The AXIS CCIV (204)

IMF’s Staff Monitored Programme ExplainedMonetary Reset: ZiG-Kwacha ShowdownSchweppes to Dominate Cordials Kuvimba Rewrites Mines' Rules.....................................................................................................................................................................................................................................................................................................................................................................................................................Zim’s Biggest Constitutional TestCabinet Rewrites the Rules #Issue : CCIV

Cover PagePage 06Page 14Page 18In Focus04050608MarketsWorld News242526Markets Watch ZSE & VFEX WeeklyFinancial Markets At a Glance101112131415Tokenising the Future : Why FINSEC’s Licence Could Reshape Zimbabwe’s Capital Markets or Expose Its LimitsWealth Without Owners : What Zimbabwe’s Unclaimed Shares Say About the Past and the Market’s FutureBuilding Trust with the IMF : Staff Monitored Program ExplainedKuvimba Mining Units Reorganized : Platinum Investments Fuel ExpansionMthuli Again : Zimbabwe’s Presumptive Rental Tax and Yield CompressionZimbabwe’s Economic Upswing : IMF Programme Tests Reform ResolveEconomic News and AnalysisGovernance, Capital and Stability : Zimbabwe at a Constitutional CrossroadsNeighbours, Not Equals : Zambia’s Kwacha vs Zim’s ZiGZimbabwe's Lithium Triumph : Gateway to Global Energy TransitionDiamond Slump Drives Botswana : Proposes Raising Income TaxesBusiness Around the WorldPolitics Around the WorldRegional Economic Watch212227Theequityaxis.net @equity axis @equity axis zimbabwe @equity axis @equity axis @equity axis 08677 197 791 @ aaronc[at]equityaxis.netEQUITY AXISFinancial Insights at your FingertipsGuest Column 17 Forthcoming 2026 MPS : ExpectationsCapital Markets 1819Pfuma REIT Debuts Trade on VFEXSchweppes Holdings Africa Limited : Robust Growth Amid Strategic Expansions, Competitive PressuresThe AXiS CCIV Feb 2026ZSE ASI VFEZ ASI ZWG INTERBANK 30/0102/0203/0204/0205/0206/0230/0102/0203/0204/0205/0206/0230/0102/0203/0204/0205/0206/02 356.04 211.36 25.58351.38 203.42 25.62339.59 212.43 25.65351.43 208.91 25.67353.44 205.68 25.77360.71 207.33 25.591.31% -1.91% -0.04%ZSE TOP 10 MEDIUM CAP INDEX SMALL CAP INDEX 100.11100.11100.11100.11100.11100.110.00% 366.68 325.78360.51 328.53346.34 328.13362.36 319.34364.18 322.53372.71 323.8430/0102/0203/0204/0205/0206/021.64% 30/0102/0203/0204/0205/0206/02-0.60% 30/0102/0203/0204/0205/0206/02

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4 The AXiS CCIV Monday 10 Feb 2026 C*To Page 5imbabwe has once again entered a deci- sive political phase following its Cabi- net’s approval of proposals relating to presidential term extension and adjustments to electoral and appointment provisions. The move, which will proceed through constitutional processes, has already reshaped the national conversation. Markets, diplomats, investors and civil society are assessing what this signals for the country’s democratic trajectory and, more importantly for capital allocators, what it means for economic stability and long-term investment risk.To understand the economic implications, it is necessary to step back into Zimbabwe’s recent political history. Zimbabwe’s current Constitu- tion, adopted in 2013, was born out of the Gov- ernment of National Unity (GNU) period between 2009 and 2013. That arrangement followed a deeply contested 2008 election and brought together the ruling ZANU-PF and the opposition MDC formations in a power-sharing framework. The GNU period marked a rare phase of political cohabitation in Zimbabwe’s post-independence history. It also coincided with one of the most economically stabilising periods in the country’s recent memory.The drafting of the 2013 Constitution involved significant cross-party engagement. It was presented as a negotiated national compact designed to embed term limits, strengthen insti- tutional checks and balances, and restore inter- national confidence. The introduction of a two-term presidential limit was one of its defin- ing features, signalling a generational reset in governance architecture.Economically, the GNU era delivered tangible outcomes. Dollarisation stabilised hyperinfla- tion. GDP growth rebounded strongly. Investor confidence, while cautious, improved. The period saw renewed interest in mining, financial services and consumer sectors. The combina- tion of political détente and macroeconomic stability created a window of optimism that Zim- babwe could gradually re-anchor itself into global capital flows. The 2013 Constitution therefore became more than a legal document. The recent Cabinet approval of term-related amendments marks a structural shift in that gov- ernance narrative. The proposed adjustments, if enacted, would effectively reshape the political time horizon of leadership and electoral cycles. Organised opposition resistance appears likely to remain confined to legal channels. Broad-based civil resistance seems limited. The ruling party appears positioned to secure its desired outcome through parliamentary arith- metic and institutional control.In economic terms, constitutional recalibration alters investor perception along three dimen- sions: policy predictability, institutional durabili- ty, and regime risk.In the short term, foreign direct investment is likely to enter a monitoring phase. Portfolio flows may remain tactical rather than strategic. Investors typically price constitutional amend- ments that affect tenure and power concentration as governance risk events. This does not automatically trigger capital flight. It does intro- duce a period of capital hesitation.Historical precedent suggests this pattern. Zim- babwe’s 2017 political transition generated short-lived investor enthusiasm before policy inconsistency and currency instability damp- ened momentum. Markets reward clarity and continuity. They penalise uncertainty.The proposed changes extend leadership hori- zons. For domestic capital, this may be inter- preted as policy continuity. For external capital, it may be interpreted as institutional concentra- tion. The distinction matters.Geopolitics and the Changing Value of DemocracyGlobal geopolitics is undergoing recalibration. The United States’ “America First” orientation has narrowed the scope of ideological condi- tionality in foreign policy. Strategic competition with China has shifted priorities from democratic reform to resource access and supply chain resilience. The European Union faces its own internal economic and security challenges.In this environment, the enforcement of demo- cratic norms has softened in many frontier mar- kets. The value placed on constitutional ortho- doxy is being weighed against access to critical minerals, trade corridors and geopolitical align- ment.Africa stands at the centre of this new scramble. Copper, lithium, cobalt, platinum