Harare, March
28, 2010 - Zimbabwe students are planning on to stage protests countrywide
on Monday in an attempt to push the country's unity government to come up
with sound policies that would put Zimbabwe back on the education
map.
The national coordinator of the Zimbabwe National Students Union
(ZINASU), Mfundo Mlilo said they had already prepared a petition to be
presented to President Robert Mugabe, Prime Minister Morgan Tsvangirai and
Deputy Prime Minister Arthur Mutambara - the three principals in the global
political agreement, which created the inclusive government. The petition
is also copied to Democratic Republic of the Congo (DRC) President Joseph
Kabila, who chairs the Southern Africa Development Community (SADC), South
African President and SADC facilitator in the unity talks, Jacob Zuma and
Speaker of Parliament Lovemore Moyo.
"While we acknowledge the
positive changes that the inclusive government has brought in the economic
sector generally, we note with great concern that developments in the higher
and tertiary education sector are yet to be noticed," said Mlilo. "Education
has been dollarised and the majority of students cannot afford to pay the
exorbitant fees being charged by tertiary institutions. This situation has
resulted in the high increase of college dropouts."
Zimbabwe is said
to have the best literacy rate in Africa.
The students said the
demonstrations were meant to put pressure on the authorities to bring back
Zimbabwe's high education standards.
"Zimbabwe used to have one of the
best education systems in the world but this has ceased to exist as a result
of poor policies and laws applied by the then government of President
Mugabe," said Mlilo.
He said Monday's protests are "meant to force the
Government to put a stop to the continued victimization and arbitrary
arrests of student activists by state apparatus, to force the Government to
fully implement the outstanding issues, to force the Government to make
education accessible and affordable to all".
Among others, the
petition will enlighten the authorities on how students "have continued to
bear the brunt of the continued political impasse in the country and the
never ending talks between the three political players".
They will also
call for a reduction of fees currently being charged at tertiary
institutions, which have resulted in massive drop outs of students, while
hundreds of other students have also been forced to defer their
studies.
Masvingo, March 28, 2010-
While the majority of the rural populace is facing serious food shortages,
traditional chiefs loyal to Zanu PF's president Robert Mugabe were at the
weekend given a 'big thank you' after a three-day workshop was organised for
them at a local hotel.
About 20 chiefs were all so spoiled with US 300
each as per diem for the three days they attended the workshop.
Other
chiefs suspected to be loyal to the Movement for Democratic Change (MDC)
party were left out, sources said.
The sources said Mugabe's henchmen
also used the opportunity to buy chiefs' loyalty while promising them new
cars ahead of elections which Mugabe said may be held next year.
The
function was also seen as a counter to MDC president Morgan Tsvangirai's
drought assessment tour held three weeks ago.
Zanu PF provincial
chairman, Lovemore Matuke, as well as other party stalwarts like Education
Minister and Politiburo member, Stan Mudenge, senator Josiah Hungwe,
politburo member Dzikamai Mavhaire, addressed the chiefs.
"They were
being in-doctrinated while being thanked for a job well-done. They were also
promised more incentives, but told to maintain a grip on the rural
populace," said a source who attended the function.
Radio VOP witnessed
the chiefs feasting while also drinking expensive wines at a local hotel on
a Zanu PF account.
"Mugabe is good, Hey, I had never slept in a hotel. It
has also been long since I drank this beer," bragged one visibly drunk chief
ordering double tots of Johnny Walker whisky.
Traditional chiefs have
been very instrumental in Mugabe's victory in previous elections as they
drummed up support for him by force, threatening villagers with expulsions
and violence.
The ZIMBABWE International Trade Fair is still struggling to
attract quality exhibitors for this year's edition as it is slowly becoming
an entertainment zone. Over the last decade Zimbabwe 's premier business
exhibition has lost its glamour as international exhibitors mainly from
Europe have been shunning the exhibition due to the political
situation.
Local traditional exhibitors have also scaled down their
participation as little business was generated.Responding to questions from
journalists on Thursday, ZITF Chairman Bekithemba Nkomo, though admitting
that there has been a marked drop in quality of exhibitors, said they were
working on turning around the exhibition.
"The economy has not been
favourable but we are working towards turning the exhibition into a premier
trade platform in the region." Nkomo said the Trade Fair was still
relevant.
"I believe that the Trade Fair is still relevant and it will
soon turn into a premier trade fair in the region," said Nkomo.
"In
addition to this, the company is planning for the match making programme. in
terms of this programme, local companies will be matched with foreign
companies in similar or related industries. These business meetings will
take place throughout the period of the fair," said Nkomo.
