Business
SMEs lack managerial, technical skills: Govt – Newsday
This revelation comes after the SME sector having increased its economic contribution by between 5 and 10 percentage points from 60% just a few years ago.
MOST small and medium enterprises (SMEs) lack the requisite managerial and technical skills to operate their businesses sustainably, a government official has said.
This revelation comes after the SME sector having increased its economic contribution by between 5 and 10 percentage points from 60% just a few years ago.
The contribution by SMEs, according to government, translated to an annual gross domestic product (GDP) value of US$8,6 billion last year.
The revelation was made to NewsDay Business on the sidelines of the SMEs International Expo 2023 hosted by The Business Connect and Old Mutual on Wednesday, in Harare.
“Most of the operators in SMEs lack the requisite managerial and technical skills to be able to operate their businesses sustainable,” the Women’s Affairs Community, Small and Medium Enterprises Development’s Francis Gondo told the paper in an interview.
“So, what we doing as a ministry directly, we train small businesses in terms of areas like your financial management, your marketing, areas like posting and technology and digital marketing.”
He said the ministry was determined to re-ignite the businesses through sustainable initiatives despite the economic challenges.
“Given the critical role played by SMEs in job creation, empowerment, wealth generation and the economy as a whole it is imperative that strategic platforms of this nature are embraced and utilised by all,” Gondo added.
He said the ministry was promised an adjustment for the 2023-24 period given that the budget allocation figure for the 2022-23 could not be quantified owing to the loss in value of the local currency.
The SME sector has become such a significant GDP contributor as most of the players do not adhere to monetary policies as these businesses are predominantly run in forex.
According to the Reserve Bank of Zimbabwe’s 2022 FinScope Micro, SME survey, the sector earned a whopping US$14,2 billion in annual revenue.
This was based on 3,3 million people who work in the sector, that is, 1,3 million individual entrepreneurs and 305 607 other business owners with 1,7 million employees.
In a sector breakdown of the SME GDP contribution, agriculture/farming takes up 39,2%, wholesale/retail (37,3%), tourism (5,3%), manufacturing (4,9%), other service activities (4,7%), business services (3,7%), community and household (1,7%), construction (1,8%), and natural resources and mining (1,5%).
“Today’s economy is a real-life laboratory, an environment that supports business leaders that identified the need for leadership skills needed today as comfort with risk and with ambiguity — that is, the absence of certainty or clarity. The best CEOs are able to live with ambiguity in a way that others can’t,” SME expo representative Delight Makotese said.
“They do so by staying centred around a strong sense of shared purpose — the ambition to create value by contributing to the welfare of society. The business leaders who are best at managing in uncertain worlds also rely on systems thinking that allows them to sort out complex problems. They prioritise diverse inputs, tools, teamwork, and partnerships for sustainable growth.”
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Business
Indian Billionaire Harpal Randhawa, 22-Year-Old Son Killed In Zimbabwe Plane Crash – NDTV
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The incident occurred when their private plane crashed near a diamond mine
Indian billionaire and mining tycoon Harpal Randhawa and his 22-year-old son Amer were among six people who died in a plane crash in Zimbabwe on September 29, as per a PTI report. The tragic incident occurred when their private plane crashed near a diamond mine in southwestern Zimbabwe after experiencing a technical fault
Notably, Harpal Randhawa is the owner of RioZim, a diversified mining company producing gold and coal as well as refining nickel and copper. Mr Randhawa also founded the $4-billion private equity business GEM Holdings.
The mining tycoon and his son were traveling in a Cessna 206 aircraft, privately owned by RioZim. They were en route from Harare to the Murowa diamond mine when the accident happened. The single-engined aircraft crashed near the Murowa Diamonds mine, which is partly owned by RioZim. All passengers and crew onboard died in the accident.
Filmmaker Hopewell Chinono, a friend of Mr Randhawa, condoled his death on X and wrote, ”I am deeply saddened with the passing of Harpal Randhawa, the owner of Rio Zim who died in a plane crash in Zvishavane. 5 other people including his son who was also a pilot, but a passenger on this flight also died in the crash.”
Here’s the tweet:
I am deeply saddened with the passing of Harpal Randhawa, the owner of Rio Zim who died today in a plane crash in Zvishavane.
5 other people including his son who was also a pilot, but a passenger on this flight also died in the crash.
I first met Harpal in 2017 through a… pic.twitter.com/A0AGOaR3sw
— Hopewell Chin’ono (@daddyhope) September 29, 2023
”He was very generous with life advice, and very humble for the wealthy man that he was. Through him, I met many people in the business, diplomatic, and political worlds. My thoughts are with his wife, family, friends, and the Rio Zim community. Rest in Peace, your works and love for Zimbabwe will be your lasting legacy,” he added.
Mr Chinono also put up a tweet informing of the memorial service for the father-son duo.
The family of Harpal Randhawa who died with his son Amer on Friday in a plane crash, respectfully invite all his friends and associates to celebrate his life and that of his son Amer at a memorial service at Raintree on Wednesday the 4th of October, 2023.
