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    BoG cautions against use of Ghana Cedi for bouquets and hampers

    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    GH¢5.5bn approved by Parliament not only for Blackshield customers – SEC

    BoG assures of enhanced educational campaigns to ensure proper handling of local currency

    Youth in Accountable Governance calls for passage of outstanding revenue bills

    GRA reiterates calls for businesses to embrace  E-VAT

    IES predicts drop in fuel prices from April 1

    Journalists trained on the Enrolment of cocoa farmers in pension scheme

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    CUTS International pushes for passage of Competition bill

    DBG partners UGBS to deepen development finance

    Bank of Ghana increases Monetary Policy rate to 29.5%

    Industry experts convene to discuss diversification strategies for pension funds

    It’s time to give women top posts in multilateral institutions – GCBL Chairman 

    Global Chamber of business leaders enters into partnership with IEFS

    Gold for Oil policy will save Ghana $4.8bn annually – Veep

    Energy Minister scheduled to speak on Ghana’s near-term opportunities at NAEPEC 2023

    Standard Chartered appoints Ebenezer Twum Asante as Chairman of Board of Directors

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    Cyber Security Authority commences licensing and accreditation regime

    Twitter is reportedly planning to charge businesses $1,000 per month to keep gold verified checks

    Ghana withdraws $672m back-tax demand from MTN Group

    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

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    African Union adopts Africa Prosperity Dialogues AfCFTA action plan

    Third World Network Africa urges Africans to be strategic about AfCFTA

    5 important things to know about the African Continental Free Trade Area agreement

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

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Zimbabwe: Economy Deteriorates After Lengthy Drought

bycitibusinessnews
May 6, 2016
in Africa, Southern Africa
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DROUGHT ravaging Zimbabwe is worsening the Southern African country’s economic difficulties. The erratic rains and increasing temperatures have reduced agricultural output and disrupted hydropower production and water supplies, leaving up to 4 million people in need of food aid. This represents a third of the population.

The International Monetary Fund, which has concluded a mission to Zimbabwe, reports that economic activity is severely constrained by tight liquidity conditions resulting from limited external inflows and lower commodity prices.

Inflation remains in negative territory, because of the appreciating United States Dollar and lower commodity prices.

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The US greenback is the country’s main currency after the country ditched its worthless currency several years ago amid record inflation running to trillion percentages.

Zimbabwe remains in debt distress and the level of international reserves is low.

“Unless the country takes bold reforms, the economic difficulties will continue in medium-term,” IMF warned.

The institute said given the outlook for the global economy, growth is projected to remain below levels needed to ensure sustainable development and poverty reduction.

Zimbabwe, South Africa’s northern neighbor, has suffered a spectacular economic collapse over the past two decades.

From supplying the region with food in its heyday, it now imports from neighbouring countries.

With unemployment is hovering above 90 percent and salaries uncompetitive, millions have fled the economic crisis and sought sanctuary mainly in South Africa.

Critics blame long-time leader, Robert Mugabe and his Zanu-PF policies for ruining the economy.

The administration has blamed restrictive measures effected by the West after the country violently took over land from the minority whites for resettlement among the blacks in the year 2000.

–

Source: All Africa

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