Zimbabwe&#8217;s mining industry needs to be &#8220;reorganised&#8221; so that it contributes more towards the African country&#8217;s economy, President Robert Mugabe said on Tuesday.
Although Mugabe did not give details on what form the transformation would take, his government has, in recent years, pressured mining firms to transfer majority stakes to black ownership under a 2008 law and to cede some claims.
&#8220;There is a lot of work which is going on in that sector, not least the reorganisation whose completion we impatiently await,&#8221; Mugabe, Zimbabwe&#8217;s sole ruler since independence in 1980, told thousands at a rally to mark the southern African country&#8217;s 37th independence anniversary in a Harare stadium.
Zimbabwe, where mining generates more than 50 percent of export earnings, holds significant mineral deposits and the world&#8217;s top two platinum producers, Impala Platinum and Anglo American Platinum, have operations there.
Mining has also overtaken agriculture as the leading provider of employment, after the Mugabe government started seizing white-owned farms to resettle landless blacks in 2000.
The government has also leaned on producers to invest in local refinery facilities. Platinum miners currently ship their matte to South Africa for processing.
While Mugabe&#8217;s government has signalled plans to relax the ownership rules for existing mines, it has shifted its focus to seizing land owned by foreign mines, which it claims to be idle.
&#8220;Much is expected from this important sector. It must play its part towards this overall development vision we have,&#8221; Mugabe said.
(Reporting by Nelson Banya; editing by Alexander Smith)

Zimbabwe’s Mugabe impatient over pace of mining reform

<div class="storify"><iframe loading="lazy" src="//storify.com/cnbcafrica/live-oppositionmarch/embed?border=false" width="100%" height="750" frameborder="no"></iframe><script src="//storify.com/cnbcafrica/live-oppositionmarch.js?border=false"></script><noscript>[<a href="//storify.com/cnbcafrica/live-oppositionmarch" target="_blank">View the story &#8220;LIVE: #OppositionMarch protesting for SA President Zuma to step down&#8221; on Storify</a>]</noscript></div>

LIVE: National #OppositionMarch protest for SA President Zuma to step down

Burundian opposition leader and former rebel chief Agathon Rwasa has said he fears for his life and has asked the government to speed up talks to end a crisis that began in 2015, when President Pierre Nkurunziza said he wanted a third term.
Burundi has been marred by instability since April 2015, when Nkurunziza announced his plan to run for a third term. The opposition said such a move was unconstitutional and violated a peace deal that ended a civil war in 2005.
Nkurunziza cited a court ruling saying he could run, and the government accuses opponents of fomenting unrest and backing rebel groups. At least 450 people have been killed in violence since the crisis began, rights groups say.
Talks between the government and its opponents in Bujumbura in 2015 failed to bridge their differences, and more negotiations mediated by Uganda in 2016 also stalled.
Rwasa accused the government of harassing opposition supporters, including from his National Liberation Forces (FNL) party. He said he feared for his life, claiming that unidentified members of the police and army wanted him dead.
<blockquote>&#8220;Some people believe that once Rwasa is killed they will stay or conquer power easily. But killing Rwasa will not help the country at all,&#8221; he told Reuters at the weekend.</blockquote>
Rwasa, who is also the deputy speaker of the National Assembly, said members of the opposition across the country were also being used as scapegoats.
<blockquote>&#8220;When there is crime committed somewhere, regardless of who committed it, the first thing to do is to arrest people from FNL and find false accusations to keep them in jail,&#8221; he said.</blockquote>
Nkurunziza&#8217;s spokesman, Jean Claude Karerwa, said no one wanted to harm Rwasa and that the courts should decide any accusations he wanted to make.
&#8220;We also ask him to use a type of language which doesn’t cause panic among the population,&#8221; Karerwa said.
Rwasa said the government did not appear keen to participate in talks and that political parties seemed to be unable to find a solution.
The government has said it would not hold talks with parties it said were involved in the violence in 2015-16.
&#8220;The government’s goodwill has never been denied. The last session was held in February, we don’t know when is the next, and it’s not the government to blame,&#8221; said Alain Aimé Nyamitwe, the foreign minister and one of the government&#8217;s negotiators.
Some 390,000 Burundians have fled to neighbouring countries since the crisis began, according to the UNHCR, the United Nations refugee agency.
(Writing by George Obulutsa; Editing by Paul Tait)

