Zimbabwe Targets Capital Markets Overhaul to Finance Infrastructure and Drive Vision 2030

HARARE – Zimbabwe is accelerating reforms to transform its capital markets into a modern financing platform capable of mobilising long-term domestic and foreign investment, as Government shifts its focus from traditional bank lending towards more diversified sources of economic financing. Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube says deeper, broader and technology-driven […]

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HARARE – Zimbabwe is accelerating reforms to transform its capital markets into a modern financing platform capable of mobilising long-term domestic and foreign investment, as Government shifts its focus from traditional bank lending towards more diversified sources of economic financing.

Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube says deeper, broader and technology-driven capital markets will be critical in financing infrastructure, industrialisation and private sector growth under Vision 2030 and the National Development Strategy 2 (NDS2).

Speaking at the Securities and Exchange Commission of Zimbabwe (SecZim) Annual General Meeting in Harare, the minister, whose speech was delivered by Finance Ministry Director Mr Kudakwashe Zata, said Government was committed to creating an enabling environment through legislative reforms, stronger regulation and digital innovation.

“Government remains committed to strengthening the legislative framework, policy alignment and institutional support required to build a modern and globally competitive capital market,” Prof Ncube said.

The Government believes Zimbabwe’s future economic expansion cannot rely solely on commercial banks and conventional debt financing.

Instead, authorities are seeking to develop a diversified financial ecosystem that includes equity markets, corporate and infrastructure bonds, real estate investment trusts (REITs), exchange-traded funds (ETFs), derivatives, short-term securities and sustainable finance instruments capable of attracting pension funds, insurance companies, retail investors and international capital.

Officials say well-functioning capital markets provide businesses with access to long-term financing while reducing dependence on expensive short-term borrowing.

“A vibrant debt market, dynamic equity market, innovative investment vehicles, strong institutional investors and wider participation by ordinary Zimbabweans and the diaspora are essential to unlocking sustainable economic growth,” the minister said.

Digital Assets Enter Zimbabwe’s Regulatory Framework

One of the most significant reforms has been the amendment of the Securities and Exchange Commission of Zimbabwe Act through Finance Act No. 7 of 2025, which formally brings digital assets and digital asset service providers under regulatory oversight.

The legislation lays the foundation for the regulation of tokenised real-world assets, blockchain-based financial products and smart contract-enabled investment instruments, positioning Zimbabwe among a growing number of countries adapting financial regulations to emerging technologies.

Prof Ncube urged regulators to move swiftly in finalising a comprehensive digital assets framework that balances innovation with investor protection.

He also called on SecZim to modernise its supervisory approach by embracing real-time, technology-driven market surveillance instead of relying on traditional manual compliance systems.

Building a Regional Financial Hub

Government also reaffirmed its ambition of positioning the Victoria Falls Stock Exchange (VFEX) Financial Services Centre as a regional offshore financial hub capable of attracting international capital through strong governance, transparency and investor confidence.

The VFEX has increasingly become central to Zimbabwe’s strategy of attracting foreign portfolio investment while offering companies access to foreign currency-denominated capital.

At the same time, regulators are seeking to ensure that the Zimbabwe Stock Exchange (ZSE) remains competitive following the migration of several listed companies to the VFEX.

SecZim Chairman Mr Dakshesh Patel said Zimbabwe’s improving macroeconomic environment provides an opportunity to rebuild investor confidence after years of economic instability.

He noted that declining inflation, improving monetary stability and increased investment in key productive sectors such as mining and agriculture were creating favourable conditions for capital market expansion.

“We are beginning to see the foundations necessary for long-term capital market development. Economic stability is improving and that creates confidence for both domestic and international investors,” Patel said.

He argued that Zimbabwe should prioritise developing a sophisticated debt capital market capable of financing major infrastructure projects rather than relying almost exclusively on equity financing.

Successful global financial centres, he said, combine vibrant stock markets with deep corporate bond markets and project finance structures that channel long-term savings into productive investment.

Trading Activity Rebounds

SecZim Acting Chief Executive Mr Tichaona Mushambadope said reforms introduced during 2025 had already begun producing positive results.

