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18th April 2025
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Africa to become world leader in renewables

The Editors

JOHANNESBURG — Africa, where close to half of its 1,2 billion people have access to electricity, is set to become a world leader in renewable energy.

As global business and development leaders met in Johannesburg, South Africa, to attend the Africa Investment Forum (AIF), one of the key focuses of the deals being discussed was around sustainable, renewable energy.

Organised by the African Development Bank (AfDB) and its various partners, the forum is expected to see US$68 billion in deals closed over the next few days.

Rwanda’s President Paul Kagame says there is a lot of progress in Africa as a whole.

“I have always thought it was Africa’s time. We African’s have let ourselves down, we are now realising it has always been our time. And we are now seize every opportunity and be where we should be by now,” Kagame said.

Kagame was the driver of the African Continental Free Trade Agreement (AfCFTA) during his time as chair of the African Union in 2018. The agreement had not been in existence during the first AIF last year.

Established in March 2019, the AfCFTA has now been signed by 54 of the 55 African member states.

Alain Ebobisse, CEO of Africa 50, the Pan-African infrastructure investment platform capitalised by the AfDB, said that there was a consensus from African leaders that they needed to do whatever they could to attractive more private investment. He said that the AIF attendance showed that there was a changing narrative for investment on the continent.

Earlier figures had been revealed by the South African premier of Gauteng province, David Makhura, that over 2 000 delegates were in attendance from 109 countries.

Of this, only 40% where from Africa with the majority of investors attending from Asia, Europe and the Americas.

Gauteng is South Africa’s wealthiest province and includes the financial centres of Johannesburg and Sandton, as well as the seat of government in Pretoria.

Ebobisse said that a lot was already happening on the continent and while the media focused on the challenges there were huge success stories too — like the 1,5GW Benban Solar Park in Egypt, which is the world’s largest solar photovoltaic plant.

“I’m sure that people are not talking enough about this major achievement which is the Benban Solar Programmer, 1,5GW of solar that was invested mostly by the private sector in a record time,” he said.

Africa 50 invested in 400MW in that project and completed it from design to commercial operations in two and a half years.

Ebobisse went on to highlight Kenya’s opening this July of the Lake Turkana Wind Power project, which at a generation capacity of 300MW makes it the largest wind power project on the continent.

“It was funded by the private sector,” Ebobisse said. “So there is a lot that is happening. We need to also widely understand the challenges and understand what is happening on the ground. And people are actually making good money in this investment. And there is nothing wrong about that. Let’s celebrate those successes”

A few weeks ago, the Governors of the AfDB met in Cote d’Ivoire’s capital Abidjan, approving a historic $115 billion increase to the bank’s authorised capital base to US$208 billion.

“This is the highest capital increase in the history of the bank since its establishment in 1964,” AfDB president Akinwumi Adesina said.

During the October announcement Adesina had said that a significant portion of funding would be invested in climate change.

Adesina further explained that the bank had doubled its investment in climate finance from US$12 billion to US$25 billion by 2020.

Climate mitigation is the actions taken to reduce or curb greenhouse gases, thereby addressing the causes of climate change to prevent future warming.

However, climate adaptation addresses how to live with the impacts of climate change.

“I believe that coal is the past. I believe that renewable energy is the future and we as a bank are investing in not in the past, but in the future in making sure that we are investing in solar energy, in hydro energy, in wind, all types of renewable energy that Africa needs,” Adesina said.

He said one of the projects was the AfDB’s Green Baseload Facility, which according to the bank, aims “to accelerate the transition towards more sustainable baseload power generation options and prevent countries from locking themselves into environmentally damaging and potentially economically costly technologies”.

“It’s a US$500 million facility that we have set up to support countries that want to shift out of fuel-based energy into renewable energy and providing access to finance at a cheaper rate to be able to make that transition,” Adesina said.

The bank’s biggest investment is the Desert to Power project, which was announced in December at the United Nations’ climate conference in Katowice, Poland.

The initiative plans to supply 10 GW of solar energy by 2025 to 250 million people across 11 Sahelian countries.

