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<p>At the World Economic Forum on Africa in Cape Town, Victor Oladokun the Director, Communication &#038; External Relations at the African Development Bank Group joins CNBC Africa&#8217;s Kenneth Igbomor to discuss what the AfDB is doing to economically empower Africa’s youth.</p>


Africa’s youth is its biggest asset and that’s where we should be investing, says AfDB’s Victor Oladokun

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<p>Sipho Pityana, Chairman, AngloGold Ashanti spoke to CNBC Africa the ongoing violence against foreign nationals in South Africa and the impact this has on relations with other African countries.</p>


AngloGold Ashanti’s Sipho Pityana on how SA is dealing with xenophobic attacks

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<p>Botswana President Mokgweetsi Masisi sat down with CNBC Africa’s Fifi Peters at the ongoing World Economic Forum on Africa in Cape Town to talk about diversifying the country’s economy from a resource based economy to a knowledge based economy as well the upcoming general elections.</p>


Masisi: Khama is not Botswana and neither is Masisi

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<p>Finance Minister Mthuli Ncube outlines the investment case for Zimbabwe on the side-lines of the World Economic Forum on Africa in Cape Town.</p>


World Economic Forum: Finmin Mthuli Ncube on the investment case for Zimbabwe

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<p>South Africa’s second largest insurer, Old Mutual increased its adjusted headline earnings per share by 10 per cent to 109 cents per share. The company is also set to undergo its second share buyback of the year, to the tune of R2.4 billion. CNBC Africa’s Fifi Peters spoke with Old Mutual’s Interim CEO, Ian Williamson.</p>


Old Mutual on results, Zimbabwe & litigation

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<p>Batanai Matsika, Head of Research at Morgan &amp; Co joins CNBC Africa for a Zimbabwean market update as African telecommunications giant Econet announced that it is putting its Econet Media Broadcasting and news unit up for sale after going insolvent.</p>


Zimbabwean economic crisis takes its toll on business


<p>HARARE (Reuters) &#8211; Phelekezela Mphoko, a former deputy to ousted Zimbabwe president Robert Mugabe, was charged on Wednesday with criminal abuse of office, his lawyer said, in the latest move by the new anti-corruption commission.</p>



<p>The court freed Mphoko on bail. He denies all the charges, his lawyer Zibusiso Ncube said.</p>



<p>Mphoko lost his vice presidential post when a military coup forced Mugabe to resign in 2017 after 37 years in power and led to presidential elections won by longtime Mugabe associate Emmerson Mnangagwa.</p>



<p>Ncube said Mphoko was being accused of using his position to force police to release from their custody suspects who were facing corruption charges in 2016. The ex-vice president also faces a lesser charge of obstructing justice, Ncube said.</p>



<p>A new Zimbabwe Anti-Corruption Commission appointed in July was given the power to arrest suspects, but critics question whether it will be effective.</p>



<p>A previous anti-graft agency failed to tackle corruption among the political elite and many Zimbabweans believe those behind corruption are politically connected and may not be touched.</p>



<p>The commission last month charged a sitting cabinet minister, Prisca Mupfumira, with corruption involving $95 million. Mupfumira was early this month fired from her tourism ministry job.</p>



<p>Mupfumira was the first senior government official to be interrogated by the commission, which was appointed by Mnangagwa after he promised tough action against graft.</p>



<p>Mphoko could be jailed up to 15 years, with an option of paying a fine, if found guilty of criminal abuse of office.</p>



<p>He was granted 1,000 Zimbabwe dollars ($98) bail and ordered to surrender his passport with the court. He will return to court on Sept. 4 when state prosecutors will decide whether they are ready to proceed to trial.</p>



<p>Reporting by MacDonald Dzirutwe; Editing by Olivia Kumwenda-Mtambo and Mark Heinrich </p>


Zimbabwe charges former Mugabe deputy, here’s why

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<p>Zimbabwe continues to fall down a dark hole as the country is not only battling with a food shortage crisis but also total darkness due to electricity woes. Tomorrow the country is gearing up for yet another round of protests held by the opposition party in protest of Mnangagwa’s rule. Batanai Matsika, Head of Research at Morgan &#038; Co joins CNBC Africa for more on the Zimbabwe crisis.</p>


Zimbabwe braces for mass protests amid deepening economic crisis

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<p>In a conversation with Nomvula Mhambi, Founder and Operations Manager at Disruptive Innovation Zimbabwe (DIZ), she mentioned that achieving results at scale will require sustained commitments. She joins CNBC Africa for more.</p>


