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Articles by Omega Ukama
Mineral exports fly after raw ban
News Editor ZIMBABWE’s ban on raw mineral exports has helped to drive a sharp increase in the country’s mining revenues. This comes as official data shows that year-to-date export sales under the mandate of the Minerals Marketing Corporation of Zimbabwe (MMCZ) more than doubled to $4.73 billion during the first nine months of 2026, compared…
Deliver returns or face scrutiny, firms warned
15 News Editor LISTED companies must deliver adequate returns on equity or face intense shareholder scrutiny, the judges of the prestigious Top Companies Survey (TCS) say. Speaking in Harare last week, at the oversubscribed 2026 TCS awards gala event, the chairperson of the accolades’ adjudication committee, Prosper Tafadzwa Matiashe, added that listed companies needed to perform… Subscribe to read full article.
FCB ‘optimistic beyond 2030’
News Editor FIRST Capital Bank (FCB) says it is taking a long-term view of lending, despite the government’s plans to introduce a mono-currency system by 2030. Chief executive Tapera Mushoriwa said this week that the bank was extending credit beyond 2030, notwithstanding the planned move. “We are optimistic beyond 2030 as a business, and that…
Treasury stands firm on tax disputes
26 News Editor TREASURY says it will continue pursuing more than US$100 million in historical tax arrears involving two corporates. Finance ministry permanent secretary George Guvamatanga said the disputes involving the entities were based on the existing tax laws and not retrospective changes to legislation. “It needs to be clear that we don’t have a national… Subscribe to read full article.
WestProp to separate US$130m land bank
12 Omega Ukama News Editor WESTPROP Holdings is seeking shareholder approval to remove its US$129,8 million Pomona City land bank from the listed property group, formalising a balance-sheet restructuring first disclosed in April. The company published a circular last week outlining a scheme of reconstruction under which the 161,51-hectare Pomona City land bank will be transferred… Subscribe to read full article.
‘Incentives needed to drive ZEEX’
45 THE government should introduce incentives to encourage small and medium enterprises (SMEs) to use the newly launched Zimbabwe Entrepreneurship Exchange (ZEEX), Institute of Chartered Accountants of Zimbabwe (ICAZ) chief executive William Mandisodza has said. Mandisodza said incentives could accelerate the adoption of the Zimbabwe Stock Exchange (ZSE) platform and increase the flow of formal capital… Subscribe to read full article.
‘Zimbabwe fuel supplies remain stable’
166 News Editor TREASURY says Zimbabwe’s fuel supplies remain stable despite disruptions caused by the conflict in the Middle East. Authorities say they are relying on strategic reserves, tax measures and private stocks to cushion the domestic market from global oil shocks. Finance minister Mthuli Ncube said last week the country was “fairly comfortable” with fuel… Subscribe to read full article.
VFEX overtakes ZSE in trading activity
ACTIVITY on the Victoria Falls Stock Exchange (VFEX) overtook the Zimbabwe Stock Exchange (ZSE) during the first half of 2026, even though the latter still lists more companies. This comes as migrations from the ZSE to the VFEX have picked up following new streamlined rules introduced in April 2026. The trade-count on the VFEX grew…
‘Revamp NECs to promote industry’
9 News Editor NATIONAL Employment Councils (NECs) are crying out for urgent reforms, as their rigid minimum wages and retrenchment rules are harming struggling businesses and discouraging both foreign and domestic investment, experts say. This comes as many companies across various sectors continue to enter corporate rescue or to scale back their operations, amid mounting financial… Subscribe to read full article.
‘Econet shares undervalued’
News Editor ECONET Wireless Zimbabwe (Econet) shares are trading well below fair value according to local equity research firms. The shares currently trade at a floor price of 50 US cents on the Victoria Falls Stock Exchange (VFEX)’s OTC platform, set when Econet delisted from the Zimbabwe Stock Exchange (ZSE). Three firms argue that price…
TIMB urges diversification after difficult season
18 News Editor THE Tobacco Industry and Marketing Board (TIMB) is urging farmers to diversify into other commercial enterprises after a tobacco marketing season that fell short of expectations, arguing that relying on a single crop exposes growers to mounting market and climate risks. This comes as this year’s marketing season winds down with tobacco sales… Subscribe to read full article.
Treasury leans on consumption tax
ZIMBABWE’S government is increasingly relying on consumption tax after Value Added Tax (VAT) brought in ZiG19,3 billion in the first quarter of 2026, up 52,6 percent from ZiG12,7 billion a year earlier. VAT accounted for 29,9 percent of total government revenue, up from 24,9 percent the previous quarter. No other tax head comes close. VAT…
BlackRock reshuffles Caledonia holding
4 News Editor THE world’s largest asset manager, BlackRock, has increased its overall stake in Caledonia Mining Corporation, while reshuffling its holdings in favour of direct share ownership over derivatives exposure. A Caledonia filing last week covered a threshold crossed on July 8, putting BlackRock’s total position at 6,17 percent of voting rights, up from 6,15… Subscribe to read full article.
2020 measures haunt local bourse
38 MEASURES introduced in 2020 to curb speculation on the Zimbabwe Stock Exchange (ZSE) continue to undermine price discovery on the bourse, analysts say. The observers say lingering structural constraints have reduced liquidity, discouraged investor participation and contributed to a wave of company departures. The restrictions were introduced after the ZSE had become a preferred store… Subscribe to read full article.
Zimbabwe’s forex surplus doubles
34 Omega Ukama News Editor ZIMBABWE’S current account surplus reached an estimated US$570 million in Q2, up from US$270,7 million in the same quarter of 2025, according to latest figures from the Reserve Bank of Zimbabwe (RBZ). A current account surplus means the country earned more from exports, remittances and other foreign transactions than it spent… Subscribe to read full article.