The AfDB has always stated “a lack of energy remains a significant impediment to Africa’s economic and social development”.

Africa is facing climate change impact with rising temperatures and reduced rainfall.

The Sahel, which lies between The Sahara and the Sudanian Savanna, offers a blaze of sunlight with little rain as it is the region where temperatures are rising faster than anywhere else on Earth, according to the Great Green Wall initiative, a project that aims to reverse desertification and land degradation in the area.

During the United Nations Framework Convention on Climate Change in Paris in 2015, all countries committed under the Paris Agreement to “holding the increase in the global average temperature to well below 2°C above pre-industrial levels and pursuing efforts to limit the temperature increase to 1.5°C”.

Siby Diabira, regional head for Southern Africa and the Indian Ocean for PROPARCO, a subsidiary of Agence Française de Développement (AFD) focused on private sector development, told IPS that last year the group did US$1,76 billion in investment deals, half of which was in Africa.

The AIF was still in its early stages to make a pronouncement on the success of the deals, Diabira said, but “so far so good”.

Diabira said the French development agencies aimed to be 100% compliant with the Paris Agreement and hence were investing heavily in renewable energy.

She explained that PROPARCO was involved in “all types of renewable energy from hydro to solar to wind”, adding that there was a need for a mix of both traditional and renewable energy generation.

“We have been present in financing the first few rounds of renewable energy projects in South Africa and our idea is also as a DFI [Development Financial Institution] to be able to contribute to create this market for the commercial banks to come with us on those types of projects,” Diabira said.

Admassu Tadesse, president of the Trade and Development Bank, also pointed out that partnership agreements among the various banks and partners had strengthen their position in deals.

He said they expected to soon sign a deal with the European Investment Bank that will again strengthen their position.
— IPS

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Serial rapist, robber nabbed

BY STEPHEN CHADENGA

A 35-YEAR-OLD Harare man, who terrorised women in and around Kwekwe by robbing and raping them, has been arrested.

Simbarashe Munyaradzi Muwaniki, of no fixed residential address in Harare, yesterday appeared before Gweru regional magistrate Pathekile Msipa facing unlawful entry, robbery and rape charges.

The complainant, who resides in Redcliff and whose name has been withheld for ethical reasons, identified the accused after he was arrested by Kwekwe police for similar offences where he used the same modus operandi against his victims.

The State case is that on April 30 this year at around 3am, Muwaniki allegedly broke into complainant’s house using an iron bar.

He went to the complainant’s bedroom and ordered her to remove the password from her mobile phone after threatening to kill her with the iron bar.

Muwaniki stole US$20 and $12 from a wallet in the wardrobe and later raped the complainant.

The complainant immediately narrated her ordeal to her sister and a tenant.

A report was made to the police and she was referred to Kwekwe General Hospital for medical examination.

Muwaniki denied the charges and the trial continues tomorrow.

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Town clerk salary sparks outrage

BY BRENNA MATENDERE

SUSPENDED Gweru town Clerk Elizabeth Gwatipedza’s salary perks which saw her receiving hefty benefits and drawing over $100 000 from the cash-strapped local authority, has sparked outrage among ratepayers.

Southern Eye carried out an investigation into the town clerk’s salary perks and benefits and revealed shocking commitments made by council for her services as from June 2017.

Soon after the story broke on Tuesday, residents took to social media to vent their anger on the package of the embattled town clerk, with some threatening to boycott payment of council rates in protest.

Posting on the official Gweru Residents and Ratepayers’ Association (GRRA) WhatsApp group, residents also questioned former mayor Charles Chikozho over the packages and demanded to know what motivated him and his team to sign the contract.

“@Chikozho mayor and your guys, what inspired you to agree to such nonsense?” posted one resident.

“As for me I will not pay a single cent to council. I cannot pay to feed one person,” posted another resident.

Former mayor Chikozho pleaded with the residents who were fuming on the social media group: “The matter is before a disciplinary authority (and) am of the view that it’s not proper to respond … I don’t want (to) influence the proceedings at this moment.”