He attributed increased trading activity on the Zimbabwe Stock Exchange partly to Government’s decision to reduce capital gains withholding tax from 2 percent to 1 percent, a move designed to improve market liquidity and encourage investor participation.

The Commission is also expanding Zimbabwe’s range of investment products beyond traditional equities as part of a broader modernisation strategy.

Emerging focus areas include tokenised securities, renewable energy financing, carbon credit markets and sustainable finance products that align with global environmental, social and governance (ESG) investment trends.

“Our objective is to modernise Zimbabwe’s capital markets by expanding available investment products while creating a regulatory environment that supports innovation and protects investors,” Mushambadope said.

Beyond large corporates, regulators are also prioritising the development of the Small and Medium Enterprises (SME) Exchange, which is expected to lower listing requirements and enable growing businesses to raise capital from public markets.

Authorities believe the SME platform could improve access to finance for emerging businesses while broadening participation in Zimbabwe’s formal financial sector.

Investor education also remains a key pillar of the Commission’s strategy, with officials arguing that improving financial literacy is essential to increasing public confidence and safeguarding investors.

The latest reforms signal Government’s determination to deepen Zimbabwe’s financial markets as part of a broader strategy to mobilise long-term investment for economic transformation.

As Zimbabwe seeks to bridge its infrastructure financing gap, expand industrial capacity and attract both domestic and foreign capital, policymakers increasingly view efficient capital markets—not commercial banks alone—as a cornerstone of sustainable economic development.

If successfully implemented, the reforms could position Zimbabwe’s capital markets to play a far greater role in financing growth, supporting innovation and strengthening the country’s ambitions of becoming an upper-middle-income economy by 2030.

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R. Kelly Seeks Trump Clemency in Bid to Cut Short 30-Year Prison Sentence

CHICAGO – Disgraced R&B singer R. Kelly has formally appealed to U.S. President Donald Trump for clemency, seeking to have his 30-year federal prison sentence commuted as his legal team claims the jailed musician faces serious threats to his safety behind bars. According to U.S. media reports, Kelly’s attorneys have submitted a formal clemency petition […]

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CHICAGO – Disgraced R&B singer R. Kelly has formally appealed to U.S. President Donald Trump for clemency, seeking to have his 30-year federal prison sentence commuted as his legal team claims the jailed musician faces serious threats to his safety behind bars.

According to U.S. media reports, Kelly’s attorneys have submitted a formal clemency petition to the U.S. Department of Justice’s Office of the Pardon Attorney, marking the first time the singer has pursued relief through the official presidential pardon process.

The petition comes after a series of unsuccessful legal attempts to secure Kelly’s release, including requests for a new trial, bond and emergency release, all of which were rejected by the courts. The U.S. Supreme Court also declined to intervene in his case.

Kelly, whose real name is Robert Sylvester Kelly, is serving a 30-year sentence handed down in New York in 2021 after being convicted on racketeering and sex trafficking charges. He is also serving a separate federal sentence from Chicago following his conviction on child pornography-related offences.

Federal prosecutors successfully argued that the Grammy Award-winning singer orchestrated a years-long scheme to sexually exploit women and underage girls, crimes that ended one of the most successful careers in contemporary R&B music.

Without presidential intervention or another successful legal challenge, Kelly is expected to remain incarcerated until 2045, when he will be nearly 79 years old.

His latest appeal centres not only on his request for clemency but also on allegations that his life is at risk inside a federal prison in North Carolina.

Kelly’s legal team claims prison officials failed to protect him from credible threats and alleges he was the target of a murder plot involving members of the Aryan Brotherhood prison gang. His lawyers further allege that he was placed in solitary confinement and suffered a medication overdose that resulted in blood clots requiring emergency surgery.

They say the allegations are supported by a declaration from an alleged Aryan Brotherhood leader.

Federal prosecutors have strongly rejected those claims, describing them as baseless and accusing Kelly of attempting to cast himself as the victim rather than accepting responsibility for the crimes that led to his conviction.

The clemency request arrives as President Trump has exercised his constitutional pardon powers in several high-profile cases during his current term, prompting Kelly’s legal team to argue that their client deserves similar consideration.

