Week 49
A weekly selection from Zimbabwean newspapers
The tale of Zim’s ‘torn’ money buying brigade
For Takudzwa Moyo (30), buying torn or worn-out money is not just a hustle but a way of earning a living.
“As for me it represents an opportunity. With the little profits I make from buying torn money, I manage to earn a living,” he said.
“The exchange rate or amount I give people with torn money depends on how torn the money is. But mostly, when someone comes with a torn US$5 note, I give that person US$3 or US$4, if its US$10 I usually give people US$8 so that I can benefit something.
“Since I sell airtime as well, I prefer to use that money to order airtime. So, I get my profits after selling airtime,” said Moyo.
On the streets of Harare, amid the hustle of daily life, a unique culture has emerged — the money-buying brigade — a group of individuals who are seeking out and buying damaged currency.
Wheat output rises to all-time record (The SundayMail, state owned)
Zimbabwe’s wheat harvest, which has already hit an all-time record high this year, was estimated to have reached more than 560 000 tonnes by last week.
This represents a marked increase from the previous record of 467 905 tonnes realised last year.
The country’s annual demand for the crop stands at 360 000 tonnes.
Zimbabwe is on course to reclaiming its breadbasket status in the region.
Readily available flour — a major ingredient in many staple foods such as bread, pasta and pastries — is expected to guarantee the stability of prices on the local market.
From 1969 to 1999, Zimbabwe averaged 250 000 tonnes, with a high of 325 000 tonnes in 1990.
Last year, Zimbabwe became one of the two African countries to be wheat self-sufficient, alongside Ethiopia.
First Lady honours AoHF partners with African-themed dinner (The SundayMail, state owned)
Angel of Hope Foundation patron First Lady Dr Auxillia Mnangagwa hosted an African-themed appreciation dinner at State House on Friday to honour the organisation’s partners for their unwavering support throughout the year.
The evening was a celebration of African heritage, with every element — from the setting to the food, drinks and music — capturing the continent’s essence.
Guests, adorned in the vibrant national fabric showcasing diverse designs, embraced the theme, fostering a profound sense of unity and belonging.
Founded by Dr Mnangagwa in 2018, Angel of Hope Foundation is a non-State-funded institution that relies on the generosity of partners and well-wishers to carry out its wide-reaching philanthropic and empowerment programmes.
‘2025 Budget to consolidate economic gains’ (The SundayMail, state owned)
Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube is set to present the much-anticipated 2025 National Budget on Thursday.
The budget is expected to focus on enhancement of currency stability and appropriation of funds for social services and infrastructure development, among other critical issues.
The priorities have been shaped through nationwide public hearings organised by the Parliamentary Portfolio Committee on Budget, Finance and Economic Development.
Mnangagwa turns to parallel structures
President Emmerson Mnangagwa met over 120 affiliate groups loyal to him at his Precabe Farm over the weekend as the push for the extension his term beyond 2028 intensifies.
Sources said Mnangagwa turned to parallel structures because of growing opposition within the party and military command to the push to extend his term via the back door.
The gathering at his farm included representatives from youth, women and religious groups, all of whom pledged to champion constitutional amendments to pave way for Mnangagwa’s prolonged stay in power.
The affiliates are parallel structures that were created within Zanu PF to drum up support for Mnangagwa’s 2023 presidential campaign.
These include Varakashi for ED, Young Women for ED, Men BelievED, Mahwindi for ED, Pastors for ED, Teachers for ED, Councillors for ED, Mapositori for ED and Bornfrees for ED, among many others.
Zanu PF rolls out ED2030 campaign drive
The ruling Zanu PF party has embarked on a nationwide campaign, holding inter-district meetings across the country to drum up support for the contentious push for President Emmerson Mnangagwa’s stay in office until 2030, NewsDay can report.
The meetings, aimed at bolstering Mnangagwa’s prospects for a potential term extension, will also serve as a platform to identify and expose party members opposed to the move, a development that could plunge the party into chaos.
Mnangagwa’s current term ends in 2028.
Insiders, who spoke to NewsDay, claimed that Mnangagwa was secretly backing the campaign, championed by his loyalists who include Midlands Provincial Affairs minister Owen Ncube, Local Government minister Daniel Garwe, among others, to extend his rule.
Underfunding crippling health sector: Minister
Zimbabwe’s health system is facing significant challenges while underfunding is emerging as a stumbling block towards achieving universal health coverage by 2030.
Health and Child Care minister Douglas Mombeshora said this at a High-Level National Health Financing Dialogue in Harare on Thursday.
“Government allocations towards health have persistently been below the 15% Abuja target. In 2024, only 9,8% of the total budget was allocated to health,” Mombeshora said.
“Resource mapping conducted by my ministry shows a consistent funding gap, especially in the primary health care scenario.”
In April 2001, the African Union countries met in Abuja, Nigeria, and pledged to set a target of allocating at least 15% of their annual budget to improve the health sector.
Time Bank raises loan proposal to govt by US$3 billion
Time Bank of Zimbabwe Limited (Time Bank) has raised its syndicate loan proposal to the government by nearly 9% to US$38 billion, as authorities are becoming desperate to pay off creditors.
In September, Time Bank made an ambitious proposal of arranging syndicate loans of US$35 billion to the government as part of a strategy to compensate 10 groups of people owed significant amounts of money.
A syndicate loan is a large loan provided to a borrower by a group of lenders (called a syndicate). Such loans are usually used for big transactions or projects like government infrastructure projects, debt restructuring, or corporate acquisitions that are too large or risky for one lender to deal with.
Hence, in Time Bank’s proposal, it would use syndicate loans to help the government repay creditors by acting as an intermediary to arrange and secure the appropriate funding.
Govt ‘extravagancy’ pushes Zim towards bankruptcy
Government’s unbudgeted spending has driven the country to bankruptcy, with Treasury directing ministries to prioritise wages and social service expenditures while cutting travel as the coffers have dried up.
Millions of public funds were funnelled towards preparations for the Southern African Development Community (Sadc) summits including the extraordinary meeting held last week.
The government has also spent close to US$17 million on vehicles bought for 237 traditional leaders across Zimbabwe while catering for their sustenance sparking outrage among citizens and economists.
The government reportedly spent millions of US dollars on infrastructure upgrades, luxury villas and other accommodation ahead of the Sadc Heads of State and Government Summit held in August this year.
Roads leading to the venue were hastily rehabilitated, while lavish gala dinners and cultural showcases drained public coffers.
Although these efforts were designed to project an image of progress and stability, they left a significant dent on the national budget.
US$16m budget for Beitbridge
Beitbridge Municipality has proposed a US$15 955 221,89 budget for the 2025 financial year with its main focus towards resolving its nagging water problems, sanitation and hygienic challenges.
More than US$5 million will be channelled towards water, sanitation and hygiene, while their second largeest allocation of US$3 660 615,05 is dedicated towards social services.
The budget proposal by head of the finance committee and deputy mayor of the border town, John Manatsa, set aside US$3 211 697,76, which is 20%, towards governance and administration.
Some US$3 078 278,27, translating to 19% of the budget proposed before a special full council meeting attended by several Beitbridge stakeholders and residents, will be channelled towards the town’s badly needed roads.
