The Reserve Bank of Zimbabwe (RBZ) issued approximately ZiG600 million into circulation during the first half of 2026, reflecting positive public market uptake of the nation’s upgraded cash series.
The total issuance follows the central bank’s rollout of the upgraded BiG5ZiG Banknote Series on April 7, 2026.
Capitalising on improved price, currency, and exchange rate stability, the central bank introduced the redesigned banknotes to provide a modern look and feel alongside enhanced physical durability and quality features.
The central bank also reported a broader rise in the adoption and usage of the domestic currency across the wider economy.
“The increased use and uptake of ZiG in the economy is shown by an increase in the proportion of ZiG-based transactions on the National Payment System. The value of ZiG transactions processed through the RTGS system steadily increased during the first half of 2026 to above 40% in May and June 2026,” RBZ Governor Dr John Mushayavanhu said in the 2026 Mid-Term Monetary Policy Statement.
The ZiG was introduced on April 5, 2024, and is anchored by a reserve basket of foreign currency and physical gold held by the central bank.
The upcoming National Agriculture Conference and Expo 2026 will transform Zimbabwe’s agricultural economy by formulating strategies to eliminate the country’s US$2 billion agricultural import bill and establish the nation as a regional food hub.
Running under the theme Transforming Agriculture for Resilience, Investment, and Inclusive Growth, the two-day event aims to address critical structural challenges within the country’s agricultural sector and promote sustainable economic development.
The two-day high-level event will run from September 24 to 25, 2026, at the Diamond Conference Centre at the University of Zimbabwe.
The National Agriculture Conference and Expo 2026 is organised by the Ministry of Agriculture, Mechanisation and Water Resources Development, in partnership with the Agricultural Marketing Authority and Africa Economic Development Strategies.
The conference is centred around twin strategic outputs designed to reform the national agricultural landscape.
Chief among these priorities is the deployment of a disruptive localisation strategy intended to eliminate Zimbabwe’s US$2 billion agricultural import bill.
Additionally, industry leaders and policymakers will work to finalise a transformative strategy aimed at establishing Zimbabwe as a key regional food hub.
The conference will feature the launch of the Agricultural Investment Prospectus. The prospectus will showcase bankable project opportunities across key value chains and infrastructure to attract domestic and international capital.
The conference will convene key stakeholders to review agricultural sector performance, mobilise investment and strengthen coordination towards a resilient and inclusive agricultural sector.
The two-day event will convene representatives from government ministries, financial institutions, private agribusinesses, research institutions, and international development organisations.
A primary deliverable of the conference will be the formal presentation and validation of the State of the Agricultural Sector Study, which outlines performance metrics and medium-term agricultural projections through 2027.
Attendees will also focus on establishing an operational delivery roadmap for the second phase of the Agriculture and Food Systems Transformation Strategy.
The conference will focus on yield productivity, climate adaptation, private sector finance mobilisation, domestic agro-processing, regional trade integration, digital farming technologies, storage and transport infrastructure, and rural economic development.
In addition to policy deliberations, the conference will feature an investment platform designed to present a pipeline of bankable agricultural projects to potential financiers and sponsors.
The National Agriculture Conference and Expo comes as the agriculture sector is projected to grow by 6.9% in 2026, supported by an increase in crop and livestock production.
According to the 2026 Mid-Term Budget and Economic Review, significant output growth is expected from tobacco, maize, cotton and horticulture, and the livestock sub-sectors.
Tobacco output is projected at 400 million kilograms (kgs) this year, representing an increase of about 12.7% over the 2025 record output of 355 million kgs.
The 2025/26 agricultural season is projected to register a modest improvement in maize production, with output projected at 2.4 million metric tonnes (mt), a 2% increase from the 2.3 million mt recorded during the 2024/25 season.
Traditional grain output is projected at 390 272 mt, comprising sorghum at 290 216 mt, pearl millet at 87 677 mt, and finger millet at 12 379 mt.
Cotton production is projected to increase to 38 500 tonnes this year from about 28 900 tonnes in 2025, on account of the increase in area planted.
The livestock sub-sector is projected to maintain a positive growth trajectory in 2026, driven primarily by strong expansion in the dairy subsector and steady improvements in beef production.
The beef subsector is projected to record moderate growth in 2026, with beef slaughter output increasing by 2.8% from 108 000 tonnes in 2025 to approximately 111 000 tonnes.
The dairy sub-sector is expected to remain one of the strongest performers in the livestock subsector in 2026, with milk production projected to increase by 7.5% from 155 million litres in 2025 to approximately 166 million litres.
Agriculture remains central to food security, rural livelihoods, industrial inputs, exports and inclusive growth.
Zimbabwe’s banking sector has expanded its loan book, with total loans and advances reaching ZiG94.61 billion by June 2026, compared with ZiG67.51 billion recorded in June 2025, latest data shows.