Legal observers note, however, that a clemency petition does not overturn a conviction. Instead, a presidential commutation would reduce or end Kelly’s prison sentence while leaving his convictions intact.

Kelly’s attorney, Beau Brindley, has previously argued that the singer does not have the luxury of waiting for lengthy court proceedings, insisting that presidential clemency represents his client’s best remaining avenue for securing an early release.

Whether the White House will act on the request remains uncertain, with the clemency petition now awaiting review through the Department of Justice before any potential presidential decision.

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Proton Bakery Emerges as Zimbabwe’s Industrial Success Story with US$20 Million Expansion Drive

MARONDERA – Proton Bakery, one of Zimbabwe’s largest bread manufacturers, is emerging as a major industrial success story in Mashonaland East, underlining the growing role of local manufacturing in supporting employment, food security and value-chain development. The Marondera-based company, ranked as Zimbabwe’s third-largest bakery, directly employs more than 1,600 people and has become a significant […]

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MARONDERA – Proton Bakery, one of Zimbabwe’s largest bread manufacturers, is emerging as a major industrial success story in Mashonaland East, underlining the growing role of local manufacturing in supporting employment, food security and value-chain development.

The Marondera-based company, ranked as Zimbabwe’s third-largest bakery, directly employs more than 1,600 people and has become a significant contributor to the country’s agro-processing sector through its large-scale production operations and investment in modern manufacturing infrastructure.

Proton Bakery produces an average of 170,000 loaves of bread per day, with production supported by locally sourced wheat flour, reinforcing linkages between agriculture and manufacturing while reducing dependence on imported inputs.

The company operates major distribution depots in Harare and Bulawayo, allowing it to supply markets across Zimbabwe through an expanding logistics network.

In recent years, Proton Bakery has invested more than US$20 million into upgrading its production facilities, expanding its delivery fleet and strengthening operational efficiency. The investment programme reflects the company’s strategy of building a modern, resilient food manufacturing business capable of meeting rising consumer demand.

A key component of the expansion has been investment in renewable energy. The company installed a 1MW solar power plant, enabling its operations to run entirely on solar energy during daylight hours.

The solar investment is expected to reduce reliance on the national electricity grid, lower operational costs and improve production stability in an environment where energy security remains one of the biggest challenges facing Zimbabwean industry.

Industry analysts say investments by companies such as Proton Bakery demonstrate the potential of domestic manufacturers to drive economic growth through capital expenditure, job creation and local value addition.

Zimbabwe’s food processing sector has been identified as a critical pillar of industrial recovery, particularly as the country seeks to strengthen local production, increase agricultural linkages and reduce exposure to imported finished goods.

The bakery sector remains one of the most visible examples of the connection between agriculture and manufacturing, with companies requiring consistent supplies of wheat, packaging materials, transport services and energy.

Proton Bakery’s expansion also highlights a broader trend among Zimbabwean businesses investing in alternative energy solutions as companies seek greater control over production costs and operational reliability.

With more than 1,600 direct employees and thousands more supported through suppliers, transporters and farmers within its value chain, Proton Bakery has positioned itself as an important player in Zimbabwe’s manufacturing revival.

The company’s growth reflects the increasing importance of private-sector investment in rebuilding industrial capacity and creating sustainable economic opportunities beyond traditional sectors such as mining and agriculture.

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Floods forced Zimbabwean women to leave their homes. They rebuilt their lives but here’s what they still need

New research shows how women in rural Zimbabwe rebuilt their lives after Cyclone Dineo displaced hundreds of families and swept away their homes. Source: Floods forced Zimbabwean women to leave their homes. They rebuilt their lives but here’s what they still need Tsholotsho, in western Zimbabwe’s Matabeleland North province, is a remote rural district where families depend […]

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New research shows how women in rural Zimbabwe rebuilt their lives after Cyclone Dineo displaced hundreds of families and swept away their homes.

Source: Floods forced Zimbabwean women to leave their homes. They rebuilt their lives but here’s what they still need

Tsholotsho, in western Zimbabwe’s Matabeleland North province, is a remote rural district where families depend on small-scale farming in a harsh landscape marked by recurring droughts and seasonal floods.