Burundi opposition leader fears for his life

South Africa&#8217;s ruling African National Congress said on Tuesday it will brief media on Wednesday on decisions taken by senior officials after two days of meetings over a cabinet reshuffle by President Jacob Zuma.
The reshuffle has triggered divisions within the party.
S&amp;P Global Ratings cited the dismissal of respected former finance minister Pravin Gordhan as one reason for its downgrade of South Africa to &#8220;junk&#8221; in an unscheduled review on Monday, which sparked calls from several quarters for Zuma to quit.
(Reporting by James Macharia; editing by John Stonestreet)

South Africa’s ANC to give briefing on Wednesday after meetings on Zuma reshuffle

Nigerian oil tanker drivers ended a strike over pay and the poor condition of the roads just hours after it began on Monday, following a government intervention, ending the threat of fuel shortages developing.
The union called off the strike &#8220;because the federal government has intervened and promised to look into the drivers&#8217; demands,&#8221; said Charles Eleto, a regional chairman for Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), one of Nigeria&#8217;s two major oil workers&#8217; unions.
In a meeting in the capital Abuja on Monday, the head of the Nigerian National Petroleum Corporation agreed with NUPENG&#8217;s president to increase transportation fees for the workers, said a spokesman for the firm.
(Reporting by Camillus Eboh and Anamesere Igboeroteonwu; Additional reporting by Alexis Akwagyiram in Lagos; Writing by Paul Carsten; Editing by Greg Mahlich)

Nigeria oil tanker drivers call off strike after government pay deal

At midnight on Thursday President Jacob Zuma announced the details of a widely-anticipated cabinet reshuffle. Zuma made 20 changes to his administration. Without question, though, the most significant – and concerning – is the removal of the respected and regarded Minister of Finance, Pravin Gordhan, and Deputy Minister of Finance, Mcebisi Jonas. Notwithstanding internal opposition from amongst the top six members of the ANC and its alliance partner, the South African Communist Party, eight other cabinet members were also shuffled. Immediate market reaction was palpable, with the rand moving from R12.80 to the US dollar on Thursday evening to trade as high as R13.60 to the US dollar by early Friday morning.
Zuma’s actions reek of desperation
Gordhan, who was recalled from an international roadshow at the start of the week, has been replaced by Home Affairs Minister Malusi Gigaba. Gigaba is a former ANC youth league leader, and has served in parliament and in cabinet under former President Mbeki and President Zuma. Gigaba has no financial or business experience. Put bluntly, confidence in Gigaba&#8217;s leadership at National Treasury is likely to be low given his insipid performance as Minister of Public Enterprises and the visa fiasco that transpired under him as Minister of Home Affairs. He is widely regarded to be a Zuma loyalist. As such, his appointment represents a direct risk to the institutional strength and fabric of national treasury and the maintenance of the fiscal discipline that is Gordhan’s hallmark.
		
				
		
Less surprising is the appointment of Sfiso Buthelezi who has been widely touted as a likely replacement for either Gordhan or – as is the case – deputy minister Jonas. Buthelezi is a seasoned politician, qualified economist and comes with business experience that includes having served as chief operations officer and director of the Makana Investment Corporation – an investment vehicle for ex-political prisoners, particularly those from Robben Island.
There can be no avoiding the observation that Zuma’s actions reek of desperation. Gigaba is South Africa&#8217;s fourth finance minister in 15 months, and he is appointed days ahead of the decision to be announced by rating’s agency Moody’s in the first week of April. However, of the three big agencies, Standard and Poor’s has been the most vocal by far. Although their next decision is scheduled for early June there is a chance that the agency’s announcement could be brought forward to an earlier date.
Shift in policy in short term unlikely, but downgrade on the cards
Notwithstanding growing references to radical economic transformation, it is unlikely that we will see any substantial shift in policy in the near term. Still, the growing rhetoric and nature of Zuma’s actions are likely to lead ratings agencies – and market actors – to regard South Africa as a greater investment risk at the end of this week than it was at the start. As a result, there is now a greater probability that Zuma’s actions will galvanise Standard and Poor’s into downgrading South Africa’s debt to sub-investment grade, perhaps as soon as mid-year.
Fallout expected
In terms of broader political implications, opposition parties are likely to call for a vote of no confidence and to work to put in place an impeachment motion. There is also a view that Zuma’s actions could prompt resignations from within cabinet and that this faction would enjoy the support of outspoken members of the South African Communist Party and perhaps galvanise Deputy President Cyril Ramaphosa into action. ANC Secretary General Mantashe has also commented in interviews about disagreement and lack of support relating to the cabinet reshuffle. These developments will play out in their own way, and experience suggests that those taking a stance on outcomes are, instead, likely to be met by surprise. Consider, by way of example, the overwhelmingly unanticipated political events that marked 2016, including Brexit and the Trump election.
		
