currency Shift: The RBZ says ZiG’s share of payments has passed 40% and the move away from multiple currencies will not have a fixed date. Existing US-dollar bank balances will not be forcibly converted, though local purchases would require local currency under a mono-currency system. Gold Production: Namib Minerals has completed an expansion at How Mine, lifting monthly processing capacity by 36% to 55,000 tonnes, with full production targeted for December. Business Costs: The ZNCC is proposing a US$0.40 cap on fuel taxes to ease pressure on businesses.