group metals and rare earths are essential to the global energy transition. Zimbabwe is resource-rich across several of these categories. Zambia is targeting 3 million tonnes of copper by 2031. The Democratic Republic of Congo dominates cobalt supply. Namibia and Botswana are recali- brating resource nationalism frameworks.The global appetite for minerals has elevated Africa’s bargaining power. Governance models are increasingly assessed through a transac- tional lens.China’s development model, characterised by centralised political control combined with aggressive infrastructure expansion and indus- trial planning, has gained appeal across parts of the Global South. It presents a pathway of rapid capital mobilisation without political fragmenta- tion. Several African countries have studied elements of this model.Zimbabwe’s potential constitutional shift sits within this broader global context. The emer- gence of longer leadership tenures and cen- tralised governance structures aligns with patterns observed in parts of Asia and Africa over the past decade.The Blended Governance PossibilityAfrica’s political evolution has rarely been binary. Governance models across the conti- nent often combine electoral frameworks with dominant party systems. Namibia has experi- enced decades of one-party dominance within a formal democratic structure. Rwanda has pursued a centralised development model with strong state direction. South Africa remains mul- tiparty but has long been dominated by a single political force.Zimbabwe may gradually move toward a blend- ed model which entail extended executive tenure within a constitutional framework that retains formal democratic processes. This hybrid approach may draw selectively from both Western institutional norms and Chinese state-led development architecture. For inves- tors, the core question is economic functionality.In the immediate term, foreign investors are likely to recalibrate exposure. Capital inflows into greenfield projects may slow. Due diligence thresholds may rise. Development finance insti- tutions may reassess risk weighting. Bilateral lending may become more structured and con- ditional.Zimbabwe’s experience between 2000 and 2008 demonstrated how political instability can isolate capital markets. The GNU period demonstrated how even partial political accom- modation can re-open financial channels. The post-2013 era showed that constitutional credi- bility alone does not guarantee macro stability; policy execution remains central.The next five years may therefore see moderat- ed foreign investment participation. However, global mineral demand may soften this restraint. Strategic investors in lithium, platinum and gold may proceed regardless of political recalibra- tion, provided contractual protections are enforceable.Domestic capital will likely remain active. Zim- babwe’s stock exchange performance in recent years has reflected local institutional resilience. Pension funds and insurance pools remain significant liquidity anchors. Domestic investors price political risk differently from foreign funds. Over the longer horizon, if extended tenure translates into policy continuity, infrastructure rollout and fiscal discipline, markets may gradu- ally reprice risk downward. Stability, even under a dominant party system, can attract investment if regulatory consistency is preserved.Zimbabwe’s economic history underscores the centrality of currency stability. Hyperinflation in 2008 eroded savings. Dollarisation restored predictability. The reintroduction of local curren- cy reintroduced volatility. Recent currency stabi- lisation efforts have shown partial success.Zimbabwe at a Constitutional CrossroadsGovernance, Capital & StabilityWZ

HThe AXiS CCIV Monday 10 Feb 2026 5B Political shifts interact with currency psychol- ogy. Investor confidence in exchange rate frameworks depends on institutional credibility. Constitutional adjustments that consolidate executive authority require parallel strengthen- ing of fiscal transparency and central bank inde- pendence to offset perceived governance con- centration.Absent this balance, currency risk premia could widen.The Mineral ImperativeThe scramble for precious metals and rare earths is reshaping capital allocation patterns. Mining Indaba discussions this week have underscored investor appetite for jurisdictions that provide clarity on royalties, retention thresh- olds and repatriation frameworks.Zimbabwe’s resource base positions it favour- ably in the global transition economy. Lithium, platinum, chrome and gold are strategically rele- vant. The ability to leverage these resources into value addition and downstream processing will define medium-term economic trajectory.Governance models matter insofar as they determine contract enforcement, policy durabili- ty and fiscal predictability. Investors in extractives prioritise geological certainty, regu- latory clarity and currency convertibility.Populism and the Global South TrajectoryThe rise of populism across Western democracies has diluted the moral authority of gover- nance prescriptions historically directed at Africa. Domestic political consolidation is increasingly assessed pragmatically rather than ideologically.China’s Belt and Road expansion demonstrated how infrastructure-led growth can transform economies without liberal multiparty systems. At the same time, Western institutional depth in financial markets and innovation ecosystems continues to exert influence.Africa may continue to draw from both spheres: centralised state coordination combined with selective market liberalisation.Zimbabwe’s current political adjustment may therefore not isolate it globally. It will reposition it within a spectrum of governance models that investors already navigate across emerging markets.Forecast and Strategic ConsiderationsFor the next 24 months, Zimbabwe is likely to experience cautious foreign capital engage- ment. Mining investments tied to global supply chains may proceed selectively. Portfolio inves- tors may demand higher return thresholds. Bilateral diplomatic engagement will remain shaped by resource access considerations.Domestic businesses should prepare for a period where international financing costs remain elevated. Local capital markets may carry increased importance. Governance transparency at corporate level will become more critical in offsetting sovereign risk perception.If extended tenure leads to administrative conti- nuity, infrastructure execution and disciplined macro management, markets may stabilise around a new equilibrium. If institutional checks weaken without economic gains, risk premia will widen. Zimbabwe’s constitutional recalibration is therefore an economic variable, not merely a political development. Zimbabwe stands at a structural inflection point. The 2013 Constitution represented a negotiated reset that coincided with economic stabilisation and renewed inves- tor interest. The proposed adjustments intro- duce a new governance trajectory within a rapidly evolving global order.Geopolitical competition for minerals, shifting Western foreign policy priorities and the appeal of centralised development models create a context in which governance recalibration does not automatically translate into economic isola- tion. Outcomes will depend on execution. For capital markets, the message is measured rather than alarmist. Short-term caution is likely. Medium-term repricing will depend on policy coherence, fiscal discipline and institutional transparency. Zimbabwe’s economic future will be shaped less by the formal structure of tenure and more by the credibility of economic man- agement within that structure. The next chapter will test whether political consolidation can coexist with financial stability and inclusive growth.