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University of Cape Town
Investigating the effects of dollarization on economic growth in Zimbabwe (1990-2015) A Thesis presented to The Graduate School of Business University of Cape Town In partial fulfilment Town of the requirements for the Master of Commerce in Development Finance Degree Cape ofby NHONGERAI NEMARAMBA January 2018 Supervised by: DR. AILIE CHARTERIS University The copyright of this thesis vests in the author. No quotation from it or information derivedTown from it is to be published without full acknowledgement of the source. The thesis is to be used for private study or non- commercial research purposes Capeonly. of Published by the University of Cape Town (UCT) in terms of the non-exclusive license granted to UCT by the author. University PLAGIARISM DECLARATION Declaration 1. I know that plagiarism is wrong. Plagiarism is to use another’s work and pretend that it is one’s own. 2. I have used the American Psychological Association (APA) convention for citation and referencing. Each contribution to, and quotation in, this project from the work(s) of other people has been attributed, and has been cited and referenced. 3. This project is my own work. 4. I have not allowed, and will not allow, anyone to copy my work with the intention of passing it off as his or her own work. 5. I acknowledge that copying someone else’s assignment or essay, or part of it, is wrong, and declare that this is my own work. NHONGERAI NEMARAMBA i ABSTRACT This research presents a comprehensive analysis of Zimbabwe’s adoption of a basket of foreign currencies as legal tender and the resultant economic effects of this move. -
Ethnicity, Development and the Dynamics of Political Domination in Southern Matabeleland
IOSR Journal Of Humanities And Social Science (IOSR-JHSS) Volume 19, Issue 4, Ver. III (Apr. 2014), PP 137-149 e-ISSN: 2279-0837, p-ISSN: 2279-0845. www.iosrjournals.org Ethnicity, Development and the Dynamics of Political Domination in Southern Matabeleland Clifford Mabhena Institute of Development Studies- National University of Science and Technology-Bulawayo, Zimbabwe Abstract: This article argues that the hegemony of the Shona people in Zimbabwe has been largely influenced by ethnicity and the quest to dominate Matabeleland politically, socially and economically. Development marginalisation of Matabeleland region, I argue has been influenced by ethnicity and politics of revenge. The study used ethnography to collect data and hence in-depth interviews were used as data collection tools. The results of the study indicate that Matabeleland has been largely dominated by the Shona ethnic group, and arguments advanced by scholars for this dominance, it is argued, Ndebele dominated the Shona people in the 19th and 20th centuries. This was due to conquest by the marauding Ndebele warriors under the leadership of King Mzilikazi and latter on King Lobhengula. The ascendance of the Zimbabwe African National Union Patriotic Front (ZANUPF) in the 1980 independence elections opened the gates for the ascendancy of the Shona people as the party was pre-dominantly Shona speaking. The march to state house by the ZANUPF dominated party created a lot of tension between the two ethnic groups; Ndebele and Shona, and hence the lashing out of the fifth brigade in 1983 and 1984 in Matabeleland and Midlands provinces of the country. Key words: Hegemony, ethnicity, internal colonisation, marginalisation I. -
ZIMBABWE's UNORTHODOX DOLLARIZATION Erik Bostrom
SAE./No.85/September 2017 Studies in Applied Economics ZIMBABWE'S UNORTHODOX DOLLARIZATION Erik Bostrom Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise Zimbabwe’s Unorthodox Dollarization By Erik Bostrom Copyright 2017 by Erik Bostrom. This work may be reproduced provided that no fee is charged and the original source is properly cited. About the Series The Studies in Applied Economics series is under the general direction of Professor Steve H. Hanke, Co-Director of The Johns Hopkins Institute for Applied Economics, Global Health and the Study of Business Enterprise ([email protected]). The author is mainly a student at The Johns Hopkins University in Baltimore. Some of his work was performed as research assistant at the Institute. About the Author Erik Bostrom ([email