				
		
In the immediate term, we should brace ourselves for currency weakness and market impacts in the form of the repricing of financial assets, including South African bonds and domestic banks. No doubt, there will also be a lot of noise to deal with as politicians deliberate, the country digests and markets decide.
Protecting and growing wealth doesn’t start with a question about “What’s the upside?” but rather “What’s the risk?”
In all of this, the merit of a sound investment philosophy and a disciplined process is reinforced, and we are reminded that protecting and growing wealth doesn’t start with a question about “What’s the upside?” but rather “What’s the risk?” As a consequence, of the above uncertainties, as well as others that we have anticipated – such as normalisation of interest rates in the United States, Trump’s more dramatic policy action and the likelihood of a ratings downgrade for South Africa – we have adopted a conservative stance in our portfolio construction and sought the greatest possible diversification to mitigate risk in each solution. By way of example, we have a low allocation to credit in our money market, income and bond funds; we are short duration in our bond fund; we are underweight bonds in our houseview and balanced fund; we are overweight hedge funds in our houseview; we have overweight positions in protected equity in our houseview and balanced fund; and, arguably most critically, we have held an underweight position on South African assets versus global assets.
Contrary to expectations, near-term impact of weak rand may be positive for economy; long-term effect undeniably negative
Perversely, the near-term impacts on the South African economy could be stimulatory through a weaker rand and more expansionary fiscal policy. The longer-term effects will be unequivocally negative, entrenching Zuma’s record of poor economic leadership. The most obvious long-term effects will come in the form of reduced personal income held back by slower economic growth and eroded by higher consumer price inflation. Interest rates are also likely to move to a higher plane given the implications for South Africa’s credit ratings. Damaged business confidence will keep a lid on much-needed investment spending and economic growth will remain muted. The implication, in turn, for urgently needed job creation by the private sector, is unambiguously negative. Consequently, and perversely, the sought after “radical economic transformation” will become even harder to achieve under Zuma’s revised cabinet.
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Cabinet reshuffle and what it means for South Africa – Citadel

South Africa&#8217;s rand and government bonds extended losses early on Tuesday after President Jacob Zuma asked Finance Minister Pravin Gordhan to return early from an investor roadshow, triggering speculation of an imminent cabinet reshuffle.
(Reporting by Olivia Kumwenda-Mtambo; Editing by Andrew Heavens)