*From Page 4espite being close neighbours with relatively similar economic activities and GDP levels, Zambia and Zimbabwe’s economic trends in early 2026 interestingly reveal a symbiotic relationship between exchange rate dynamics, banking sector health, and overall GDP growth. This follows the record exchange rate appreciation of the Kwacha against the US$, a similar trend in neighbouring Zimbabwe and South Africa. However, the stark comparison tends to be fairer if contrasted against Zimbabwe due to aforementioned similarities, than against a developed South Africa which is accustomed to these trajectories.While both Zimbabwe and Zambia rely heavily on their rich mineral endowments to drive their economies, the divergent management of their currencies has created two distinctive financial environments. Zambia has utilized a market-driven appreciation of the Kwacha to lower the cost of capital and stimulate its industrial expansion, whereas Zimbabwe has employed a policy-led stabilization of the Zimbabwe Gold (ZiG) to dismantle a speculative banking culture and restore the basic functionality of credit markets.In January 2026, Zimbabwe’s local unit, ZiG, appreciated by 1.6% against the US$ on the interbank market, followed by a stable sail in February so far. ZiG annual inflation has fallen to an unprecedented 1-digit, with negligible month-on-month movements. Nonetheless, borrowing cost has remained stagnant at a high of 35%, mitigating speculative borrowing while simultaneously discouraging capital intensive economic activities. This has seen a slow-down in overall demand in the economy and government led initiatives, particularly infrastructure development, along with liquidity constraints in most low-turnover-rate companies. Zimbabwe’s exchange rate dynamics have been defined by a transition from volatility to a tightly controlled equilibrium.The introduction of the ZiG in 2024 was a desperate attempt to move beyond the hyperinflationary cycles of the past, and by early 2026, the unit has found this tenuous stability around 25.5 per USD. Notwithstanding, this stabilization has had a positive effect on the Zimbabwean banking sector. Over the past few years, banks relied on revaluation gains, that is profit born purely from the depreciation of the local currency to maintain balance sheet health. On the income statement side of things, growth was also significantly anchored on commission income, which has seen Zimbabwe boasting of the highest cost of banking in the region. While this cost of banking has remained relatively high, especially due to transactional taxes as opposed to costs from the bank, our Zambia’s Kwacha vs Zim’s ZiGNeighbours, Not EqualsD*To Page 6

The AXiS CCIV Monday 10 Feb 2026 6 confidence barometer has reflected a notable improvement in the banking system, compared to prior years, due to the prolonged exchange stability and predictability. Additionally, the ZiG’s stabilization has also seen these superficial profits from revaluation lapsing, forcing banks to return to traditional intermediation.Currently, interest income has remained minimal across commercial banks in Zimbabwe due to high borrowing costs and restricted lending period due to currency uncertainties pending the lapse of NDS2 which will see the inception of a mono-currency post 2030. Notably, financial houses with a strong micro-finance arm have stood aggressive in the lending market. However, this does not replace the low loan books across large banks which have had to continually rely on non-interest income, particularly transaction fees or commissions. Nonetheless, while the Reserve Bank of Zimbabwe’s restrictive money supply keeps the cost of ZiG-denominated debt relatively high, the newfound predictability has allowed for a rebound in GDP, particularly in manufacturing and agriculture, where businesses can finally engage in long-term pricing and planning.Meanwhile, across the borders, Zambia’s current economic renaissance is anchored by the sustained strength of the Kwacha, which reached its almost multi-year strongest level of K18.4 per USD. This came as a direct reflection of restored international credibility following a landmark $6.3 billion debt restructuring and a surging copper sector, where production has expanded alongside record global prices. Unlike in Zimbabwe, this exchange rate performance and related fundamentals have had a positive transformative impact on the banking sector. As the currency stabilized and inflation retreated toward a single-digit target of 8%, the Bank of Zambia was able to shift from aggressive monetary tightening. Consequently, nominal lending rates, which once hovered near 30%, still lower than Zimbabwe’s, have descended to around 14.25%. Notably, the Central Bank hinted on further review of the monetary policy on the 11th of February 2026. Nonetheless, the prevailing borrowing costs have significantly increased liquidity since November 2025, allowing commercial banks to shift their focus from high-yield government securities toward private sector lending. This shift is a primary driver of Zambia’s projected 6.2% real GDP growth, as local firms can now finance the capital expenditures necessary to integrate into the global Green Mineral supply chain without the burden of prohibitive interest rates.The diversity in these two countries is most visible in the availability and cost of credit. Zambia’s banking sector benefits from an open financial system as the country’s successful debt resolution and IMF engagement have allowed banks to access international refinancing, lowering the overall cost of capital. This has driven deep economic development, particularly in the Copperbelt, where lending for mining equipment and infrastructure is at a ten-year high. Zimbabwe, however, remains constrained by an unpaid significant debt overhang and a lack or rather sluggish international re-engagement. The banking liquidity in Zimbabwe is largely internal, making credit more expensive and scarce. While the stabilization of the ZiG has ended the era of