Instead of
major deals being clinched, the main attraction had been police stands and
police band playing music at various points, Ingwebu- Tug-of-war and other
non-trade activities.
This year's trade fair is scheduled for April 20-24
under the theme "Unlocking our investment potential".
When asked
whether Gushungo Holdings, a dairy company owned by First Lady Grace
Mugabe would exhibit, ZITF general manager Daniel Chigaru was at pains to
give a convincing response.
He said since ZITF was running concurrently
with Bulawayo Agricultural Society which mostly attract exhibitors from
Matabeleland and Midlands region, Gushungo Holdings could 'probably exhibit
at the Harare Agricultural Show'.
On the agricultural side, Nkomo
said despite the looming drought in Matabeleland most farmers had confirmed
participation.
" The Bulawayo Agricultural Society is looking at penning
40 pedigree cattle and 100 slaughter stock. The sheep and goats, poultry and
pigs sections will also be well represented," he said.
Meanwhile,
Nkomo said as of Thursday only 496 exhibitors had confirmed their
participation of which 31 were foreign direct exhibitors. Only 14
countries namely Iran , Indonesia , Italy , Kenya , Malawi , Mozambique ,
Namibia , South Africa , Tanzania , Turkey , Ghana , Zambia , Botswana and
India have confirmed their participation.
White Zimbabwean farmers dispossessed by President Robert
Mugabe's government will take another big step this week towards seizing
Zimbabwean government-owned properties in Cape Town.
The sheriff will
visit four properties in Zonnebloem, Kenilworth and Wynberg to attach
immovable property after a writ of execution of the property was issued in
the North Gauteng High Court on Friday. On March 11 the sheriff attached
movable property at the four places.
The dormant law is also stirring in
Zimbabwe itself where, for the first time in 10 years, Zimbabwe's
beleaguered Commercial Farmers' Union (CFU) has gone to court to seek
compensation for the thousands of farmers evicted from their land so far and
to stop the dispossession of the very few who still remain on their
land.
The move to seize the Cape Town properties is an attempt to
enforce a landmark judgment by the Southern African Development Community
(SADC) Tribunal in November 2008 that Mugabe's takeovers of white-owned
farms were racist and therefore illegal.
Mugabe dismissed the
tribunal's ruling as nonsense and of no force in Zimbabwe. But at the North
Gauteng High Court last month the farmers successfully applied for the
judgment to be enforced in South Africa, and now they are carrying that
out.
Attaching the properties will give the farmers' lawyers legal
control over them and they can put them up for auction. They are estimated
to be worth several million rands.
Their representatives have
identified at least 11 properties in the country which are owned by the
government of Zimbabwe, but most are connected to the Zimbabwean embassy and
are therefore protected by diplomatic immunity. But the four in Cape Town
are not.
The Zimbabwean farmers are being represented in South Africa by
Afriforum, a farmers' interest group within the Solidarity trade
union.
The attorneys say this is a groundbreaking development, as they
are not aware of any precedent for government-owned properties being seized
in pursuit of a civil judgment.
The SADC tribunal has yet to set an
amount to be paid in compensation for the farms seized, but the lawyers say
they are already able to seek the seizures to recover costs in connection
with the court hearing in South Africa, estimated at R130 000.
Willie
Spies, the lead South African lawyer in the case, said it would be almost
impossible for the Zimbabwean government to appeal against the seizures, as
it had not contested the North Gauteng court ruling.
The South African
government was not party to the proceedings, he added, and while technically
it could apply for judicial review, it would be in a "moral predicament" if
it tried to do so, as in a separate case last year it had formally agreed to
"honour and uphold" the SADC tribunal verdict.
He said it would be a test
case for the independence of the South African judicial
process.
Meanwhile, in Zimbabwe the CFU has asked the Supreme Court,
which also acts as a constitutional court, for a moratorium on all ongoing
prosecutions against the few hundred white farmers who survive on small
portions of their original landholdings. The application also seeks to end
seizure of movable assets from farmers during subsequent
evictions.
Deon Theron, president of the CFU, said: "A major part of the
application will show the government has more than addressed the 'racial
balance' upon which it has based the purpose of its land reform in the past
10 years."
* This article was originally published on page 4 of
Tribune on March 28, 2010
HARARE, Zimbabwe (AP) -- An independent
Zimbabwe Sunday newspaper apologizes to Britain's Queen Elizabeth II for
publishing a computer-doctored photograph showing the 83-year old monarch
pregnant during news reports on a state visit earlier this month by the
South African president.
