CBZ Chairperson banks on Zim economy

CBZ Holdings Chairperson, Marc Holtzman, recently sat down for an interview with CNBC Africa to discuss the economic outlook for Zimbabwe. Holtzman expressed confidence in Zimbabwe's economy, stating that it is one of the most exciting frontier emerging markets he has seen in his 40 years of investment banking experience. He commended President Mnangagwa's reforms in opening up the strategic mining sectors and reaching settlements with white farmers, leading to significant progress in various sectors of the economy. Holtzman highlighted CBZ's role in providing financing to companies in the mining and agricultural sectors, contributing to Zimbabwe's emergence as a net exporter of grain and maize for the first time in seven years. The interview covered topics ranging from governance issues to inflation and debt restructuring, with Holtzman offering insights into the steps being taken to address these challenges. Key Theme: The key theme of the interview centered around the optimism surrounding Zimbabwe's economic prospects, with Holtzman highlighting the country's potential as an emerging market with significant opportunities for growth and development. Key Points: 1. Positive Economic Reforms: Holtzman praised President Mnangagwa's reforms, emphasizing the opening of strategic mining sectors and settlements with white farmers as key drivers of economic progress in Zimbabwe. CBZ's financing initiatives in sectors such as mining and agriculture have supported the country's transition to becoming a net exporter of agricultural products. 2. Governance and Stability: Despite concerns about governance issues and inflation, Holtzman noted that significant strides have been made in stabilizing the exchange rate and addressing mismanagement within CBZ. The bank's efforts to rebuild its leadership team and the removal of US sanctions demonstrate a commitment to improving governance and transparency. 3. Foreign Investment and Growth Opportunities: Holtzman highlighted the interest from foreign companies in Zimbabwe's mining and natural resource sectors, citing examples of investments in gold and platinum. He also mentioned potential growth opportunities in industries such as business process outsourcing, which could create thousands of jobs in the country. Quote: "I see it as one of the most exciting emerging markets in the world right now." - Marc Holtzman, CBZ Holdings Chairperson In conclusion, Holtzman's optimistic outlook on Zimbabwe's economy reflects the progress made in recent years and the potential for further growth and development. With continued reforms and investment, Zimbabwe has the opportunity to strengthen its position as a key player in the African economy.