speculative \"burning\" of money, the high cost of borrowing remains a ceiling on the nation's GDP potential. Economic development in Zimbabwe is thus more localized and reliant on high-turnover sectors like retail and small-scale mining, whereas Zambia is seeing broader, more capital-intensive industrialization.Linking these exchange rate movements to broader GDP health reveals a fundamental truth that, a currency’s value is the \"interest rate\" of the nation’s credibility. In Zambia, appreciation has created a growth dividend by easing the burden of USD-denominated debt and attracting foreign direct investment (FDI), which in turn further stabilizes the Kwacha. In Zimbabwe, the stability of the ZiG has acted as a \"reset button,\" ending hyperinflation and forcing the economy to re-base itself on actual productivity rather than currency manipulation. Although Zimbabwe’s nominal GDP remains larger, Zambia’s growth is increasingly seen as more sustainable because it is supported by a banking sector that can lend into a stable, market-recognized currency.To sum it up, the Southern African experience proves that exchange rate stability is the prerequisite for financial depth. Zambia has moved into a phase of \"expansionary stability,\" where the currency supports lower lending rates and higher investment. Zimbabwe has entered a phase of \"corrective stability,\" where the currency is being used to fix broken institutions and restore trust. For both nations, the path to long-term prosperity depends on maintaining this hard-won monetary discipline. While Zambia represents the success of market-led reform, Zimbabwe demonstrates the sheer effort required to rebuild a financial system from the ashes of hyperinflation. In both cases, the exchange rate remains the most critical variable in determining whether mineral wealth translates into genuine, broad-based economic development.*From Page 5Source : British Geological Survey, Energy insti- tute, USGSimbabwe's lithium sector achieved a remarkable milestone in fiscal year 2025, with lithium sales reaching 1,522,893.93 metric tonnes and generating US$571.6 million in revenue. This performance surpassed the government's volume target of approximately 1,145,033 metric tonnes by 33% and exceeded the revenue target of around US$519.6 million by 10%, highlighting the effectiveness of strategic policies aimed at boosting exports despite global price volatility. The surge in sales volumes reflects Zimbabwe's growing role as Africa's top lithium producer, driven primarily by exports of spodumene concentrate, which contributed significantly to national export earnings and supported economic goals under Vision 2030. However, this success also shows the sector's vulnerability to fluctuating international demand and prices, prompting ongoing policy adjustments to enhance value addition and sustainability.Zimbabwe holds immense potential to triple its lithium sector performance in the coming years, building on the strong 2025 milestone of 1,522,893.93 metric tonnes in sales and US$571.6 million in revenue, which already exceeded government targets. With ongoing investments in processing facilities and global demand for lithium-ion batteries projected to surge, the country could significantly scale output and value capture through enhanced beneficiation. However, the current tax structures remain unfriendly to sustained growth, imposing high royalties (increased to 5%), additional levies (such as the proposed or implemented 3% on gross sales for certain minerals including lithium), and export taxes (10% on un-beneficiated ore and 5% on concentrates), which strain profitability amid volatile prices. In 2024 and 2025, bearish lithium prices driven by global oversupplyGateway to Global Energy TransitionZimbabwe's Lithium Triumph 470 1060 1000 1000 900 900 1000 8001600 1200 417 710 1030 14900 220000500010000150002000025000201020112012201320142015201620172018201920202021202220232024Lithium production in tonnesZ*To Page 7

The AXiS CCIV Monday 10 Feb 2026 7*From Page 6 prompted several companies, including Bikita Minerals (operated by Sinomine Resource Group), to drastically cut production, shut down plants (the DMS petalite facility in October 2024), lay off workers, and postpone or scale back projects and expansions due to compounded pressures from weak markets, poor infrastructure, and currency volatility. Under such circumstances, a tiered tax structure must be implemented: raise taxes when prices are high to capture windfall gains for the state, but reduce them (lower royalties or suspend levies temporarily) when prices are low to ensure miners' survival and prevent further layoffs or shutdowns. Additionally, strong incentives should be introduced for companies advancing beneficiation, such as reduced corporate tax rates or rebates for those investing in higher-value processing like lithium sulphate production. Import duty rebates or exemptions on value-adding machinery and equipment would accelerate plant setups, while companies achieving specific milestones such as reaching targeted processing capacities or local employment thresholds should receive performance-based awards, grants, or tax credits to encourage faster value addition, job creation, and sustainable growth aligned with Vision 2030.Production trends in Zimbabwe's lithium sector have shown dramatic growth over the past decade, evolving from modest outputs to substantial volumes that position the country as a key global supplier. In 2015, lithium production stood at 900 tonnes, primarily from petalite and limited operations at sites like Bikita Minerals. By 2018, output peaked at approximately 1600 tonnes amid increased exploration, but dipped in subsequent years due to market challenges, with 2020 recording about 800 tonnes of contained lithium. The sector rebounded sharply starting in 2021, reaching 710 tonnes, followed by 1030 tonnes in 2022, 14900 tonnes in 2023, and 22,000 tonnes in 2024, according to data from Statbase and USGS reports. This upward trajectory continued into 2025, with full-year spodumene concentrate exports climbing to over 1.5 million tonnes, an 11% increase from 2024's 1.014 million tonnes. These real numbers illustrate a compound annual growth rate exceeding 40% in recent years, fuelled by foreign investments and government initiatives, though discrepancies in metrics (contained lithium versus concentrate) highlight the need for standardized reporting.Major players in Zimbabwe's lithium sector, predominantly Chinese firms, have expanded capacities to meet rising demand, with investments totaLling over US$1.4 billion since 2021. Zhejiang Huayou Cobalt, after acquiring the Arcadia mine for US$422 million in 2022, operates a 450,000 tonnes per annum (tpa) concentrate plant and completed a US$400 million lithium sulphate facility with over 50,000-60,000 tpa capacity, set to commence production in early 2026. The company