ZIM DENIES LOOMING FOOD SHORTAGE CRISIS
JOHANNESBURG - One of the most important findings of Rand Merchant Bank’s (RMB) seventh edition of Where to Invest in Africa is that the continent could find itself hovering on the brink of disaster if it continues to depend on its current economic fundamentals and does not usher in economic diversification.
Where to Invest in Africa 2018 highlights those countries that have understood the need to adapt to the prolonged slowdown in commodity prices and sluggish levels of production growth – and those that haven’t.
The theme for Where to Invest in Africa 2018 is “Money Talks” and this edition “follows the money” on the African continent to evaluate aspects crucial to each country’s economic performance.
The report focuses on the main sources of dollar revenues in Africa, which allows it to measure the most important income generators and identify investment opportunities.
“Over the past three years, some African governments have had to implement deep and painful budget cuts, announce multiple currency devaluations and adopt hawkish monetary policy stances – all as a result of a significant drop in traditional revenues,” says RMB Africa analyst Celeste Fauconnier, a co-author of Where to Invest in Africa 2018.– BUSINESS DAY. HARARE – Captains of industry yesterday slammed social media reports suggesting that the country will soon face basic commodities’ price increases and shortages.
In separate interviews, business and industry executives condemned the false reports, which dominated the weekend, and accused perpetrators of inciting public panic and destroying business confidence.
“Confederation of Zimbabwe Industries president Sifelani Jabangwe said “the situation that we are in at the moment is not anything close to the past because companies are producing although there are challenges.
“The problem that happened last week because of social media reports that there are going to be some food shortages and price increases, the public was sent into a panic mode and with panic buying people start to buy more than they normally consume,” he said.”
Economist, Wendy Mpofu said although the economy was experiencing challenges, economic indicators did not point to a situation where the country could have basic commodities’ shortages and price hikes.
“Despite the challenges facing the economy, the economic climate is better off than before the liberalisation of the economy in February 2009.”
Zimbabwe National Chamber of Commerce chief executive officer, Christopher Mugaga, said the prevailing speculation would not last.
“It’s unfortunate the speculators who have hit the forex market are now spreading to the goods market and this is not a new phenomenon in Zimbabwe and it’s also very pronounced in countries like Senegal and Nigeria.
Confederation of Zimbabwe Industries president Sifelani Jabangwe