Manufacturing sector to hit US$1bn mark by 2030 — survey

Source: Manufacturing sector to hit US$1bn mark by 2030 — survey – herald Zvamaida Murwira Senior Reporter THE manufacturing sector is now the biggest contributor to the country’s Gross Domestic Product and is on course to reach a US$1 billion mark in exports by 2030, a latest survey has shown. The survey, commissioned by the […]

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Source: Manufacturing sector to hit US$1bn mark by 2030 — survey – herald

Zvamaida Murwira

Senior Reporter

THE manufacturing sector is now the biggest contributor to the country’s Gross Domestic Product and is on course to reach a US$1 billion mark in exports by 2030, a latest survey has shown.

The survey, commissioned by the Ministry of Industry and Commerce, was conducted by the Africa Economic Development Strategies, an economic think tank led by renowned economist Professor Gift Mugano.

Prof Mugano presented the survey report at Zimbabwe’s Industrialisation Conference and Expo (ZICE 2026), which was officially opened by President Mnangagwa, who also launched the report on Thursday.

“There’s always that temptation that people don’t believe that the country is changing. Indeed, the new industry is emerging. We have a new industry we have seen. All the stories that the industry is antiquated are gone,” said Prof Mugano.

He described the survey as comprehensive and of its own kind in terms of numbers, covering 2 071 firms across all the provinces and 22 economic sectors.

“You will see, Your Excellency, the delegates who are here, that the manufacturing sector is now the biggest contributor to gross domestic product. Last year, we were contributing 16.8 percent to the GDP. And this year, by June, the contribution has risen to 17.1 percent. And this is clear testimony that the economy is working in the right direction,” said Prof Mugano.

“We have noted in our study that out of a total import bill of about US$10 billion per year, 30 percent is equipment and machinery. That is about US$3 billion going into various sectors of industry such as mining and manufacturing, and this amplifies the view that this economy is working. Whenever we import equipment and machinery, we are building a solid foundation for sustainable growth.”

He said the current stability was powered by production and the duty-free tax introduced by fiscal authorities.

Prof Mugano said cement production firms continue to rise, an indication that there was massive construction work in the country which had its own downstream benefits.

On exports, Prof Mugano said, the survey showed that they rose from below US$200 million in 2021 and they now stand at US$584 million.

“You will see, Your Excellency, that in 2021, we were below $200 million in exports of manufactured produce. Right now, we are talking about $584 million, which is more than three times what we were exporting in 2021. That is a positive trajectory. And we are on track to hit US$1 billion in exports of manufactured produce by 2030,” said Prof Mugano.

He said the top five contributors of the manufacturing sector are foodstuffs, drinks and beverages, chemicals, iron and steel, adding that the country has since turned the corner as it was now exporting steel owing to the presence of Dinson Mine, moving away from iron imports.

“We used to be importing a lot of steel; now we are exporting over $100 million per year. So there is quite an exciting development in the industry. On iron and steel, we now have a total of 25 000 jobs created in the last five years or so. And production has risen in a massive way in that sector. You will notice that in pharmaceuticals, we now have 14 manufacturers from nine. What is also quite refreshing is the award given to the Medical Control Authority, certification of level 4 by the World Health Organisation. I understand we are the first in Africa to get this certification. Our industry is being endorsed,” he said.

Prof Mugano said the survey indicated that the number of lines of drugs which the country was producing stood at 1 500 from 900.

“We have moved by 600 lines of drugs. And this happened during the COVID-19 pandemic, where Zimbabwe showed its resilience and its innovation to produce more drugs. And we now have this and we are exporting to the region,” he said.

On access to finance, Prof Mugano said the survey revealed that 81.9 percent of money secured by companies is going into new machinery, new equipment, warehouses, expansion, new export markets and retooling.

Prof Mugano said there was need for banks to provide long-term funding for companies.

“We noted that the argument that there is no capital which is long-term is misplaced. Why? Because we noted in our study that pension funds play a critical role in funding construction, building properties, which are long-term. And in our view, we feel that there is a good case for pension funds to also lay out capital for industrialisation,” he said.