exported 400,000 tonnes of concentrate in 2024. Sinomine Resource Group, which bought Bikita Minerals for US$180 million, boasts 300,000 tpa spodumene and 480,000 tpa petalite capacities, with plans for a US$500 million sulphate plant. Other key operators include Chengxin Lithium Group with a 51% stake in the Sabi Star Project, Yahua Group's US$130 million Kamativi investment, and Tsingshan Holdings focusing on concentrate production. Local entities like Kuvimba Mining House's Sandawana Project target high-grade operations with an estimated 5,400 tonnes annual output by 2026, while Premier African Minerals' Zulu Lithium aims for a 50,000 tpa pilot plant. Additionally, the Mowana Mine in Mashonaland West is projected to produce 7,000 tonnes annually by 2026, contributing to a national sulphate capacity target of 50,000 tpa by 2027. This landscape, while accelerating output, raises concerns over foreign dominance and limited local beneficiation.Policies shaping Zimbabwe's lithium sector emphasize beneficiation to retain more economic value, with taxation structures designed to incentivize processing, but a more conscious analysis reveals both strengths and significant drawbacks. The 2022 Base Minerals Export Control Order banned raw lithium ore exports, requiring at least concentrate-level processing, and a planned 2027 ban on concentrate exports aims to push toward higher-value products like lithium sulphate. Export taxes stand at 10% on un-beneficiated lithium ore (based on potential sulphate value), 5% on concentrates, and 0% on sulphate, as outlined in the 2026 National Budget. Royalties on lithium were increased from 2% to 5%, with a proposed levy hike from 1% to 3% on gross sales in the 2026 budget. Value-added tax (VAT) applies at 10% on ore exports and 5% on concentrates, though miners have sought a moratorium until 2026 to fund plant constructions amid infrastructure delays. On the positive side, these measures have driven investments in processing facilities, potentially boosting GDP by 9.5% under beneficiation scenarios and aligning with Vision 2030's inclusive growth goals. However, policy inconsistencies and high taxations have led to production cuts at Bikita in 2024 due to poor infrastructure and currency volatility, fostering smuggling and corruption. The Chinese monopoly exacerbates environmental and social issues, including community displacements and inadequate compensation, as seen in lithium-induced evictions without proper participation or benefits flowing to locals. Skills shortages and low investor confidence further hinder implementation, prompting a shift to case-by-case assessments that risks undermining the policy's intent. These policies are influenced by global trends, including environmental regulations and trade restrictions, which affect export markets.China's BYD entry into Zimbabwe marks a strategic expansion linking the country's lithium resources to the electric vehicle (EV) value chain. In 2025, BYD Auto Zimbabwe launched operations in partnership with local firms like Tsapo Group, introducing models such as the Shark 6 hybrid pickup and Dolphin EV, with plans for local assembly starting mid-2025. This move, supported by government \"Look East\" policies, reflects deepening Sino-Zimbabwean ties and aims to foster clean energy adoption, including the rollout of public EV charging networks in collaboration with ZUVA and the Electric Vehicle Centre Africa. While not directly involved in lithium mining, BYD's presence shows Zimbabwe's potential as a supplier for China's EV industry, which secured African lithium mines to ensure feedstock through 2032, potentially boosting local demand for processed lithium products.Global lithium trends reveal Africa's rapid ascent, with the continent adding more new supply in 2025 than the rest of the world combined, led by Zimbabwe and emerging projects in Rwanda, Ivory Coast, and Ghana. In Rwanda, lithium mining trends are gaining momentum, with a major discovery in the Southern Province by Aterian Plc and Rio Tinto's HCK joint venture yielding high-grade intercepts of 2.11% Li2O over 6.9 meters, including 3.20% over 3.45 meters, positioning the country for potential world-class production. Rwanda's mining sector, contributing 3% to GDP and employing 72,000 workers, is expanding through government initiatives like the 2024 Mining Law and 2025 investment pitchbook, which opened ten mineral blocks for lithium exploration. Plans for a lithium refinery aim to establish Rwanda as a regional value-addition hub, complementing existing tin, gold, and tantalum facilities, amid ongoing explorations by firms like Trinity Metals. Worldwide, lithium production grew 18% to 240,000 tonnes in 2024, dominated by Australia, Chile, and China, while prices rebounded 56% to US$16,882 per tonne by late 2025 after lows. Demand surged 29% to 1.59 TWh for lithium-ion batteries, with EVs claiming 65% and battery energy storage systems growing 25%.Supply projections for 2026 indicate 1.63 million tonnes LCE, with surpluses narrowing to 109,000 tonnes, potentially shifting to deficits of 22,000-80,000 tonnes amid 13.5-30% demand growth. By 2040, demand could quintuple, expanding the market to US$155.7 billion by 2035 at a 19.23% CAGR. Policies worldwide prioritize security. The US Inflation Reduction Act offers tax credits for domestic or FTA-sourced processing; the EU's Critical Raw Materials Act accelerates permitting and recycling; China's 2025 export restrictions on lithium tech heighten tensions; and over 35 countries designate lithium as critical, fostering diversification partnerships.To enhance Zimbabwe's lithium performance, adopting successful policies from other countries could address challenges like infrastructure gaps, skills shortages, and overreliance on raw exports, while ensuring more equitable outcomes. Australia provides incentives for exploration through tax credits and grants, achieving low-cost production via advanced infrastructure and sustainable practices. Chile's National Lithium Strategy involves state partnerships with foreign firms, offering subsidies for technology transfer and training to promote local value chains, though with higher effective tax burdens around 44.7%. Argentina's RIGI regime grants tax and customs exemptions, accelerated amortization, and long-term stability for large investments, attracting projects like Rio Tinto's US$2.5 billion Rincon mine. Canada's Critical Minerals Strategy unlocks grants, faster permitting, and tax incentives for low-impact extraction and recycling. Zimbabwe could reduce royalties from 5% during early project phases, introduce exploration grants, offer tax cuts for beneficiation investments, and establish incentives for skills development and ESG compliance, potentially adding 14% to GDP through optimized value retention and job creation while aligning with global clean energy demands and mitigating social displacements.

