05/04/2024
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๐ ๐ป๐ฎ๐ป๐ด๐ฎ๐ด๐๐ฎ ๐๐ป ๐ฆ๐ฒ๐ฐ๐ฟ๐ฒ๐ ๐๐ผ๐ฏ๐ฒ๐ป๐ด๐๐น๐ฎ ๐๐ฟ๐ฎ๐๐ฒ ๐ฅ๐ถ๐๐๐ฎ๐น๐
๐ ๐ฎ๐๐ต๐ฒ๐บ ๐ฒ๐ฟ๐๐ฝ๐๐ ๐ฎ๐ ๐๐๐ ๐บ๐ฒ๐ฒ๐๐ถ๐ป๐ด ๐ฎ๐ ๐ฝ๐ฟ๐ผ-๐ก๐ฒ๐น๐๐ผ๐ป ๐๐ต๐ฎ๐บ๐ถ๐๐ฎ ๐ณ๐ฎ๐ฐ๐๐ถ๐ผ๐ป ๐ฐ๐ฎ๐๐๐ฒ๐ ๐ต๐ฎ๐๐ผ๐ฐ
'๐ช๐ฎ๐ฟ ๐๐ฒ๐๐ ๐ป๐ผ๐ ๐ฎ ๐๐ผ๐ผ๐น ๐ณ๐ผ๐ฟ ๐ญ๐ฎ๐ป๐-๐ฃ๐
๐ ๐ฃ๐ ๐ฑ๐ฒ๐บ๐ฎ๐ป๐ฑ ๐บ๐ถ๐ป๐ถ๐๐๐ฒ๐ฟ๐ถ๐ฎ๐น ๐๐๐ฎ๐๐ฒ๐บ๐ฒ๐ป๐ ๐ผ๐ป ๐๐น ๐ก๐ถรฑ๐ผ ๐ฑ๐ฟ๐ผ๐๐ด๐ต๐
๐ ๐ฏ๐๐ฑ๐๐ถ ๐ถ๐ป๐๐ฒ๐ฟ๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ ๐ป๐ผ๐ ๐ฒ๐ญ๐ฝ๐ฐ ๐ฐ๐ผ๐บ๐ฝ๐น๐ฒ๐๐ฒ
๐ง๐ต๐ถ๐ ๐๐ฒ๐ฎ๐ฟ'๐ ๐ข๐ ๐๐ฟ๐ฎ๐ป๐ฑ ๐๐ต๐ฎ๐น๐น๐ฒ๐ป๐ด๐ฒ ๐ถ๐ ๐ฏ๐ถ๐ด๐ด๐ฒ๐ฟ ๐ฎ๐ป๐ฑ ๐ฏ๐ฒ๐๐๐ฒ๐ฟ
๐ญ๐ถ๐บ๐ฏ๐ฎ๐ฏ๐๐ฒ ๐๐ผ๐ป๐ฎ๐๐ฒ๐ ๐จ๐ฆ$๐ฑ๐ฌ๐ฌ,๐ฌ๐ฌ๐ฌ ๐ง๐ผ ๐ฃ๐ฎ๐น๐ฒ๐๐๐ถ๐ป๐ฒ
๐๐ฎ๐๐ต๐ฒ๐ฟ ๐ฆ๐ต๐ผ๐ผ๐๐ ๐ฆ๐ผ๐ป ๐ช๐ต๐ถ๐น๐ฒ ๐๐ต๐ฎ๐๐ถ๐ป๐ด ๐๐ฎ๐ฏ๐ผ๐ผ๐ป๐
๐ ๐ป๐ฎ๐ป๐ด๐ฎ๐ด๐๐ฎ ๐ถ๐ป๐๐ฝ๐ฒ๐ฐ๐๐ ๐ฅ๐๐ญ ๐ด๐ผ๐น๐ฑ ๐ฟ๐ฒ๐๐ฒ๐ฟ๐๐ฒ๐ ๐ฎ๐ต๐ฒ๐ฎ๐ฑ ๐ผ๐ณ ๐ ๐ผ๐ป๐ฒ๐๐ฎ๐ฟ๐ ๐ฃ๐ผ๐น๐ถ๐ฐ๐ ๐ฆ๐๐ฎ๐๐ฒ๐บ๐ฒ๐ป๐
๐๐ฒ๐ด๐ถ๐๐น๐ฎ๐๐ผ๐ฟ๐ ๐ฐ๐ฎ๐น๐น ๐ณ๐ผ๐ฟ ๐ฎ๐บ๐ฒ๐ป๐ฑ๐บ๐ฒ๐ป๐ ๐ผ๐ณ ๐๐ฒ๐ฝ๐ผ๐๐ถ๐๐ผ๐ฟ๐ ๐ฃ๐ฟ๐ผ๐๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐๐ฐ๐............
