Star 2024-07-01

Tawanda Karombo THE INTERNATIONAL Monetary Fund (IMF) on Friday forecast that Zim- babwe’s economy could ramp up growth to 6% next year, banking on relative stability after introduction of the new gold-backed currency. However, the IMF cautioned that President Emmerson Mnangagwa’s administration should intensify the fight against corruption. Buffeted by headwinds such as high consumer inflation and foreign currency woes, the IMF said Zim- babwe’s economy “continues showing resilience”, with growth “expected to decelerate to about 2% in 2024” from 5.3% last year. This as the country faces the devastating effects of the El Niño-induced drought amid higher import bills that are worsening the country’s balance-of-payments outlook. Against this backdrop, the Reserve Bank of Zimbabwe (RBZ) in April introduced a new currency, the Zimbabwe Gold (ZiG) as the Zimbabwe dollar…

OASIS Group Holdings, the asset manager with second biggest shareholding Rainbow Chicken, believes the integrated poultry producer sits on the verge of a “tornado” of earnings growth, said Oasis CEO and chief investment officer Adam Ebrahim. Rainbow Chicken listed on the JSE last week as part of an unbundling of its parent RCL Foods. Oasis holds 8.5% of Rainbow Chicken, Remgro Group 80%, while there will be a free float of around 20%. Ebrahim said RCL had worked hard over the past three years to restore Rainbow to financial sustainability after some years of decline. There were some structural changes, including regionalised, decentralised and fully integrated production and management from Hammarsdale, Worcester and Rustenburg, and in the past year, the introduction of a better breed of chicken, the Indian River…

Conduct authority suspends licences of 1 061 financial services providers THE FINANCIAL Sector Conduct Authority (FSCA) imposed penalties of almost R1 billion against more than 30 people last year for flouting market conduct rules among other issues, up 843% in rand terms from last year, when it penalised 44 people. Speaking during the media roundtable on Friday afternoon at the launch of its 2023/24 annual report, Gerhard van Deventer, divisional executive of the FSCA’s enforcement division, said it was now so much more relevant to demonstrate that the authority was ensuring compliance within the context of greylisting. “We do want to emphasise that, when we take decisive and visible actions, we send a clear message to the financial sector, financial institutions and to individuals in the financial sector that…

Poultry meat prices in South Africa experienced an exceptional increase in the three months to end March this year, due to steady import demand from leading importing countries, the National Agricultural Marketing Council (NAMC) said on Friday. According to the NAMC’s Poultry Products Price Monitor, domestic producer prices for whole fresh chicken, frozen chicken and IQF chicken pieces increased by 9.40%, 7.54%, and 2.54% respectively during the first quarter of this year, compared to the final quarter of last year. The report tracks the cost of different chicken meat products in South Africa, compares them to current global poultry market trends and makes appropriate recommendations. The NAMC said the recent trend in producer prices could be attributed to several factors. “Notably, the recent drought incidents disrupted feed production in numerous…

THE AFRICAN Export-Import Bank (Afreximbank) signed a Memorandum of Understanding (MoU) with the World Trade Organisation (WTO) to amplify the impact of their strategically aligned joint efforts of promoting global trade leveraging Africa’s unique resource endowment. The MoU is expected to allow the two organisations to pursue a colla- borative framework for harmonising and co-ordinating their efforts towards deepening key trade development activities on the continent. Afreximbank and the WTO are part of an inter-agency partnership that is championing transformative change in the cotton industry in Africa’s Cotton-4 plus (C4+) countries, which include Benin, Burkina Faso, Chad and Mali, as well as Ivory Coast as an observer. The MoU will allow Afreximbank and the WTO secretariat the opportunity to expand and deepen their collaboration to support the cotton sector beyond…

THE GLOBAL cannabis market has experienced exponential growth over the past decade, driven by a combination of evolving societal attitudes, legislative changes and an increasing recognition of the plant’s medicinal benefits. Countries such as Canada and several States in the US have led the charge, legalising both medical and recreational cannabis use. This shift has spurred an explosive industry valued at billions of dollars, with projections suggesting continued expansion in the coming years. South Africa, with its favourable climate for cannabis cultivation and a history of traditional use, is well- positioned to tap into this growing market. The potential impact on the South African economy could be substantial, especially if the country can effectively navigate the complexities of regulation and market development. Medical and recreational applications Cannabis holds significant promise…