South Africa’s rand tumbles as political risks weigh

Dakar, Senegal, 25 March 2017 – (ECA) – Africa’s health experts gathered in Dakar Saturday to discuss health financing and social protection to ensure there’s universal access to health on the continent amid worries that commitments by most governments and stakeholders on this issue were not being translated into action on the ground.
Speaking at the joint Economic Commission for Africa-World Health Organization event on health financing in Africa, the ECA’s Social Development Policy Division Director, Takyiwaa Manuh, said though African governments committed through the Abuja Declaration of 2001 and more recently the Tunis Declaration and others to put more money into health, many such commitments remain untranslated into concrete actions for reasons that range from inadequate resources to weak administrative and institutional mechanisms.
“In recent years, investment in health has been getting a raw deal in comparison to other sectors of the economy,” said Ms. Manuh, who spoke on behalf of ECA’s Deputy Executive Secretary Giovanne Biha.
“Member states are on average still far from meeting key health financial financing goals of allocating 15 percent of their national budgets towards health.”
By 2015, only Liberia, Madagascar, Malawi, Rwanda, Togo and Zambia had met the Abuja Declaration target.
Ms. Manu highlighted a number of innovative options she said could be explored by the continent to finance health in Africa.
First, she said, domestic resource mobilization for health financing was one of the most viable options, especially through strong institutions that collect and manage tax revenues.
Secondly, Ms. Manuh added, Africa should use economic rents from its rich natural resource endowments to finance its social development, including health, in a more transparent and sustainable manner, adding it was also important for the continent to harness remittances from the Diaspora into the health sector.
She said the introduction of health insurance and social insurance schemes and ensuring effective and efficient use of both public and private resources for the health sector was of paramount importance to the continent.
“Sustainable health financing will only be realized if there’s political will from all stakeholders to translate words into action,” said Ms. Manuh, adding the ECA remains committed to undertaking evidence-based research to generate robust recommendations to support policy formulation and implementation by member states on health financing.
“We are all accountable to our citizens and our citizens expect more from us so it cannot be business as usual. In this context, high-quality, timely and reliable data becomes extremely important to inform policy intervention in Africa.”
WHO Afro Regional Director, Matshidiso Moeti, said all efforts have to be taken to ensure health financing works for Africa.
“It is important for us to put more resources into the health sector because it is good for economic development and economic development is what we all want for the African continent and we feel that the health sector has more to contribute towards human capital which is so essential for countries to be successful in that regard,” said Ms. Moeti.
She said it has been a long time now since experts have been pleading with political leaders that people should not be dying needlessly due to preventable diseases and that health was a human right.
“Investing in health is a smart investment, we could save almost half of our GDP in future if we invest in health and if we look at how much we should invest it would be far less than what we will save in future or the trillions we will lose if we do not invest in health,” said Ms. Moeti.
She said Africans should also demand that their governments invest in health care.
Senegal’s Budget Minister, Birima Mangara, said his country was doing all it can to ensure it achieved universal health access, adding since 2012 the government has been putting more resources into health to avoid unnecessary loss of lives.
Senegal’s health minister Amarie Coll Seck gave an impassioned plea to health ministers and experts present, calling on the continent to have a holistic and sustainable human development approach ensuring greater budgetary allocations go to health.
“Our investments in the health sector have to be long term and critically there has to be accountability, leadership, and governance because they are critical is we are to achieve universal access,” said Ms. Coll Seck.
A technical report prepared by the ECA and the WHO was presented to the meeting with panel discussions delving into issues related to financing for health systems and programmes, epidemiology and the economic burden of disease in Africa and related issues.
The experts are expected to come up with recommendations of key actions related to health financing for ministers of finance in Africa.

Africa Development Week: ways to increase health budgets for universal access

The government has imposed a 24-hour curfew on parts of central Nigeria, a government spokesman said on Tuesday, after clashes killed at least 14 in the region.
Conflict over grazing land and water, chiefly between semi-nomadic Muslim herders and Christian farmers, has piled pressure on authorities already facing an Islamist insurgency in its northeast and rebels in the oil-rich south.
Gunmen shot dead at least 14 villagers and destroyed property in an attack on the Kaura village of Takad in southern Kaduna state on Monday, said Enock Andong, a local community leader.
As a result of violence in Kaura and the Jema&#8217;a region, the state government imposed a 24-hour curfew on the two areas, Samuel Aruwan, a spokesman for the governor of Kaduna, said in a statement.
Kaduna &#8211; a flashpoint for north-south, Muslim-Christian frictions &#8211; has in recent months seen the worst violence since 800 people were killed in riots after elections in 2011.
Aruwan said a curfew &#8220;became necessary to protect life and property and avoid the further breakdown of law and order&#8221;.
&#8220;Only essential workers and those on humanitarian services are allowed movement after due clearance by security agencies,&#8221; he said.
The fighting over scarce resources comes at a particularly sensitive time for Kaduna city, which is about to become the main air hub in central and northern Nigeria, as the capital Abuja&#8217;s airport closes for runway repairs in March.
The Kaduna state government said on Monday a garrison commander from the Nigerian Army&#8217;s First Division had been sent to the southern region to coordinate a response to such attacks.
 
(Writing by Paul Carsten; Editing by Louise Ireland)﻿
<div></div>

Curfew imposed after 14 killed in ethnic fighting in central Nigeria

Tropical storm Dineo has killed seven people in Mozambique since it hit the eastern coast on Wednesday, the government disaster centre said on Thursday.
Mozambique&#8217;s emergency operational centre said in a statement about 130,000 people living in the Inhambane province, 500 km north of the capital Maputo, had been affected by the storm. About 20,000 homes were destroyed by heavy rains and fierce winds.
The government said the situation was less severe in Gaza, which borders South Africa, but that there were fears of flooding in the area.
 
