AB InBev says new tax has led to panic buying of beer in Zimbabwe
The controversial tax on money transfers has also disrupted fuel supplies and undermined business confidence
AB InBev’s Zimbabwe interest has said the government dithering over a controversial tax on money transfers has led to panic buying of beer and a disruption in fuel supplies, overshadowing a bumper six-month period of sales. Delta, which has the world’s biggest brewer as its largest shareholder, said business confidence has been undermined in the country by “conflicting statements from authorities”. The shortage of fuel has disrupted deliveries while a surge in demand has made the market unpredictable, it said in a results presentation on Wednesday. Zimbabwe’s finance minister Mthuli Ncube introduced the levy last month to help repair stretched state finances, only for President Emmerson Mnangagwa to announce a rethink after a wave of panic buying and a rise in basic-commodity prices. Foreign-exchange shortages and austerity measures have also hurt consumers yet to see signs of an economic revival after the ouster of Robert Mugabe a year ago. Delta’s performance in the six months to ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.