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๐ ๐ป๐ฎ๐ป๐ด๐ฎ๐ด๐๐ฎ ๐๐ป ๐ฆ๐ฒ๐ฐ๐ฟ๐ฒ๐ ๐๐ผ๐ฏ๐ฒ๐ป๐ด๐๐น๐ฎ ๐๐ฟ๐ฎ๐๐ฒ ๐ฅ๐ถ๐๐๐ฎ๐น๐
By James Gwati-President Emmerson Mnangagwa has angered the Ndebele tribe after it emerged that he is secretly locating the grave of the Ndebele monarch King, King Lobengula, without consulting his family.
Mnangagwa has since secretly dispatched a government delegation to Zambia, purportedly in search of the burial site of the enigmatic king.
King Lobengula disappeared in 1893, following the Battle of Pupu near the Shangani River, and his disappearance remains shrouded in mystery.
Despite historical accounts, his fate has eluded certainty, fueling speculation and legend.
The battle, a testament to Ndebeleโs resistance against colonial forces, symbolized a pivotal moment in Zimbabweโs history, yet colonial perspectives have long dominated its narrative.
Mnangagwaโs unilateral decision to pursue the truth behind Lobengulaโs whereabouts has sparked outrage within the Ndebele tribe, particularly in light of the presidentโs contentious past.
Notably, Mnangagwaโs involvement in the Gukurahundi massacres of the 1980s, which claimed the lives of over 20,000 Ndebeles in Matabeleland and Midlands provinces, remains a point of deep-seated grievance and mistrust.
The lack of consultation with the Lobengula clan and Mnangagwaโs historical record has amplified scepticism regarding the true intentions behind the grave rituals.
Questions regarding motive and sincerity now permeate discussions surrounding Mnangagwaโs actions, further straining relations between the government and the Ndebele community.
As tensions escalate, Mnangagwa finds himself embroiled in yet another controversy; his efforts to uncover the mysteries of Zimbabweโs past met with scepticism and condemnation from those whose heritage and history he claims to honour.
ยฉ ZimEye.com
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๐ ๐ฎ๐๐ต๐ฒ๐บ ๐ฒ๐ฟ๐๐ฝ๐๐ ๐ฎ๐ ๐๐๐ ๐บ๐ฒ๐ฒ๐๐ถ๐ป๐ด ๐ฎ๐ ๐ฝ๐ฟ๐ผ-๐ก๐ฒ๐น๐๐ผ๐ป ๐๐ต๐ฎ๐บ๐ถ๐๐ฎ ๐ณ๐ฎ๐ฐ๐๐ถ๐ผ๐ป ๐ฐ๐ฎ๐๐๐ฒ๐ ๐ต๐ฎ๐๐ผ๐ฐ
By Tanya Mugabe- 4 April 2024
CHAOS reigned supreme at a meeting organised by the Citizens Coalition for Change (CCC) pro-Mr Nelson Chamisa faction, with members becoming rowdy and protesting against the imposition of a provincial youth leader by some disgraced opposition leaders in Manicaland.