protected]) is a student at The Johns Hopkins University in Baltimore, Maryland and is also a student in the BA/MA program at the Paul H. Nitze School of Advanced International Studies (SAIS) in Washington, D.C. Erik is a junior pursuing a Bachelor’s in International Studies and Economics and a Master’s in International Economics and Strategic Studies. He wrote this paper as an undergraduate researcher at the Institute for Applied Economics, Global Health, and the Study of Business Enterprise during Summer 2017. Erik will graduate in May 2019 from Johns Hopkins University and in May 2020 from SAIS. Abstract From 2007-2009 Zimbabwe underwent a hyperinflation that culminated in an annual inflation rate of 89.7 sextillion (10^21) percent. Consequently, the government abandoned the local Zimbabwean dollar and adopted a multi-currency system in which several foreign currencies were accepted as legal tender. -
All Africa Strategy Institutional Strategy Fact Sheet As at 30 June 2017
CORONATION ALL AFRICA STRATEGY INSTITUTIONAL STRATEGY FACT SHEET AS AT 30 JUNE 2017 LONG TERM OBJECTIVE GENERAL INFORMATION The Coronation All Africa Strategy aims to maximise the long-term risk-adjusted Inception Date 01 August 2008 returns available from investments on the continent through capital growth of the underlying stocks selected. It is a flexible portfolio primarily invested in listed Strategy Size $78.4 million African equities or stocks listed on developed and emerging market exchanges Strategy Status Open where a substantial part of their earnings are derived from the African continent. The exposure to South Africa is limited to 50%. The Strategy may hold cash and Target Outperform ICE LIBOR USD 3 Month interest bearing assets where appropriate. (US0003M Index) Redemption Terms An anti-dilution levy will be charged INVESTMENT APPROACH Base Currency USD Coronation is a long-term, valuation-driven investment house, focused on GROWTH OF US$100M INVESTMENT bottom-up stock picking. Our aim is to identify mispriced assets trading at discounts to their long-term business value (fair value) through extensive proprietary research. In calculating fair values, through our fundamental research, we focus on through-the-cycle normalised earnings and/or free cash flows using a long-term time horizon. The Portfolio is constructed on a clean- slate basis based on the relative risk-adjusted upside to fair value of each underlying security. The Portfolio is constructed with no reference to a benchmark. We do not equate risk with tracking error, or divergence from a benchmark, but rather with a permanent loss of capital. STRATEGY RETURNS GROSS OF FEES Period Strategy LIBOR Active Return Since inception cum. -
En En Motion for a Resolution
European Parliament 2014-2019 Plenary sitting B8-0200/2017 14.3.2017 MOTION FOR A RESOLUTION with request for inclusion in the agenda for a debate on cases of breaches of human rights, democracy and the rule of law pursuant to Rule 135 of the Rules of Procedure on Zimbabwe, case of Pastor Evan Mawarire (2017/2608(RSP)) Pavel Telička, Johannes Cornelis van Baalen, Petras Auštrevičius, Beatriz Becerra Basterrechea, Dita Charanzová, Marielle de Sarnez, Gérard Deprez, María Teresa Giménez Barbat, Nathalie Griesbeck, Marian Harkin, Ivan Jakovčić, Petr Ježek, Louis Michel, Javier Nart, Urmas Paet, Maite Pagazaurtundúa Ruiz, Carolina Punset, Jozo Radoš, Frédérique Ries, Marietje Schaake, Hannu Takkula, Ivo Vajgl, Hilde Vautmans, Paavo Väyrynen, Valentinas Mazuronis on behalf of the ALDE Group RE\P8_B(2017)0200_EN.docx PE598.553v01-00 EN United in diversityEN B8-0200/2017 European Parliament resolution on Zimbabwe, case of Pastor Evan Mawarire (2017/2608(RSP)) The European Parliament, - having regard to its previous resolutions on Zimbabwe, particularly that of 15 September 2016, - having regard to the Council decision concerning restrictive measures against Zimbabwe on 15 February 2016, - having regard to the joint statement of the European Union Delegation, the Heads of Mission of EU Member States present in Harare and the Head of Mission of Switzerland in Zimbabwe on 9 March 2017 on the abduction of Itai Dzamara, - having regard to the statement of the EU Delegation to Zimbabwe on the arrest of Evan Mawarire on 1 February 2017, - having regard to the Universal Declaration of Human Rights of December 1948, - having regard to the African Charter on Human and Peoples’ Rights of June 1981, which Zimbabwe has ratified, - having regard to the Mandate of the United Nations Working Group on Arbitrary Detention, - having regard to the Chapter 4 (Declaration of Rights) of the Constitution of Zimbabwe of 22 August 2013, - having regard to the Cotonou Agreement, - having regard to Rule 135 of procedure, A. -