Arrival time is 3PM.… pic.twitter.com/cWF0kPhe7G
— Hopewell Chin’ono (@daddyhope) October 1, 2023
Meanwhile, the local community and law enforcement agencies are working together to manage the aftermath of the plane crash.
Business
Indian Billionaire Harpal Randhawa, 22-Year-Old Son Killed In Zimbabwe Plane Crash – NDTV
<!–
The incident occurred when their private plane crashed near a diamond mine
Indian billionaire and mining tycoon Harpal Randhawa and his 22-year-old son Amer were among six people who died in a plane crash in Zimbabwe on September 29, as per a PTI report. The tragic incident occurred when their private plane crashed near a diamond mine in southwestern Zimbabwe after experiencing a technical fault
Notably, Harpal Randhawa is the owner of RioZim, a diversified mining company producing gold and coal as well as refining nickel and copper. Mr Randhawa also founded the $4-billion private equity business GEM Holdings.
The mining tycoon and his son were traveling in a Cessna 206 aircraft, privately owned by RioZim. They were en route from Harare to the Murowa diamond mine when the accident happened. The single-engined aircraft crashed near the Murowa Diamonds mine, which is partly owned by RioZim. All passengers and crew onboard died in the accident.
Filmmaker Hopewell Chinono, a friend of Mr Randhawa, condoled his death on X and wrote, ”I am deeply saddened with the passing of Harpal Randhawa, the owner of Rio Zim who died in a plane crash in Zvishavane. 5 other people including his son who was also a pilot, but a passenger on this flight also died in the crash.”
Here’s the tweet:
I am deeply saddened with the passing of Harpal Randhawa, the owner of Rio Zim who died today in a plane crash in Zvishavane.
5 other people including his son who was also a pilot, but a passenger on this flight also died in the crash.
I first met Harpal in 2017 through a… pic.twitter.com/A0AGOaR3sw
— Hopewell Chin’ono (@daddyhope) September 29, 2023
”He was very generous with life advice, and very humble for the wealthy man that he was. Through him, I met many people in the business, diplomatic, and political worlds. My thoughts are with his wife, family, friends, and the Rio Zim community. Rest in Peace, your works and love for Zimbabwe will be your lasting legacy,” he added.
Mr Chinono also put up a tweet informing of the memorial service for the father-son duo.
The family of Harpal Randhawa who died with his son Amer on Friday in a plane crash, respectfully invite all his friends and associates to celebrate his life and that of his son Amer at a memorial service at Raintree on Wednesday the 4th of October, 2023.
Arrival time is 3PM.… pic.twitter.com/cWF0kPhe7G
— Hopewell Chin’ono (@daddyhope) October 1, 2023
Meanwhile, the local community and law enforcement agencies are working together to manage the aftermath of the plane crash.
Business
Harpal Randhawa, Indian mining mogul, and his son die in Zimbabwe plane crash – Business Today
Six people, including two Indian nationals, were killed in a plane crash in Zimbabwe on September 30. The plane, a Cessna 206, which was en route from Harare to the Murowa diamond mine crashed shortly after taking off from Charles Prince Airport in Harare. The cause of the crash is still under investigation.
Harpal Randhawa, the owner of RioZim, a diversified mining firm producing gold and coal as well as refining nickel and copper, was killed, along with his son and four others, when the plane crashed in Mashava’s Zvamahande district, according to iHarare, a Zimbabwean news and media website.
The Cessna 206 aircraft, owned by RioZim, was en route from Harare to the Murowa diamond mine when the tragic incident occurred on Friday.
The single-engined aircraft crashed near the Murowa Diamonds mine, which is partly owned by RioZim.
The plane encountered a technical malfunction, which may have resulted in a mid-air explosion, before crashing into Peter Farm in the Zvamahande region.
According to the investigation, all passengers and staff onboard died in the disaster.
According to the Herald, a state-owned daily newspaper, four of the victims were foreigners and the other two Zimbabweans.
“The Zimbabwe Republic Police reported a plane crash which occurred on September 29 between 7.30 am and 8 am, where six people are confirmed dead,” police said.
“The Murowa Diamond Company (RioZim)-owned white and red Zcam aircraft had left Harare for the mine at 6 am and crashed about 6km from Mashava.”
RioZim acknowledged the crash and stated that it was working with the appropriate authorities to acquire additional information.
Police have not disclosed the names of the deceased, however writer and filmmaker Hopewell Chinono, a friend of Randhawa, confirmed his death.
“I am deeply saddened by the passing of Harpal Randhawa, the owner of RioZim who died today in a plane crash in Zvishavane. Five other people including his son, who was also a pilot but a passenger on this flight, also died in the crash,” wrote Chinono on X.
“My thoughts are with his wife, family, friends and the RioZim community.”
According to the RioZim company secretary, a detailed statement will be released.
“I am unable to address the media at this time.” “We will, however, issue a statement as soon as possible,” he said.
Randhawa founded the $4-billion private equity business GEM Holdings.
Meanwhile, the local community and law police are collaborating to deal with the aftermath of the jet accident.
With inputs from PTI
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