The youth wing of the pro-Mr Chamisa faction had gathered at the partyโs Darlington suburb offices last Saturday to elect representatives of the Mutare cluster.
However, all hell broke loose when Mr Itai Masaka, the Mutare urban cluster coordinator, threatened to impose Mutare City Council councillor, Councillor James Mugorosa as the youth leader.
This prompted agitated youths to forcibly grab the microphone from Mr Masaka, hurling unprintable words at him and Mr Claudius Nengomasha.
The factionโs provincial chief security officer, Mr Jack Roberts tried in vain to calm the youths.
All is not well in the CCC faction as squabbles have become the order of the day at all levels.
Confusion recently rocked the faction recently when CCC national organising secretary, Mr Amos Chibaya dismissed reports that Mr Chamisaโs followers were mobilising for a new political outfit.
He told the media that a meeting held in Mutare recently was not an inaugural mobilisation programme, amid claims by some of Mr Chamisaโs loyalists that they were excluded from the meeting.
Mr Chibaya said he organised the Mutare caucus on behalf of CCC despite the former party deputy national spokesperson, Mr Gift Siziba saying the meeting was meant to facilitate the establishment of a new political party.
Messrs Chibaya and Siziba addressed party supporters in Mutare during the meeting that was attended by Messrs Regai Tsunga and David Chimhini as well as Chikanga legislator, Mrs Lynette Karenyi-Kore. Manica Post.
ยฉ My Zimbabwe News.........
'๐ช๐ฎ๐ฟ ๐๐ฒ๐๐ ๐ป๐ผ๐ ๐ฎ ๐๐ผ๐ผ๐น ๐ณ๐ผ๐ฟ ๐ญ๐ฎ๐ป๐-๐ฃ๐
OUTSPOKEN Zipra War Veterans Association spokesperson Buster Magwizi has castigated the ruling Zanu-PF party for putting the former freedom fighters under its structures.
The Zimbabwe National Liberation War Veterans' Association (ZNLWVA) has been integrated into the Zanu-PF structures with representation in the politburo.
Magwizi said ZNLWVA had been in transit for a long time leaving out some members hence the need for the association to be autonomous from Zanu-PF.
Zanu-PF has a war veterans' league.
"The ruling party designed the war veterans league to take away some members leading to fissures among the former freedom fighters.
"This has also led to the banning of the war veterans meetings scheduled for Bulawayo. This is now a fight between a bull and its young one.
"Various opinions have appeared within the war veterans. Those who were in the Zipa movement with same minds as Webster Nenji and Parker were persecuted causing more splits. Those in the league listened to Zanu-PF politics. It is high time war veterans came together and demand [the improvement] of their welfare with one voice," Magwizi said.
He pledged his support to the ZNLWVA faction led by Andrease Mathibela.
"War veterans should be a structure above the government, which is the State. They are the State's responsibility, but not Zanu-PF tools. The ZNLWVA is fighting for economic liberation because of our age.
"Our pensions and welfare have been eroded and we are now vulnerable. Mathibela's administration is fighting for economic emancipation and to create a brighter future for our children. We support people of such minds," Magwizi said.
Source - southern eye
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๐ ๐ฃ๐ ๐ฑ๐ฒ๐บ๐ฎ๐ป๐ฑ ๐บ๐ถ๐ป๐ถ๐๐๐ฒ๐ฟ๐ถ๐ฎ๐น ๐๐๐ฎ๐๐ฒ๐บ๐ฒ๐ป๐ ๐ผ๐ป ๐๐น ๐ก๐ถรฑ๐ผ ๐ฑ๐ฟ๐ผ๐๐ด๐ต๐
By Harriet Chikandiwa
Zimbabwe has not been spared the harsh effects of El Niรฑo weather phenomenon that have left at least 24 million people in southern Africa facing hunger, according to Oxfam.