Annual Report 2018
PROSPECT RESOURCES LIMITED / RESOURCES LIMITED / PROSPECT ANNUAL REPORT ANNUAL REPORT REPORT ANNUAL 2018 30 JUNE 2018 ACN 124 354 329 CORPORATECORPORATE DIRECTORYDIRECTORY DIRECTORS Hugh Warner Sam Hosack Harry Greaves Gerry Fahey Zed Rusike HeNian Chen SECRETARY Andrew Whitten PRINCIPAL OFFICE AUSTRALIA ZIMBABWE Suite 6, 245 Churchill Ave 169 Arcturus Road Subiaco, WA 6008 Greendale, Harare REGISTERED OFFICE Suite 6, 245 Churchill Ave Subiaco, WA 6008 Telephone: (08) 9217 3300 Email: [email protected] AUDITORS Stantons International Level 2 1 Walker Avenue West Perth WA 6005 SHARE REGISTRY Automic Pty Ltd Level 3 50 Holt Street Surry Hills, NSW 2010 Telephone: 1300 288 664 Investor Portal: https://investor.automic.com.au ASX CODE Shares – PSC LEGAL REPRESENTATIVES Whittens & McKeough Pty Limited Level 29, 201 Elizabeth Street Sydney, NSW 2000 PROSPECT RESOURCES LIMITED / ANNUAL REPORT 30 JUNE 2018 TABLE OF CONTENTS Corporate Directory IFC Chairman’s Statement 1 Review of Operations 3 Directors’ Report 9 Directors’ Declaration 20 Consolidated Statement of Profit or Loss and Other Comprehensive Income 21 Consolidated Statement of Financial Position 22 Consolidated Statement of Cash Flows 23 Consolidated Statement of Changes in Equity 24 Notes to and Forming Part of the Financial Statements 25 Auditor’s Independence Declaration 52 Independent Auditor’s Report 53 Australian Securities Exchange (ASX) Additional Information 57 I CHAIRMAN'S STATEMENT The Financial Year Ended 30 June 2018 has been an exciting one The drop in the share price of Prospect has not been lost on for Prospect Resources (ASX: PSC) (“Prospect”, the “Company”), our team. We would like to assure our shareholders that every as we transition from explorer to developer. -
Flag of Defiance – the International Use of the Rhodesian Flag Following Udi
FLAG OF DEFIANCE – THE INTERNATIONAL USE OF THE RHODESIAN FLAG FOLLOWING UDI BRUCE BERRY University of Pretoria ([email protected] ; +27 82 909 5829) Abstract The international response to Rhodesia’s Unilateral Declaration of Independence (UDI) was to proclaim the colony to be in a state of rebellion, the government in Salisbury to be illegal, and to request the United Nations to apply sanctions against the ‘rebel regime’. The ensuing political impasse resulted in the need to promote a more distinctive national identity and the symbols to reflect this newfound independence. The first, and most obvious, change came with the adoption of a new national flag on the third anniversary of UDI on 11 November 1968. As the most visible symbol of post-UDI Rhodesia, the international use and display of the new flag became the subject of demonstration and controversy. This paper shows how the green and white Rhodesian flag came to highlight Rhodesia’s contested statehood when flown outside the country during the UDI period. Rhodesia’s new flag became a symbol of the country’s defiance, and the emotion it evoked, and continues to evoke, causes controversy even to this day. Keywords: Rhodesia, symbols, flags 1 1. INTRODUCTION After years of fruitless negotiations on the issue of independence, at 11 a.m. on 11 November 1965 (the 11th hour of the 11th day of the 11th month) Rhodesian Prime Minister Ian Smith and his Cabinet signed a Proclamation of Independence from the British Parliament, whilst retaining loyalty to the person of the Monarch as the Queen of Rhodesia.1 The immediate response by the British Government to this Unilateral Declaration of Independence (UDI) was to proclaim Rhodesia to be in a state of rebellion, the Government in Salisbury to be illegal and to request the United Nations to apply sanctions against the ‘rebel regime’. -
Money Demand and Seignorage Maximization Before the End of the Zimbabwean Dollar
