Latest news with #EmmersonMnangagwa
Business Insider
3 days ago
- Business
- Business Insider
Top 10 African countries with the weakest currencies in May 2025
A weak currency has far-reaching consequences for a country's economic stability, investor confidence, and citizen well-being, beyond just exchange rates. Zimbabwe's introduction of the gold-backed ZiG currency in April 2024 aimed to stabilize its economy. However, by February 2025, the ZiG had lost 95% of its value on the unregulated market, despite significant central bank interventions. This underscores the complexities of implementing alternative currency models without robust economic fundamentals. As of April 2025, Imara Asset Management, Zimbabwe's oldest independent brokerage, noted that the ZiG is on the verge of failure due to rising irrelevance rather than fast devaluation. In 15 years, Zimbabwe has made six attempts to create a stable indigenous currency, the ZiG being the sixth. It was introduced a year ago and is supported by the central bank's $100 million foreign exchange reserves and 2.5 tons of gold. DON'T MISS THIS: Top 10 African countries with the strongest currencies in April 2025 In the nation, about 80% of transactions are still handled in US dollars, however, some are still made in South African rand. Emmerson Mnangagwa, the president of Zimbabwe, announced last year that the current multicurrency system would be phased out by 2030 and that the ZiG would be the only legal money. Many African countries rely heavily on imports for basic commodities such as petroleum, machinery, medications, and even food. A weak currency increases the cost of imports, exacerbating inflation and diminishing citizens' purchasing power. For example, Nigeria's continuous inflation struggles, with inflation reaching 23.71% in April 2025, show how a weak currency (the naira) raises importation costs and, by extension, the cost of living. With that said, here are the 10 African countries with the weakest currencies, presently, according to the Forbes currency converter, last updated on the 29th of May, 2025. For this month, the currencies of Guinea, Burundi, and the DRC, compared to last month, experienced a dip in value. While currencies for Uganda, Malawi, Tanzania, Nigeria, and Rwanda all marginally increased in value. Top 10 African countries with the weakest currencies in May 2025 Rank Country Currency value per US$ Currency 1. São Tomé & Príncipe 22,281.8 São Tomé & Príncipe Dobra 2. Sierra Leone 20,969.5 Leone 3. Guinea 8,667.8 Guinean Franc 4. Uganda 3,636.8 Ugandan Shilling 5. Burundi 2,977.7 Burundian Franc 6. DRC 2,905.7 Congolese Franc 7. Tanzania 2,682.5 Tanzanian Shilling 8. Malawi 1,734.7 Kwacha 9. Nigeria 1,590.2 Naira 10. Rwanda 1,414.3 Rwandan Franc
Zawya
4 days ago
- Business
- Zawya
IPPs spearhead over 16,000MW power projects in Zimbabwe
This comes as the country's power utility firm, Zesa Holdings, has capital requirements of US$2 billion, which is limiting its ability to provide steady power. Independent power producers (IPPs), primarily from the mining and industrial sectors, are investing in solar, coal and hydroelectric projects to secure consistent power amid persistent blackouts and rising tariffs. The IEUG represents Zimbabwe's largest electricity consumers across the mining, manufacturing and agriculture sectors. The group champions sustainable energy solutions, particularly through IPPs, to reduce the reliance on the strained national grid and improve industrial competitiveness. 'We've accepted the challenge from President Emmerson Mnangagwa,' Cross said during last week's Chamber of Mines of Zimbabwe's annual conference held in Victoria Falls. 'At this moment, we have around 16,000MW of new power production under development: 2,000MW (solar), 2,000MW (coal) and 12,000MW (hydro). If we can deliver this at competitive rates, we will solve our problems as the private sector.' Zimbabwe's peak electricity demand exceeds 2,000MW, yet generation remains unstable, fluctuating between 1,000MW and 1,400MW due to capacity limitations at the Kariba South Hydro and Hwange thermal power stations. These limitations have left most sectors of the economy vulnerable to loadshedding and erratic supply, despite the government's efforts to stabilise the sector. © Copyright The Zimbabwean. All rights reserved. Provided by SyndiGate Media Inc. (
BBC News
5 days ago
- Business
- BBC News
World Business Report US-Japan steel deal?
