Zimbawean companies face closure over severe power cuts

📆 21/07/2019 23:10:00
📰 BDliveSA

⏱ Reading Time:
28 sec. here
2 min. at publisher
📊 Quality Score:
News: 14%
Publisher: 63%

Nigeria News News

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.

Write Comment

marinavanzyl Matshela Energy is coming to their rescue, pretty soon, isn't it so koko_matshela ?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

In City Press Business: Moyo versus Manuel; Ngqura closure costs R1 billion; Limited power of rates
Source: City_Press - 🏆 7. / 72 Read more »