Money Demand and Seignorage Maximization before the End of the Zimbabwean Dollar Stephen Matteo Miller and Thandinkosi Ndhlela MERCATUS WORKING PAPER All studies in the Mercatus Working Paper series have followed a rigorous process of academic evaluation, including (except where otherwise noted) at least one double-blind peer review. Working Papers present an author’s provisional findings, which, upon further consideration and revision, are likely to be republished in an academic journal. The opinions expressed in Mercatus Working Papers are the authors’ and do not represent official positions of the Mercatus Center or George Mason University. Stephen Matteo Miller and Thandinkosi Ndhlela. “Money Demand and Seignorage Maximization before the End of the Zimbabwean Dollar.” Mercatus Working Paper, Mercatus Center at George Mason University, Arlington, VA, February 2019. Abstract Unlike most hyperinflations, during Zimbabwe’s recent hyperinflation, as in Revolutionary France, the currency ended before the regime. The empirical results here suggest that the Reserve Bank of Zimbabwe operated on the correct side of the inflation tax Laffer curve before abandoning the currency. Estimates of the seignorage- maximizing rate derive from a short-run structural vector autoregression framework using monthly parallel market exchange rate data computed from the ratio of prices from 1999 to 2008 for Old Mutual insurance company’s shares, which trade in London and Harare. Dynamic semi-elasticities generated from orthogonalized impulse response functions -
Zimbabwe Apr2001
ZIMBABWE ASSESSMENT April 2001 Country Information and Policy Unit CONTENTS I SCOPE OF DOCUMENT 1.1 - 1.5 II GEOGRAPHY 2.1 - 2.4 III HISTORY 3.1 - 3.40 Foundations of Zimbabwe 3.1 - 3.5 Matabeleland Insurgency 1983-87 3.6 - 3.8 Elections 1995 & 1996 3.9 - 3.10 Movement for Democratic Change 3.11 - 3.12 Constitutional Referendum, February 2000 3.13 - 3.14 Parliamentary Elections, June 2000 3.15 - 3.23 - Background 3.15 - 3.16 - Election Violence & Farm Occupations 3.17 - 3.18 - Election Results 3.19 - 3.23 Post-Election Violence & Intimidation 3.24 - 3.34 Bikita West By-election 3.35 - 3.36 Legal Challenges to Election Results 3.37 - 3.40 IV INSTRUMENTS OF THE STATE 4.1 - 4.20 Political System: 4.1 - 4.14 - Administrative Structure 4.1 - 4.3 - ZANU-PF 4.4 - Movement for Democratic Change 4.5 - 4.7 - ZANU-Ndonga 4.8 - Liberty Party/Liberty Party of Zimbabwe 4.9 - 4.11 - Other Minor Parties 4.12 - 4.14 Legal Framework & Judiciary 4.15 - 4.20 V HUMAN RIGHTS SITUATION HUMAN RIGHTS: INTRODUCTION 5.1 - 5.4 Introduction 5.1 - 5.2 Human Rights Organisations in Zimbabwe 5.3 - 5.4 HUMAN RIGHTS: SPECIFIC GROUPS 5.5 - 5.32 Women 5.5 - 5.10 Children 5.11 - 5.13 Ethnic Groups: 5.14 - 5.26 - Shona 5.14 - Ndebele 5.15 - 5.16 - Whites 5.17 - 5.23 - Asians 5.24 - Other Ethnic Minorities 5.25 - 5.26 Homosexuals 5.27 - 5.32 - Canaan Banana's trial 5.32 HUMAN RIGHTS: OTHER ISSUES 5.33 - 5.83 Freedom of Assembly & Political Association 5.33 Freedom of Speech & of the Press 5.34 - 5.49 Freedom of Religion 5.50 - 5.54 Witchcraft 5.55 - 5.57 Freedom of Travel 5.58 - 5.59 Military Service 5.60 - 5.65 Prison Conditions 5.66 - 5.69 Health Issues: 5.70 - 5.77 - General 5.70 - 5.72 - HIV/AIDS 5.73 - 5.77 Land Reform 5.78 - 5.83 ANNEX A: CHRONOLOGY ANNEX B: MAIN POLITICAL ORGANISATIONS ANNEX C: PROMINENT PEOPLE PAST & PRESENT ANNEX D: FULL ELECTION RESULTS JUNE 2000 (hard copy only) BIBLIOGRAPHY I. -
ZIMBABWE COUNTRY of ORIGIN INFORMATION (COI) REPORT COI Service
ZIMBABWE COUNTRY OF ORIGIN INFORMATION (COI) REPORT COI Service 25 March 2011 ZIMBABWE 25 MARCH 2011 Contents Preface Latest News EVENTS IN ZIMBABWE FROM 22 FEBRUARY 2011 TO 24 MARCH 2011 Useful news sources for further information REPORTS ON ZIMBABWE PUBLISHED OR ACCESSED BETWEEN 22 FEBRUARY 2011 AND 24 MARCH 2011 Paragraphs Background Information 1. GEOGRAPHY ............................................................................................................ 1.01 Public holidays ..................................................................................................... 1.06 Map ........................................................................................................................ 1.07 2. ECONOMY ................................................................................................................ 