In 2017, Cyclone Dineo hit southern Africa, killing more than 250 people in Zimbabwe and several in Mozambique, destroying over 20,000 homes and sparking floods in Botswana and a wave of cholera cases in Mozambique and Malawi.

In Tsholotsho, the cyclone caused the area’s Gwayi River to burst its banks, washing away homes, fields and belongings. Around 300 households were forced to relocate to a neighbouring area.

As researchers in climate mobility, displacement and gender, we wanted to find out how women experienced being made to move because of this climate disaster. Together with our co-author Giulia Caroli, we asked: how do women rebuild their lives after flooding forces them from their homes?

Women smallholder farmers in Zimbabwe might lose their homes, farmland and livelihoods but they still need to look after their families in the aftermath of disaster.

We were particularly interested in how women adjusted to the loss of homes and livelihoods, and how they managed the challenges of securing food, water, income and safety while continuing to provide care.

We interviewed 18 displaced women to document their losses, coping strategies and resilience. Our aim is to use the insights and knowledge provided by this group to inform and shape policies that offer much better support to women affected by climate shocks.

Our research found that climate-induced shocks are forcing people to move within their own country. The disruption to their lives is not the same for everyone. Our study found that in rural Zimbabwe, women are most exposed, compared with men, when floods or droughts disrupt everyday life, because they are the primary caregivers and providers of food, water and household resources.

Climate disasters, and losing everything, make it harder for women to support their families and can put them at greater risk of violence and other forms of harm.

Yet, their experiences are not only about hardship. Our research found that women worked to rebuild their lives after displacement. They developed new ways to support their families while adapting to unfamiliar conditions. Their stories show their coping strategies.

Local and national governments should work with affected communities to ensure recovery efforts are shaped by local knowledge, priorities and solutions, rather than imposed from above. This will ensure that communities get to shape their own recovery from climate disasters.

Gender inequality doesn’t end when families are displaced

For many women, the flooding caused by Cyclone Dineo in 2017 in Tsholotsho deepened existing inequalities. Women already had fewer economic opportunities because of their limited access to resources (land, income). Yet they carried much responsibility for providing food, water and care for their families. Their lives were already challenging before they were forced to move, and only got harder afterwards.

After their community was flooded, families were evacuated by helicopters and placed in temporary shelters. The Zimbabwean government and its partners later built houses for them 6km-20km away and then told the community to relocate.

From our discussions with the displaced women, we gathered that no other option was offered. Decisions on relocation were made with traditional leaders (chiefs and village heads), who are men. One woman put it this way:

When the floods hit, they didn’t just wash away our homes; they also took away our voices. We had no say in our relocation. We just had to comply.

Even after moving, women continued to feel sidelined. Another person we interviewed explained:

We are not just victims of climate change; we are victims of a system … They plan without us and forget us when it matters most.

Some women served on local committees, but men still made most of the important decisions. Cultural norms discouraged women from challenging men in public, so women had little real influence over what happened and whether plans made after the flood met their needs. One woman aptly described it:

… we don’t want pity, we want power.

How women fought to feed their families after displacement

When they were moved, the women farmers of Tsholotsho lost access to land, markets, customers and community support systems. As one woman said:

Displacement didn’t just take my home; it took my livelihood too.

Another woman said:

They gave us houses but not land. How are we supposed to rebuild our lives without land?

The women had to walk over 12km per day to their former homes to farm, and “be back in time to prepare food for the children”, they told us. The land could still be cultivated, but repeated flooding meant they could no longer live there permanently.

Water shortages at the new location also placed an extra burden on women, who were mainly responsible for collecting water for their families. They spent hours queuing at the few working boreholes.

Sometimes we are sent home without water because the host community men tell us … it is now time for the livestock.

These water shortages fuelled tensions.

How women refused to give up

Still, our research found that women in Tsholotsho were not passive victims. They told us they found ways to earn a living:

We started a small vegetable garden near the borehole … we get some income from selling.

We formed a small group to save money … and used the money to start small businesses. It’s not much, but it’s at least ours.

Collectively, these efforts reflected their agency:

… we are workers, farmers, traders and caregivers. All we need are opportunities.