The increase points to stronger demand for credit as businesses seek funding to maintain operations, finance new investments and increase production.
According to the 2026 Mid-Term Monetary Policy Statement, foreign currency lending continues to dominate the market.
US dollar -denominated loans accounted for 90.2% of total bank lending at the end of June, reflecting the continued reliance of Zimbabwean businesses on hard currency.
A large share of the money borrowed from banks went into areas directly linked to economic production.
According to the Reserve Bank of Zimbabwe, productive sectors accounted for 70.92% of total bank lending during the period under review.
Agriculture received the largest portion at 15.57%, followed by manufacturing with 12.96%. Commercial activities accounted for 9.93%, while distribution received 9.63%.
Mining companies also remained important borrowers, taking 7.35% of total bank credit. The figure highlights the sector’s continued demand for funding to support production, equipment purchases and other operational requirements.
Other sectors recorded smaller portions of the banking sector’s loan portfolio. Mortgages accounted for 4.76%, communication 2.85%, financial services 2.80% and construction 2.71%. Transport received 1.63%, while tourism took 0.68%.
Despite the strong allocation towards productive activities, consumer lending remained sizeable at 25.80% of total loans.
Government, parastatals and local authorities accounted for 3.16% of lending, while other loans made up 0.12%.
The credit growth comes at a time when Zimbabwe is seeking to strengthen local production and encourage investment across the economy.
For businesses, access to bank finance can provide the cash needed to buy raw materials, upgrade machinery, expand operations and meet short-term expenses.
The latest figures show that banks are becoming an increasingly important source of financing for the productive economy, with agriculture, manufacturing, commerce and mining taking a substantial share of available credit.
The Reserve Bank of Zimbabwe (RBZ) anticipates annual ZiG inflation to remain low and stable, averaging 5% and within the SADC macroeconomic convergence target of 3-7% by the end of the year.
Central bank governor Dr John Mushayavanhu said month-on-month inflation is projected to remain below 1%, without any significant domestic and external shocks.
This comes as development think-tank Africa Economic Development Strategies (AEDS) is of the firm view that the country will sustain single-digit inflation and entrench durable stability notwithstanding the existence of external shocks.
The AEDS projection is based on several reinforcing factors, which include firmly anchored inflation expectations, tight monetary policy, sustained stability in the local currency’s exchange rate, and strengthened coordination between monetary and fiscal authorities to prevent deficit monetisation.
During the first half of 2026, ZiG annual inflation was sustained below 5% reflecting the Reserve Bank’s prudent monetary policy.
“The prevailing low and stable inflation environment has supported greater predictability and certainty, critical for business planning, investment and inclusive growth,” Dr Mushayavanhu said in the 2026 Mid-Term Monetary Policy Statement.
Annual ZiG inflation increased from 4.1% in January 2026 to 4.8% in April 2026, driven mainly by the increase in fuel prices, before reverting to its pre-shock path in May 2026.
The governor said the moderate increase in annual inflation in April 2026 reflected more well-anchored inflation expectations.
Annual inflation stood at 3.2% in July 2026, on account of the decline in fuel prices in June 2026 and the stability of the ZiG/US$ exchange rate.
“The significant decline in annual inflation from 4.7% in June 2026 to 3.2% in July was also explained by the favourable base effect, reflected in the slowdown in monthly inflation in July 2026 to 0.1%, compared to 1.6% recorded in the same month in 2025,” Dr Mushayavanhu said.
He noted that during the half year, the major rivers of annual inflation included food inflation, housing, water, electricity and gases, and transport divisions.
He highlighted that an analysis of the disaggregated monthly inflation dynamics by its major drivers from March to July 2026 shows that inflation pressures have been broadly benign, with only the fuel and transport inflation increasing at well above 1%.
Zimbabwe’s foreign currency reserves backing the ZiG increased to US$1.7 billion as of July 2026, providing the country with approximately 1.7 months of import cover, latest data shows.
According to the Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mushayavanhu, the growth in foreign currency reserves was supported by royalties in-kind from precious metals and the channelling of a 5% portion from the surrender requirements towards reserves build-up.
“At 1.7 months’ import cover, the foreign currency reserves adequately covered the entire ZiG deposit base by almost 1.5 times as at the end of July 2026 and the stock of reserve money by six times,” Dr Mushayavanhu said in the 2026 Mid-Term Monetary Policy Statement.
He said the reserves are a reflection of increased foreign exchange inflows.
“The foreign currency reserves supported the Reserve Bank’s strategic intervention in the interbank foreign exchange market, ensuring that all bona fide foreign payments are met,” he said.
