Business
Small-Scale Miners Push Back, RBZ Suspends 10% Gold Surrender Policy
Zimbabwe’s small-scale mining sector has successfully influenced a shift in monetary policy, after the Zimbabwe Miners Federation (ZMF) led by President Henrietta Rushwaya secured a temporary halt to the Reserve Bank of Zimbabwe (RBZ)’s disputed 90:10 gold retention framework
The decision followed a Monetary Policy Committee (MPC) meeting held on 24 March 2026, where the central bank acknowledged concerns raised by miners regarding the policy’s practicality. Authorities agreed to suspend its implementation to allow for further dialogue and to resolve operational challenges.
The policy required artisanal and small-scale miners to keep 90% of their gold earnings in foreign currency while converting 10% into the local unit, Zimbabwe Gold (ZiG). However, ZMF argued that the arrangement placed strain on the sector, which produces the majority of the country’s gold.
According to the federation, most mining inputs are purchased in US dollars, making it difficult for miners to effectively use the local currency portion within their production processes.
ZMF also cautioned that enforcing the policy could have negative side effects, such as discouraging deliveries through official channels and encouraging side marketing, as miners try to retain access to foreign currency.
The development reflects the growing economic influence of small-scale miners, who contribute around 75% of Zimbabwe’s gold output and play a key role in generating foreign currency inflows.
Despite suspending the measure, the RBZ maintained its overall monetary policy stance, pointing to ongoing economic stability. Governor John Mushayavanhu noted that annual inflation has continued to decline, falling from 4.1% in January 2026 to 3.35% in February, with expectations of dropping below 2% in March.
The MPC attributed this stability to strong economic performance and increased foreign currency inflows, which totalled approximately US$3.35 billion in the first two months of 2026, largely driven by mining exports.
However, the committee warned of possible inflation risks arising from rising global oil prices linked to tensions in the Middle East, which could increase domestic fuel costs.
To manage inflation expectations, the MPC resolved to keep the policy rate unchanged, while maintaining statutory reserve requirements at 15% for savings and time deposits, and 30% for demand and call deposits.
The RBZ said it will continue to track both local and global economic trends and stands ready to adjust its policies to preserve low inflation and support sustained economic growth.
Looking ahead, the MPC emphasised its commitment to closely monitoring risks and implementing timely policy responses to maintain price stability and achieve growth targets of over 5% under the National Development Strategy 2.
Business
Kutsaga fueling food security and rural growth
Kutsaga Research Station, once synonymous with Zimbabwe’s tobacco industry, is now spearheading a transformative agricultural revolution, pivoting its scientific prowess towards rural industrialisation and national food security.
This monumental shift, lauded by Agriculture Permanent Secretary Prof. Dr. Obert Jiri at the recent ZITF 2026, marks a critical stride in aligning research with commercial viability and the nation’s ambitious Vision 2030 agricultural agenda.
Prof. Dr. Jiri said Kutsaga’s innovative expansion beyond its traditional mandate.
He specifically praised the station’s success in developing tissue-cultured virus-free sweet potatoes and pioneering industrial hemp cultivation.
These initiatives exemplify how institutional expertise can be leveraged to create commercially viable products, underscoring the imperative that research must be commercialised to ensure its long-term sustainability.
“Kutsaga’s transformation is not just about diversifying crops, it is about building resilient value chains that directly benefit our rural communities,” said Prof. Dr. Jiri.
ALSO READ: Global seed giants eye Zimbabwe as strategic hub
This strategic redirection aims to reduce the nation’s reliance on single commodities, thereby shielding farmers from the volatile impacts of market fluctuations and climate change.
The move is a direct response to Zimbabwe’s Vision 2030, which prioritises agricultural transformation as a cornerstone for economic growth and stability.
Business
Prospect Lithium Marks Historic First with Lithium Sulphate Export
Prospect Lithium of Zimbabwe has dispatched its first consignment of lithium sulphate from its newly commissioned US$400 million processing plant at Arcadia Mine.
According to the company, this is the first time lithium sulphate has been produced not only in Zimbabwe but across the African continent.
The milestone signals a significant move towards increased local processing of lithium, rather than exporting raw or semi-processed materials.
Prospect described the development as a breakthrough for the country and region, noting that the shipment represents the first production of lithium salts in Zimbabwe and Africa, and highlights progress in mineral beneficiation and industrial growth.
Zimbabwe has been tightening its policies on lithium exports in recent years. In 2022, the government banned the export of raw lithium, pushing mining companies to process the mineral into concentrates.
At that time, major players, including Prospect Lithium (owned by Huayou Cobalt), had already begun upgrading their operations.
In 2025, authorities raised the requirements further, announcing that by 2027, lithium producers will be expected to export sulphate, a higher-value product used in the manufacture of battery materials.
To support this transition, a 10% tax was introduced on lithium concentrates to encourage further processing.
Earlier this year, the government also temporarily halted concentrate exports, later allowing limited shipments under a quota system as producers adjust to the new value-addition requirements.
Business
Steelmakers Limited Drives Zimbabwe’s Industrial Growth Under Vision 2030
Zimbabwe is working to grow its industries under Vision 2030 Zimbabwe, and local companies are playing an important role in this effort.
One of these companies is Steelmakers Limited, which is helping the country produce more goods locally instead of importing them. By doing this, Zimbabwe saves foreign currency and strengthens its economy.
Steelmakers Limited stands out because it controls the whole production process. It mines iron ore in Masvingo and coal in Chiredzi, then uses these materials to produce sponge iron and finally finished steel products in Redcliff and Harare.
This means most of the work is done inside the country, creating more value locally and reducing the need to buy materials from outside.
The company also took part in the Zimbabwe International Trade Fair 2026, where it showcased its products and connected with business partners, investors, and government officials. This helped promote Zimbabwean steel and opened opportunities to sell products in other countries.
Steelmakers Limited plays a big role in national development. By producing steel locally, it reduces imports and helps keep money in the country. Its products are important for building houses, roads and factories supporting mining and agriculture. Steel is essential for development, and the company helps provide it.
The company also supports other sectors of the economy. Its operations create jobs and increase demand in transport, logistics, and engineering industries. This means its impact goes beyond just making steel.
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