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Cost of living falls as market remains stable – The Herald

Business Reporter

The cost of living for an average urban family fell in August, indicating continued stability in the market, according to the latest data by a local consumer watchdog.

The cost of living, as measured by the Consumer Council of Zimbabwe’s (CCZ), low urban income earner basket for a family of six dropped by 5,5 percent from $2,68,718 million in July to $2,539,494,10 last month, with electricity, clothing and footwear, health services, and education largely behind the basket decrease.

In United States dollar terms, the basket declined by 9,2 percent US$490,88 in August.

Electricity, unlike in July, contributed negatively to the basket and fell 22,9 percent.

This is largely attributed to the appreciation of the local currency, which most consumers use when paying for electricity, CCZ chief executive Mrs Rosemary Mpofu said.

“The prices of most basic products in the family basket went down and this is attributed to the strengthening and stability of the local currency,” said Mrs Mpofu. 

“Previously some business operators were indexing their prices using the informal exchange rate; using speculative pricing and forward pricing to hedge against inflation but this pricing behavior was not rampant during the month of August 2023.”

Zimbabwe’s inflation remained in the negative margin at minus 6,2 percent in August, up by 9,1 percentage points from the previous month, according to the Zimbabwe National Statistics Agency, indicating the economy is now in deflation—a general decline in prices for goods and services. This followed policy measures implemented by the Government to stabilize the exchange rate and tame inflation.

In response to the exchange rate volatility and price increases, some of the measures instituted by the Government to stabilize the market include improving foreign currency access in the formal market by increasing the retention of domestic foreign currency sales to 100 percent, maintaining the U.S dollar cash withdrawal tax at 2 percent, reduction in the local as well as interbank foreign transactions Intermediated Money Transfer Tax (IMTT) and Point of Sale IMTT in foreign currency to 1 percent and respectively.

The Government also reduced the creation of additional money supply in the market and introduced non-inflationary financing of external liabilities, with all foreign currency-denominated loans contracted through the Reserve Bank of Zimbabwe (RBZ) being transferred to the Treasury including funding of the Zimbabwe dollar component of the 25 percent foreign currency surrendered by exporters. The annual blended inflation rate decreased from 101.3 percent in July 2023 to 77,2 percent in August 2023, shedding 24,1 percentage points, a reflection of tight money supply and prudent fiscal spending, the CZI said in its August 2023 economic report.

“The economy is now in deflation and there is fragile stability on the parallel market,” CZI noted.

“What is of paramount importance now is exchange rate stability rooted in the convergence of the parallel market and the official rate, which would give an assurance of sustainable stability.

“If there is no sudden injection of liquidity onto the market, the month-on-month inflation figures for September 2023 will likely continue to be in negative territory.”

According to the Treasury, the recent fiscal and monetary measures helped to re-establish stability in the foreign exchange market by containing liquidity injections in the economy, increasing demand for the local currency, and towards a unified market-determined exchange rate through convergence of the exchange rates.

 “Foreign exchange stability and convergence removes arbitrage opportunities in other distortions in the economy, reduces uncertainty, and makes it easier for businesses to plan and budget for future transactions. 

This policy stance also seeks to avoid full dollarisation of the economy, detrimental to domestic industry competitiveness in international and domestic markets,” said the Treasury.

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African 2026 World Cup Qualifying Fixtures



3rd October 2023


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Although the 2026 FIFA World Cup is still years away, the African qualifiers are set to begin soon. The next World Cup will be held in three locations for the first time in history – the US, Canada, and Mexico. CAF has secured 9 slots for African teams who will battle it out for a chance to play on the global stage. Below, we review the African 2026 FIFA World Cup qualification schedule and fixtures.

New Qualification Format

Nine CAF teams will make it to the World Cup. This is a change from the previous five, which means local and international betting sites have to update their betting lines even as the CAF adjusts its qualification format. The CAF announced this new format on May 19 this year. Now, participating teams will be drawn into nine groups of six teams, with each group winner qualifying directly for the World Cup. 

Draw and Groups

On July 13, the CAF performed the draw for the qualifications in Abidjan, Ivory Coast. All 54 CAF football associations will be represented, and the teams will be divided into the following groups:

  1. Group I: Chad, Comoros, CAR, Madagascar, Ghana, Mali
  2. Group H: Sao Tome and Principe, Liberia, Malawi, Namibia, Equatorial Guinea, Tunisia
  3. Group G: Somalia, Botswana, Mozambique, Uganda, Guinea, Algeria
  4. Group F: Seychelles, Burundi, Gambia, Kenya, Gabon, Ivory Coast
  5. Group E: Eritrea, Niger, Tanzania, Congo, Zambia, Morocco
  6. Group D: Mauritius, Eswatini, Libya, Angola, Cape Verde, Cameroon
  7. Group C: Lesotho, Rwanda, Zimbabwe, Benin, South Africa, Nigeria
  8. Group B: South Sudan, Sudan, Togo, Mauritania, DR Congo, Senegal
  9. Group A: Djibouti, Ethiopia, Sierra Leone, Guinea, Burkina Faso, Egypt

Schedule

The qualifiers will be held across 10 match days with some combined dates for the playoff semifinals and finals. The closest dates to look forward to are:

