Zimbabwe: a country on the edge
With rapidly rising inflation, a long-running foreign exchange crisis and now rolling power cuts, Zimbabwe’s primary income-producing sectors are under pressure
The glitter of Zimbabwe’s gold sector is dimming. A perfect storm of factors — not least of which is soaring inflation — is tipping the key industry downwards, taking with it the country’s prospects of production growth and an escape from a gripping foreign exchange shortage.
Gold is a significant contributor to Zimbabwe’s economy. The Chamber of Mines’ most recent "State of the Mining Industry" report, released in November, reveals that the sector generated 45% of the country’s mineral exports last year — up from 40% in 2017. In the course of the year it produced 33t of gold, worth more than $1bn.