However, a resident using the moniker “The Village Priest” pressed Chikozho further: “Cllr, the question was, what inspired you to agree to those conditions? This question does not in any way jeopardise investigations of incompetence of TC, what had you seen for you to agree to give her those perks?”

Cornelia Selipiwe, GRRA director, told Southern Eye that the town clerk’s perks had angered ratepayers, who felt she should not bleed the financially-crippled council.

“We are worried with such a contract; she is selfish and dangerous to the organisation. Our city has no money, we don’t need such a person, her appetite for high life was exhibited when she wanted to move into the mayor’s mansion and those curtains she wanted to buy for US$38 000, but why did the former mayor and councillors accept that scenario?” the GRRA leader asked.

Selipiwe also confirmed that some residents have been threatening to boycott payment of council rates in protest against the town clerk’s perks.

David Chokore, the Gweru United Residents and Ratepayers Development Association leader said: “We have never and will never begrudge anyone for getting what they truly deserve. From the available reported allegations, which remain uncontested to this day, there is rampant corruption and general collapse of council service delivery.”,

Gwatipedza told Southern Eye that it would be sub judice for her to comment on the matter since the independent tribunal set to hear her case was still seized with the matter.

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Minister defends Zinara staff carnage

by MOSES MATENGA

TRANSPORT and Infrastructural Development minister Joel Biggie Matiza has thrown suffering Zimbabwe National Road Administration (Zinara) workers under the bus and defended mass resignations that have rocked the parastatal under his watch.

Matiza said he was not moved by the chaos at the company triggered by mass resignations of senior personnel.

He chose to describe the developments as a cleansing process at the parastatal despite alleged irregularities in the manner workers’ disciplinary cases were being handled.

The minister has been accused of being part of the chaos that has hit Zinara and has seen his board interfering with operations and victimising workers allegedly to remove long-serving ones and replace them with people linked to him and the board chairman, Michael Madanha.

Madanha is Matiza’s deputy in the Zanu PF Mashonaland East structures and the two are accused of wanting to use Zinara to consolidate their power base in the province.

“Zinara was burdened with corruption and when the new dispensation came in it meant to correct things and that is what is happening. If people are resigning, it is fine, it is their right to do so and we take on board those who want to work with us,” Matiza said.

On allegations that his board was victimising workers and was keen to push out long-serving employees and replace them with their cronies, Matiza said: “It is a process of renewal at Zinara, people have been arrested and some are in court and it is a process and before year end, we must come to stabilisation.”

Madanha lost to recently appointed Youth deputy minister Tinoda Machakaire in the Zanu PF Hwedza South primary elections and has served as Matiza’s deputy in government before.

“The workers are going through processes not linked to the minister. I appoint people on boards based on merit and I believe the chairman is very well qualified. You are saying things about him being my deputy in the party. That is not the issue, we are talking of merit,” Matiza said.

“From these resignations, you can see there is a problem and he is solving the problem.”

However, worker representatives alleged Zinara management has failed to prove some allegations of fraud by workers with a committee constituted to deal with the charges exonerating them of any wrongdoing. It emerged that after finding most of the accused persons not guilty and recommending their reinstatement, Zinara acting chief executive officer, Saston Muzenda allegedly said the committee should find them guilty and recommend their dismissal.

Muzenda argued in one of the letters that the move was a directive from the board; a position frowned upon by the workers.

Zinara workers told NewsDay morale was very low at the parastatal and more resignations were coming.

At least 12 senior executives in the finance and tolling division, audit, ICT, administration and other departments tendered their resignations this week.

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Mangudya rejects miners’ bid for 100% forex retention

BY TAFADZWA MHLANGA

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya says the push for 100% foreign currency retention by players in the mining industry would not be considered by Treasury because the revenue was needed to fund other arms of government.