The Standard says the photo was drawn in error
from an Internet site satirizing South African President Jacob Zuma for his
alleged promiscuity. The newspaper says the photo was printed with an
article on Zuma's efforts to break a deadlock in the year-old Zimbabwe
coalition on his trip to Britain, the former colonial power in Zimbabwe,
headlined "Zuma UK trip successful."
The newspaper says while some
readers found the photo amusing, it also caused offense and was seen as
tasteless.
JOHANNESBURG - The South African government is looking at ways of
tightening its immigration laws in a bid to limit the continued influx of
foreign nationals, a government minister said this week.
Due to its
economic stability when compared with other countries on the continent,
South Africa is the most preferred choice for illegal immigrants, especially
those from neighbouring Zimbabwe and Mozambique.
Already, the country is
home to an estimated three million Zimbabwean refugees, who fled political
persecution and economic problems in their home country.
South
Africa's Home Affairs Minister, Nkosazana Dlamini-Zuma, said on Thursday
there was a need to transform her country's migration laws, which currently
had loopholes that migrants continued to exploit.
"Our country has been
facing a problem of high numbers of migrants from African countries since
the dawn of democracy and because of South Africa's strong economy and
political stability on the continent," Dlamini-Zuma said.
She was
addressing delegates to a consultative migration policy workshop organized
by the Congress of South African Trade Unions (COSATU) in the North Western
city of Rustenburg.
The minister said her country had become the leading
destination for migrants from neighbouring countries as well as the rest of
the African continent, some of whom, she said, had found pleasure in
committing crimes.
Dlamini-Zuma implored the delegates at the workshop to
come up with ways of ending the scourge of uncontrolled migration into the
country.
"What I hope the workshop will come out with, is how do we
regulate the movements of the people coming here for various reasons, and
how do we limit those who come here for negative activities like crime," she
said.
"As a ministry, we are also doing something to address this and
would incorporate whatever workable plan you come up with."
COSATU
President, Sidumo Dlamini, also called for the regulation of migration into
South Africa, saying he increase in the number of migrants affected the
South African job market because employers preferred to hire them on
short-term contracts, so they can easily exploit them.
He, however,
blamed the South African government for not taking a strong stance that
would force Zimbabwean leaders to fully implement the clauses of a
power-sharing government they signed early last year.
"There is a strong
need for government to formulate policy that will effectively regulate the
number of people coming here, especially those from neighbouring Zimbabwe,"
said Dlamini.
"However, as we have said before, whatever measures are put
in place by the government must be complimented by a very strong policy on
Zimbabwe, which will ensure that Zimbabweans find reason to remain in their
country instead of continuing to cross over to South Africa, where they feel
safer and having better opportunities"
Zimbabwe's inclusive
government between President Mugabe's Zanu PF and the two MDC parties has
brought a measure of economic stability. However, Western governments are
demanding more democratic reforms and full implementation of the inter-party
agreement signed between the parties.
Zimbabwean immigrants, unconvinced
MDC's Morgan Tsvangirai wields significant power as Prime Minister, have
been reluctant to return home as long as Mugabe remains president.
Zaka, March 28, 2010 -
Villagers in the Bota area of Zaka led by the local paramount chief,
reciprocated a recent visit by Prime Minister Morgan Tsvangirai to the area,
to assess the impact of this year's drought, by a hosting a traditional
ceremony, Saturday, beseeching the country's ancestors to protect the MDC-T
leader and give him wisdom on his mission to save Zimbabwe.
The
villagers had unanimously agreed to host a special commemmorative ceremony
in honour of Premier Tsvangirai who two weeks ago visited the area for the
first time on a mission to assess the impact of drought since his assumption
of office as Prime Minister in a coalition government with President Mugabe
and Arthur Mutambara of the smaller MDC faction.
Bota, in the heart of
Zaka Central, is one of the three out of four constituencies in the
districts that are under an MDC-T MP and the area which bore the brunt of a
clampdwon on oppossition supporters in the run up to the discredited June 27
2008 presidential run-off.
After Tsvangirai visited the area a fortnight
ago,Chief Bota convinced his subjects to consider hosting a special ceremony
in honour of the popular MDC leader.
Chief Bota said it was an honour
for him and his subjects to have been visited by Tsvangirai.
''Since
his entrance into politics, I had not have the opportunity to see him face
to face and only for him to come here recently asking us about the issue of
drought and its likely effects. To us that is what good leaders do, going
right down to the people asking them about what they need, that was an
honour to us that is why we decided to have this special ceremony in his
honour,''said Chief Bota.