What needs to happen next

Our research shows that displaced women are not simply victims. After the flood and being forced to move, they continued to find ways to keep their families going. However, they still need long term support to rebuild their lives.

Local and national governments should partner with affected communities to design recovery and adaptation programmes together, based on local knowledge and priorities. Women must be actively involved in decision-making so that recovery initiatives respond to their needs and experiences.

Giulia Caroli also co-authored the research that this article is based on.

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The Mongoose And The New Book 

Source: The Mongoose And The New Book – Cathy Buckle Dear Family and Friends, Just when we thought we were having a strangely warm winter with blue sky sunny days and cold nights, an icy blast blew in the back door.  White frost spread its frozen crystals everywhere and daytime temperatures dropped to 19 degrees […]

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Source: The Mongoose And The New Book – Cathy Buckle

Dear Family and Friends,

Just when we thought we were having a strangely warm winter with blue sky sunny days and cold nights, an icy blast blew in the back door.  White frost spread its frozen crystals everywhere and daytime temperatures dropped to 19 degrees and 5 degrees at night. A slender mongoose came up the steps to my front door, stopped, looked straight at me reading my new book and then ran across the lawn, fur fluffed up, looking for a little spot in the sun. But it isn’t only winter that’s giving Zimbabwe an icy blast this July.

Since my last Letter, while our attention was on thousands of Zimbabweans being deported and repatriated from South Africa, President Mnangagwa was signing the controversial Constitutional Amendments into law. The Act was published in the government Gazette on the 7th July 2026 and Zimbabweans were not given their right to vote in a Referendum.

These are dark days in Zimbabwe. Under the new Constitutional Amendments, the President will no longer be elected by the people but by Parliament. Presidential and parliamentary terms have increased from five to seven years leaving the current President, MPs and Senators in office until 2030. Senate will be expanded from 80 to 90 members with the 10 new Senators being appointed by the President. Public interviews for Judges have been scrapped and they will now, with consultation, be appointed by the President. The Zimbabwe Electoral Commission will no longer oversee voter registration, this will now be done by the Registrar-General and a new Delimitation Commission, appointed by the President, will take over the delimitation of constituencies and wards.

President Mnangagwa said  in the Sunday Mail that extending this second term by two years, from 2028 to 2030 was not his idea it was “a collective evolution of the political process.” A coalition of churches, labour unions, civic groups, war veterans and opposition political leaders say they are now planning peaceful mass action to challenge the Act.

Meanwhile we watched increasingly distressing video clips of people being deported and others who were ‘voluntarily repatriating’ from South Africa to escape harassment and persecution from protestors in South Africa who were going door to door chasing them out. Two weeks ago, the number was 29,000 deported and repatriating. This week the government said that between the 28th of May and 10th of July 99,418 Zimbabweans have been repatriated. A staggering number in just 6 weeks.

Watching for the return of the mongoose, I paged through the proof copy of my beautiful new photobook which has just arrived.  Despite everything, from power hungry politicians to the anguish of 100,000 people coming home in an icy winter, every year I publish my annual photobook to highlight the other face of Zimbabwe, beautiful, diverse and always welcoming.

This year my new photobook has pictures and stories from Chimanimani, Nyanga, Mavhuradonha, Gonarezhou, Umfurudzi ,Marondera, Darwendale, Mazowe and others. From the beautiful winged antlion on my back door to the huge elephants going for an afternoon swim in the river, this is our beautiful country. Thank you all for your support of my photobooks over the last five years, the everyday, off the beaten track memories that make us so love this country.  “Zimbabwe’s Timeless Beauty The 2026 Collection” is available now in hardback or paperback from https://cathybuckle.co.zw/  or  https://www.lulu.com/spotlight/cathybuckle2018

There is no charge for this Letter From Zimbabwe but if you would like to support my writing and donate, please visit my website.

Until next time, thanks for reading this Letter From Zimbabwe now in its 26th year, and my books about life in Zimbabwe, a country in waiting.

Ndini shamwari yenyu (I am your friend)

Love Cathy 17rd July 2026. Copyright © Cathy Buckle  https://cathybuckle.co.zw/

Please visit my website to see all my Books, Photobooks and Calendars https://cathybuckle.co.zw/

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