DIZ’s Nomvula Mhambi on why women are integral to building sustainable economies in Africa


<p>HARARE (Reuters) &#8211; Zimbabwe’s main opposition party is planning street demonstrations next week to protest against the government’s handling of the economy, which is mired in its worst crisis in a decade and has plunged most citizens into poverty.</p>



<p>The southern African nation is enduring shortages of foreign currency, fuel and bread as well as 18-hour power cuts. The power outages threaten mining and industrial output and have upended lives. [nL8N24X7EO]</p>



<p>The opposition Movement for Democratic Change (MDC) will hold marches in the capital on Aug. 16 against corruption, unemployment and power and fuel shortages and a deteriorating economy, the party said in a notice to the police dated Aug. 5.</p>



<p>“The national challenges are a result of a governance and legitimacy crisis arising primarily out of the disputed election of July 2018,” national organising secretary Amos Chibaya said in the notice, seen by Reuters.</p>



<p>The departure of long-time leader Robert Mugabe after a coup in 2017 was greeted with euphoria and hope, but this has gradually turned to despair as his successor, President Emmerson Mnangagwa, has failed to revive the economy or usher in meaningful political reforms.</p>



<p>Chibaya said demonstrators would present a petition to parliament after next week’s march.</p>



<p>Luke Tamborinyoka, the MDC deputy spokesman, confirmed the party had notified the police, adding that “we hope the police will allow us to exercise our constitutional right”.</p>



<p>Police spokesman Paul Nyathi said he could not immediately comment.</p>



<p>The MDC does not recognise Mnangagwa’s presidency and maintains that he rigged last year’s vote, charges that the 76-year-old leader denies. Last week, MDC legislators boycotted the mid-term budget statement in parliament because Mnangagwa was present.</p>



<p>The last big protest in Zimbabwe, organised by the main labour union in January against a sharp fuel hike, turned deadly after it spilled onto the streets and was met by an army clampdown in which more than a dozen people died. [nL8N1ZE26M]</p>



<p>Everyday life is getting increasingly tough, with the prices of basic goods spiralling and medical supplies in short supply. Motorists wait for hours to fill up at fuel stations despite fuel prices having gone up more than 500% this year.</p>



<p>Reporting by MacDonald Dzirutwe; Editing by Frances Kerry</p>


Zimbabwe’s opposition MDC party is planning to protest next week, here’s why


<p>HARARE (Reuters) &#8211; Zimbabwe will ramp up its electricity imports over the next few weeks, potentially easing rolling power cuts, after it agreed to make payments to clear its debt to a regional power utility, a treasury official said on Monday. </p>



<p>The southern African nation has endured 18-hour daily power cuts since May as a result of a prolonged drought that has reduced output at its largest hydro plant and ageing coal-fired generators that keep breaking down.</p>



<p>Foreign power companies also stopped supplying Zimbabwe with electricity in 2017 after the country failed to pay its bills, although Zimbabwe resumed limited imports of 300 MW a month last week.</p>



<p>George Guvamatanga, secretary for the ministry of finance, told business leaders in Harare that Zimbabwe had agreed to make weekly payments to clear its debt to a regional power utility, which would start providing at least 400 MW of electricity a month, starting from this week.</p>



<p>That would take total imports to 700 MW a month.</p>



<p>Guvamatanga did not name the supplier. Zimbabwe typically buys electricity from South Africa’s Eskom and Hydro Cahora Bassa of Mozambique.</p>



<p>Zimbabwe owes more than $70 million to Eskom and Hydro Cahora Bassa of Mozambique for past power supplies.</p>



<p>“I think the arrangement that we have put in place now on electricity should hopefully guarantee us increased supply from tomorrow or Wednesday,” Guvamatanga said.</p>



<p>“Working with the mining sector we have been able to ring-fence adequate resources to pay for at least 400 megawatts of electricity a month.”</p>



<p>Power shortages, along with drought and a severe dollar crunch, will result in the economy shrinking this year, the finance minister said last week.</p>



<p>Energy and Power Development Minister Fortune Chasi was in South Africa at the end of July to try negotiate for a power deal with Eskom. He did not immediately respond to calls and messages on his mobile phone on Monday.</p>



<p>Eskom, which is itself struggling to meet South Africa’s electricity needs, had no immediate comment.</p>



