ZFN FRIDAY DRINKS

Join Tinashe and Rufaro for an exclusive episode featuring Chris Mugaga, CEO of the Zimbabwe National Chamber of Commerce (ZNCC). Is Zimbabwe in a crisis? Question from Tinashe to ZNCC: Is the government engaging with the business sector? ZNCC is actively raising concerns about the electricity crisis with the government. Approximately 60% of ZESA’s budget is allocated to administrative costs rather than to maintenance and infrastructure improvements, which negatively impacts electricity reliability. Solutions: Increased private-sector participation in the electricity sector as a potential solution to the ongoing electricity crisis. This includes recommending the removal or easing of certain regulations that hinder private investment. Delta loses US$74 million tax battle with ZIMRA. High taxation combined with currency complexity is creating a challenging environment for business growth and investment in Zimbabwe. Zimbabwe’s informal sector accounts for approximately 76% of the country’s economic activity, posing a significant challenge for tax revenue and formal business growth. Corruption: Goods enter Zimbabwe illegally through corrupt border practices, undermining local businesses and distorting market competition.

Join Tinashe and Rufaro on this episode with our new sponsor, O'mari Zimbabwe, as we discuss key topics - gold prices surge, gold is seen as the trusted “old money." Clear, investor-friendly policies are crucial for Zimbabwe to double gold production. Zimbabwe has immense potential to significantly increase its gold production and become a major global supplier. Doubling gold output would attract foreign currency, create jobs, and boost economic stability. Government efforts to slash farming and livestock license fees and taxes, easing business burdens and boosting productivity. Positive step from the government’s reforms in agriculture, but more action is needed. Zimbabwe still faces a heavy regulatory burden with overlapping licenses and costly compliance, diverting resources from productivity. The cost of complying with tax rules in Zimbabwe can be high, especially for small businesses. Old Mutual and PPC shares have been suspended from trading on the Zimbabwe Stock Exchange (ZSE) since June 2020 due to concerns about fungible shares. The suspension has still negatively affected the market by trapping capital, limiting liquidity, and reducing investor confidence. Bitcoin and cryptocurrency set to be the new frontier in 2025, with many experts advising continued buying. Econet’s launch of SmartSuite data bundles - still needs a balance between innovation and affordability is necessary for wider acceptance and sustained growth.

Join Tinashe and Rufaro on our episode as they discuss US Republicans proposed bill on removal of ZIDERA, Zimbabwe - US Relations, the $3.5 billion debt to white commercial farmers, the crucial Paris Club debt, and Zimbabwe's energy sector: the $455 million Jindal Steel - Hwange power plant deal. Republicans proposed bill to repeal ZIDERA, signaling a potential reset in ties. The importance of paying the $3.5 billion debt to white commercial farmers’ to unlock US sanctions relief and economic opportunities. Zimbabwe’s Paris Club debt and its critical role in re-entering the global financial market. The $455 million concession deal with India’s Jindal Steel to refurbish Hwange power plant, addressing Zimbabwe’s energy crisis. Analysis of the Jindal deal’s benefits and risks for Zimbabwe’s power supply and economic recovery. Uganda’s strong IMF report, low corruption levels, and better credit risk profile. The future outlook for Zimbabwe’s economy amid ongoing reforms and international diplomacy.

Join Tinashe and Rufaro for this insightful episode discussing white farmers’ compensation with Andy Pascoe and Harry Orphanides. The US Republicans proposed bill pressing Zimbabwe to pay the US$3.5 billion debt owed to farmers. This episode is sponsored by O'Mari Zimbabwe. The proposed bill to repeal ZIDERA is conditional on settling compensation within 12 months; farmers and stakeholders consider this timeframe too short. Zimbabwe has been locked out of international capital markets since 1999 after defaulting on debt owed to lenders including the World Bank, the Paris Club, and the African Development Bank. About 1,000 white farmers signed up for the Farmers Compensation Agreement (FCA). Zimbabwe’s treasury bonds have a poor track record, often defaulted or discounted, affecting farmer confidence. International underwriting of bonds is suggested to improve trust and payment reliability. Future of farming in Zimbabwe: Farming business margins are slim due to high production costs and heavy regulatory burdens. Many small-scale farmers shifted to tobacco farming, causing maize production to decline and maize imports to rise. Farming in Zimbabwe continues despite challenges like erratic climate, land tenure issues, limited access to technology, and infrastructure gaps.

Tinashe, Ranga, and Rufaro dive into the significance of the Dangote Group’s visit to Zimbabwe. Discover what this means for the country’s business landscape and future opportunities. This episode is sponsored by Delta Corporation. 'Share a Coke' with friends, and enjoy the conversation.

Join Tinashe, Ranga, and Rufaro for an unfiltered discussion on Zimbabwe's draft Constitutional Amendment Bill. They dive deep into the geopolitics of presidential term extensions, unpack political and institutional risks, and question if Parliament is strong enough to hold power accountable. From frequent regulatory changes scaring investors away, to Zimbabwe's untapped commodity riches, to our cultural hangover around celebrating success. Discussion about the elephant in the room: politics driving (or derailing) the economy. This episode is proudly sponsored by O'mari Zimbabwe. Will 7-year cycles bring policy stability and economic growth? Or just more uncertainty for business? How do investors actually measure political risk? Political Risk Exposed: Debate on institutional strength. Commodity Goldmine: Zimbabwe should cash in.

Insightful review of Zimbabwe’s 2026 national budget with Tinashe and Ranga joined by Prof Gift Mugano. This episode is sponsored by Delta Corporation. 'Share a Coke' and join the conversation. Examination of Zimbabwe’s rebased nominal GDP of $52 billion and why it does not reflect real growth or poverty reduction. Analysis of $1.7 billion accumulated expenditure arrears impacting government contracts and services Breakdown of fiscal challenges including unpaid statutory payments to pensions, War Veterans, and savings funds. Exploring the disconnect between macroeconomic figures and citizens’ lived economic hardships. Consequences of budget underperformance on private sector confidence and inflation pressures.

Join Tinashe and Rufaro in an exclusive conversation with Permanent Secretary Mr. George Guvamatanga - Ministry of Finance, Economic Development and Investment Promotion. Dive into hot topics like the newly proposed gold royalties—where Zimbabwe risked the highest rates in Africa, prompting a promised revisit and miner-friendly adjustments. This insightful episode is proudly sponsored by Delta Corporation— 'Share a Coke' and join the conversation. Unpack the controversy over $60 million in unapproved, unbudgeted car hire spending amid budget pressures and cost-cutting directives. Plus, insights on government service: "You don't go into government; you are called and appointed to serve your country," says Permanent Secretary George Guvamatanga.

Welcome to the first Friday Drinks episode of 2026 with Tinashe, Ranga and Rufaro where we dive into the escalating geopolitical risks putting state sovereignty back on the global agenda. Zimbabweans overtaxed, debates on writing off Treasury Bills and sovereign debt, we unpack Zimbabwe's budget battles amid "pockets of hope" as Ranga puts it. This episode is sponsored by O'mari Zimbabwe..

Join Tinashe and Rufaro with Advocate Simba Chitando unpacking ZDERA and the legal challenges around Zimbabwe Exemption Permits (ZEP). Advocate Simba Chitando discusses his pro bono work with undocumented migrants in South Africa. Activism and advocacy are core to Chitando's fight for migrant rights. This episode challenges borders, sanctions, and what makes the law legitimate. "What makes law, law?" - Tinashe's big question. ZDERA has failed its democracy/rule of law goals after 24 years. Sponsored by Delta Corporation - 'Share a Coke' and join the conversation.