In a veiled attack on President Mugabe,
Chief Bota said he now understood why the MDC leader was always being beaten
by the previous government.
''I saw a character in him that convinced me
that he was born to lead, he is very passionate about the plight of others
especially the poor and I saw for myself why they( previous government) had
to beat him the way they did because he identifies with the needs of the
common man,''said the Chief.
The unassuming Chief Bota, who in a
departure from other chiefs who are ardent bootlickers of President Mugabe
and Zanu PF, mantains that he will never tolerate people who use violence to
achieve political power.
He disclosed that the assumption of the Premier
post by Tsvangirai was a vindication to all those people in his area who
were either killed or maimed by Zanu PF in the run up to the bloody
presidential run-off held in 2008 but which the MDC leader had to withdraw
from due to increased violence on his supporters.
The chief said the
commemmorative ceremony in honour of Tsvangirai was funded by the villagers
themselves saying good leaders would always be respected and honoured by
their subjects.
Harare residents read newspapers while they wait in a bank
queue. Photograph: Howard Burditt/Reuters
The four men wore blue military caps and uniforms with epaulettes and red
shoulder tassels. They were strutting their stuff in Harare, the capital of Zimbabwe, before a crowd of
onlookers. But this was no exercise in intimidation by President Robert Mugabe's
martial regime.
The men wore broad grins, blew whistles and jigged with delight. Their
dancing was accompanied by two men on drums and another beating a tattoo on an
upturned metal bin. The action was followed by observers with handheld video
cameras.
A microphone was handed to Thokozani Khupe, her hair cut short and wearing
sunglasses, gold hooped earrings, a sleeveless brown jacket and yellow patterned
blouse. The deputy prime minister of Zimbabwe addressed Movement of Democratic
Change supporters in a mix of English and Shona with familiar rhetoric praising
Morgan Tsvangirai and promising to "finish Zanu-PF once and for all".
But as I looked around the shopping precinct car park and heard calypso music
playing from the loudspeakers, it felt less like a call to arms than a crowd, as
Philip Larkin put it, "Grinning as if it were all/ An August Bank Holiday
lark".
There were men in Arsenal, Chelsea and Liverpool shirts holding umbrellas
against sunshine and showers, women with babies tied to their backs, young men
resting on bicycles and children looking bored. Smiling elders sat on secondhand
sofas behind a white tablecloth under the shade of a tree.
I was reminded that Zimbabweans, even those attending an ostensibly political
rally, should not be seen only through the prism of conflict and despair. While
Mugabe and Tsvangirai arm wrestle over the country's future, issuing orders and
counter-orders as if in a jaundiced version of Yes Minister, people are trying
to get on with living. So here is the news from the Sunday papers in Zimbabwe
that has nothing to do with politics.
Harare is poised for a digital revolution, the Standard reports, as a company
called Liquid Telecom installs two fibre-optic rings in a $3.5m project that it
claims will put the city's telecommunications ahead of London's.
The new dance craze is Zumba. A fusion of eight Latin American dances
including salsa, calypso, samba and American country rock 'n' roll, classes are
on offer at the Body Active gym at the Borrowdale Racecourse.
Male circumcision is in huge demand, says the Standard. About 5,000 men,
almost double the number expected, have volunteered for the operation since the
government launched a health programme in mid-2009 in an attempt to reduce HIV
infections.
Sports bars are booming, with fans of England's Premier League heading to the
Chelsea sports bar in Harare. Meanwhile, the outgoing chairman of the Zimbabwe
Football Association tells the Sunday Mail that Fifa's world rankings are not
the best way to measure a team's performance. Zimbabwe have sunk to an all-time
low of 117th, below Sudan, the Democratic Republic of Congo and Libya. But in
tennis, the Harare Open is ready to roll again.
The paper rounds up crime: a policeman died in a bank robbery shootout. There
is anecdotal evidence of a rise in "crimes of passion". A businessman is suing a
headmaster and teacher for alleged indecent behaviour after catching them in a
compromising position in his nightclub.
Samantha Musekiwa is the Sunday Mail's bride of the week.
Sixteen-year-old Takudzwa Munetsi and her best friend, Rumbidzai Mungofa, got
a combined 13 As, three Bs and a C in their O-levels at Queen Elizabeth High
school. Zimbabwe University's theatre arts department is returning to action
after "a lengthy period in hibernation". The Harare International Festival of
the Arts will run from 27 April to 2 May.