On June 24, 2019, the central bank gazetted thresholds of 55% to the producers and 45% to RBZ, but players are advocating for a review of the retention to 100% to the producers.
“The retention issue will certainly be put under review, but a 100% retention will not be possible (because) these minerals are not owned by the miners, but by the government. Several of you miners have been coming to us giving us the challenges you are facing due to the 55%:45% retention thresholds. We understand the position you are coming from in terms of the fact that you are paying all of the services rendered to you in US dollars. What I can say now is that we are willing to review this issue of retention,” Mangudya told miners at the $12 billion mining function in Harare yesterday.

Last month, President Emmerson Mnangagwa launched a strategic roadmap to propel the country’s mining sector to a US$12 billion mining industry by 2023.

Under the mining roadmap, gold is expected to contribute US$4 billion, platinum US$3 billion, while chrome, iron, steel, diamonds and coal will contribute US$1 billion.

Lithium is expected to contribute US$500 million and $1,5 billion will come from other minerals.

Chamber of Mines of Zimbabwe president Elizabeth Nerwande said certain issues, which include provision of adequate power, allocation of ideal tax and adequate foreign exchange to sustain mining operations and the generation of capital, still need to be addressed for the $12 billion roadmap to be successful.

“Some of these challenges that need to be addressed are provision of adequate power, the optimum tax and adequate foreign exchange allocations are needed to sustain mining operations that will not undermine investment and need of capital generation for the expansion of our current production and the retention thresholds on the mining industry,” she said.

“Power outages have been our major risk at the moment, where we can go up to five hours for some mines without electricity. Once we do not have electricity, we do not have any production and it is very detrimental for the industry and its operations. We are hopeful that the Finance minister (Mthuli Ncube) will address this issue in the 2020 national budget.

Behind the scenes, we have been engaging the ministry and we have had so many success stories, so we are very hopeful that this will come through. We are opening closed mines and we need to develop new mines.”

Miners are advocating for 100% retention in order to cover production costs because they say the interbank market is not providing adequate forex to acquire imported raw materials.
Nerwande added that the mining industry also needs a good operating environment for it to unlock its potential.

“The resource base is available and the technical know-how is available. Therefore, with necessary capital and correct environment, we can easily unlock the potential for our resources.
Urgent attention is needed to be placed at identifying success factors needed to achieve this vision. Attracting and retaining critical skills to match the rapid expansion of the mining industry will also improve the working environment for the industry,” she said.

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Chicken Inn go top, FC Platinum win

BY KENNETH NYANGANI

MUSHOWANI STARS . . . . . . .0
CHICKEN INN . . . . . . . . . . .(0) 1;
MANICA DIAMONDS . . . . . . .0
FC PLATINUM . . . . . . . . . . (1) 2

Chicken Inn moved to the top of the Castle Lager Premier Soccer League at least for 24 hours after beating Mushowani Stars at Trojan Mine yesterday, to blow the title race wide open again.

Innocent Mucheneka scored the all-important goal, which will keep the 2015 league champions top of the standings until Caps United play their match this afternoon.

If Caps United beat ZPC Kariba at Rufaro Stadium today, they will reclaim the top post with just four games remaining.

Any other result in today’s match will see the Joey Antipas-coached side maintaining their position at the summit, and with a very good chance of snatching the title away.

Chicken Inn have 52 points, the same number of points as second-placed FC Platinum, whom they edge on goal difference.

United have 51 points, but have a game in hand.

At Vengere Stadium yesterday, champions FC Platinum put their title challenge back on track after a comfortable win over Manica Diamonds.

After a surprise defeat to Bulawayo Chiefs at the weekend, FC Platinum desperately needed this victory to keep pace with rivals, and they didn’t take time to assert their dominance in the match when Gift Mbweti scored the opener 16 minutes into the match.

Reigning Soccer Star of the Year Rodwell Chinyengetere sealed the win with a wonder strike just after the hour mark.

Coach Lizwe Sweswe was excited by the win, which put his side back on course of defending their title for the third time.

“It was a crucial win against a good side,” he said.

“We are now back on track to win the title, but I believe the race is now wide open. What we only need to do now is to win our remaining four matches and see what happens at the end. We just to continue to work hard and taking each game as it comes.”