Matchday One: Nov. 13-21, 2023

  1. Group I: Comoros Vs. Central African Republic, Ghana Vs. Madagascar, Mali Vs. Chad
  2. Group H: Liberia Vs. Malawi, Equatorial Guinea Vs. Namibia, Tunisia Vs. Sao Tome e Principe
  3. Group G: Botswana Vs. Mozambique, Guinea Vs. Uganda, Algeria Vs. Somalia
  4. Group F: Burundi Vs. Gambia, Gabon Vs. Kenya, Ivory Coast Vs. Seychelles
  5. Group E: Niger Vs. Tanzania, Zambia Vs. Congo Brazzaville, Morocco Vs. Eritrea
  6. Group D: Eswatini Vs. Libya, Cape Verde Vs. Angola, Cameroon Vs. Mauritius
  7. Group C: Rwanda Vs. Zimbabwe, South Africa Vs. Benin, Nigeria Vs. Lesotho
  8. Group B: Sudan Vs. Togo, Senegal Vs. South Sudan, Democratic Republic of Congo Vs. Mauritania,
  9. Group A: Ethiopia Vs. Sierra Leone, Burkina Faso Vs. Guinea-Bissau, Egypt Vs. Djibouti

Matchday Two: Nov. 13-21, 2023

  1. Group I: Chad Vs. Madagascar, Comoros Vs. Ghana, CAR Vs. Mali
  2. Group H: Sao Tome Vs. Namibia, Liberia Vs. E. Guinea, Malawi Vs. Tunisia
  3. Group G: Somalia Vs. Uganda, Botswana Vs. Guinea, Mozambique Vs. Algeria
  4. Group F: Seychelles Vs. Kenya, Burundi Vs. Gabon, Gambia Vs. I. Coast
  5. Group E: Eritrea Vs. Congo, Niger Vs. Zambia, Tanzania Vs. Morocco
  6. Group D: Mauritius Vs. Angola, Eswatini Vs. Cape Verde, Libya Vs. Cameroon
  7. Group C: Lesotho Vs. Benin, Rwanda Vs. S. Africa, Zimbabwe Vs. Nigeria
  8. Group B: S. Sudan Vs. Mauritania, Sudan Vs. DR Congo, Togo Vs. Senegal
  9. Group A: Djibouti Vs. G. Bissau, Ethiopia Vs. B. Faso, S. Leone Vs. Egypt

Wrapping Up

The African (CAF) qualification campaign will kick off in November and set the stage for the 54 participating countries to compete for the 9 World Cup slots. Meanwhile, Morocco’s run in the 2022 World Cup has revitalized enough hope on the continent for a real shot at the trophy.

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We do not recognise Mnangagwa as President – says opposition as MPs boycott 10th Parliament opening, SONA address



3rd October 2023


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By Staff Reporter

CITIZENS Coalition for Change legislators have snubbed the State of the Nation Address (SONA) delivered by President Emmerson Mnangagwa at the opening of the 10th Parliament.

According to a source, the decision to steer clear of the SONA along with the official opening of the 10th Parliament came from the party.

This is the latest protest by the opposition party following the conclusion of the general elections in August.

President Mnangagwa emerged winner with a 52,6% share of the vote while Chamisa got 44%.

CCC has since disputed the election results while calling for a rerun.

“We have been told to remain in our constituencies. The directive came as a party position,” revealed the source.

Opposition spokesperson Promise Mkwananzi said: “We are boycotting the processes that Mnangagwa wants us to undertake on the basis of the fact that we as CCC do not recognize an election that put him there. The election was a sham, it did not go well. If fell abysmally short of the expected standards of a free and fair election in terms of the laws of Zimbabwe as well as in terms of SADC and AU protocols on free and fair elections.

“Accordingly, we are not attending that process. We want to send a clear message that there should be a free election in Zimbabwe under the auspices of SADC. So, that is the message that will be sending out.”

After the contested 2018 general election, then MDC-Alliance MPs walked out as soon as Mnangagwa began his SONA in protest.

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Zanu PF dispels any hope for Transitional government, maintains August elections were free and fair

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By Leopold Munhende | Chief Correspondent

ZANU PF Treasurer General Patrick Chinamasa has dispelled hopes for a transitional government or rerun, options being pushed regionally after Zimbabwe’s heavily criticised August polls.

Chinamasa took to Twitter Monday to declare that, despite regional and international criticism of the election, Zanu PF maintained it was free and fair.

He described calls for a rerun of the elections won by President Emmerson Mnangagwa, as neocolonial.

Mnangagwa claimed 52.6% of the presidential vote against main contender Citizens Coalition for Change (CCC) President Nelson Chamisa’s 44%.

“I ask the CCC class and its Prefect, Nelson Chamisa, to repeat after me the following that the 23rd of August 2023 was free, fair, transparent, and credible; that there will be no rerun of the elections,” said Chinamasa.

“There will be no Government of National Unity (GNU), there will be no so-called Transitional Authority (whatever that may mean), Zimbabwe, under Zanu PF’s watch will never be a banana republic.

“Zanu PF will forever say “NO” to neocolonialism and hegemonism and an emphatic “NO” to subjugation by sanctions-imposing Western countries, Nyika Inovakwa Nevene Vayo, Ichitongwa Nevene Vayo, Ichinamatirwa Nevene Vayo, Ichichengetedzwa Nevene Vayo, Ichidzivirirwa Nevene Vayo. 

“Zimbabwe will never, never, never be a colony again.”

Mnangagwa’s re-election has received massive criticism after heavy bungling by the Zimbabwe Electoral Commission (ZEC) on August 23.

Late provision of voting material, allegations of voter intimidation by Central Intelligence Organisation (CIO) backed Forever Associates Zimbabwe (FAZ), barring of opposition rallies, arrest of opposing politicians and accusations ZEC had been captured by the military all worked against its credibility.

The European Union (EU), Commonwealth, United Kingdom (UK), regional body SADC and AU all questioned its fairness.

Zanu PF has spent the greater part of Zimbabwe’s post election period to lay into Zambian President Hakainde Hichilema whom it accuses of orchestrating negative reviews of Zimbabwe’s polls by SADC.

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