Zim firms target forex generation

ZIMBABWE’S struggling businesses are targeting to generate foreign currency in the second half of the year to preserve value and maintain market share, The Financial Gazette has learnt.
This comes as the country is experiencing an unprecedented economic meltdown that has seen inflation hitting a 10-year high of 176 percent in June, while over 5,5 million people need food aid due to drought, according to official figures.
In addition, a perilous power shortage has worsened the country’s foreign currency crisis as most companies are now battling to produce goods for export in the face of 18-hour load shedding.
Robert Kuipers, Unifreight Africa (Unifreight)’s chief executive, said the company was bracing for tough times ahead despite making decent progress in the past few months.