(Reporting by Manuel Mucari; Editng by Angus MacSwan; Writing by Mfuneko Toyana)﻿
<div></div>

Storm Dineo kills at least seven people in Mozambique

By Pap Saine and Lamin Jahateh
Gambia&#8217;s new government has told the United Nations it will remain in the International Criminal Court (ICC), state media reported on Monday, reversing the previous administration&#8217;s plan to withdraw from the tribunal.
Former president Yahya Jammeh announced in October that he would pull Gambia out of the ICC, accusing the world body of ignoring alleged war crimes of Western nations and seeking only to prosecute Africans.
But President Adama Barrow, who defeated Jammeh in a December election, pledged during the campaign to undo Jammeh&#8217;s decision, restore human rights and repair the country&#8217;s badly-damaged foreign relations.
&#8220;As a new government that has committed itself to the promotion of human rights &#8230; we reaffirm The Gambia&#8217;s commitment to the principles enshrined in the Rome Statue of the International Criminal Court,&#8221; said a statement read on state television and radio.
The statement added that Gambia&#8217;s foreign minister notified U.N. Secretary-General Antonio Guterres of the decision in a letter last month.
The announcement constitutes a rare victory of late for the embattled tribunal. South Africa and Burundi also signaled last year they would quit the ICC and African Union member states earlier this month endorsed an unspecified &#8220;strategy of collective withdrawal&#8221;.
In another sign of Barrow&#8217;s intention to break with his predecessor, police opened their first investigations on Monday into unresolved deaths and disappearances under Jammeh.
Jammeh came to power in a coup in 1994 and his government established a reputation for torturing and killing opponents. He has denied these allegations.
The initial investigation ordered by Barrow will focus on at least 30 people whose family members reported them dead or missing, police inspector general Yankuba Sonko told reporters in the capital Banjul. The police also opened a complaint register so that additional people can file reports.
Jammeh fled to Equatorial Guinea last month under regional military pressure after refusing to accept his defeat to Barrow. Equatorial Guinea does not have an extradition treaty with Gambia.
 
 
 
(Writing by Aaron Ross; Editing by Tom Heneghan)﻿

Gambia announces plans to stay in International Criminal Court

Nigeria has recovered some $151 million and eight billion naira ($26.32 million) in stolen state funds in less than two months as part of an anti-graft drive, the government said on Sunday.
The West African nation launched late in December a whistleblower scheme entitling those who help find stolen assets to up to five percent of the recovered sums, part of a drive by President Muhammadu Buhari to root out endemic corruption.
Sunday&#8217;s announcement was the first since the middle of last year to give an official figure for recovered assets.﻿
&#8220;The looted funds &#8230; were recovered from just three sources through whistleblowers who gave actionable information to the office of the Minister of Justice and Attorney-General of the Federation,&#8221; the Information Ministry said in a statement.
&#8220;The biggest amount of $136,676,600.51 was recovered from an account in a commercial bank, where the money was kept under an apparently fake account name,&#8221; it added. The other recovered funds were in dollars or naira.
On Friday, Nigeria&#8217;s anti-corruption watchdog said it had seized $9.8 million in cash from the former head of the state oil company NNPC, a recovery also made possible under the whistleblower programme.
Graft, particularly in the oil sector on which Nigeria relies, has taken large sums from the country&#8217;s coffers.
Buhari rode to victory in 2015 on an anti-corruption platform after widespread anger at the plundering of the state under his predecessor Goodluck Jonathan.
But some have criticized the current administration&#8217;s efforts as ineffective and called it a witch hunt against Jonathan&#8217;s supporters.
($1 = 304.0000 naira)
 
(Reporting by Camillus Eboh and Felix Onuah; Writing by Ulf Laessing; Editing by Stephen Powell)﻿

