ZFN FRIDAY DRINKS

Ranga and Rufaro sit down with Simba Mangwendeza from First Mutual Wealth to unpack the First Mutual Wealth Gold ETF — an innovative investment product now listed on the VFEX. We explore: the ETF is linked to gold, what it offers investors, and why VFEX was chosen over the ZSE for listing. FMW Gold ETF units can also be sold on the Johannesburg Stock Exchange (JSE), with proceeds remitted in hard currency — adding cross-border liquidity and investor flexibility. This is a key moment for Zimbabwe’s capital markets as new financial instruments continue to emerge.

Ranga, Rufaro and Simba Mangwendeza unpack key issues shaping Zimbabwe’s economy and financial sector. The conversation explores interest rates, monetary policy and the challenge of building confidence in the ZiG within a highly dollarised economy. The panel also discusses banking sector dynamics, including low lending activity, weak long-term deposits and shifting loans-to-deposits ratios. Further topics include ease of doing business, rising tax pressures, IMTT and the complexities of taxing a largely informal and cash-based economy. The discussion also looks at Zimbabwe’s gold reserves, mining sector potential and the estimated US$15.5bn capital requirement needed to fully unlock growth in the industry. A deep dive into the realities, contradictions and opportunities within Zimbabwe’s evolving economic landscape.

Join Tinashe, Rufaro and Ranga coming to you live from Tiger Bay, set on the banks of the Ume River and surrounded by the Matusadona National Park in Kariba. This episode is sponsored by Tiger Bay — a hospitality unit of the Nyaradzo Group.

Key talking points during the show:

How do we promote Zimbabwe’s tourism industry, and are we doing enough to sell Zimbabwe to the world?

• Why Zimbabwe needs to package and market itself better as a tourism destination.

• The challenges affecting tourism accessibility, including poor road infrastructure and potholes.

• Tinashe highlights that sometimes “you have to endure some level of discomfort to get to your travel destination. It’s the uncomfortable part of the experience.”

• The need for better roads, improved infrastructure and domestic flights between Harare and Kariba.

• Why policymakers need to prioritise accessibility to strengthen tourism growth. Tinashe, Ranga and Rufaro discuss Zimbabwe returning 67 farms protected under bilateral agreements, together with compensation and settlement of black-owned farms.

• Debate around making ZIMSEC compulsory — and whether this is a problem government should solve.

Join Tinashe, Ranga and Rufaro as they explore May Day in the age of AI — and what it means for the future of work. From the relevance of May Day in the age of AI and whether a four-day work week is becoming realistic, how artificial intelligence is reshaping productivity and the future of jobs, the discussion explores what work could look like in the years ahead. Also joining the conversation is Melody Chikono from Investor Hosting Centre (IHC) as they discuss investment in Zimbabwe and Africa. This episode is sponsored by Investor Hosting Center (IHC) Tinashe, Ranga and Rufaro also unpack the relationship between the Reserve Bank of Zimbabwe and businessman Jayesh Shah, raising questions about how the central bank has navigated liquidity pressures. Why would the central bank be “borrowing” from businessman Jayesh Shah? Finally, we turn to East Africa’s growing investment momentum, with Tanzania emerging as a standout for foreign direct investment—and what Zimbabwe may need to rethink in order to stay competitive.

Join Tinashe, Ranga, and Rufaro as they discuss tobacco farming to fuel pumps, healthcare policy to foreign investment covering the real conversations shaping Zimbabwe’s economy. Ranga shares his experience as a first-time tobacco farmer, navigating low prices and the realities on the ground. The discussion expands into how the tobacco sector is financed, and the evolving role of merchants versus traditional lending. We also unpack the push to separate medical aid societies from service providers, questioning whether regulation is solving a real problem or creating one and where regulators fit into the picture. On the policy front, the conversation explores Zimbabwe’s reserved sectors and local ownership requirements, weighing economic empowerment against investor confidence. Beyond Zimbabwe, Tinashe reflects on his travels, with a look at Mozambique and Tanzania as leading investment destinations in Sub-Saharan Africa—and what their resource-driven growth reveals about the region. A grounded, honest take on policy, markets, and the trade-offs shaping economic decisions. This episode is sponsored by Delta Corporation — “Share a Coke” and join the conversation.