“Your Excellency, the major owners of banks in the banking sector, the big banks, are owned by pension funds. So why is it that the banks are saying we do not have long-term financing when they are holding pension funds? So we are challenging banks that there is no reason, in our view, from our statistics, that they cannot provide funding which is long-term, because they are holding pension funds. And there is no good reason why banks should give funds to mortgages at the expense of industry. And we feel that we need to balance that.”

The event was attended by Vice Presidents Dr Constantino Chiwenga and Dr Kembo Mohadi, Cabinet ministers and captains of industry, among other dignitaries.

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Chris Brown pleads guilty to affray over London nightclub attack

The US musician faced an allegation he attacked a former friend at the Tape club in Mayfair in 2023. The 37-year-old previously denied allegations of assault occasioning actual bodily harm against Abraham Diaw, along with two charges of possessing an offensive weapon – a bottle – in a public place and attempting to cause grievous […]

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The US musician faced an allegation he attacked a former friend at the Tape club in Mayfair in 2023.

The 37-year-old previously denied allegations of assault occasioning actual bodily harm against Abraham Diaw, along with two charges of possessing an offensive weapon – a bottle – in a public place and attempting to cause grievous bodily harm.

At Southwark Crown Court on Friday, prosecutors dropped these charges, and the R&B singer admitted an additional charge of affray.

Brown, from California, USA, was charged along with his vocal coach, Omololu Akinlolu, 40, who had also denied assault occasioning actual bodily harm and has now pleaded guilty to affray.

Prosecutors said Brown approached the victim from the dancefloor and after moving through the crowd, “struck him twice over the head with a glass bottle”.

The fight was caught on a surveillance camera in front of the club, prosecutors said.

The Crown Prosecution Service (CPS) added that Akinlolu, of Florida, USA, “quickly joined Brown and punched the victim to the head”.

The CPS said the pair “continued their assault whilst the victim attempted to flee through the club” and “the victim was kicked while he was seated defenceless on the floor”.

The victim was taken to St Mary’s Hospital with head and knee injuries.

Following the attack, police discovered Brown and Akinlolu had left the UK and a warrant was issued for their arrest.

Brown returned to the UK over two years after the incident for a concert in Manchester as part of his world tour and was arrested on 15 May last year.

During the brief court hearing on Friday, prosecutor Heidi Stonecliffe KC applied for an extra charge of affray to be added to the indictment, saying this had been accepted by all parties.

Brown arrived at court wearing a tan suit, gold-rimmed sunglasses, a St Louis Cardinals baseball hat, and flanked by security guards.

He waved to fans who were playing his music and shouting his name, with one saying “I love you Chris”.

He was previously ordered to pay a £5 million security fee as part of his bail conditions and allowed to go on a world tour, as long as he surrendered his passport on arrival in each country.

Detective Constable Zara Ripamonti, from the Metropolitan Police Service, said: “This was a disgraceful, unprovoked assault that put a man in hospital.

“There is no place for serious violence like this in London and I’m pleased these men accepted what they did wasn’t just completely unacceptable – but criminal.

“This has been a long investigation and we’ve worked with police colleagues in the UK to bring these two men to justice.”

Both Brown and Akinlolu were bailed to be sentenced on October 26 at Southwark Crown Court.

Claire Campbell, senior crown prosecutor in CPS London South said after the hearing: “This kind of violence is entirely unacceptable. No one is above the law.”

Brown initially became famous as a teenager in 2005 and has won two Grammys for best R&B album, one for F.A.M.E. in 2011 and another for 11:11 (Deluxe) earlier this year.

He pleaded guilty in 2009 to beating his ex-girlfriend, pop star Rihanna.

He admitted one count of felony assault relating to an incident that occurred hours before they were due to perform at the Grammy Awards.