He added that the intervention supported stable exchange rate dynamics, with the ZiG/US$ exchange rate ranging between ZiG25 and ZiG27 per US dollar and the parallel market premium contained at levels of 15%, on average, during the first half of 2026.
This comes as foreign currency inflows increased by 47.8% to US$10.72 billion during the first half of the year, compared to US$7.25 billion recorded over the same period in 2025.
The higher foreign currency inflows exceeded the cumulative foreign currency payments of US$7.30 billion, recorded between January and June 2026, according to the RBZ.
Export proceeds accounted for the largest share of the increase in foreign currency receipts, increasing by 90,7% to US$7.53 billion from US$3.95 billion during the same period in 2025.
Export earnings represented 70.3% of total foreign currency inflows, highlighting the continued importance of the export sector as the economy’s principal source of foreign currency liquidity.
Mining remained the dominant contributor to export growth, with earnings surging 121.3% to US$6.21 billion from US$2.81 billion recorded in the corresponding period last year.
Zimbabwe’s mining industry is expected to remain a major source of export earnings in 2026, with mineral exports projected to reach between US$8.8 billion and US$9.5 billion by the end of the year, latest data shows.
According to the latest data from the government, the positive outlook is being supported by firm international gold prices, steady demand for strategic minerals and growing efforts to process more minerals locally.
Gold is expected to remain the country’s leading mineral export earner, with prices on international markets providing support to revenues.
The sector’s performance will also be underpinned by platinum group metals, ferrochrome, chrome products, as well as iron and steel.
Zimbabwe’s drive towards beneficiation is increasingly changing the structure of the mining industry, with producers moving beyond the export of raw minerals towards processing and value addition.
This has the potential to generate higher export revenues while creating more opportunities across the local industrial value chain.
However, the projected growth is not without risks.
A drop in international commodity prices could put pressure on export earnings, while electricity shortages remain a concern for mining companies, particularly those involved in energy-intensive processing activities.
The diamond industry is also facing weaker demand in some markets, which could weigh on overall mineral export performance.
Industry growth will therefore depend heavily on investment in new mining and processing capacity, alongside improvements in electricity supply.
Greater investment in beneficiation will also be critical if Zimbabwe is to capture more value from its mineral wealth instead of exporting largely unprocessed commodities.
At the same time, expanding production beyond traditional minerals and developing deposits of strategic and critical minerals could help reduce the sector’s exposure to fluctuations in individual commodity markets.
With gold prices remaining supportive and investments in processing gathering pace, Zimbabwe’s mining sector is expected to remain a key pillar of the economy and a major contributor to foreign currency earnings through the end of 2026.
African Sun says it is selling off its Holiday Inn portfolio in Zimbabwe as part of a capital-rebalancing strategy to finance the re-acquisition and refurbishment of The Victoria Falls Hotel.
The proposed divestment covers African Sun’s Holiday Inn properties in Harare, Bulawayo, and Mutare.
Proceeds from the sale will directly fund the group’s buyout of Meikles Hospitality’s 50% stake in The Victoria Falls Hotel Partnership, as well as a planned US$11 million refurbishment of the prime resort asset.
Under the proposed timetable, African Sun expects to complete the formal handover of the three Holiday Inn properties on January 1, 2027, following the operational transition of The Victoria Falls Hotel in September 2026.
However, execution of the divestment remains subject to multiple key approvals. The hotelier must secure consent from InterContinental Hotel Group to ensure the ongoing use of the Holiday Inn franchise brand, as well as formal clearance from the NRZ Contributory Pension Fund, which serves as the property landlord for the Harare and Bulawayo locations.
The deal additionally requires regulatory sanction from the Competition and Tariff Commission alongside final institutional approvals.
Tanganda Tea Company (Tanganda) says it is implementing proactive measures across its operations as regional meteorologists forecast a shift toward El Niño weather conditions, which typically bring below-average rainfall to Zimbabwe.
The agricultural concern said it is monitoring local climate patterns closely while rolling out targeted mitigation measures to protect crop yields and insulate its plantation operations from prolonged dry spells.
“Mitigation measures are being implemented, where practical, to enhance operational resilience and limit the potential impact on production,” Tanganda’s chairman Addington Chinake said in the group’s latest financials.
He said Tanganda is targeting operational recovery, regional market expansion, and enhanced crop returns following a transition period marked by a top-level leadership overhaul and a successful US$8 million capital raise.
Chinake noted that the group seeks to leverage its capital base to execute a multi-pronged turnaround strategy centred on agricultural restoration, value addition, and operational discipline.
Tanganda completed a US$8 million renounceable rights offer in March 2026 underwritten by Rutanhi Beverages, a subsidiary of Innscor Africa.
“The first four months following the conclusion of the company’s capital raise programme have been dedicated to reviewing the leadership structures within the wider business, assessing all critical operations, and commencing a programme to completely overhaul the company’s financial reporting and accountability systems and controls,” Chinake said.
