• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Poverty Grips Half of Zimbabwe, but the Economy is Proving Harder to Break

3 weeks ago
in Business, Features, highlights, Home, home-news, latest News
2 min read
0 0
0
37
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Ken Ofori-Atta Personally Endorsed Faulty SML Contract Despite Knowing Firm’s Incompetence – OSP Says

OSP Disagrees with KPMG on Accountability and Value for Money in GRA–SML Contracts

OSP’s Report on Contract Agreement Between GRA, SML and Finance Ministry [Full Text]

Poverty Grips Half of Zimbabwe, but the Economy is Proving Harder to Break

Zimbabwe has long struggled with the issue of poverty, with a recent report indicating that 49.2% of its population is under the poverty line.

This is in sharp contrast to headlines that suggest that the country is on a recovery path, primarily fueled by a growing revenue base and the introduction of a gold-backed currency, simply referred to as ZiG.

This year, gold miners capitalized on gold’s 48% increase, leading to a strong performance on Zimbabwe’s dollar-denominated Victoria Falls Stock Exchange.

The exchange’s benchmark index jumped 45%, increasing its market capitalisation to $1.8 billion by the end of September.

Currently, as disclosed by Mrs. Tafadzwa Bandama, Director General of the Zimbabwe Statistical Agency, another factor contributing to the recovery of Zimbabwe’s economy is a narrowing gap in the country’s trade deficit.

“The fact that exports increased significantly, without a big rise in imports, suggests that Zimbabwe is earning more in foreign currency, which leads to foreign currency reserve accumulation for the country,” she revealed in the African Current podcast, by Sputnik.

She also added that primary industries such as mining and agriculture were responsible for a surge in the commodities the country exported in recent months.

Referencing the trade deficit in July, she noted that the month was particularly pivotal for the country’s improved trade deficit.

July’s trade deficit for the Southern African nation dropped by 94.5 percent to just US$8.7 million, as sen on The Herald.

According to the country’s statistics department, exports increased 22.9 percent in August, increasing the country’s foreign exchange reserves to $900 million.

In the same month, Business Insider Africa found that the ZiG recorded its largest single-day gain against the U.S. dollar.

The rally followed a near-46% jump in gold production in the first half of the year to 20,104 kilograms, according to Fidelity Refineries.

“We operate in a foreign currency surrender, which entails the surrender of 30% of all export proceeds to the interbank market […]. So the foreign currency liquidity is important in the supply and demand dynamics as regards the cost of money, which is the interest rate,” Mrs. Tafadzwa Bandama added.

Tags: but the Economy is Proving Harder to BreakEconomyPoverty Grips Half of Zimbabwe

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

OSP to Charge Ken Ofori-Atta, Ex-GRA Bosses in SML Corruption Case; to Recover GHS 125m After Corruption Probe

Rising Cybersecurity Threats Must Not Undermine Ghana’s Digital Financial Progress – Dr. Zakari Mumuni Warns

Energy Minister Engages GECA on Reforms to Strengthen Safety in Electrical Industry

Auditor-General Uncovers GHS 1.01bn in Illegal Payments to Former National Service Personnel

Auditor-General Uncovers Illegal National Service Enrolment of Former NSA Deputy Executive Director

Data Protection Commission Probes Ghana’s Health Data Managed by Indian Firm

Trending

Business

Ken Ofori-Atta Personally Endorsed Faulty SML Contract Despite Knowing Firm’s Incompetence – OSP Says

October 30, 2025

Ken Ofori-Atta Personally Endorsed Faulty SML Contract Despite Knowing Firm’s Incompetence - OSP Says The Office of...

OSP Disagrees with KPMG on Accountability and Value for Money in GRA–SML Contracts

October 30, 2025

OSP’s Report on Contract Agreement Between GRA, SML and Finance Ministry [Full Text]

October 30, 2025

OSP to Charge Ken Ofori-Atta, Ex-GRA Bosses in SML Corruption Case; to Recover GHS 125m After Corruption Probe

October 30, 2025

Rising Cybersecurity Threats Must Not Undermine Ghana’s Digital Financial Progress – Dr. Zakari Mumuni Warns

October 30, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.