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Zimbabwe Moves to Unlock SME Growth Through Capital Market Reforms

HARARE – Zimbabwe is moving to deepen its capital markets as part of a broader strategy to unlock the growth potential of small and medium-sized enterprises (SMEs), a sector that has become a critical pillar of the economy, contributing approximately 60 percent of Gross Domestic Product (GDP), 70 percent of employment and representing nearly 90 […]

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HARARE – Zimbabwe is moving to deepen its capital markets as part of a broader strategy to unlock the growth potential of small and medium-sized enterprises (SMEs), a sector that has become a critical pillar of the economy, contributing approximately 60 percent of Gross Domestic Product (GDP), 70 percent of employment and representing nearly 90 percent of businesses operating in the country.

Speaking at the launch of the Zimbabwe Entrepreneurship Exchange (ZEEX), Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube said modernising the country’s capital markets was essential to achieving the national ambition of attaining Upper-Middle-Income Economy status by 2030.

Prof Ncube said expanding access to finance for SMEs was no longer simply a business development issue but a central component of economic transformation. He argued that a more inclusive financial system would enable entrepreneurs to invest in innovation, improve productivity, scale operations and create sustainable employment opportunities.

Zimbabwe’s SMEs have historically faced significant barriers in accessing traditional bank financing due to limited collateral, short credit histories, high borrowing costs and inadequate financial structures required by conventional lenders. As a result, many businesses have relied on retained earnings or informal financing models, limiting their ability to expand and transition into larger commercial enterprises.

The government’s latest capital market reforms seek to address this financing gap by creating alternative funding channels that allow businesses to access capital at different stages of their growth cycle.

Through new financing platforms being introduced by Zimbabwe Stock Exchange Holdings, SMEs will gain access to a broader range of financial instruments, including invoice discounting, private capital markets, property-backed bonds, peer-to-peer lending platforms and opportunities to raise equity capital through stock exchange listings.

These mechanisms are expected to provide businesses with more flexible financing options compared with traditional lending models, allowing companies to unlock working capital, purchase equipment, expand production capacity and enter new markets.

The development represents a significant shift in Zimbabwe’s financial architecture, moving towards a more diversified capital market where businesses can access funding beyond commercial bank loans. Globally, successful economies have relied on deep capital markets to finance entrepreneurship, innovation and industrial growth, particularly by connecting investors with high-growth enterprises.

For Zimbabwe, policymakers believe improving SME access to capital will strengthen domestic value chains, support import substitution and encourage the formalisation of businesses operating outside the mainstream financial system.

The initiative also aligns with the objectives of the National Development Strategy 2 (NDS2), which prioritises private sector-led growth, industrialisation, employment creation and inclusive economic development.

Market analysts say the development of SME-focused capital markets could become a major catalyst for economic transformation if supported by strong corporate governance, investor protection frameworks and financial literacy among entrepreneurs.

A functioning SME capital market would also provide institutional investors, including pension funds and asset managers, with new investment opportunities while directing domestic savings towards productive economic activities.

As Zimbabwe works towards Vision 2030, the government believes that expanding access to finance will be critical in moving SMEs from survival-oriented businesses into scalable enterprises capable of contributing meaningfully to exports, industrial development and long-term economic growth.

The launch of ZEEX therefore represents more than an entrepreneurship initiative; it signals an effort to reposition Zimbabwe’s capital markets as a strategic engine for private sector development, innovation and broad-based economic participation.

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Immigrants contribute 9% of GDP but blamed for SA’s failures – ISS report

A report by the Institute for Security Studies and the University of Johannesburg, which refutes several widespread anti-immigrant claims, says the real causes of social ills in South Africa are poor governance and corruption, not immigration. Source: Immigrants contribute 9% of GDP but blamed for SA’s failures – ISS report | News24 A new report […]

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A report by the Institute for Security Studies and the University of Johannesburg, which refutes several widespread anti-immigrant claims, says the real causes of social ills in South Africa are poor governance and corruption, not immigration.

Source: Immigrants contribute 9% of GDP but blamed for SA’s failures – ISS report | News24

A new report has countered the most common anti-immigrant myths, finding that foreigners make up only 6.5% of South Africa’s population but contribute 9% to the GDP.