LEGISLATORS have demanded a Ministerial Statement from the government to explain measures in place to deal with the El Niรฑo-induced drought.
Zimbabwe has not been spared the harsh effects of El Niรฑo weather phenomenon that have left at least 24 million people in southern Africa facing hunger, according to Oxfam.
Humanitarian agencies said at least 4 million Zimbabweans would be in need of food aid till the next harvest season.
On Wednesday, Zimbabwe joined Zambia and Malawi in declaring the drought a national disaster to mobilise resources to feed hungry citizens.
Members of Parliament demanded a ministerial statement on measures put in place by government to ensure citizens are fed.
โThe point of order is to do with the question concerning the El Niรฑo-induced drought,โ Dangamvura legislator Prosper Mutseyami (CCC) said.
โIs it possible with your indulgence Madam Speaker, that the esteemed minister brings a ministerial statement so that the members have ample time to interrogate issues.
โI brought this suggestion bearing in mind the enthusiasm of the constituencies to know what is happening considering the level of drought that we have.โ
Another CCC MP Clifford Hlatywayo also demanded a ministerial statement on government preparedness to deal with the drought.
โA declaration has since been made on the state of national disaster and it is a good thing that we now have that,โ Hlatywayo said.
โWhat took us so long, especially given that other countries had already done so in the region for example Malawi and Zambia also, taking into consideration that we are looking at the same pot in terms of the resources that are supposed to come from development partners, what took us so long.โ
Public Service minister July Moyo said he would bring the statement after engaging his counterpart.
โIt will be a joint ministerial statement. I cannot make the statement without the Minister of Agriculture, it will be meaningless,โ he said.
โI will consult my colleague whether we can issue a joint ministerial statement so that this House has a full picture of what the government is doing."
There are fears that food aid will be politicised.
Government has been boasting of having enough grain reserves until on Wednesday when President Emmerson Mnangagwa said US$2 billion was needed to deal with the drought.
ยฉ2024. NewsDay Zimbabwe.
..............
๐ ๐ฏ๐๐ฑ๐๐ถ ๐ถ๐ป๐๐ฒ๐ฟ๐ฐ๐ต๐ฎ๐ป๐ด๐ฒ ๐ป๐ผ๐ ๐ฒ๐ญ๐ฝ๐ฐ ๐ฐ๐ผ๐บ๐ฝ๐น๐ฒ๐๐ฒ
Freeman Razemba/ Senior Reporter
LEGISLATORS yesterday toured the US$88 million Mbudzi Interchange project in Harare which is now 61 percent complete.
The 31 legislators from the Portfolio Committee on Transport and Infrastructural Development appreciated the works being done by the contractors at the intersection of Simon Mazorodze Road, Chitungwiza Road and High Glen Road in the capital.
Short-term funding for the project was arranged through local financial institutions, while Tensor Systems, Fossil Contracting, and Masimba Construction formed the construction consortium under the banner of Tefoma Construction joint venture to build the interchange.
The Government has so far injected US$45 million towards the project which is set for completion by the end of July.
The same portfolio committee toured other projects and operations being done by Zinara around the city.
From the interchange, the legislators left for Masvingo where they will tomorrow tour Mushagashe tollgate before proceeding to Bulawayo where they will tour Esigodini and Ntabazinduna tollgates.
The committee will also engage the Bulawayo City Council as well as meeting Transport and Infrastructural Development Minister Felix Mhona.
Committee chairperson Cde Knowledge Kaitano said the purpose of the visit was to familiarise themselves with what was happening at the Mbudzi Interchange.
โToday it was just to fly past, we are on a trip with Zinara just to have a look at the tollgates that Zinara is working on. For today it was just to pass through here, to familiarise ourselves with what is happening here at the Mbudzi Interchange and we have seen great work that is being done here.
โThe contractor is on-site, the yellow machines are buzzing all over the place and as we have been briefed, 61 percent of the work has been done. So we are hopefully looking forward to great road works being done at this Mbudzi Interchange,โ he said.