The paper carries an advert for Air Zimbabwe: "Zimbabwean hospitality in the
skies. Soaring above the rest." There's another for a football match where VIP
tickets cost $10 (£6.70), upper grandstand $5, rest of ground $3. It's sponsored
by Branson cigarettes - "priced for your taste" - and accompanied by a health
warning.
I drove back from the MDC rally and saw people shopping, strolling in the
park and praying at an open-air service. Tourists wandered among the sculptures
and arts and crafts of a roadside market. I saw a picture of an iPhone on an
advertising billboard - but then turned to observe three elderly women huddled
on the back of a pickup truck.
Another item in the Standard, on the readers' letters page, caught my eye. It
said: "I am looking for George Orwell's book entitled 1984. I can give away
anything for it. I can be contacted on 0912 313 405/011 714
638."
A special hymn-singing and prayer
Vigil is to be held outside the Zimbabwe Embassy from 12.30 – 2 pm on Easter
Sunday in solidarity with Anglican worshippers in Harare locked out of St Mary’s
Cathedral because of the power struggle involving former Bishop Kunonga, a
Mugabe crony and farm beneficiary.
The special Vigil is being supported
by London’s Southwark Cathedral, which has a
long-standing relationship with the Anglican Church in
Zimbabwe, St Martin-in-the-Fields, which is
our local church, and the United Society for the Propagation of the Gospel.
The Vigil will be attended by Bishop
Michael Doe who has recently returned from Zimbabwe. He will speak (at
1 pm) about his experiences ‘celebrating
the Eucharist in a ditch’.
Vigil management team member Sue
Toft hosted the interim Harare Bishop Sebastian Bakare when he visited the
UK two years ago. Sue was interviewed
by Zimbabwe Broadcasting Network News and drew attention to Bishop Sebastian’s
recent appeal for Christian solidarity in
Zimbabwe. The Bishop said he had approached
other churches to use their buildings only to ‘realise that our brother and
sisterhood does not go beyond our denominational boundaries’.
Other points
·It poured
down with rain on the last of our winter Vigils. Now that British summertime is
in force the evenings will be much lighter – though we are puzzled that winter
seems to have stayed so long.
·Vigil
supporters were not surprised by the desperate kicking of the Zanu-PF donkey
against President Zuma’s current facilitation attempt. It is the moment of truth
for South
Africa. They will have to force Mugabe to
comply with the GPA.
·Notable
milestone today was the sale of the 1,000th of our hessian bags
labelled ‘Working for a new Zimbabwe – www.zimvigil.co.uk’. All profits from the sale of these
bags have gone to help our work. Thanks to Caroline Witts who has brought them
all the way from Exeter, Devon (170 miles from
London) for the last 2 years.
·We note
that our Swazi friends have stirred up things in
Mbabane. The Minister of Foreign Affairs
Lutfo Dlamini apparently said the demonstrators at the Swazi Vigil in
London had never even been to
Swaziland.Well how well informed he must be! The minister said the demonstrators
were being organised by ‘a faction calling themselves’ ACTSA. This is Action for
Southern
Africa
which succeeded the Anti-Apartheid Movement! The Minister was responding to a
question by the Matsanjeni South MP Oedusizi Ndlovu who said he feared being
manhandled by angry demonstrators in London who were saying ‘a lot of bad things
about the country’. According to this report the Minister said that the
demonstrators in London are ‘not even British or Swazi but
a hired group from an African country who are paid to speak bad things about
this country.’ He reassured everyone ‘we are working on the issue and have a
plan in place….’
·BATSIRA PARTY. Friday 2nd April. Venue:
Jasmins Club, Upper Tooting Road, London SW17 7TG. Fundraiser for ACTSA’s
Dignity Period Campaign organised by University of Westminister students. Tickets: £15. Raffles of
donated prizes including a Samsung Plasma TV. For more information, contact:
Zeyn
Mitson, Tel: 07950 507 866, email: z.mitson@my.westminster.ac.uk,
batsira.2010@googlemail.com,
facebook: Zeyn Kassam.
·ROHR
Liverpool
Demonstration. Saturday
3rd April from 2 – 5 pm. Venue: Church Street (Outside Primark)
LiverpoolCity Centre. Contact:
Desire Chimuka 07917733711, Anywhere Mungoyo 07939913688, Trywell Migeri
07956083758. Future demonstrations all on Saturdays: 17th April,
8th and 22nd May. Same venue and time.