Nigeria recovers $177 million stolen state funds

<ul>
<li>Nedlac negotiations result in an agreement that marks a profound improvement in tone of labour relations in SA</li>
<li>Agreement addresses wage inequality, labour stability and economic transformation</li>
</ul>
Business Unity South Africa (BUSA) and the Black Business Council (BBC) have welcomed the announcement of a ground breaking package of labour market interventions agreed to by business, labour, government and community representatives. This will provide the foundation for a profound and much needed shift in the tone of labour relations in South Africa.
As part of the package of agreements, the social partners at Nedlac have agreed to a National Minumum Wage (NMW) and a suite of measures which will promote greater stability in labour relations.
“This is an extraordinary achievement for South Africa. Together we have found a formulation that moves the country and the labour market in the right direction. The parties have reaffirmed the right to fair labour practices and the important role of the private sector, as well as that of the State in creating the necessary conditions to drive productivity led, inclusive growth and employment,” says Tanya Cohen, CEO of BUSA.
“We commend the dedication of the Deputy President, government, organised labour and community for the role that each played in the negotiations. It has been an extensive process. Despite differences of opinion and constituencies, everyone kept the end goal of inclusive growth, employment and a reasonable minimum wage front and centre.While COSATU have yet to sign, they indicated that they want to take the extra step of consulting their CEC before signing.”
The Agreement recognises that employees should be paid a fair minimum wage for productive work; that strikes should be peaceful and functional; that all stakeholders have a leadership role to play in bringing stability to the labour market and that productive employment is essential for inclusive growth.
“The outcome will put us on a more sustainable labour relations footing as a country.  It takes into account the role and needs of business, both small and large, across all sectors of the economy.  The Accord is likely to be welcomed by ratings agencies, as it addresses one of their key concerns, being labour market stability,” says Cohen.
National Minimum Wage (NMW)
One of the key provisions of the Agreement is the introduction of a NMW of R20 per hour, which will come into effect on 1 May 2018.  The NMW is introduced with the option of exemptions based on affordability and will be phased in for the first year, with domestic workers at 75% and agricultural workers at 90%. There is specific agreement that exemption processes will be streamlined and efficient, and particularly designed to enable smaller businesses to apply for exemptions without undue process burdens. A NMW Commission, will be established, which will determine annual escalations on an evidence basis. Adjustment criteria will include consideration of employment levels, GDP and productivity amongst other factors.
Cohen says: “The NMW is an important step in the right direction towards a living wage, and sends a message that all the social partners, including business, are committed to creating a fair, inclusive and progressive economy.”
Labour relations and stability
“The Agreement commits all social partners to protecting the full range of constitutional rights that apply during industrial action, in particular the right to life and protection from personal harm, protection of property and the right to trade. There is a commitment to take all steps to prevent violence and intimidation during strike action and to act quickly to deal with any such incidents.” Stated Elias Monage, BBC convenor at Nedlac.
The Accord also introduces a Code of Good Practice on Collective Bargaining, Industrial Action and Picketing to guide parties on good practice, to build capacity and shift the tone of labour relations to ensure that, where required, industrial action is peaceful.
It also includes amendments to the Labour Relations Act that embed the concept of secret balloting before strikes and advisory arbitration in the event that there is prolonged or violent strike action.
There is also a commitment to monitor and review the effectiveness of the Code and LRA amendments in Nedlac to determine whether they are achieving the desired effect. 
“The Accord marks a fundamental shift in the relationship between employers and employees.  It recognises the important role of labour market stability and fair wages for productive work, both of which are necessary pre-conditions for inclusive growth and employment,” concludes Monage.﻿

S.A labour agreements herald opportunities for inclusive growth

Angolan President Jose Eduardo dos Santos will not run in this year&#8217;s presidential election, he said on Friday, calling an end his 38 years in power.
Defence Minister Joao Lourenco will be the presidential candidate for the ruling People&#8217;s Movement for the Liberation of Angola (MPLA) in elections planned in August, dos Santos said. Dos Santos will remain president of the MPLA.﻿

Angola's dos Santos will not run in 2017 presidential election

Zimbabwe has started circulating a $5 &#8220;bond note&#8221;, the central bank said on Friday, as President Robert Mugabe&#8217;s government struggles with a cash crunch that has forced people to spend hours at banks queuing for money.
The southern African nation introduced a $2 note and $1 coin last November to ease the cash shortages. Despite warnings that it could eventually cause hyperinflation, the &#8220;bond note&#8221; currency is still trading at par with the U.S. dollar.
Zimbabwe has started circulating a $5 &#8220;bond note&#8221;, the central bank said on Friday, as President Robert Mugabe&#8217;s government struggles with a cash crunch that has forced people to spend hours at banks queuing for money.﻿. He said $15 million of the new notes had been released, bringing the total amount of bond notes in circulation to $88 million.
Zimbabwe abandoned its own hyperinflation-hit currency in 2009 in favour of the U.S. dollar, but a widening trade deficit, lack of foreign investment and a decline in remittances by Zimbabweans abroad have helped to fuel foreign currency shortages.
Some businesses, especially those importing goods, are now offering discounts on cash purchases in U.S. dollars, while charging more for mobile or card transactions.
Importers defend the practice, saying they are struggling to pay for goods abroad because accounts held by local banks overseas have been depleted of foreign currency.
Some banks have also drastically cut daily online purchases and cash withdrawals for foreign travellers from $1000 a day to as little as $50.﻿