Proposes Raising Income TaxesDiamond Slump Triggers Botswanaotswana is preparing to raise corporate and personal income taxes in bid to stabilise public finances as a prolonged slump in diamond revenues exposes the vulnerabilities of one of Africa’s most mineral-dependent economies.The Ministry of Finance has proposed increasing the corporate tax rate by 2.5 percentage points to 24.5%, while the top marginal personal income tax rate would rise to 27.5%. The proposals come as newly released budget figures forecast a deficit equivalent to 8.9% of gross domestic product (GDP), more than double the 4% ceiling set under Botswana’s fiscal rules. The widening shortfall reflects a sharp drop in mineral income, historically the backbone of the country’s revenue model.Presenting the budget, Finance Minister Ndaba Gaolathe framed the tax measures as a collective national responsibility rather than a punitive intervention. He argued that adequate revenue is essential for maintaining public services and sustaining development, stressing that taxation should be viewed as an investment in shared prosperity. However, behind the policy shift lies a deeper structural challenge confronting Botswana: the transformation of the global diamond industry itself.Diamonds are the cornerstone of Botswana's economy, serving as its primary engine for development, revenue, and economic growth. Through Debswana, its 50-50 joint venture with De Beers, the country rose to become the world’s largest producer of diamonds by value. At their peak, unpolished stones accounted for roughly a third of government revenue and supplied the bulk of foreign-currency earnings. Diamond proceeds financed infrastructure, healthcare, education and sovereign savings, helping Botswana cultivate a reputation for fiscal prudence and political stability.However, that model began to come under sustained pressure in 2023 as global diamond demand weakened. A central driver of the slump has been the rapid rise of lab-grown diamonds. Produced using advanced technological processes that replicate the physical, chemical and optical properties of natural stones, synthetic diamonds are now widely available at significantly lower prices, often 60% to 80% cheaper than mined equivalents. They are virtually indistinguishable from natural diamonds without specialised equipment, and younger consumers in key markets such as the United States have increasingly embraced them as affordable and ethically appealing alternatives.The shift has been profound , retailers have expanded shelf space for synthetic stones, while price competition has eroded margins across the natural diamond value chain. At the same time, global economic headwinds have compounded the problem. Slower growth in China, tighter monetary conditions in advanced economies, and cautious consumer spending have dampened demand for luxury goods. Inventory overhangs built up during the post-pandemic rebound have further weighed on prices, as wholesalers and retailers work through excess stock.Debswana has scaled back production and tightened costs in response to softer sales. Chief Executive Officer Andrew Maatla Motsomi has indicated that market conditions are expected to remain tight through 2026, with only a possible improvement emerging in the latter half of 2027. The prolonged nature of the downturn suggests that the country may not be facing a brief cyclical dip but rather a structural recalibration of the global diamond market.Mineral revenue is projected to contribute just 16% of total budget revenue in the coming fiscal year, a marked decline from historical averages. In contrast, non-mineral income tax and value-added tax are expected to account for approximately 45% of revenue, underscoring the government’s pivot toward domestic taxation. The projected 8.9% deficit highlights the scale of the revenue shock and places pressure on policymakers to act decisively to preserve Botswana’s long-standing fiscal credibility.The tax increases reflect an effort to broaden and stabilise revenue sources rather than rely excessively on sovereign reserves or debt. Botswana has traditionally adhered to conservative fiscal management, guided by clear rules designed to prevent excessive deficits during downturns. Allowing the deficit to widen unchecked could undermine investor confidence and strain the country’s credit profile. Raising corporate taxes also carries risks, particularly at a time when the government is seeking to diversify the economy and attract investment into non-mining sectors.The current diamond downturn differs from previous cycles because of the technological disruption posed by lab-grown stones. Unlike recessions that temporarily suppress demand, synthetic diamond production capacity continues to expand and production costs are declining. This introduces sustained competitive pressure that could permanently alter pricing dynamics in the natural diamond segment. If this proves to be a long-term structural shift, Botswana’s reliance on diamond royalties and dividends may become increasingly untenable.The tax proposals therefore signal more than a short-term fiscal adjustment; they reflect the beginning of a broader economic transition. For years, Botswana has spoken of diversifying into tourism, financial services, renewable energy and knowledge-based industries. The erosion of diamond dominance may accelerate those ambitions, though diversification requires time, investment and sustained policy reform.BThe AXiS CCIV Monday 10 Feb 2026 8

& Analysis10 The AXiS CCIV Monday 10 Feb 202630/0102/0203/0204/0205/0206/02Why FINSEC’s Licence Could Reshape Zim’s Capital Markets or Expose Its Limitshe approval granted to the Financial Securities Exchange (FINSEC) to operate Zimbabwe’s first asset tokenisation market under the Securities and Exchange Commission’s regulatory sandbox is more than a regulatory milestone. It is a signal that Zimbabwe’s financial system is tentatively stepping into the architecture of tomorrow’s capital markets which is digital, fractional, borderless and increasingly programmable. Whether this step becomes a genuine leap forward or a symbolic experiment will depend on execution, trust and the broader economic ecosystem in which tokenisation is being introduced.*Source: changelly.comAt its core, asset tokenisation is about re-engineering ownership. It involves converting rights or economic interests in real-world assets such as property, commodities, infrastructure, or even receivables into digital tokens recorded on secure digital market infrastructure. Each token represents a verifiable claim on an underlying asset, governed by law and regulation. This is fundamentally different from cryptocurrencies, which derive value primarily from network consensus and speculation. Tokenised assets, when done properly, are anchored in tangible value.The promise is compelling. Traditional capital markets are built around large ticket sizes, slow settlement cycles and intermediaries that add cost and friction. Many productive assets especially property are illiquid, expensive to access, and effectively off-limits to ordinary investors. Tokenisation breaks these assets into smaller, tradable units, enabling fractional ownership. A commercial building no longer needs a single buyer with millions; it can be owned by thousands of investors holding digital fractions, traded seamlessly on a regulated platform.For Zimbabwe, this matters deeply. The country has long struggled with shallow capital markets, limited investment products, and a persistent trust deficit in financial institutions. Property has remained one of the most popular stores of value, yet it is notoriously illiquid and inaccessible to younger and diaspora investors. By starting with property assets, FINSEC is targeting an area where demand already