Manica Diamonds gaffer Johannes Nhumwa was disappointed with the defeat, but believed they were safe from relegation threat.

“I am disappointed with the defeat, but I believe that we will survive relegation. We are hoping to collect maximum points in our remaining matches,” he said.

Manica Diamonds were the first to probe, with Last Jesi causing anxious moments for the Zvishavane-based side.

Jesi controlled the midfield department and almost gave his side a lead after five minutes into the match, but his low shot was saved by the impressive goalkeeper Francis Tizayi.

However, FC Platinum refused to be cowed into submission and they were duly rewarded in the 16th minute through former Hwange player Mbweti.

After the goal, play switched from one end to another, with FC Platinum stoutly defending their slender lead going to the breather.

Chinyengetere then ended any hopes of Manica Diamonds getting an equaliser when he fired a hard and low shot from a tight angle.

He almost scored again late in the match as the visitors threatened to run away with the match.

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The crisis in our health sector

guest column:Eddie Cross

I PASSED a billboard on Friday which said Government fires hundreds of doctors. My gut reaction? How stupid that is! We spend tens of thousands of dollars giving a child a primary and secondary education over a period of 16 years.

At the end of that period, out of about 400 000 school leavers, we end up with a tiny minority who have survived to their sixth class in high school, survived the toughest exams in the school world and emerged with sufficient points to get admitted to the most prized university programme there is — medicine.

We then put them through a first degree and then a tough medical training which lasts another seven years — 23 years of study and sacrifice by the student and parents.

Then we demand that they do an internship in a State-run medical facility before they can escape into the lucrative private sector. Many elect to go on to specialise.

Our medical training has always been world-class. Why? I do not know, but our doctors and nurses find ready acceptance outside the country.

Just yesterday, I saw a BBC programme on that country’s National Health Service, where the commentator was saying they have 100 000 vacancies which they cannot fill and arguing for a priority immigration policy — made for Zimbabwe!

Do we have a surplus of doctors, absolutely not! We produce a surplus of nurses, but they find ready demand outside the country and are a valuable export commodity because they send money home. But not our doctors, and if they leave, it’s for good, life out there is just so much better.

Their reward in our system; long hours of work, lousy living quarters, poor food and a paltry salary. Would I strike for better conditions — sure.

The problem is a government which will not look at the system itself and work out what is wrong. Why can the system not provide a decent living and other rewards for a young man or woman who has become a medical doctor?

We are spending a lot of money on our medical system — much more than people think, but are our priorities right? Parirenyatwa Group of Hospitals in Harare is world-class — 2 400 beds, all the necessary facilities, but without committed and well-trained staff.

It’s just another run down government-owned building. Without doctors, it’s a glorified morgue where people go to die.

What are we spending on medicine as a country? First, the State contribution, which is about 8% of the National budget — let’s say US$500 million a year. The international community just about double that — another US$500 million, the faith-based organisations put in another perhaps US$100 million, but the elephant in the room is medical aid. We contribute about US$1,2 billion a year to our medical aid schemes and it covers about 10% of the population. The diaspora probably contributes another US$700 million. That adds up to US$3 billion a year. Per capita, that is not a lot of money at just over US$200 a year.

But international experience tells us it is how you spend that money that makes the difference. In the United States, they spend over 25% of all State resources on the most expensive medical care system in the world and half the population gets very poor service — millions no service at all and that is why we got Obamacare.

The United Kingdom is much the same, but covers everyone and even so, it is going broke because the State cannot meet the full cost of the level of service provided.

Perhaps the best examples of a healthcare system that hits all the buttons, in even a low-income country, are found in the Far East. China has an amazing system, Taiwan even more so. The Cuban system has long presented the third world with an alternative to the Western models, which we simply cannot afford.

But do we look outside to see what lessons we can learn? No! We fire our most precious possession, our trained and skilled children who are just starting a lifetime of service in the medical world and without which you cannot have any sort of system. We have to think out of the box.

