Randalls Holdings, which was floated last year with the company forecasting a pre-tax profit of $54.6 million based on assumptions that inflation would average 16 percent, the Zimbabwe dollar would decline slowly, interest rates would be marginally above the rate of inflation, the country would have an average agricultural season and there would be continued investment in mining and construction, ended up more than $20 million short because of the economic and social turbulence that characterised its financial year ending March.
Pharmaceutical company, CAPS, which barely two years ago was beset with problems of escalating costs, poor morale, lack of adequate product availability, a declining market share and a questionable future, has once again posted remarkable results with profit attributable to shareholders increasing 618 percent for the year ending March from $4.5 million to $32 million.
Although she may not be in politics outright like her predecessor Sally, Zimbabwe’s first lady Grace Mugabe seems to be doing more damage to her husband because of her extravagancy. At a time when the country is reeling under economic hardship with inflation now pegged at 29.8 percent, unemployment around 50 percent, and workers not happy with wage increases below 30 percent, reports say she is building a $3 million house in her home town of Chivhu about 140 km south of Harare.
Pressure has been piling on President Mugabe to go but the question that has never seriously been addressed is who will replace him if he goes?
Britain’s aid to Zimbabwe seems to have three basic aims according to that country’s aid programme for Zimbabwe.
One of Zimbabwe’s greatest mistakes, which is beginning to backfire, was the creation of the executive presidency in 1987 because it centralised all decision-making in one person, the Zimbabwe Congress of Trade Unions secretary-general Morgan Tsvangirai says.