Japanese-owned steelmaker Nippon Steel is expected to close its 'partnership' with U.S. Steel at $55 per share, as the US media have reported. On Friday, last week, President Donald Trump said that he has cleared the deal. We hear from Chris Kelly, the Mayor of West Mifflin, a steel town in Pennsylvania. Zimbabwe's president, Emmerson Mnangagwa, has signed into law a contentious bill that requires all drivers to buy a car radio licence before a vehicle can legally be on the road. And Rahul Tandon hears how one woman's quest to buy only US made goods has been surprisingly difficult.
Yahoo
6 days ago
- Business
- Yahoo
Zimbabwe's president approves controversial mandatory radio levy on motorists
HARARE, Zimbabwe (AP) — A law that makes it mandatory for motorists in Zimbabwe to pay a radio levy before their vehicles can be licensed and insured has been approved by President Emmerson Mnangagwa, in a move that some people claim is draconian. An amendment to the southern African country's Broadcasting Services Act states that only motorists who have paid for a public broadcaster fee can buy a license or insurance for their cars. Revenue raised by the license, which costs $92 annually, goes to state broadcaster Zimbabwe Broadcasting Corp., or ZBC. Motorists without a radio receiver can get an exemption certificate from the public broadcaster if they sign a form, according to the law. Zimbabwe has about 1.2 million vehicles, according to government figures, ensuring millions of dollars for a public broadcaster that has for years been accused of propaganda and bias towards the ruling party and which has struggled with declining advertising revenue streams. 'This is too much for the already overburdened tax payer," said Kudzai Kadzere, a lawyer in the capital, Harare. "After all, a lot of people rely on the independent press, WhatsApp and the internet for news, they don't even tune in to ZBC. Now we are being forced to pay for propaganda.' Rashweat Mukundu, a media freedom activist, described the license fee as 'daylight robbery." Responding to government spokesman Nick Mangwana, who defended the move on X, Mukundu wrote: "ZBC funding has tanked because audiences & advertisers see no value/relevance in its content.' Opposition figure Nelson Chamisa said the new law was 'too draconian, anti-citizens and outrightly heartless.' Zimbabweans already pay for radio or television licenses if they own a set at home or at a business premise. In 2016, the country's Constitutional Court threw out a case brought by an opposition lawmaker who said the public broadcaster was biased towards the ruling ZANU-PF party and the fee should be scrapped.
The Independent
6 days ago
- Business
- The Independent
Controversial car radio licence fee for motorists approved in Zimbabwe
President Emmerson Mnangagwa has approved a law in Zimbabwe mandating that motorists pay a radio levy before their vehicles can be licensed and insured, a move criticised by some as draconian. Under the amended Broadcasting Services Act, motorists must prove they have paid a fee to the state broadcaster, Zimbabwe Broadcasting Corp. (ZBC), before they can obtain vehicle licenses or insurance. The annual license costs $92, with the revenue directed to ZBC, which has faced accusations of pro-government bias and declining advertising revenue. Exemptions are available for motorists without a radio receiver, provided they sign a form to that effect with the public broadcaster. With approximately 1.2 million vehicles in Zimbabwe, the levy is expected to generate millions of dollars for ZBC. "This is too much for the already overburdened tax payer," said Kudzai Kadzere, a lawyer in the capital, Harare. "After all, a lot of people rely on the independent press, WhatsApp and the internet for news, they don't even tune in to ZBC. Now we are being forced to pay for propaganda." Rashweat Mukundu, a media freedom activist, described the license fee as "daylight robbery." Responding to government spokesman Nick Mangwana, who defended the move on X, Mukundu wrote: "ZBC funding has tanked because audiences & advertisers see no value/relevance in its content." Opposition figure Nelson Chamisa said the new law was "too draconian, anti-citizens and outrightly heartless." Zimbabweans already pay for radio or television licenses if they own a set at home or at a business premise. In 2016, the country's Constitutional Court threw out a case brought by an opposition lawmaker who said the public broadcaster was biased towards the ruling ZANU-PF party and the fee should be scrapped. Nick Mangwana, a senior official in Zimbabwe's ministry of information, responded to criticism that the law is unfair on social media, writing: 'The law is necessary. The fees will be made reasonable. And yes the law is fair.'