The first thing we need to look at is how we provide medical care. When I was an employer, I would prefer to send my staff in a vehicle to a mission hospital 200km from Harare simply because I knew that when they got there, they would be treated as human beings.

The equipment might be old, but it worked, the sheets on the bed worn, but they are there and they are clean.

Just try an experiment and go and sit in the emergency unit of a State hospital near you. It will shock you as you watch people who need urgent attention being ignored.

Perhaps one light bulb in the room, a hard bench with rows of sleeping people who have been there for hours.

Even if you get into a ward and receive treatment, hygiene and food are a constant problem and when finally, you are released, the hospital will delay sending their bill for treatment for anything up to two years, in my experience.

If you need something to treat the patient, the nurses will offer to supply for a price, perhaps even medicine from the hospital stores themselves.

That is not a problem of resources, it’s management and motivation. You cannot fix that by throwing more money at the system. You have to change the way the system works.

Mission hospitals work, not because they have more money, no, they work because there is a thing called the Christian ethic at work and because the people running the hospital are totally dedicated to doing so.

In the private sector, it is often no better. I had a friend who had a heart attack at home at three in the morning, he was rushed to a private hospital and had to wait for me to arrive after 6am to pay a substantial sum in US dollars and local currency before they would admit him. He died in reception.

This week, a nearby couple in their eighties were attacked at home and robbed — she died and he was denied access to emergency treatment by the same hospital because he could not pay, his children out of reach. Both would have had no difficulty in paying the hospital in due course, but for them, it’s cash up front or nothing.

How do we solve these intractable problems? For me, the first priority should be: How do we, a poor third world country, give everyone automatic access to emergency health care and advice? I personally think the Taiwan system may be the best — give everyone basic medical insurance funded by a small national contribution per capita.

This could be reinforced by a national disaster fund financed by a small proportion of third party insurance cover. The contribution by individuals to the national health insurance scheme should be supported by a State subsidy paid out against a means test.

Then we need to convert all State funded medical institutions to community managed and run organisation with elected Boards and each self-financing. We need then to revert to what we used to do is provide a local community-based primary health care clinic within walking distance of every Zimbabwean.

This would not cost a great deal and 85% of the medical care needs of the whole population could be met at this level at a very low cost. Again all such centres should be State-funded and community-managed. Using modern communications technology, we could provide 24-hour consultations with a doctor at all such primary health care institutions.

The wealthy can always look after themselves, our concern should be how to give every person medical care with dignity and quality and to reward our professionals to the level that their training and positions demand. I think that is possible, but not if we do not change the system.

l Eddie Cross is an economist. He writes in his personal capacity.

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SRC approves ZLGU elective AGM

BY DANIEL NHAKANISO

THE Sports and Recreation Commission has finally given the green light for the Zimbabwe Ladies Golf Union (ZLGU) to hold their elective annual general meeting (AGM) which will be held at Royal Harare Golf Club on Saturday.

ZLGU’s annual general meeting was initially scheduled to be held on October 26 but was postponed after the SRC ordered that the gathering should not go ahead following concerns raised the by the Harare Provincial Ladies Golf Association (HPLGA) president Nina Geyser.

However, following a meeting on October 29 between the country’s supreme sports regulatory body and the ZLGU excecutive led by its outgoing president Caroline Mtsambiwa, SRC noted that the latter’s election process was done in compliance with its constitution.

In a letter to ZLGU president Caroline Mtsambiwa on Monday, SRC acting director general Sheila Gwatidzo said the ladies golf union was free to hold its elective meeting where a new excecutive is set to be elected into office.

“After having analysed your submissions, SRC noted that all due election processes were done accordingly and in line with the ZLGU constitution,” Gwatidzo said in the letter gleaned by NewsDay Sport.

“In view of this, the ZLGU excecutive is therefore cleared and advised to go ahead and convene the 2019 elective general meeting on a date and time which is convenient to the union.