Zimbabwe introduces new bond note as cash shortages bite

Tanzania&#8217;s current account deficit narrowed 56.6 percent in the year to November, helped by a surge in earnings from tourism and gold exports and a decline in imports, its central bank said on Thursday.
The gap narrowed to $1.95 billion in the 12 months to November from $4.49 billion in the same period in 2015, the Bank of Tanzania said in its latest monthly economic report.
The bank said overall balance of payments swung into a surplus of $246.6 million from a deficit of $95.2 million in the year ending November 2015.
Imports of goods and services fell 15.8 percent to $10.257 billion due to a decline in capital and consumer goods purchases, while total exports rose to $9.426 billion from $8.855 billion previously, the bank said.
Oil, which dominates the goods import bill, went up by 7.8 percent to $3.08 billion due to an increase in demand.
Earnings from tourism, the main foreign exchange source, rose to $2.21 billion from $2.01 billion previously, buoyed by more visitor arrivals.
    Gold, the other main source of foreign income, brought in $1.44 billion, up from $1.17 billion previously, reflecting higher export volumes and global prices.
    Tanzania, which has a population of around 50 million, is Africa&#8217;s fourth-largest gold producer after South Africa, Ghana and Mali.
The value of traditional exports rose by 21.2 percent to $943.3 million, driven by increased output and higher prices of tobacco, cashew nuts, cotton and tea.
    Gross official foreign exchange reserves held by the central bank reached $4.25 billion in the year to November, or about four months of import cover.﻿

Tanzania current account deficit narrows 56.6 pct in year to Nov

A Zimbabwean pastor, accused last year of trying to overthrow President Robert Mugabe&#8217;s government after calling for protests, was arrested at the airport when he flew home from the United States on Wednesday, his lawyer said.
Evan Mawarire was previously arrested and charged last July, but was freed by a magistrate&#8217;s court which said police had not followed procedure.
Harrison Nkomo, his lawyer, said the pastor had been arrested at Harare&#8217;s airport and was taken to the capital&#8217;s central police station.
Police spokeswoman Charity Charamba confirmed Mawarire&#8217;s arrest, saying he had an outstanding warrant after failing to appear in court last year. She did not provide more details.
&#8220;The law will always catch up with you even if you go away. Mawarire had a warrant of arrest against him,&#8221; Charamba said.
After he was freed by the court in July, police had said they still wanted to file more charges against Mawarire. He travelled to South Africa and then the United States, where he had been living with his family since July.
His absence drew condemnation from supporters, who accused him of abandoning them when his leadership was needed.
Mawarire rose to fame after posting a video online last year that went viral, venting his anger about deteriorating social and economic conditions in Zimbabwe and urging citizens to hold the government to account.
The preacher&#8217;s social media movement #ThisFlag rattled Mugabe&#8217;s administration, leading to accusations by the state against Mawarire of inciting public violence.﻿

government

Zimbabwe’s Mugabe impatient over pace of mining reform

LIVE: National #OppositionMarch protest for SA President Zuma to step down

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South Africa’s ANC to give briefing on Wednesday after meetings on Zuma reshuffle

Nigeria oil tanker drivers call off strike after government pay deal

Cabinet reshuffle and what it means for South Africa – Citadel

South Africa’s rand tumbles as political risks weigh

Africa Development Week: ways to increase health budgets for universal access

Curfew imposed after 14 killed in ethnic fighting in central Nigeria

Storm Dineo kills at least seven people in Mozambique

Gambia announces plans to stay in International Criminal Court

Nigeria recovers $177 million stolen state funds

S.A labour agreements herald opportunities for inclusive growth

Angola's dos Santos will not run in 2017 presidential election

Zimbabwe introduces new bond note as cash shortages bite

Tanzania current account deficit narrows 56.6 pct in year to Nov

Protest pastor arrested on return to Zimbabwe

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Nigeria recovers $177 million stolen state funds

S.A labour agreements herald opportunities for inclusive growth

Angola's dos Santos will not run in 2017 presidential election

Zimbabwe introduces new bond note as cash shortages bite

Tanzania current account deficit narrows 56.6 pct in year to Nov

Protest pastor arrested on return to Zimbabwe

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Advertise With Us

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