exists but participation has been constrained.If implemented effectively, tokenisation could unlock dormant capital. Diaspora investors, who often face barriers when investing back home, could gain regulated, transparent exposure to Zimbabwean assets without the complexity of direct ownership. Local investors could diversify portfolios previously limited to equities or informal investments. Developers could access alternative funding channels without relying exclusively on bank credit.Internationally, the concept is no longer theoretical. In Switzerland, platforms such as SIX Digital Exchange have tokenised bonds and equities within a regulated environment, achieving faster settlement and lower post-trade costs. In Singapore, the Monetary Authority of Singapore has supported tokenised funds and bonds under Project Guardian, bringing global banks and asset managers into live pilots. Dubai has seen real estate tokenisation projects that allow fractional ownership of high-value property, opening a market previously reserved for institutional or ultra-high-net-worth investors.Closer to home, regional examples offer both inspiration and caution. In South Africa, companies like RealT and other property-linked token platforms have experimented with fractional property ownership, although regulatory clarity remains uneven. Nigeria has seen tokenisation pilots linked to commodities and real estate, but weak investor protection and enforcement gaps have limited scale. Mauritius, by contrast, has emerged as a more successful African example, leveraging strong regulation to support tokenised securities and digital asset exchanges with international participation.These experiences underline a critical truth and what’s clear is that technology alone does not create markets. Regulation, custody, legal enforceability, valuation standards, and investor education matter just as much. FINSEC’s advantage lies in being licensed, supervised, and embedded within existing capital market structures. The regulatory sandbox framework allows innovation without abandoning oversight which I believe is a balance that many jurisdictions struggle to achieve.Still, the risks are real. Tokenisation can easily become a buzzword if underlying assets are poorly structured or governance is weak. Fractional ownership does not eliminate market risk but it simply redistributes it. If property valuations are opaque, rental yields inconsistent, or legal rights unclear, digital tokens merely digitise old problems. Liquidity, often touted as a benefit, only exists if there is active secondary market participation. Without sufficient buyers and sellers, tokenised assets may remain just as illiquid as their traditional counterparts.There is also the question of trust. Zimbabwe’s financial history has left investors wary of new instruments, particularly those wrapped in technical language. Education will be critical. Investors must understand what rights a token confers, how returns are generated, how disputes are resolved, and what happens in the event of platform failure. Transparency will determine whether tokenisation is seen as credible innovation or financial alchemy.Looking forward, the real power of tokenisation lies not only in digitising existing assets, but in enabling new financial models. Smart contracts can automate dividend distributions, rental income or corporate actions. Settlement can move from days to minutes. Assets can become interoperable across platforms and borders. Over time, tokenised infrastructure could integrate with regional and global digital markets, positioning Zimbabwe not just as a participant, but as a niche innovator.FINSEC’s approval marks the opening of a door, not the destination. Whether Zimbabwe’s first asset tokenisation market becomes a catalyst for broader capital market reform or a contained sandbox experiment will depend on how boldly and carefully that door is walked through. If done right, tokenisation could transform how value is created, owned, and exchanged in Zimbabwe. If done poorly, it risks becoming an expensive digital layer over structural market weaknesses.The future, as always, will be decided not by technology, but by trust, discipline, and execution.Tokenising the FutureT

What Zim’s Unclaimed Shares Say About the Past and the Market’s Futurenclaimed shares are securities that remain dormant for a prescribed period after their owners fail to exercise any ownership rights such as trading, updating personal details, or claiming dividends. In Zimbabwe, once such inactivity lapses beyond regulatory thresholds, stockbrokers are required to surrender these securities to the Investor Protection Fund (IPF) and more recently, to the Securities and Exchange Commission of Zimbabwe (SecZim), which resumed administration in July 2025. These assets do not cease to exist. Rather, they are held in custodianship pending possible reclamation by rightful owners. As of the end of FY25, the Chengetedzai Depository Company (CDC) was holding unclaimed share certificates valued at ZiG91,3 million and US$3,9 million. I view this figure as both striking and revealing about Zimbabwe’s capital market history, investor behaviour and institutional memory.The persistence of high levels of unclaimed shares cannot be fully understood without revisiting Zimbabwe’s hyperinflationary era. During that period, the stock market was less a platform for long-term investment and more a survival mechanism. Individuals, corporates, and informal traders rushed into equities not out of confidence in corporate fundamentals, but as a hedge against a rapidly collapsing currency. Shares became stores of value, speculative instruments, and inflation shields. Many participants were not “investors” in the traditional sense but were economic refugees responding rationally to extreme monetary instability. When stability later returned in fragmented and uneven forms, many of these market participants exited physically or psychologically, losing track of their holdings amid currency changes, broker closures, migration, and institutional restructuring.Dematerialisation of Zimbabwe’s capital markets, while a progressive reform, unintentionally entrenched this problem. The shift from physical share certificates to electronic records improved efficiency, reduced fraud and aligned the market with global standards. However, it also severed the tangible connection many retail holders once had with their investments. In an economy where trust in institutions has historically been fragile, the disappearance of “paper proof” made it easier for investors especially small, once-off participants to forget, disengage, or assume their holdings had been wiped out, much like bank balances during past c u r r e n c y reforms.What is remarkable, and p e r h a p s nderappreciated, is that these share balances were preserved at all. Unlike cash deposits that were eroded or extinguished t h r o u g h redenomination, dollarisation and policy shifts, equities even tiny ones survived within the capital market infrastructure. This points to a quiet resilience within Zimbabwe’s market plumbing. Institutions like CDC, stockbrokers, and regulators maintained continuity of ownership records across political transitions, monetary resets and economic shocks. In a country where financial memory has often been violently erased, the survival of these unclaimed shares is itself a form of institutional success.Yet the future of these balances raises complex questions. From a regulatory standpoint, holding growing pools of dormant assets indefinitely is not a neutral act. Administrative costs accumulate, governance risks emerge and the opportunity cost of idle capital grows. At some point, policymakers will need to decide whether unclaimed shares remain perpetually reclaimable, are eventually