SRC notes that the ZLGU elective general meeting was due by 31 October, 2019 but due to concerns raised by the HPLGA president pertaining the elective procedure, SRC intervened to ensure that election procedures were correctly followed. ZLGU could, therefore, not meet the deadline. In this view SRC hereby authorises ZLGU to convene the meeting outside the constitutionally dictated period,” Gwatidzo added.

Under the leadership of outgoing president Mtsambiwa, Zimbabwe women’s golf enjoyed a successful period on the course as local female golfers reclaimed the country’s status as a rising force on the continent.

Two months ago Zimbabwe won their second successive title in the biannual Gilberson and Page Trophy golf tournament hosted by Kenya, two maintain their dominance having ended a 14-year wait to win the coveted title in 2017.

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Good old days back at Midlands Hotel

BY STEPHEN CHADENGA

MIDLANDS Hotel has returned to its old ways of hosting crowd-pulling musicians at a time Gweru is having very few venues to accommodate artistes who attract big numbers.

On September 7, the hotel hosted Sungura maestro, Alick Macheso (pictured), and last Saturday, Sulumani Chimbetu performed at the joint. Artistes who draw large numbers used to play at Educare Hall, but the place closed its doors a few years ago citing poor ablution facilities.

Although the Midlands capital boasts of a notable number of nightspots such as Uptown, Club Excite, The Barn and Downtown, the places have little space to host big names.

Midlands Hotel director, Hamutendi Kombayi, said his place was committed to host musicians in a bid to bring entertainment to Gweru revellers.

“As Midlands Hotel, we will bring artistes to the venue as we endeavour to bring spark to the otherwise sleepy town,” he said.

“The hotel should be a place of first choice to artistes as they endeavour to draw their fans since we have enough space for big numbers.”

Midlands Hotel has a big car park where artistes usually perform and also an inside hall. Over the years the hotel has accommodated crowd pullers such as Winky D, Jah Prayzah, Nicholas Zacharia and Progress Chipfumo.

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Forex trading school Africa to train 70k people

BY MTHANDAZO NYONI

BULAWAYO-BASED Forex Trading School Africa has embarked on a nationwide campaign targeting to train for free 70 000 people in online forex trading to inculcate a culture of online forex trading.

The organisation’s chief trading officer Kuda Manzanga told NewsDay Business on Monday that Zimbabwe was losing out by not incubating online forex trading.

”We are targeting to train about 70 000 people throughout the country in online forex trading. After we have done the major cities, we will go into smaller towns, but we want to make it a national campaign. So first phase of it is Bulawayo, Mutare and Harare with workshops in Gweru, Kwekwe in the last two weeks of the campaign,” Manzanga said.

”Then next year we will start going to smaller towns. We are financing this exercise. Traders have come together and said let’s make this national.”

Manzanga, who is also Foreign Currency Trading Association of Zimbabwe chairman, encouraged young people across the country to enter the lucrative industry.

”The opportunities exist on an individual level. First of all, you can trade from home. So if you make a profit, you earn forex because your profits are in forex. Now for the nation, if a 100 people in Bulawayo are making US$1 profit a week, how much is coming into Zimbabwe because you would want to spend this money here as a trader? That’s US$100 000. Very soon you can start competing with the Western Union remittances coming in if everyone is trading from home,” he said.

Online currency trading is the world’s largest market generating over $7 trillion a day, while in London alone, over $2,7 trillion is exchanged through the virtual platform. If embraced and supported, Zimbabwe stands a chance of becoming a regional financial centre in Africa, he said.

Through these trainings, Manzanga said they want to empower people so that they start trading on their own without going through third parties who end up conning them.

”What we would like government to do is to encourage the youth to attend these free workshops. They are free. Another support will be in the form of Special Economic Zones, where, for instance, 100 or a 1000 people that are promising can be housed in a building and start trading,” Manzanga said.

”We have got a lot of industries (buildings) that are huge but lying idle, put desks there, internet connection and people start trading. Then government can begin to help us at each stage.

”But there is nothing that can happen in any country without the government incubating and supporting it. It can’t.”

Analysts have urged the authorities in Zimbabwe to provide the necessary legislative support for this nascent economic sector.

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