<p>The government said last week that power utility ZESA Holdings was accessing 300 MW during off-peak hours from the Southern African Power Pool, a regional industry collaboration linking up national grids.</p>



<p>Guvamatanga said for now Zimbabwe would have to rely on electricity imports, which required foreign currency that is in short supply.</p>



<p>Last week finance minister Mthuli Ncube announced a three-fold increase in electricity tariffs, as the government seeks to raise more funds for power generation.</p>



<p>Reporting by MacDonald Dzirutwe; Editing by Susan Fenton <br></p>


Zimbabwe ramps up its electricity imports to ease outages


<p>HARARE (Reuters) &#8211; Zimbabwe will repeal its indigenisation and economic empowerment legislation dealing with ownership of foreign-controlled companies and replace it with a new empowerment law, Finance Minister Mthuli Ncube said on Thursday.</p>



<p>Addressing parliament, Ncube also said foreign investors can now take majority stakes in the platinum and diamond sectors.</p>



<p>The empowerment law adopted in 2008 under Robert Mugabe forced foreign-owned businesses including mines to cede at least 51% shares of their local operations to black Zimbabweans.</p>



<p>In a bid to attract investment, President Emmerson Mnangagwa last year removed these requirements for other minerals except diamonds and platinum, which his government said were strategically important.</p>



<p>Reporting by MacDonald Dzirutwe; Writing by Olivia Kumwenda-Mtambo; Editing by Hugh Lawson </p>


Zimbabwe to repeal empowerment law, what you need to know


<p>HARARE (Reuters) &#8211; Zimbabwe’s economy is expected to contract this year due to a drought and severe power cuts, Finance Minister Mthuli Ncube said on Thursday, without providing a figure.</p>



<p>The country had initially forecast the economy to grow 3.1% in 2019.</p>



<p>Ncube also said Zimbabwe would defer publication of year-on-year inflation until February 2020 following the adoption of a new currency in June.</p>



<p>Prices of basic goods and services have more than doubled since June, piling pressure on citizens struggling with shortages. That has stirred memories of economic chaos a decade ago, when rampant money-printing fuelled hyperinflation and forced the country to abandon its currency in 2009.</p>



<p>Reporting by MacDonald Dzirutwe; Writing by Olivia Kumwenda-Mtambo; Editing by Janet Lawrence</p>


Zimbabwe to defer release of inflation figures,  economy to contract in 2019 – finance minister


<p>HARARE (Reuters) &#8211; Zimbabwe’s Tourism Minister Prisca Mupfumira has been detained for questioning by a newly formed Zimbabwe Anti-Corruption Commission (ZACC), it said on Thursday.</p>



<p>Mupfumira is the first senior government official to be detained by the commission which was appointed by President Emmerson Mnangagwe on July 15 after he promised tough action against graft.</p>



<p>Transparency International says corruption costs Zimbabwe’s economy at least $1 billion annually.</p>



<p>“We can confirm that the minister of tourism is currently in our custody for questioning and possible due processes,” the Zimbabwe Anti-Corruption Commission (ZACC) said in a brief statement. It did not give any details.</p>



<p>Mupfumira, a senior member of the ruling ZANU-PF party, was previously labour minister who oversaw the $1 billion state pension fund. ZACC has said an audit report into the fund implicated several high profile officials for abuse of funds.</p>



<p>Mupfumira did not respond to calls for a comment.</p>



<p>The anti-corruption commission was given the power to arrest suspects, but critics question whether it will be effective.</p>



<p>The opposition cast doubt on Mnangagwa’s decision to appoint High Court Judge Loice Matanda-Moyo as the commission’s chair, alleging a potential conflict of interest because she is married to Foreign Affairs Minister Sibusiso Moyo, the retired army general who announced the November 2017 coup against former leader Robert Mugabe.</p>



<p>Matanda-Moyo has promised to tackle corruption without fear of favour.</p>



<p>Reporting by Nelson Banya; Editing by MacDonald Dzirutwe and Raissa Kasolowsky</p>


Zimbabwe’s tourism minister has been detained, here’s why


<p>HARARE (Reuters) &#8211; Zimbabwe hiked fuel prices on Monday for the second time in a week but most pumps remained dry, with no end in sight to shortages that are helping drive inflation rapidly higher and which have led to protests about the cost of living.</p>



<p>The Zimbabwe Energy Regulatory Authority said a litre of petrol would now cost 7.45 Zimbabwe dollars, up 22% from 6.10 dollars. Diesel now costs 7.19 a litre, a 23% rise.</p>



