Zimbabwe Roundup: Strong stock market, cricket, telecoms upgrade
Strong stock market
Zimbabwe's stock market is on a growth trajectory, with increased capitalization and instruments in the first half of the year. Finance Minister Professor Mthuli Ncube highlighted this in the 2024 Mid-Year Budget and Economic Review on July 2. The Zimbabwe Stock Exchange (ZSE) reported strong performance, with a total market turnover of ZWG184 million in Q2 2024. According to the Chronicle, since adopting the ZiG currency, ZSE market capitalisation rose by 35% from ZiG25.6 billion in April to ZiG38.7 billion in June, while VFEX market capitalisation reached US$1.3 billion by June 30.
Zimbabwe upgrades telecoms infrastructure for SADC summit
The Government has spent about US$1.5 million to upgrade ICT infrastructure for the upcoming SADC Summit. Major preparations are underway, including securing two modern buses. Finance Minister Prof. Mthuli Ncube stated that the funds will enhance the fibre network, establish base stations, and improve telecommunications services through providers like Telone, Africom, and Netone. “In order to facilitate smooth hosting of the 2024 Sadc Summit, resources amounting to US$1,5 million have been disbursed, for the period under review, towards upgrading of existing fibre network, the establishment of base stations and telecommunications services through service providers which include Telone, Africom and Netone. Inter-Governmental Fiscal Transfers (Devolution),” he said as reported by the Chronicle.
Ireland beat Zimbabwe in one-off test
Ireland defeated Zimbabwe by four wickets in a one-off Test in Belfast. After a dramatic collapse, Ireland recovered and won with more than a day to spare. Lorcan Tucker and Andy McBrine's partnership of 96 turned the tide for Ireland. Ireland won the toss and Mark Adair hit the winning boundary, Super Sport reports.
Air Zim resumes HRE-JNB
Air Zimbabwe will resume flights between Harare’s Robert Gabriel Mugabe International Airport (HRE) and Johannesburg’s OR Tambo International Airport (JNB) starting July 29. This move is part of a broader strategy to support the country's Open Skies and Open for Business policies. Additionally, there are plans to restart direct flights from Zimbabwe to London. As reported by Travel News, Transport and Infrastructural Development Minister Felix Mhona stated on July 21 that these London flights would strategically enhance trade and leverage Zimbabwe’s central location in the Southern African Development Community (SADC) region.
Zimbabwe National Dress shines at UN Gastronomy Conference
The national dress fabric was a standout feature at the inaugural United Nations Tourism Regional Forum on Gastronomy for Africa, held in Victoria Falls. On Friday, many delegates at the Elephant Hills Resort Golf Course and exhibition area wore the unique national dress fabric designs, adding a vibrant and unifying touch to the event. This initiative, led by First Lady Dr Auxillia Mnangagwa, aims to instil a sense of national pride among Zimbabweans, particularly during national events, reports the Chronicle.
