economy

South Africa has announced plans to present a “generous” new trade deal to the United States on Tuesday, aiming to avert a 30% tariff imposed by Washington on certain South African exports. The tariff, the highest levied on any sub-Saharan African nation, was introduced last Friday, despite Pretoria’s ongoing efforts to secure a more favorable […]

HARARE- Zimbabwe has formally begun the process to join the BRICS group of emerging economies, following diplomatic discussions between Foreign Affairs and International Trade Minister Amon Murwira and Brazil’s Ambassador to Zimbabwe, Vilmar Rogeiro Coutinho Jr., in the capital on Monday. Brazil currently holds the rotating chairmanship of the BRICS bloc, which includes Brazil, Russia, […]

HARARE- Zimbabwe has commenced compensation payments to farmers and investors affected by the country’s Land Reform Program in 2000, as part of a US$20 million facility allocated in the 2024 National Budget. Finance and Investment Promotion Minister Mthuli Ncube confirmed the payments, targeting farmers protected under Bilateral Investment Protection and Promotion Agreement (BIPPA). The affected […]

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 of South Africa’s military capabilities. The South African Aerospace, Maritime and Defence Industries […]

President Cyril Ramaphosa praised South Africa’s government of national unity (GNU) for economic improvements in his new year’s address, while neighboring Mozambique faces political turmoil following Frelimo’s contested election victory. South Africa has achieved its first primary budget surplus in 15 years, with rising public sector investment and improved business confidence, Ramaphosa said. The country […]

JOHANNESBURG- Early fuel price projections indicate slight increases in petrol prices and minimal changes to diesel costs for South African motorists starting January 2025, according to the latest Central Energy Fund data. South African motorists face an expected increase of 11 cents per liter for 93 octane petrol and three cents for 95 octane petrol […]

Zimbabwe’s Finance Minister Professor Mthuli Ncube will present the nation’s 2025 budget statement in Parliament today, as the country seeks solutions to its deepening economic challenges. The presentation at the new Mt Hampden Parliament Building comes at a critical time for Zimbabwe’s economy, which has struggled with currency depreciation and high inflation rates throughout 2024. […]

Zimbabwe’s President Emmerson Mnangagwa met with international creditors and finance executives on Monday to discuss clearing $12.7 billion in external debt, marking a crucial step towards the country’s first access to international capital markets in over 20 years. The debt, which amounts to 81% of Zimbabwe’s GDP, presents a significant hurdle for the Southern African […]

Zimbabwe’s Deputy Finance Minister, Kudakwashe Mnangagwa, has appealed for patience from lawmakers as the government finalizes its new exchange rate management system, amid growing concerns over inflation and the depreciating value of the local currency. Speaking in the National Assembly, Mnangagwa faced tough questions from MPs anxious about delays in releasing a crucial monetary policy […]

Zimbabwe should adopt the rand as its currency, one of a series of fundamental reforms needed to restore economic stability in the country, says the country’s former finance minister, Tendai Biti. His call is an endorsement of the government’s efforts to link Zimbabwe’s economy to SA’s currency as it grapples with a foreign-exchange shortage that […]