2.01 Remittances .......................................................................................................... 2.06 Sanctions .............................................................................................................. 2.08 3. HISTORY (19TH CENTURY TO 2008)............................................................................. 3.01 Matabeleland massacres 1983 - 87 ..................................................................... 3.03 Political events: late 1980s - 2007...................................................................... 3.06 Events in 2008 - 2010 ........................................................................................... 3.23 -
ZIMBABWE COUNTRY REPORT April 2004
ZIMBABWE COUNTRY REPORT April 2004 COUNTRY INFORMATION & POLICY UNIT IMMIGRATION & NATIONALITY DIRECTORATE HOME OFFICE, UNITED KINGDOM Zimbabwe April 2004 CONTENTS 1 Scope of the Document 1.1 –1.7 2 Geography 2.1 – 2.3 3 Economy 3.1 4 History 4.1 – 4.193 Independence 1980 4.1 - 4.5 Matabeleland Insurgency 1983-87 4.6 - 4.9 Elections 1995 & 1996 4.10 - 4.11 Movement for Democratic Change (MDC) 4.12 - 4.13 Parliamentary Elections, June 2000 4.14 - 4.23 - Background 4.14 - 4.16 - Election Violence & Farm Occupations 4.17 - 4.18 - Election Results 4.19 - 4.23 - Post-election Violence 2000 4.24 - 4.26 - By election results in 2000 4.27 - 4.28 - Marondera West 4.27 - Bikita West 4.28 - Legal challenges to election results in 2000 4.29 Incidents in 2001 4.30 - 4.58 - Bulawayo local elections, September 2001 4.46 - 4.50 - By elections in 2001 4.51 - 4.55 - Bindura 4.51 - Makoni West 4.52 - Chikomba 4.53 - Legal Challenges to election results in 2001 4.54 - 4.56 Incidents in 2002 4.57 - 4.66 - Presidential Election, March 2002 4.67 - 4.79 - Rural elections September 2002 4.80 - 4.86 - By election results in 2002 4.87 - 4.91 Incidents in 2003 4.92 – 4.108 - Mass Action 18-19 March 2003 4.109 – 4.120 - ZCTU strike 23-25 April 4.121 – 4.125 - MDC Mass Action 2-6 June 4.126 – 4.157 - Mayoral and Urban Council elections 30-31 August 4.158 – 4.176 - By elections in 2003 4.177 - 4.183 Incidents in 2004 4.184 – 4.191 By elections in 2004 4.192 – 4.193 5 State Structures 5.1 – 5.98 The Constitution 5.1 - 5.5 Political System: 5.6 - 5.21 - ZANU-PF 5.7 - -
Race, Identity, and Belonging in Early Zimbabwean Nationalism(S), 1957-1965
Race, Identity, and Belonging in Early Zimbabwean Nationalism(s), 1957-1965 Joshua Pritchard This thesis interrogates traditional understandings of race within Zimbabwean nationalism. It explores the interactions between socio-cultural identities and belonging in black African nationalist thinking and politics, and focuses on the formative decade between the emergence of mass African nationalist political parties in 1957 and the widespread adoption of an anti- white violent struggle in 1966. It reassesses the place of non-black individuals within African anti-settler movements. Using the chronological narrative provided by the experiences of marginal non-black supporters (including white, Asian, coloured, and Indian individuals), it argues that anti-colonial nationalist organisations during the pre-Liberation War period were heavily influenced by the competing racial theories and politics espoused by their elite leadership. It further argues that the imagined future Zimbabwean nations had a fluid and reflexive positioning of citizens based on racial identities that changed continuously. Finally, this thesis examines the construction of racial identities through the discourse used by black Zimbabweans and non-black migrants and citizens, and the relationships between these groups, to contend that race was an inexorable factor in determining belonging. Drawing upon archival sources created by non-black 'radical' participants and Zimbabwean nationalists, and oral interviews conducted during fieldwork in South Africa and Zimbabwe in 2015, the research is a revisionist approach to existing academic literature on Zimbabwean nationalism: in the words of Terence Ranger, it is not a nationalist history but a history of nationalism. It situates itself within multiple bodies of study, including conceptual nationalist and racial theory, the histories of marginal groups within African nationalist movements, and studies of citizenship and belonging.