A new report has countered the most common anti-immigrant myths, finding that foreigners make up only 6.5% of South Africa’s population but contribute 9% to the GDP.
Ryan Murphy/Getty Images
  • A report has countered the most common anti-immigrant myths, finding that foreigners make up only 6.5% of South Africa’s population but contribute 9% to the GDP.
  • Thanks to politicians’ rhetoric, half of South Africans believed that there were up to 40 million immigrants, even though the actual number was 3.95 million.
  • The report highlighted increasing anti-immigrant sentiment, saying that 42% of South Africans want no immigrants at all – up from 30% in 2021.

Immigrants make up only 6.5% of South Africa’s population, but contribute 9% to the GDP.

This is according to a report by the Institute for Security Studies and the University of Johannesburg, which has refuted several widespread anti-immigrant claims.

The report pointed to the real cause of social ills in South Africa as poor governance and corruption, not immigration. It also highlighted that South Africa loses an estimated R27 billion annually to corruption, more than one-third of the 2021/22 national health budget.

The report further found that politicians and anti-immigrant groups have wildly exaggerated immigrant numbers, with almost half of South African believing their claims. In fact, there are only 3.95 million immigrants, or 6.5% of the population, in line with international norms and only 10% of what South Africans widely believe.

Yet, since 1994, there have been more than 930 xenophobic attacks recorded, resulting in more than 630 deaths, the displacement of 123 700 people, and the looting of 4 850 shops.

The report highlighted that immigrants make up 5.3% of the labour market, and that each immigrant worker generates approximately two jobs for locals. Immigrants contribute roughly 9% of GDP and have a positive net fiscal impact, the report stated.

Senior researcher at the University of Johannesburg’s Centre for Social Development in Africa, Anthony Kaziboni, said that the research was conducted against a backdrop of rising anti-immigrant sentiment in the country.

“It has become even more relevant now, because the issues immigrants are being blamed for, particularly by politicians and senior government officials, are high crime; failing public services, such as healthcare; taking jobs from locals while making no positive contribution; and being in the country illegally, among others,” he said.

“Scapegoating as a phenomenon is by no means unique to South Africa. It follows the same pattern in the United States under President [Donald] Trump, whose second-term rhetoric and enforcement have routinely blamed Latin American immigrants, Mexican, Venezuelan and others, for crime and social strain, deflecting attention from domestic governance failures in much the same way.”

Lizette Lancaster, head of the ISS Crime Hub, said anti-immigrant rhetoric and sentiment have been growing over the last few years, and that their research found that 42% of South Africans now want no immigrants in the country, up from 30% in 2021.

Lancaster said:

There’s been this rise in identity politics.

“There’s been growth in people who identify predominantly along ethnic lines rather than national lines, and we are seeing that more people blame immigrants for all problems and believe that immigrants are taking jobs. This shows that the conversation, especially campaigns on social media, has had an impact, and that’s why we are seeing more traction for these anti-immigrant groups,” she said.

Lancaster added that the ISS predicted a rise in vigilantism as a direct result of the public’s diminishing trust in state institutions.

According to Kaziboni, the most striking finding was “the gap between what people believe nationally and what they report experiencing in their own communities”.

“In 2021, almost half of South Africans believed the country contained between 17 million and 40 million immigrants. The best available estimate at the time was approximately 3.95 million. That is not a minor statistical error; it shows how sustained repetition by politicians, officials and parts of the media can manufacture an imagined demographic crisis,” he said.

The report found that 66% of South Africans believed immigrants increased crime, yet research showed that only around 6% of households said crime was caused by people from outside South Africa. Undocumented foreigners averaged just 2% of total inmates, and made up 7% to 8% of convicted cases.

Lancaster said that there was a misconception that foreigners were driving organised crime.

“In order for organised crime to thrive, it cannot rely on only foreign-born migrants. Any group would require South Africans in order for it to function. We have to understand that crime is homegrown. It is not exclusive to or predominantly migrants,” she said.

Lancaster added that research had shown that “migrants were actually very beneficial to the economy”.

“We’re not saying there are no problems, but the problem is population, not the migrants. And of course, the research doesn’t say we shouldn’t have stricter border control. It was looking at the reality inside the country using credible available data,” she said.