·Prayer Vigil for
Zimbabwe. Sunday 4th April (Easter
Day). Time 12.30 – 2 pm. Venue: outside the
Zimbabwe Embassy.Praying and singing in solidarity
with worshippers who are going to be locked out of the Anglican
Cathedral in Harare on Easter Day.
·ROHR
Liverpool
general meeting.
Saturday
10th April 2010 from
2 – 5 pm. Venue: Fairfield
Police Club, Prescot
Road,
Fairfield,Liverpool, L7
0JD.
T-shirts available for£10.00. New
members are very welcome. Contact: Desire Chimuka 07917733711,
Anywhere Mungoyo 07939913688,
Patrick Kushonga 07900857605,
Trywell Migeri 07956083758
·Swaziland Vigil. Saturdays from 10
am – 1 pm.
Venue: Swazi High Commission, 20 Buckingham Gate,
London SW1E 6LB.Please support our Swazi friends. Nearest
stations: St James’s Park and Victoria. For more information check: www.swazilandvigil.co.uk.
·Zimbabwe Association’s Women’s
Weekly Drop-in Centre. Fridays 10.30 am – 4 pm. Venue:
The Fire Station Community and ICT Centre,84 Mayton
Street,
London N7 6QT, Tel: 020 7607 9764. Nearest
underground: FinsburyPark. For more information contact the
Zimbabwe Association 020 7549 0355 (open Tuesdays and
Thursdays).
The
Vigil, outside the Zimbabwe Embassy, 429 Strand,
London, takes
place every Saturday from 14.00 to 18.00 to protest against gross violations of
human rights in Zimbabwe.
The Vigil which started in October 2002 will continue until
internationally-monitored, free and fair electikikons are held in
Zimbabwe:
http://www.zimvigil.co.uk.
EMMANUEL Munyukwi, CE of the Zimbabwe Stock
Exchange (ZSE), has had a stressful time during Zimbabwe’s lost decade —
keeping interest alive in a stock market increasingly disconnected from the
rest of the world.
Hyperinflation, peaking far north of the last official
rate of 231-million percent, a government driven by political expedience and
a currency in freefall were just some of the other headaches Munyukwi, along
with the rest of the country’s business sector, had to cope with over the
past 10 years.
The ZSE saw foreigners pulling out and local companies
using the exchange as a hedge against inflation. In 1997, 30% of trading was
driven by foreigners; in 2008 it was closer to 2%.
The exchange
became a repository for trapped local savings. The scramble for assets saw
share prices rise by hundreds, and sometimes thousands, of percent daily.
The ZSE was touted as one of the best-performing exchanges in the world,
with the benchmark industrial index rising more than 12000% in 2007 —
although few outside the country were prepared to trade on it.
But
Munyukwi says he is relieved the ZSE is back in the real world, dealing in a
different kind of dollar — and in the kind of numbers not just Zimbabweans
can follow.
The ZSE chief was recently appointed chairman of the
Committee of Southern African Development Community Stock Exchanges (CoSSE),
taking over from Geoff Rothschild, head of international relations and
government at the JSE.
Munyukwi hopes the position will put Zimbabwe back
on the investor map and increase the visibility of the stocks on one of
Africa’s oldest and biggest exchanges.
CoSSE was established in 1997
to increase co-operation and links between stock exchanges in the Southern
African Development Community (Sadc) region and to find ways to make Sadc
stocks more attractive to investors. Its members are SA, Namibia, Botswana,
Mauritius, Mozambique, Swaziland, Tanzania, Malawi, Zambia and
Zimbabwe.
The ZSE, which Munyukwi has headed since 2002, has more than 80
listed counters and its market capitalisation at the end of 2009 was 4bn, a
big jump from March 2009 when it stood at 1,6bn. High transaction costs,
more than double those in the region, have been cut and the ZSE is poised
for growth. Analysts predict the value of the exchange will rise to nearly
12bn over the next three years.
However, Munyukwi is not setting his
sights too high just yet. The political environment is far from settled, he
says, and that means investors are not plunging into the
market.
Investor skittishness has been compounded by the recent gazetting
of the Indigenisation and Economic Empowerment Regulations, which will force
larger companies to give at least 51% of their shareholdings to black
Zimbabweans. The industrial index has shed a cumulative 20% since the move
and political leaders’ contradictory statements on the issue have not helped
to allay investor fears.
Munyukwi says the “big bang” approach to
indigenisation has revived fears of asset seizure. He believes the approach
should be a carefully managed process. He said the government itself had, by
halting privatisation a decade ago, thwarted local empowerment through the
ZSE.
