Industries in Zimbabwe ring alarm bells over incessant power cuts
The Confederation of Zimbabwe Industries (CZI) says the manufacturing sector has been crippled and some businesses may close due to nationwide continuous power cuts
Browsing tag
The Confederation of Zimbabwe Industries (CZI) says the manufacturing sector has been crippled and some businesses may close due to nationwide continuous power cuts
Zimbabwe’s largest business group has warned that the economy faces collapse if the government insists on foisting the rapidly weakening local currency on the market when it is obvious that it is no longer viable.
Zimbabwe’s industries are still battling to access millions of United States dollars allocated through the foreign currency auction system, Confederation of Zimbabwe Industries (CZI) president, Kurai Matsheza told NewsDay Business yesterday, warning that the backlog had exacerbated an already dire industrial machinery crisis.
A LOCAL unit of Mediterranean Shipping Company, the world second largest shipping firm, may stop releasing containers to Zimbabwean importers who have not paid for their services and to discourage the acceptance of cargo destined for Zimbabwe aboard its ships worldwide, the company has said.
Long-suffering Zimbabweans should brace themselves for more price hikes and shortages of basic goods, after stressed companies said that they were left with an average of about 10 days’ worth of supplies of raw materials used in the manufacturing of key products.
Confederation of Zimbabwe Industries (CZI) has said the lift of a ban on the import of basic goods and foodstuffs must not go beyond December 21.
Zimbabwe’s fragile economy continued to implode yesterday as several companies temporarily shut down at a time prices of basic commodities continue to rise exponentially due to lack of foreign currency.
Zimbabwe’s largest business lobby group, the Confederation of Zimbabwe Industries (CZI), is pressing government to clear 40 of its members who were “wrongly” listed as money externalisers by President Emmerson Mnangagwa.
Dr Bongani Ngwenya – The local industry is facing stiff competition from cheaper imports, not necessarily because of delays in clearance of raw materials and spares at the country’s ports of entry and the rest of ease of doing business challenges. These are compounded problems of course.
Some Zimbabwe food prices have fallen slightly, after government decreed fuel retailers to cut the price of petrol and diesel by up to 7,5 percent after a tax cut.