Zimbabwe Roundup: Stock market, ban on mining, opposition activists imprisoned

Stock market diversities

Zimbabwe will introduce commodities trading on its dollar-based Victoria Falls Stock Exchange (VFEX) in the final quarter of 2024. This initiative aims to leverage the country's natural resources, including gold, diamonds, lithium, platinum, and coal. According to African Markets, the new trading will follow recently published guidelines requiring all activities to be licensed. These regulations, released by the government on Friday, outline the framework for mineral commodities trading on VFEX, managed by the Harare-based Zimbabwe Stock Exchange (ZSE).

Ban on alluvial and riverbed mining

The Zimbabwean government has renewed its ban on alluvial and riverbed mining to curb environmental degradation. Initially announced in 2020, the ban has had little effect. Minister Jenfan Muswere highlighted that large-scale alluvial mining has caused water pollution, siltation, and ecosystem disruption. Mining Zimbabwe reports that rivers like Nyagadzi, Mazowe, Munyati, Insiza, Save, Mutare, and Angwa have been severely affected, reports The Zimbabwean.

Opposition political activists denied bail

Transform Zimbabwe leader Jacob Ngarivhume and his alleged accomplice Kelvin Gonde have been denied bail by Harare magistrate Farai Gwitima. They are accused of disorderly conduct and participating in an unlawful gathering. The State claims they were among CCC activists arrested in June at an unsanctioned meeting. Gwitima stated that the prosecution had valid reasons for their continued detention awaiting trial. “It is critical to mention that a bail court can only deny bail where compelling reasons have been shown. While it is appreciated from the evidence before the court that the two are of fixed abode with no previous convictions, it is this court’s view that there is reasonable suspicion that calls for the continued detention of the accused pending trial," the magistrate rues as reported by New Zimbabwe.

$200,000 invested in a cultural village

A diaspora businessman, Takudzva Mutepfa, has invested over US$200,000 to establish the Lanyula Cultural Village in Hwange, Zimbabwe, aimed at promoting rural tourism. The project, which started seven years ago, is nearly complete and will feature six chalets, a sky-view lodge, and a campsite, all designed to showcase the diverse cultures of Zimbabwe. Located near Hwange National Park, it seeks to create job opportunities and improve local livelihoods while aligning with the government's rural industrialisation agenda. As reported by the Chronicle, government officials, including President Mnangagwa’s representatives, have recognized the project's significance in fostering community tourism and cultural integration. Mutepfa emphasized the goal of sustainable rural tourism, utilising local resources and promoting traditional cuisine.

SADC saves $330 million

Zimbabwe's recent infrastructure development initiatives, particularly the upgrade of the Beitbridge border post, have saved the Southern African Development Community (SADC) over US$330 million in costs related to trade delays. President Mnangagwa has prioritised infrastructure as a central aspect of Zimbabwe's growth strategy, enhancing the country’s role as a regional trading hub. The improvements have streamlined trade and travel along the North-South Corridor and bolstered revenue flow into the national treasury. Despite facing sanctions, Zimbabwe has made significant strides in upgrading its infrastructure using local resources and public-private partnerships, reports the Chronicle.