<p>With inflation soaring, economic analysts say increases in fuel prices are adding to price pressures, especially as rolling electricity cuts are forcing businesses to use expensive diesel generators to power their operations.</p>



<p>Diesel and petrol prices have gone up by 456% this year, in line with a slide in the value of the local RTGS currency, renamed the Zimbabwe dollar last month.</p>



<p>The biggest fuel price hike in January, a 150% increase, triggered violent protests by Zimbabweans. More than a dozen people were killed when the army clamped down on the unrest.</p>



<p>On July 13, fuel prices were hiked by up to 16% after finance minister Mthuli Ncube said fuel was considerably cheaper than in neighbouring countries. Ncube has said he would like to see the price increase to the equivalent of $1 a litre. [nL8N24E05Q]</p>



<p>The Zimbabwe dollar was trading on Monday at 8.88 against the greenback on the official interbank market, little changed from last week. On the black market, $1 fetched 10.5 Zimbabwe dollars.</p>



<p>Reporting by Nelson Banya, Writing by MacDonald Dzirutwe, Editing by Catherine Evans</p>


Zimbabwe increases fuel prices again, what you need to know

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<p>Although Zimbabwean finance Minister Mthuli Ncube has taken on the task to turn around the Zimbabwean economy, the inflation rate is still on the rise. In June, inflation in Zimbabwe hit a high of 176 per cent .This was due to currency issues and the ongoing drought which threatened the countries food security.  So is there hope for the crippling Zimbabwean economy? Nathan Hayes, Analyst at The Economist Intelligence Unit joins CNBC Africa for more.</p>


Zimbabwe battles to curb runaway inflation

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<p>Just like its counterpart in the South, Zimbabwe is facing its fair share of power issues as Zimbabwe’s state owned power utility ZESA is implementing severe electricity cuts and recently announced that they need $14 million for its monthly electricity imports. Ainos Ngadya, co-Founder and CEO of Invest Solar Africa joins CNBC Africa for more.</p>


Zimbabwe

Africa’s youth is its biggest asset and that’s where we should be investing, says AfDB’s Victor Oladokun

AngloGold Ashanti’s Sipho Pityana on how SA is dealing with xenophobic attacks

Masisi: Khama is not Botswana and neither is Masisi

World Economic Forum: Finmin Mthuli Ncube on the investment case for Zimbabwe

Old Mutual on results, Zimbabwe & litigation

Zimbabwean economic crisis takes its toll on business

Zimbabwe charges former Mugabe deputy, here’s why

Zimbabwe braces for mass protests amid deepening economic crisis

DIZ’s Nomvula Mhambi on why women are integral to building sustainable economies in Africa

Zimbabwe’s opposition MDC party is planning to protest next week, here’s why

Zimbabwe ramps up its electricity imports to ease outages

Zimbabwe to repeal empowerment law, what you need to know

Zimbabwe to defer release of inflation figures, economy to contract in 2019 – finance minister

Zimbabwe’s tourism minister has been detained, here’s why

Zimbabwe increases fuel prices again, what you need to know

Zimbabwe battles to curb runaway inflation

Is Zimbabwe ready to embrace renewables to address power crisis?

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Advertise With Us

Zimbabwe

Africa’s youth is its biggest asset and that’s where we should be investing, says AfDB’s Victor Oladokun

AngloGold Ashanti’s Sipho Pityana on how SA is dealing with xenophobic attacks

Masisi: Khama is not Botswana and neither is Masisi

World Economic Forum: Finmin Mthuli Ncube on the investment case for Zimbabwe

Old Mutual on results, Zimbabwe & litigation

Zimbabwean economic crisis takes its toll on business

Zimbabwe charges former Mugabe deputy, here’s why

Zimbabwe braces for mass protests amid deepening economic crisis

DIZ’s Nomvula Mhambi on why women are integral to building sustainable economies in Africa

Zimbabwe’s opposition MDC party is planning to protest next week, here’s why

Zimbabwe ramps up its electricity imports to ease outages

Zimbabwe to repeal empowerment law, what you need to know

Zimbabwe to defer release of inflation figures, economy to contract in 2019 – finance minister

Zimbabwe’s tourism minister has been detained, here’s why

Zimbabwe increases fuel prices again, what you need to know

Zimbabwe battles to curb runaway inflation

Is Zimbabwe ready to embrace renewables to address power crisis?

News Tips

Advertise With Us

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