South Africa has been grappling with poverty, inequality, and unemployment for more than a decade. The report argues that rather than acknowledging their own failures, politicians and public officials use their positions of power to redirect citizens’ anger away from themselves. They do this by scapegoating foreign nationals as the source of socio-economic challenges.

Kaziboni said: “The report is explicit that public officials and politicians have used migration to direct citizens’ anger toward immigrants and away from state failure relating to poor governance, corruption and non-responsiveness to community needs. It is far easier to point to an immigrant-run spaza shop, waiter, or delivery rider than to explain why the economy has failed to generate sufficient employment over several decades, alongside the global macroeconomic factors also at play.”

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Zimbabwe’s Banks Mobilise US$125 Million for Mutapa Gold Expansion in Landmark Mining Finance Deal

HARARE – Zimbabwe’s domestic banking sector has delivered a major vote of confidence in the country’s mining industry after local financial institutions committed US$125 million in syndicated financing to support the expansion of Mutapa Gold Resources, marking one of the largest locally arranged mining funding packages in the country’s history. The financing facility, which exceeded […]

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HARARE – Zimbabwe’s domestic banking sector has delivered a major vote of confidence in the country’s mining industry after local financial institutions committed US$125 million in syndicated financing to support the expansion of Mutapa Gold Resources, marking one of the largest locally arranged mining funding packages in the country’s history.

The financing facility, which exceeded the company’s initial target of US$75 million by US$50 million, will support the expansion of the Shamva Hill open-pit gold operation and accelerate development activities at Jena Mine, strengthening Zimbabwe’s gold production capacity and reinforcing the role of local capital in funding large-scale industrial projects.

The syndicated facility brings together several leading Zimbabwean banks, demonstrating increasing confidence within the domestic financial sector to finance productive mining assets. The participating institutions include CBZ Capital, Ecobank Zimbabwe, CABS, NMB Bank, ZB Bank and FBC Bank, with total commitments reaching US$110 million and additional financial institutions expected to complete the balance.

The deal represents a significant shift in Zimbabwe’s investment landscape, where local banks are increasingly moving beyond traditional lending activities and positioning themselves as financiers of strategic national development projects.

The expansion programme is expected to transform Shamva Mine into a major contributor to Zimbabwe’s gold sector, increasing annual production from approximately 0.8 tonnes to 2.4 tonnes, representing a 264 percent increase in output capacity. Once fully operational, the mine is projected to contribute around 6 percent of Zimbabwe’s total gold production, strengthening the country’s position as one of Africa’s important gold-producing economies.

Beyond increasing mineral output, the project is expected to deliver significant economic benefits through employment creation, supplier development and increased demand for local services. The expansion programme is projected to create approximately 1,800 jobs, while supporting downstream industries linked to mining equipment, engineering services, transport, construction and manufacturing.

The successful mobilisation of domestic financing is particularly significant given Zimbabwe’s long-standing challenge of attracting large-scale capital for productive sectors. The Mutapa Gold transaction demonstrates that local financial institutions have the capacity to structure complex mining finance arrangements when supported by commercially viable projects and strong institutional confidence.

Mining remains a central pillar of Zimbabwe’s economy, accounting for a significant share of export earnings and foreign currency generation. Gold has consistently ranked among the country’s largest mineral exports, making increased production capacity strategically important for strengthening reserves, supporting economic stability and financing broader industrial development.

The transaction also highlights the growing importance of local capital formation in Zimbabwe’s economic transformation agenda. Rather than relying exclusively on external investors, domestic banks are increasingly participating in financing projects that expand productive capacity, create employment and increase national output.

Industry analysts say the Mutapa Gold financing model could provide a blueprint for funding future investments across mining, agriculture, manufacturing and infrastructure, particularly as Zimbabwe seeks to deepen value addition and move away from dependence on raw commodity exports.

The project aligns with Zimbabwe’s broader objective of increasing mineral production, promoting local participation in the mining sector and leveraging the country’s natural resources as a foundation for industrialisation.

With gold production expected to rise substantially following the expansion, Mutapa Gold’s investment represents more than a mining project; it is a demonstration of the growing role of Zimbabwe’s financial sector in supporting real-economy development and unlocking domestic investment capacity.

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