Stock market gains drive insurance sector
43 STRONG activity on the Victoria Falls Stock Exchange (VFEX), stability on the Zimbabwe Stock Exchange (ZSE) and rising equity valuations were a major driver of insurance sector profits during the first quarter of 2026, according to the Insurance and Pensions Commission (IPEC). The sector enjoyed a sharp rise in profitability during the period, but the… Subscribe to read full article.
Insurers’ profits soar as policyholders dwindle
15 ZIMBABWE’S insurance industry is posting stronger profits, growing asset bases and healthier balance sheets, even as fewer people are taking out, or keeping, insurance policies, latest reports show. This comes as the industry has long struggled to win public confidence, with memories of hyperinflation-era losses, policy lapses and concerns over claim settlements continuing to discourage… Subscribe to read full article.
Industry nears total dollarisation
18 WHILE policymakers continue efforts to strengthen the ZiG, Zimbabwe’s insurance industry is operating almost entirely in US dollars, according to latest reports. Across life assurance, funeral assurance and short-term insurance, the US dollar has become the preferred currency for premiums, commissions and risk cover, making insurance one of the country’s most dollarised industries. In short-term… Subscribe to read full article.
IFRS 17 changes the conversation
11 THE Insurance and Pensions Commission (IPEC) says Zimbabwe’s insurers have made measurable progress in implementing IFRS 17 but warns that the industry’s biggest test is now producing financial statements that are consistent, comparable and technically robust. The accounting standard, which fundamentally changed how insurers measure liabilities and recognise profits, has allowed companies to present a… Subscribe to read full article.
RTG ramps up sustainability drive
45 RAINBOW Tourism Group (RTG) is stepping up its sustainability efforts across its expanding hospitality portfolio, with its recently acquired Montclair Resort & Conference Hotel emerging as a showcase for the group’s growing focus on resource efficiency, recycling and farm-to-table food production. The sustainability push comes as RTG is doing a US$2 million refurbishment of Montclair… Subscribe to read full article.
Investors welcome Invictus, Zimbabwe deal
25 News Editor SHARES in Invictus Energy have rallied following the signing of a long-awaited petroleum production sharing agreement (PPSA) with the government of Zimbabwe. Overall, the market response, however, suggests investors remain focused on the project’s next operational milestones. The Australian-listed company announced on May 27, 2026, that it had signed the PPSA for its… Subscribe to read full article.
Montclair makeover concludes in July
51 News Editor RAINBOW Tourism Group (RTG)’s expansion drive is showing its next phase in action, with the refurbishment of the recently acquired Montclair Resort & Conference Hotel in Nyanga now entering its final stretch ahead of completion next month. The US$2 million investment is a demonstration of RTG’s broader growth strategy, which has seen the… Subscribe to read full article.
Zimbabwe virtual asset rules win praise
36 News Editor ZIMBABWE’S long-awaited move to regulate the virtual asset sector has been broadly welcomed by industry experts, who say the new framework provides much-needed legal certainty while aligning the country with global anti-money laundering standards. The government gazetted the Money Laundering and Proceeds of Crime (Virtual Asset Service Providers Registration) Regulations, 2026, under Statutory… Subscribe to read full article.
‘No easy road for the ZiG’
THE ZiG will continue to face a challenging path to its wider use in the economy until authorities are able to prove its long-term viability amid lingering market scepticism, many experts say. Speaking to The Financial Gazette — the country’s number one business publication and prime voice for industry and commerce — the experts observed…
'Dodgers constrain growth, services’
LOW tax compliance in the country is depriving the fiscus of billions of US dollars every year, hampering economic growth and weakening the government’s ability to provide key public services, experts say. Speaking in Harare last week, at the annual tax review meeting, which is organised by The Financial Gazette — the country’s number one…
Old Mutual sees zing of informal sector
THERE is an urgent need for a strategic partnership between the country’s formal businesses and the informal sector. So says the chief executive of Old Mutual Zimbabwe, Samuel Matsekete, who adds that such collaboration will lift the economy and drive inclusive growth. Speaking in Harare on Friday, at this year’s glitzy and well-attended Top Companies…
14 Historical Inaccuracies in Popular Movies
One Horror of Slavery That Until Recently Could Not Be Told When the slave ship known as the Zorg left what is now the Ghanaian coast in 1781, it was headed for Jamaica, with 442 Africans pitilessly crammed into space intended for about 250. Along the way it drifted off course, and dehydration and scurvy took their toll on crew and cargo. The captain, …
Myriad issues hobble mining
100 THE significant potential of Zimbabwe’s key mining sector is being hampered by continuing power issues, high operating costs, limited access to capital and suboptimal government policies.So noted industry leaders during last week’s well-attended annual conference of the Chamber of Mines of Zimbabwe (CoMZ) in Victoria Falls, amid surging gold prices — which the country is… Subscribe to read full article.
Forestry Commission cracks down on defaulters
55 THE Forestry Commission is actively pursuing the recovery of nearly US$1,2 million in outstanding lease payments by engaging a debt collection agency.The parastatal generates part of its income through leases and concessions, which include wildlife safaris and timber harvesting.Speaking to The Financial Gazette, acting director-general Joyce Gombe confirmed that the outstanding debt has significantly impacted… Subscribe to read full article.
Forestry Commission cracks down on defaulters
109 THE Forestry Commission is actively pursuing the recovery of nearly US$1,2 million in outstanding lease payments by engaging a debt collection agency.The parastatal generates part of its income through leases and concessions, which include wildlife safaris and timber harvesting.Speaking to The Financial Gazette, acting director-general Joyce Gombe confirmed that the outstanding debt has significantly impacted… Subscribe to read full article.
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