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The local currency has lost over 700% of its value from the beginning of the year to date owing to a rise in money supply without the prerequisite economic growth.
In his pre-budget presentation last week, Ncube said the total bids for the 2024 national budget were ZW$110 trillion, with the government only proposing ZW$47,8 trillion.
Currently, the mining industry is being negatively affected by declining mineral prices, power cuts and foreign currency shortages.
The People’s Republic of China has announced a massive USD 2.79 billion investment in its lithium mining operations in Zimbabwe. Mining in the African nation will help placate Beijing’s growing hunger for critical minerals; however, as a dictatorial government, we cannot expect this financial influx to help Zimbabweans other than the country’s rulers. By Wilder Alejandro…
China is shoring up its lithium supply chains in Zimbabwe, and the increasingly repressive Mnangagwa regime is happy to play ball.