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Victoria Falls to get a Dubai-linked gold exchange

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BY RAY NDLOVU

The Dubai Gold & Commodities Exchange (DGCX) and Zimbabwe’s Victoria Falls Stock Exchange (VFEX) signed a memorandum of understanding that may lead to the establishment of a gold market in the African country.

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Zimbabwe wants to open the exchange in a bid to create a reference market that will see miners offered competitive prices, said Justin Bgoni, chief executive officer of the VFEX.

“It is a holistic approach to the needs of gold miners,” Bgoni said in response to queries from Bloomberg. “They raise capital and we make it easy for them to sell.”

More than $1.5 billion of gold is smuggled out of Zimbabwe every year, much of it to Dubai, according to a report from research organisation International Crisis Group last year. An exchange could make it easier to sell the metal legally and locally.

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Other commodities may also be traded on the exchange, should it be established.

There is an “ultimate aim of establishing an international commodities exchange in Zimbabwe”, the exchanges said in a statement.

Zimbabwe is the second African country to seek an alliance with the DGCX. Earlier this year the Dubai-based exchange signed a memorandum of understanding with the Financial Markets Regulatory Authority in Sudan to boost gold trading between the two countries. – Bloomberg

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National

Zimbabwe export surge, diaspora inflows mask funding gaps in foreign affairs sector

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BY STAFF REPORTER 

Zimbabwe is seeing strong gains in export earnings and diaspora remittances, but lawmakers warn chronic underfunding is undermining the country’s diplomatic and economic ambitions.

Parliament heard that remittances reached about $1.8 billion by the third quarter of 2025, while exports rose sharply, helping cut the trade deficit. Lawmakers said the diaspora remains “a vital source of foreign exchange, directly contributing to the enhancement of the nation’s foreign reserves and overall economic stability.”  

However, MPs said financial constraints are weakening the institutions meant to sustain that growth. The Zimbabwe Foreign Services Institute received only a fraction of its budget, limiting recruitment and training.

“The staffing shortfall has inevitably affected operational efficiency and the institute’s ability to discharge its core mandate,” the committee report noted.  

Lawmakers warned that without consistent funding, gains in exports and diaspora engagement could stall, particularly as Zimbabwe pushes toward an export-led economy.

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Nkayi

Burial preparations underway for Nkayi well tragedy victims

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BY NOKUTHABA DLAMINI 

The Nkayi community is preparing to lay to rest the Grade 2 pupil and his neighbor who tragically died in a gas-filled well in Ward 19 last week.

According to Ward 19 Councillor Thubelihle Mabuza Ncube, the young Grade 2 boy is scheduled to be laid to rest today, while the other deceased individual will be buried tomorrow. The community is currently awaiting the arrival of the bodies from the Nkayi regional mortuary. The remains were recently delivered back to the regional mortuary following the completion of postmortem examinations in Bulawayo.

The double fatality occurred when the young student was reportedly lured into a neighbor’s well by an elder to retrieve a bucket in exchange for sweets. The child was quickly overcome by suspected carbon monoxide and a total lack of oxygen. A neighbor who entered the shaft in a desperate rescue attempt also perished after being overwhelmed by the toxic air.

Due to the hazardous conditions within the well, rescuers were unable to enter the shaft and had to use a makeshift wire tool to retrieve the bodies from the surface. Councillor Ncube previously expressed deep distress over the incident, noting that Nkayi is hurting deeply.

While the community mourns, legal proceedings are also in motion. The councillor has indicated that the accused in the matter has been charged by the police. This update follows a series of tragic events in the Nkayi district, including a recent fatal elephant attack in Ward 13.

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Binga

ZPCS reports 104 HIV-positive inmates across Matabeleland North prisons

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BY STAFF REPORTER

A total of 104 inmates are living with HIV across eight correctional facilities in Matabeleland North, according to data from the Zimbabwe Prisons and Correctional Services.

The figures, which were first reported by the Chronicle, were presented by ZPCS Assistant Principal Correctional Officer Godknows Ncube during a National Aids Council stakeholder meeting in Bulawayo.

Of the inmates recorded as positive, 98 are aged 25 and older, while six are under the age of 25. The affected facilities include Victoria Falls Prison, Hwange Prison, Ntabazinduna Satellite Prison, Anju Farm Prison, Tsholotsho Prison, Lupane Prison, and Binga Prison .

During the most recent quarter, 144 inmates underwent testing for HIV, resulting in one positive diagnosis .

While correctional facilities received 900 male condoms, officials reported that no female condoms were provided. Ncube noted the need to address this gender bias and ensure that female protectors are available for inmates.

The prison service is also facing challenges with medication adherence. Ncube emphasized that there is a high number of defaulters, particularly among younger inmates who were aware of their HIV status before entering the system.

He called for the integration of HIV services with other health programs and stressed the importance of strengthening monitoring and reporting within the prisons. Currently, some facilities in the region are not yet accredited to provide antiretroviral therapy services, highlighting a need for further staff training and equipment

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