African Business News - Economic Updates & Analysis

Proof of Customs Duty Now Required for Groceries and Beverages

HARARE- Zimbabwe’s Finance Minister, Mthuli Ncube, has announced that all alcoholic and non-alcoholic beverages, as well as basic commodities like refined sugar, detergents, and dairy products, will now be considered smuggled unless sellers can provide proof of customs duty payment. Government claims

March 15, 2025

South Africa’s Finance Minister, Enoch Godongwana

Business·Featured·Politics·South Africa

Opposition Parties Reject VAT Increase in Budget Debate

JOHANNESBURG- South Africa’s Finance Minister, Enoch Godongwana, has sparked widespread opposition with his announcement that the Value-Added Tax (VAT) will rise to 16% by the 2026/27 financial year. The hike, which will occur in two stages—an increase of 0.5 percentage points in

March 13, 2025

Business·Zimbabwe

Zimbabwe businesses free to set prices using market exchange rates

Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu has announced that businesses can set their prices based on market exchange rates rather than adhering strictly to the official central bank rate. He made the statement during a meeting with the Tourism Business

March 10, 2025

Business·South Africa

Mahindra Explores Vehicle Assembly Expansion in South Africa

JOHANNESBURG – Indian automaker Mahindra has signed a memorandum of understanding (MoU) with South Africa’s Industrial Development Corporation (IDC) to explore the possibility of establishing a full-scale vehicle assembly plant in the country. The agreement will facilitate a detailed feasibility study to assess

February 27, 2025

President Cyril Ramaphosa's State of the Nation Address

Business·Politics·South Africa

Defence Spending Absent from Ramaphosa’s SONA Amid Military Concerns

CAPE TOWN- In his State of the Nation Address, SONA, on Thursday, President Cyril Ramaphosa outlined the government’s priorities for 2025, focusing on economic growth, job creation, and poverty reduction. However, conspicuously absent was any mention of defence spending or the strengthening

February 10, 2025

Business·Zimbabwe

Zimbabwe Central Bank Tightens Forex Controls, Raises Export Levies

The Reserve Bank of Zimbabwe has increased foreign currency surrender requirements for exporters from 25% to 30% and mandated bank accounts for all traders in HARARE on February 7, 2025. The measures aim to boost official forex reserves amid rising US dollar

February 7, 2025

Business·Zimbabwe

Zimbabwe’s largest bank cuts 347 jobs in restructuring move

HARARE – CBZ Holdings Limited, Zimbabwe’s biggest financial services group, announced the layoff of 347 employees, representing 24 percent of its workforce, as part of a major restructuring initiative. The company confirmed the job cuts in a statement released on February 1,

February 2, 2025

President Cyril Ramaphosa has welcomed support from the public on GNU Picture The Presidency X

Business·Politics·South Africa

South Africa’s New Land Law Sparks Agricultural Sector Fears

Farming community warns of investment and food security risks as President Ramaphosa signs controversial Expropriation Bill allowing land seizure without compensation. President Cyril Ramaphosa has enacted the Expropriation Bill, granting government bodies power to seize land without compensation for public interest purposes.

February 1, 2025

Business·Politics·Zimbabwe

Zimbabwe Tightens Local Ownership Rules in Key Business Sectors

Zimbabwe’s government announces stricter enforcement of laws reserving vital economic sectors for citizens, signaling a shift in foreign investment policy. Finance Minister Mthuli Ncube declared Zimbabwe will strengthen enforcement of the Indigenisation and Economic Empowerment Act, restricting certain business sectors to citizens

February 1, 2025

Business·Zimbabwe

Edgars Zimbabwe Plans 20 New Stores to Combat Used Clothing Trade

HARARE – Edgars Stores Limited will open 20 new Express outlets across Zimbabwe this year, investing US$10,000 per store to compete with the growing second-hand clothing market. The expansion comes as the retailer reported increased losses of US$338,292 in the half-year to

January 31, 2025

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Business

Proof of Customs Duty Now Required for Groceries and Beverages

Opposition Parties Reject VAT Increase in Budget Debate

Zimbabwe businesses free to set prices using market exchange rates

Mahindra Explores Vehicle Assembly Expansion in South Africa

Defence Spending Absent from Ramaphosa’s SONA Amid Military Concerns

Zimbabwe Central Bank Tightens Forex Controls, Raises Export Levies

Zimbabwe’s largest bank cuts 347 jobs in restructuring move

South Africa’s New Land Law Sparks Agricultural Sector Fears

Zimbabwe Tightens Local Ownership Rules in Key Business Sectors

Edgars Zimbabwe Plans 20 New Stores to Combat Used Clothing Trade

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