Munyukwi cut his teeth in the financial world as a banker at
Standard Chartered Bank in Zimbabwe. He moved to listed manufacturing
conglomerate Art Corporation as group treasurer before joining the ZSE as
deputy CE in 1998. He was promoted to CE in 2002.
He lists the
highlights of his time at the helm of the ZSE as being the creation of an
independent market regulator, the Securities Commission, and the regional
harmonisation of listing requirements.
But his tenure has been marked
more by challenges than highlights. “It has been a very stressful time,
particularly the past three years which have seen some big challenges,”
Munyukwi says.
The bad times for the ZSE, and the economy as a whole,
began on Black Friday — a day in November 1997 when the Zimbabwe dollar lost
more than 70% of its value against the US dollar and the stock market
crashed as investors fled.
The crisis was largely precipitated by the
government’s unbudgeted payouts of millions of dollars to 50000 protesting
war veterans at a time of mounting economic problems. The economy has only
gone in one direction — down — since then.
While the ZSE saw brisk
local trading, its relative success at home made it a government target. In
2008, it was accused by the Reserve Bank of Zimbabwe of being a “weapon of
economic genocide” for attracting money away from government instruments,
which were not producing sufficient yields to counter rising inflation,
unlike the ZSE. In November 2008, it was instructed by the central bank to
suspend trading amid allegations of improper dealings by
stockbrokers.
When it resumed trading in February last year, transactions
were denominated in US dollars, reflecting the dollarisation of the broader
economy since late 2008. The move to a hard currency has removed significant
currency risk for investors. Munyukwi says companies that had stocks on the
ZSE benefited from an automatic revaluation of their assets from the
worthless Zimbabwe dollar and some firms, such as Econet, have done
exceptionally well.
Other challenges include low liquidity in the market
— about 1,5% currently — and the fact it has yet to become automated. He
says the market needs to grow and become more diversified. Currently, only
10 companies make up 65% of market capitalisation — Delta, Innscor, Barclays
Bank, Old Mutual , Econet, Aico (formerly Cottco), CBZ, Hippo Valley, Seedco
and Lafarge Cement.
Trading has picked up in the past year as
interest in Zimbabwe’s undervalued assets grows and rights offers have been
well subscribed, although Munyukwi says local institutions still dominate
the market — something that he would like to see change.
“Over the
past 10 years we have not been affected by international events but now we
are re-engaging, companies have to be better geared.”
One of Munyukwi’s
key responsibilities as chairman of CoSSE is to oversee the launch of a hub
and spoke interconnectivity platform driven by the JSE, which will enable
stocks to be traded across 10 exchanges in the region.
Munyukwi is upbeat
about the prospect of closer integration with Africa’s biggest exchange. He
says it is necessary to give bigger companies in smaller markets the
visibility they need to raise capital and improve information
flow.
He says there have been concerns about the JSE dominating smaller
exchanges. “But its intentions are good and it is really a win-win
situation, particularly as it will give comfort to foreign investors who
want to reduce their risk. It is a reality that what the JSE trades in a
day, other Sadc exchanges do in a year.”
Future plans include the
establishment of bond and futures markets and there are plans to demutualise
the exchange. The Securities Commission of Zimbabwe is also working on
statutory instruments to address insider trading and disclosure
issues.
“We have lost 10 years. But we are now confident our economy will
recover and the stock exchange must play its part in that recovery by
helping companies to raise capital and to enable the country to rebuild its
infrastructure.”
Bill Watch Special of 26th March 2010 [Parliamentary CommitteeMeetings 29th March to 1st April]
BILL
WATCH SPECIAL
[26th
March 2010]
House of
Assembly Portfolio Committees and Senate Thematic Committees: Open Meetings 29th
March to 1st April
The
meetings listed below are open to members of the public, as observers only,
not as participants. [See note at the end of this bulletin on public
attendance/participation at different types of committee meetings.]
Note:
The Senate Thematic Committee on Peace and Security will meet on Wednesday 31st
March to consider what questions should be put to the Ministry of Home Affairs.
This meeting will not be open to the public but interested organisations
and members of the public may make written submissions to the Committee
suggesting questions that should be raised with the Ministry. Submissions
should be addressed to the Clerk of Parliament, marked for the attention of the
Thematic Committee on Peace and Security, and delivered to Parliament [Kwame
Nkrumah Avenue entrance] before the 31st March.