On the compensation of home owners whose properties had to be sold to the Government so there was room for the interchange, Cde Kaitano said it was very critical as it was going to unlock a lot of progress.
So far 42 of the 52 property owners have been paid out.
โThings have not been moving according to plan because the property owners need to be compensated. So as soon as that is settled that will really help us to move forward with the interchange. But otherwise, the work that is being done here is brilliant work and we have spoken to the engineers. They have shown a lot of commitment that this project will be finished according to the timelines.
โHowever, the issue of compensation needs to be dealt with and dealt with as of yesterday for us to be able to finish the work here within the prescribed timelines,โ Cde Kaitano said.
Resident Engineer, Emmanuel Dube, said work was progressing very well.
โAs I mentioned when I was doing my brief, we are at 61 percent in terms of overall progress. On bridges we are 87 percent and just over 40 percent with earthworks.
โAs you might appreciate, the bridges need to be completed first before the earthworks can come on. Thatโs why on the earthworks, the percentage difference is quite big and we are about 40 percent behind. There are certain bridges that need to be completed for the earthworks to pick up pace,โ Eng Dube said.
So far, he said, they had completed seven bridges and they were busy finalising the eighth bridge out of the 15 bridges that are at the interchange.
ยฉ 2023 The Herald.......
๐ง๐ต๐ถ๐ ๐๐ฒ๐ฎ๐ฟ'๐ ๐ข๐ ๐๐ฟ๐ฎ๐ป๐ฑ ๐๐ต๐ฎ๐น๐น๐ฒ๐ป๐ด๐ฒ ๐ถ๐ ๐ฏ๐ถ๐ด๐ด๐ฒ๐ฟ ๐ฎ๐ป๐ฑ ๐ฏ๐ฒ๐๐๐ฒ๐ฟ
Lovemore Kadzura | Rusape Correspondent
GOVERNMENT will continue to come up with various initiatives and interventions to promote the ease of doing business, while enabling the private sector to thrive, says Minister of State for Manicaland Provincial Affairs and Devolution, Advocate Misheck Mugadza.
Minister Mugadza said this at the launch of the 2024 OK Grand Challenge in Mutare on Wednesday.
He said the Zimbabwe is open for business mantra is in full throttle in Manicaland, and called upon retailers like OK Zimbabwe to prioritise procuring goods and services from local suppliers.
โGovernment, ably led by President Mnangagwa and the business community share a strong synergetic relationship that should be upheld at all times. There are various opportunities being created by Government to enable more businesses to flourish.
โI call upon investors to come to Manicaland as we have various opportunities, not just in the retail sector, but also in the energy, tourism and infrastructural development just to mention a few. OK Zimbabwe offers exceptional services in the province despite the hyper-inflationary environment. The business community in Manicaland collaborates with OK Zimbabwe and the partnerships must continue to grow.
โOK Zimbabwe should continue to support local suppliers in the various sectors of the economy such as farmers and small-to-medium-enterprises. The province is rich in agricultural produce and I continue to urge local shops to promote these products,โ he said.
OK Zimbabwe Manicaland business executive, Mr Malvern Nevanji said this yearโs promotion is bigger and better.
He said their wholesale division, OK Mart has been added in the competition to cater for clients such as institutions, schools and traders.
โThis yearโs promotion is unique in that OK Mart has been roped in to cater for bulky buyers. Manicaland has been doing extremely well in the promotion as evidenced by the number of cars that have been won in the province in previous competitions. We boast of a serial winner in Rusape, Mr (Clemence) Muhle and we also have three clients who won cars in Mutare.
โManicaland cluster comprises of stores in Marondera, Rusape, Chivhu, Mutare, OK Mart Mutare, Chipinge, Chiredzi and Triangle. The OK Grand Challenge has been running for decades because of a special relationship with its suppliers and customers. This year a customer has to buy goods worth US$10 in the supermarket, while at OK Mart one has to buy goods worth US$100 to qualify,โ he said.