He highlighted that the rebuilding process will continue into the coming seasons as the business navigates towards a viable and sustainable business model underpinned by an appropriate capital structure and sound financial position.
Chinake noted that the group remains focused on improving operating efficiencies, strengthening market penetration and enhancing cash generation, while maintaining disciplined capital allocation.
He said Tanganda’s bulk tea production closed the nine months to June 30, 2026 at 28% below the comparable period, with management introducing a practice of suspending out-of-season plucking when yields fall below economically viable levels.
“While this affected reported production volumes, the initiative is expected to support factory throughput and product quality in future seasons,” Chinake said.
The diversified group recorded a 9% increase in bulk tea export sales volumes during the period under review, supported by stock carried forward from the prior year.
Packed tea sales volumes closed at 14% ahead of the comparative period, supported by sustained demand for Tanganda’s core brands and route-to-market initiatives implemented during the period under review.
The group said macadamia production closed 5% below the comparative period while export sales declined by 45%, reflecting subdued international demand and the continuing supply-demand imbalance within the nut-in-shell market.
Tanganda said avocado production closed 95% ahead of the comparative period, reflecting the improving maturity profile for the company’s orchards.
Zimbabwe will execute a major shift in its agricultural sector at the National Agricultural Conference and Expo 2026 through two twin strategic objectives aimed at reducing its US$2 billion agricultural import bill and positioning itself as a vital regional food hub.
The National Agriculture Conference and Expo 2026, themed Transforming Agriculture for Resilience, Investment, and Inclusive Growth, will be held on September 24 and 25, 2026, at the Diamond Conference Centre at the University of Zimbabwe.
The primary objective focuses on an aggressive localisation initiative designed to reduce the country’s US$2 billion agricultural import bill.
Under this strategy, domestic production and processing will be scaled to replace foreign food imports with locally grown commodities, easing foreign exchange pressures and boosting local value chains.
Alongside import substitution, the second key output aims to execute a transformative strategy that positions the nation as a premier regional food hub, establishing Zimbabwe as a key exporter of agricultural products within neighbouring African markets.
The event is being hosted by the Ministry of Agriculture, Mechanisation and Water Resources Development in collaboration with the Agricultural Marketing Authority and Africa Economic Development Strategies (AEDS) as a research partner.
Industry players, institutional investors, and agricultural policymakers are scheduled to convene over the two days to formulate actionable execution roadmaps around the twin outputs.
Organisers aim to build long-term climate resilience, secure domestic food production, and drive inclusive economic growth through aligning policy interventions with private sector investment.
The government has approved a major overhaul of ZESA Holdings, paving the way for the country’s electricity utility to operate as one integrated company covering power generation, transmission and distribution.
The restructuring will do away with the separate subsidiary structures currently operating within ZESA, including the Zimbabwe Power Company (ZPC) and Zimbabwe Electricity Transmission and Distribution Company (ZETDC). Their functions will instead be brought together under one management structure.
The government expects the move to reduce layers of administration, eliminate duplicated functions and bring down the cost of running the power utility.
The reconfigured ZESA will fall under the oversight of the Mutapa Investment Fund, which manages a portfolio of State-owned commercial assets.
The changes are also expected to affect the workforce. According to a post-Cabinet briefing, employees whose positions become redundant will be dealt with through voluntary separation, retirement or retrenchment, depending on the circumstances and in line with provisions of the Labour Act.
Minister of Energy and Power Development, July Moyo, said ZESA will mobilise resources to meet the costs associated with workers affected by the exercise. He said cost-reflective tariffs had gone a long way in improving ZESA’s efficiency and viability.
“We want to assure the nation that ZESA will continue to supply electricity thanks to the cost-reflective tariffs,” Minister Moyo said, commenting on the restructuring.
The restructuring comes as ZESA continues to face the twin challenge of improving domestic power generation while meeting the cost of electricity imports during periods of shortages.
Government has maintained that cost-reflective tariffs are necessary to keep the electricity sector financially viable. The tariff framework is expected to help ZESA meet its operating costs while providing room to purchase additional electricity from regional markets when local generation is insufficient.
The Cabinet has also opened the door for more private investment in electricity generation, recognising the need for additional capital to expand Zimbabwe’s power supply.
The Zimbabwe Energy Regulatory Authority (ZERA) is expected to finalise the arrangements governing private-sector participation in the sector.
For businesses, the success of the ZESA reforms could have a direct bearing on the reliability and cost of electricity, particularly for energy-intensive industries such as mining and manufacturing.
The government’s broader objective is to create a leaner power utility that can operate more efficiently, attract investment and provide a stronger foundation for Zimbabwe’s industrial and economic growth.