Monday
29th March at 10 am
Public
Accounts Committee
Oral
evidence from Public Service Commission on Civil Service payroll
administration
Committee
Room No. 4
Chairperson:
Hon Mashakada Clerk: Mrs Nyawo
Portfolio
Committee: Natural Resources, Environment and Tourism
Oral
evidence from NetOne; Econet; Hotel Association; Bankers
Association
Committee
Room No. 311
Chairperson:
Hon P Dube Clerk: Mr Munjenge
Monday
29th March at 2 pm
Portfolio
Committee: Public Works and National Housing
Meeting
with representatives of Ministry of National Housing and Social
Amenities
Committee
Room No. 311
Chairperson:
Hon. T Mupukuta Clerk: Mr Mazani
Portfolio
Committee: Industry and Commerce
Oral
evidence from Dairiboard Holdings
Committee
Room No. 311
Chairperson:
Hon Mutomba Clerk: Mr Ratsakatika
Tuesday
30th March
Thematic
Committee: Millennium Development Goals [MDGs]
Oral
evidence from Ministry of National Housing and Social Amenities on provision of
educational amenities
Government
Caucus Room
Chairperson:
Hon Chief Mtshane Clerk: Mrs Nyawo
Portfolio
Committee:
Foreign Affairs, Regional Integration & International Trade
Oral
evidence from ZIMTRADE
Committee
Room No. 3
Chairperson:
Hon Mukanduri Clerk: Ms Macheza
Thursday
1st April at 11 am
Thematic
Committee on Indigenisation and Empowerment
Meeting
with the Minister of Youth Development, Indigenisation and Economic
Empowerment
Government
Caucus Room
Chairperson:
Hon Mutsvangwa Clerk: Mr Ratsakatika
No
Meetings on Friday
Public
Attendance at and Participation in Committee Meetings
These
portfolio and thematic committee meetings are open to the public to attend as
observers only.
Members of the public wishing to attend a meeting should telephone
Parliament first [on Harare 700181or 252936-55], to check with the relevant
committee clerk that the meeting has not been cancelled. If you are attending,
please use the Kwame Nkrumah Avenue entrance to Parliament. IDs must be
produced. Members of the public are only free to participate when
committees call public hearings. Veritas sends out separate notices of these
public hearings. Committees also sometimes have meetings where invited
stakeholders [and those who notify Parliament that they consider themselves
stakeholders and are accepted as such] are able to make representations and ask
questions. These meetings will be highlighted in these notices. Portfolio and
thematic committees meetings for committee deliberations are not open to the
public, and these are not listed in these notices.
Veritas
makes every effort to ensure reliable information, but cannot take legal
responsibility for information supplied.
Bill Watch Special of 27th March 2010 [Public Hearings on Media andTelecom Services]
BILL
WATCH SPECIAL
[27th
March 2010]
Public
Hearings in Gweru and Bulawayo
on [1]
Public and Private Media and [2] Telecommunication Services
Note
a similar hearing was held in Harare on Thursday 18th March. Submissions can
still be made [see below], as the Committee will write up their report at
the end of all the public hearings.
The
House of Assembly Portfolio Committee on Media, Information and Communication
Technology will be holding public hearings in Gweru and Bulawayo on:
1.the
public and private media
2.the
provision of telecommunication services by fixed and mobile
operators.
Gweru
Tuesday
30th March at 2 pm
Gweru
Theatre
Bulawayo
Wednesday
31st March at 2 pm
Large
City Hall
Committee
Chairperson: Hon
Chimanikire
Committee
Clerk: Mrs
Nyawo
The
Public are Invited to Attend and Make Oral or Written
Submissions
Interested
stakeholders, organisations and members of public are invited to attend the
hearings, at which they will be given the opportunity to give evidence and make
representations.
If you
are making a written submission, it is advisable to take as many copies as
possible for circulation at the hearing.
If you
want to make an oral submission, signify this to the Committee Clerk so that she
can notify the chairperson to call on you. An oral submission is more effective
if it is followed up in writing.
Telephone
queries: Harare 700181-9 or 252936-55 [ask for Committee Clerk Mrs
Nyawo].
If
you are unable to attend the hearing,
written submissions and correspondence may be addressed to:
The
Clerk of Parliament
Attention:
Portfolio Committee on Media, Information and Communication
Technology
P.O.
Box CY298
Causeway,
Harare.
If
delivering, please use the Kwame Nkrumah Avenue entrance to Parliament, between
Second and Third Streets.
Veritas
makes every effort to ensure reliable information, but cannot take legal
responsibility for information supplied.