ยฉ 2023 The ManicaPost.....
๐ญ๐ถ๐บ๐ฏ๐ฎ๐ฏ๐๐ฒ ๐๐ผ๐ป๐ฎ๐๐ฒ๐ ๐จ๐ฆ$๐ฑ๐ฌ๐ฌ,๐ฌ๐ฌ๐ฌ ๐ง๐ผ ๐ฃ๐ฎ๐น๐ฒ๐๐๐ถ๐ป๐ฒ
The Government of Zimbabwe has donated US$500,000 to Palestine through the United Nations Relief and Works Agency (UNRWA).
In a statement issued this Thursday, 04 April, the Ministry of Foreign Affairs and International Trade said President Emmerson Mnangagwa authorized the allocation of funds to assist Palestinians in the Gaza Strip. Reads the statement:
Today, the Government donated US$500,000 to the Palestinian people through the United Nations Relief and Works Agency. H.E. President Mnangagwa authorized the allocation of funds specifically for Gazaโs suffering population as assistance.
Zimbabwe expressed its sadness over Israelโs continuous devastation of the Gaza Strip and strongly condemned these actions.
The donation comes as critical aid agencies have imposed severe constraints on essential humanitarian efforts in the enclave.
According to CNN, at least three aid providers are suspending operations in Gaza after Israeli airstrikes this week killed seven workers from World Central Kitchen (WCK), an aid group that was central to a much-touted new sea corridor from Cyprus.
The killings, which included six foreign victims, caused an international uproar against Israel. The victims were British, Polish, Australian, and Palestinian and also included a dual US-Canadian citizen.
Israel has taken responsibility for the killings, with Prime Minister Benjamin Netanyahu saying on Tuesday that Israeli forces had โunintentionally struck innocent people in the Gaza Strip.โ
Imagery of three destroyed vehicles analyzed by CNN however showed that the first vehicle was 2.4 kilometres apart from the third, indicating that they were hit by separate strikes.
According to the Integrated Food Security Phase Classification (IPC), all 2.2 million people in Gaza do not have enough food to eat, with half of the population on the brink of starvation and famine.
UNRWAโs convoys have previously been hit by Israeli fire, and the group has been banned by Israel from operating in Gazaโs north.
On Monday, the Cypriot foreign ministry reported that a vessel organized by WCK, carrying approximately 332 tons of humanitarian aid, departed from Gaza without unloading most of its cargo due to the deadly strike on WCK workers.
US President Joe Biden expressed outrage over the aid workersโ deaths and called for better protection for civilians and aid workers.
Recently, the first airdrop of US humanitarian aid was received in Gaza, providing much-needed supplies.
The conflict between Israel and Hamas, a militant group ruling the Gaza Strip, has deep-rooted causes and has led to multiple rounds of violence over the years.
The Gaza-Israel conflict is a localized part of the Israeli-Palestinian conflict, which began in 1948.
In 1948, after World War II and the Holocaust, Britain withdrew from the area known as Palestine.
Jewish leaders declared the creation of the State of Israel, intended as a haven for Jews fleeing persecution and a national homeland.
Fighting between Jewish and Arab militias intensified, leading to the Arab-Israeli War.
Hundreds of thousands of Palestinians fled or were forced out of their homes during this period, which they refer to as Al Nakba (the โCatastropheโ).
Hamas won elections and took control of Gaza in 2006, and since then, Gaza has witnessed protests, bombings, land assaults, and other acts of violence.
The ongoing Israeli-Hamas war began when Hamas launched a surprise attack on southern Israel from the Gaza Strip on 07 October 2023.
In an organized operation, the border fence was breached at multiple points, catching Israelโs security forces off-guard.
The attackers proceeded into civilian areas, resulting in violence and chaos. Militants took captives from a wide swath of territory along Gazaโs border with southern Israel.
