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There were reports last month that drastic production cuts due to poor planning in the energy sector had drained USD500 million from the mining industry in the past year.
Zimbabwe’s cash-strapped government could be losing USD 2 billion annually through hefty leakages at corruption-prone borders, which has triggered the retrenchment of 20, 000 workers, as companies struggle to cope with a glut of cheap imports, the Zimbabwe National Chamber of Commerce (ZNCC) warned authorities this week.
It is the latest of many submissions to the government recently, which have red-flagged shocking mismanagement at strategic pillars of the state, reducing what was once an African pride into a desperate economy buffeted by shortages and extreme poverty.
Authorities have blamed the crisis on targeted sanctions imposed by Western powers over two decades ago although evidence of the destructive force of poor governance is visible across markets.
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There were reports last month that drastic production cuts due to poor planning in the energy sector had drained USD 500 million from the mining industry in the past year.
