Zimbabwe records increase in foreign currency earnings

By John Nhandara

THE Government is riding on an increase in foreign currency generation capacity and earnings to unlock more investments in the country.

Zimbabwe has for the past two years managed to improve its foreign currency generation capacity, and there is hope that with more investments coming into the country, better days lie ahead.

In a national address this Saturday, President Emmerson Mnangagwa confirmed that there has been an improvement in foreign currency earnings since 2020.

The country generated foreign currency in excess of US$9.7 billion in 2021 compared to US$6.3 billion recorded in 2020, showing an increase of 53.5 percent.

Foreign currency earnings for the first quarter ending 31 March 2022 were 2,4 billion representing an increase of 15.9 percent from 2.04 billion generated during the same period in 2021.

The development is good news for a nation that is targeting more investments that will not only create employment and provide raw materials for industry but will also further boost national foreign currency earnings through the export of locally manufactured products.

Former diplomat and ZANU PF spokesperson, Ambassador Christopher Mutsvangwa spoke highly of the multiplier effects of such investments as the US$1 billion Manhize iron and steel plant in Mvuma to national development.

“By June next year, Zimbabwe will be producing between 600 and one million tonnes of steel per annum. This is creating hope on a scale unheard of in the Zimbabwean economy. This is one of the many projects which President Mnangagwa is carrying out to build a robust modern economy,” said Ambassador Mutsvangwa.

Several other major investment projects are being implanted countrywide and these include the Invictus oil and gas exploration project in Muzarabani.

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