Hamas stated that the attack aimed to free Palestinian prisoners, halt Israeli aggression at the al-Aqsa Mosque, and break the siege on Gaza.
Following the attack, Israel declared war on Hamas, leading to sustained Israeli air and artillery strikes in Gaza.
More: Pindula News
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๐๐ฎ๐๐ต๐ฒ๐ฟ ๐ฆ๐ต๐ผ๐ผ๐๐ ๐ฆ๐ผ๐ป ๐ช๐ต๐ถ๐น๐ฒ ๐๐ต๐ฎ๐๐ถ๐ป๐ด ๐๐ฎ๐ฏ๐ผ๐ผ๐ป๐
A quiet day in Village 20A, Fairfield 20 Farm in Headlands turned into a nightmare when a fatherโs desperate attempt to protect his crops ended in tragedy.
Innocent Nyakurerwa, a 46-year-old man, lost his life in a shocking incident that unfolded on March 26, 2024.
The Zimbabwe Republic Police (ZRP) has confirmed the tragic incident.
It is alleged that Innocent Nyakurerwa and his father, Isaac Nyakurerwa, were both in the fields, their eyes fixed on the precious crops that sustained their family. But on that ill-fated day, their attention shifted from maize and sorghum to a more immediate threat: baboons.
Isaac, armed with a Wi******er rifle, spotted the marauding baboons encroaching upon their livelihood. Driven by desperation and a desire to protect their crops, he took aim. But tragically, his shot found its mark not on the baboons but on his own son.
In a statement, the ZRP said they have arrested Isaac Nyakurerwa (78), in connection with the fatal shooting. Police said:
The ZRP is investigating circumstances surrounding a case of murder in in which Innocent Nyakurerwa (46) was shot dead by his father, Isaac Nyakurerwa (78) with a Wi******er rifle while chasing baboons in the field on 26/03/24 at Village 20A, Fairfield 20 Farm, Headlands. Police have since arrested the suspect in connection with the case.
More: Pindula News
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๐ ๐ป๐ฎ๐ป๐ด๐ฎ๐ด๐๐ฎ ๐ถ๐ป๐๐ฝ๐ฒ๐ฐ๐๐ ๐ฅ๐๐ญ ๐ด๐ผ๐น๐ฑ ๐ฟ๐ฒ๐๐ฒ๐ฟ๐๐ฒ๐ ๐ฎ๐ต๐ฒ๐ฎ๐ฑ ๐ผ๐ณ ๐ ๐ผ๐ป๐ฒ๐๐ฎ๐ฟ๐ ๐ฃ๐ผ๐น๐ถ๐ฐ๐ ๐ฆ๐๐ฎ๐๐ฒ๐บ๐ฒ๐ป๐
By Alois Vinga | NewZimbabwe.com
PRESIDENT Emmerson Mnangagwa Thursday inspected the Reserve Bank of Zimbabwe (RBZ) vaults with officials informing him Zimbabwe has 1.1 tonnes of gold.
The tour was part of the handover of the key assets from the outgoing governor Dr John Mangudya to the incoming Dr John Mushayavanhu. The visit was aimed at taking stock of the gold and cash reserves held by the bank.
Zimbabwe has 1.5 tonnes of gold kept offshore, โenoughโ to back the Zimbabwean dollar โ said Finance Ministry Permanent Secretary George Guvamatanga.
Addressing delegates shortly after the tour Mnangagwa said his administration transformed how the central bank operates.
โIn the past, we did not have any reserves or commodities reserved here at the RBZ, so I gave instructions that 10% of our minerals be kept in solid commodities. If it is platinum, we convert 10% of the platinum into gold.
โOther minerals which we cannot keep physically, we were going to convert that to gold,โ he said.
Mnangagwa also revealed that the practice of physical handover was in line with the Second Republicโs thrust to ensure smooth transitions.