Join Ranga and Rufaro as they unpack Zimbabwe's economy: Can Zimbabwe hit the IMF's 5% growth target amid policy inconsistent, a debt overhang, and local currency fixation? Key Topics: IMF forecasts 5% GDP growth for 2026—matching government targets, but is it realistic? Washington debt talks: $2.5B bridging finance to clear arrears and unlock funding Monocurrency: 6 failed local currency attempts in 15 years—what's the fixation? Policy inconsistency killing FDI and business confidence. Elon Musk slams South Africa's BEE as "Apartheid 2.0" This episode is sponsored by Dairibord Zimbabwe.

Join Ranga and Rufaro with Noel Mahombera, Chief Business Development Officer at ZIDA (Zimbabwe Investment and Development Agency). Discussion insights: How ZIDA is working to attract investment and position Zimbabwe as a premier destination for Business Process Outsourcing (BPO) and Knowledge Process Outsourcing (BKPO). They dive deep into: 🔥 Zimbabwe's BPO Potential: Lower labor costs, skilled English-speaking workforce, and emerging call center hubs make Zimbabwe competitive against other global destinations. 🏢 Special Economic Zones (SEZs): Plans for Joina City to become the first SEZ, creating investor-friendly zones with tax incentives and streamlined regulations. 💼 Capital Markets Growth: How ZIDA collaborates with VFEX and ZSE to deepen markets and unlock funding for businesses. ⚠️ Addressing Investment Risks: Policy consistency, property rights protection, and easing currency repatriation challenges that make Zimbabwe less attractive. This episode is sponsored by Delta Corporation - 'Share a Coke' - and join the conversation.

Join Tinashe, Ranga, and Rufaro as they discuss how the ZiG is fading from the economy and how over 90% of the formal sector runs on the US dollar – with the informal sector effectively at 100%. We ask: how realistic is the mono‑currency? We then turn to energy: independent power producers (IPPs), such as solar projects, rely on long‑term Power Purchase Agreements (PPAs) and government guarantees. But in a high‑sovereign‑risk environment, is banking on a government guarantee actually delusional? What that means for the future solar power projects in Zimbabwe. Finally, we examine fuel: while many governments are cutting fuel taxes to cushion consumers from global price shocks, Zimbabwe has gone the other way, increasing levies and taxes. That pressure is passed straight to the consumer. This week on Friday Drinks, we connect the dots between currency: ZiG, USD, solar projects and fuel taxes – and zero in on who pays the price.

Join Rufaro in conversation with runners at the Nyaradzo @25 Run, which saw an impressive turnout of over 5,000 participants at the SEAL Lifestyle Park in Chishawasha. The run celebrated 25 years of the Nyaradzo Group, bringing together runners and fitness enthusiasts. Rufaro sits down with runners to discuss what motivates and inspires them to keep going.Join Rufaro in conversation with runners at the Nyaradzo @25 Run, which saw an impressive turnout of over 5,000 participants at the SEAL Lifestyle Park in Chishawasha. The run celebrated 25 years of the Nyaradzo Group, bringing together runners and fitness enthusiasts. Rufaro sits down with runners to discuss what motivates and inspires them to keep going.

Join Tinashe, Ranga, and Rufaro in Victoria Falls at Econet InfraCo listing on the VFEX. They unpack what this record-breaking debut means for investors, the economy, and the future of Zimbabwe’s capital markets. With a valuation of US$1 billion, Econet InfraCo marks the largest initial listing in Zimbabwe’s capital markets history. This is sponsored by Delta Corporation - 'Share a Coke' and join the conversation.