Zimbawean companies face closure over severe power cuts

📆 7/21/2019 10:10 PM
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Confederation of Zimbabwe Industries calls for urgent measures as 'loss of revenue runs into millions' due to power outages

A street vendor waits for customers in Chitungwiza, Zimbabwe, July 16 2019. Picture: REUTERS/Philimon Bulawayo

As the country’s economy crisis deepens cash is no longer readily available in Zimbabwe’s banks and most citizens rely on mobile money payments, in particular Econet’s Ecocash system which enjoys a near-monopoly in transactions. Confederation of Zimbabwe Industries president Henry Ruzvidzo said the power cuts had prevented some exporters from meeting targets.

Chinese company Sunny Yi Feng, which started operating in the country in 2019 after investing $120m, said it had suffered a loss of $1,3m in production due to power cuts.

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