The tour comes shortly before the unveiling of the much-awaited Monetary Policy Statement (MPS) which is expected Friday.
Dr Mushayavanhu has a mammoth task ahead of him in the wake of volatile ZWL stability which has so far lost over 70% of its value leaving the ordinary folk reeling under severe hardships as they struggle to eke out a decent lifestyle.
Information at hand however indicates that he is set to implement a raft of measures which among them include the inception of a Structured Currency in a bid to inspire confidence while in the process pursuing a lasting solution for local currency instability.
Gono left RBZ without any gold reserves All the gold Zim has ... Gideon Gono shows the coins which Finance Minister Patrick Chinamasa said is all the gold the country has at the Reserve Bank.....
๐๐ฒ๐ด๐ถ๐๐น๐ฎ๐๐ผ๐ฟ๐ ๐ฐ๐ฎ๐น๐น ๐ณ๐ผ๐ฟ ๐ฎ๐บ๐ฒ๐ป๐ฑ๐บ๐ฒ๐ป๐ ๐ผ๐ณ ๐๐ฒ๐ฝ๐ผ๐๐ถ๐๐ผ๐ฟ๐ ๐ฃ๐ฟ๐ผ๐๐ฒ๐ฐ๐๐ถ๐ผ๐ป ๐๐ฐ๐
By Darlington Gatsi | NewZimbabwe.com
LEGISLATORS across the political divide unanimously called for the amendment of the Depositors Protection Act (DPA), arguing it contains gaps that have disadvantaged depositors.
The motion for an amendment, recently raised by Murewa West Member of Parliament Farai Jere, was endorsed by legislators on Tuesday.
This comes after depositors shouldered losses in the aftermath of financial turmoil in Zimbabwe that saw several banks collapse.
Zanu PF MP Clemence Chiduwa said the current DPA fails to protect depositors who lose money when financial institutions liquidate.
โThe DPA also provides depositors protection in the event of a bank being closed or liquidated. This is critical for the well-functioning of our economy as it ensures that in the event of the closure of a bank, the depositors know very well that they will be compensated. The existence of such a law is important as far as it promotes financial inclusion and bank use.
โHowever, we have gaps in the current DPA. The current DPA does not protect small savers but gives priority to statutory depositors. We have noticed over the years that quite a number of financial institutions have been closed or liquidated and the cost of liquidation was borne by depositors.
โIt is very critical for us as Parliament because the well-functioning of our economy is dependent on an operational financial system. Once depositors have lost confidence in the operations of the financial system, it will affect the ease of doing business, the saving culture of a country and even the use of our banking system,โ said Chiduwa.
In 2019 when Statutory Instrument 133 was promulgated by the government many depositors suffered losses as their foreign currency savings were converted into Real Time Gross Settlement (RTGS).
โWe have seen a number of institutions that were liquidated because their liabilities were greater than their assets. However, because of S.I. 133 and the long process that it takes for the Depositors Protection Corporation and the RBZ to conclude the compensation process, what is obtaining on the ground now is a situation where institutions that had liabilities that were greater than assets now have assets that are greater than liabilities,โ added Chiduwa.
Citizens Coalition for Change (CCC) legislator Edwin Mushoriwa shared the same sentiments with Chiduwa saying the DPA has failed to protect depositors whose savings fragment instead of gaining interests.
โThe challenge that we also then face, one of the major challenges that Hon. Chiduwa raised and which is fundamental, is for some of us who spend our time in the banking sector, we knew that when you deposit your money, you are paid interest. We knew that a bank would make more money by lending the money to debtors so that the bank would gain interest.
โAt that time, we knew that transactional costs, the bank charges cost less than 10% of a bankโs revenue, but what has happened over the years, is bank revenue has actually gone to almost close to 50% of bank income. That is a misnomer. Once you have a situation like that where banks rely on bank charges, it tells you that you are going into deeper territories,โ said Mushoriwa....
