The role in the Zimbabwe economy of remittances from Zimbabweans living outside the country has been highlighted by a recent report. The report, published by an organisation called People Against Suffering, Oppression and Poverty, estimates that remittances from South Africa to Zimbabwe in 2011 totalled around US$ 800 million. This conforms to the estimate in a Working Paper published by the UNDP that the value of total annual remittances to Zimbabwe from all Zimbabwean migrants abroad was US$ 1,4 billion annually. These figures are higher than estimates made by the IMF and the World Bank and could suggest that remittances play a more significant role in the national economy than generally thought to be the case. Many of the remittances are made through informal channels.
Nestle has announced its commitment to continue growing its business in Zimbabwe. An Nestle executive said that Zimbabwe is number threein Africa in th company’s core business and number two on nutrition. The company has announced plans to invest US$ 14 million on both commercial and small-scale dairy farming in Zimbabwe over the next seven years.
The Tobacco Industry and Marketing Board has announced that tobacco sales at the auction floors to date have increased this year in terms of both volume and value. Volumes have increased by 20,9% to 38,1 million kg while the average selling price has increased from US$ 3,02 per kg to US$ 3,72 per kg.
Tourism is being increasingly seen as a potentially valuable sector of the Zimbabwean economy. The Minister of Tourism, Hon Walter Mzembi, believes that tourism can contribute 15% of Zimbabwe’s GDP over the next few years. The Head of the UK’s Department for International Development office in Zimbabwe, Dave Fish, has described tourism as a key area of “massive potential” in the country’s economic recovery. A regional eco-tourism consultant has described Zimbabwe as being ahead of South Africa in hospitality, particularly in the lodges sub-sector. The proviso is, as always, that political stability is maintained and that there is no increase in the level of political violence before the next elections.
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