absorbed into market stabilisation mechanisms or are redirected toward developmental or investor protection initiatives. Each option carries legal, ethical, and reputational implications, particularly in a jurisdiction still rebuilding trust between citizens and financial authorities.From a behavioural perspective, it is reasonable to assume that many original holders may never return. Some positions are genuinely negligible in value, diluted by corporate actions, inflation or currency transitions. Others belong to deceased individuals whose estates were never wound up formally. A significant portion likely belongs to diaspora Zimbabweans who disengaged from local financial systems entirely. For these groups, the psychological cost of reclaiming shares navigating bureaucracy, proving identity, re-establishing broker relationships may outweigh the perceived benefit. In that sense, unclaimed shares represent not just forgotten assets but unresolved relationships between citizens and the formal economy.Looking ahead, technology may reshape this landscape. Enhanced data analytics, national digital identity systems and regional financial integration could make it easier to trace beneficial owners and proactively reconnect them with their assets. Mobile platforms, simplified claims processes and targeted investor education could convert dormant holders into active participants, breathing life back into long-idle capital. If executed transparently, such initiatives could also serve as confidence-building measures, signalling that the market safeguards ownership across time and turmoil.Ultimately, Zimbabwe’s unclaimed shares sit at the intersection of history and possibility. They are relics of crisis-era improvisation, preserved by institutional endurance and now confronting a future that demands clarity of purpose. Whether they remain silent balances on a ledger or are reactivated as instruments of inclusion and trust will depend on regulatory vision, technological adaptation and a willingness to confront the unresolved legacies of the past. In that choice lies a broader question about the kind of capital market Zimbabwe wants to build. One that merely records survival or one that actively reconnects people to value they once fought hard to protect!Wealth Without OwnersU11 The AXiS CCIV Monday 10 Feb 2026

12 The AXiS CCIV Monday 10 Feb 2026Staff Monitored Program Explainedhen the International Monetary Fund announced in February 2026 that it had reached a staff level agreement with Zimbabwe on a new Staff Monitored Program, the reaction was subdued. There was no immediate financing, no board approval, and no dramatic policy headline. Still, the announcement marked a meaningful shift in Zimbabwe’s relationship with the Fund and with the wider international financial community. The agreement was less about money and more about credibility, something Zimbabwe has struggled to rebuild for many years. This agreement is to be monitored under a 10-month Staff-Monitored Program(SMP) which has a sole purpose of improving stability and improving macroeconomic management. Understanding why this matters requires looking back to the IMF’s previous visit in November 2025. At that time, the Fund acknowledged that Zimbabwe’s economic rebound was stronger than anticipated. Agriculture had recovered, mining performed well, and inflation eased significantly as exchange rate stability took hold. Despite these improvements, the IMF’s message remained cautious. Fiscal discipline needed strengthening, the 2026 budget had to be more tightly aligned with revenues, and unresolved policy gaps prevented progress toward a formal Staff Monitored Program. Zimbabwe was seen as improving, though not yet convincing.The February 2026 announcement signals that this assessment has changed. Moving from readiness to resume discussions to reaching a staff level agreement suggests that the authorities took concrete steps to address earlier concerns. The shift in tone reflects progress not only in outcomes, but also in policy coherence and commitment.Zimbabwe’s recent macroeconomic performance provides the backdrop to this change. Growth in 2025 exceeded projections and was supported by solid agricultural output and strong mining activity, particularly in gold, platinum, and lithium. Inflation declined sharply, reaching just over four percent by January 2026, helped by tight monetary policy and a more stable exchange rate. Fiscal revenues improved as tax administration strengthened, allowing the government to narrow the deficit and record a small primary surplus. These developments point to stabilization that is increasingly deliberate rather than accidental.The new Staff Monitored Program focuses on turning this stabilization into something more durable. Fiscal policy lies at the center of the program, with an emphasis on prudent budget execution and conservative revenue assumptions. Zimbabwe’s past crises often stemmed from spending commitments that exceeded available resources, leading to arrears and inflationary financing. Strengthening cash planning and tightening expenditure controls aim to prevent a repeat of that cycle.Public financial management reforms reinforce this approach. Improving commitment controls, enhancing liquidity forecasting, and moving toward a Treasury Single Account are practical steps that reduce discretion and improve transparency. These reforms may appear technical, though their impact is deeply political since they limit opportunities for off-budget spending and fiscal slippage. Over time, institutions matter more than intentions, and the program reflects this lesson clearly.Annual GDP Growth -Zimbabwe(%)*Source: IMF/Equity Axis ResearchMonetary policy remains another key pillar. The IMF recognizes that tight monetary conditions played a central role in restoring price stability and easing pressure in the foreign exchange market. The program seeks to preserve these gains while strengthening the monetary framework itself. Measures to support demand for the ZiG, improve foreign exchange market efficiency, and rebuild reserve buffers aim to restore confidence in the currency. Trust in money depends on expectations, and expectations depend on consistent policy behavior.Governance reforms feature more prominently than in previous engagements. The inclusion of the Mutapa Investment Fund is particularly significant. Requiring audited financial statements for state owned enterprises and restricting unauthorized borrowing addresses fiscal risks that often remain hidden until they become crises. Managing these risks improves transparency and reduces the likelihood of sudden shocks to public finances.Social protection also plays an important role in the program. The full operationalization of the Zimbabwe Social Registry is intended to improve targeting and delivery of assistance to vulnerable households. Economic stabilization without social protection can undermine public support, while protection without discipline can weaken fiscal sustainability. The program attempts to balance both objectives.The most important difference between the November 2025 visit and the February 2026 agreement lies in the international dimension. The Staff Monitored Program is explicitly linked to Zimbabwe’s broader strategy on arrears clearance and debt restructuring. Earlier discussions framed this as a future possibility. The current agreement treats it as a process that depends on building a credible track record.The IMF is clear that sustained reform implementation is essential. Zimbabwe’s challenge has never been the design of reforms, but their consistency over time, especially when conditions improve or political pressures intensify. A successful Staff Monitored Program does not guarantee debt relief or concessional financing, though it creates the conditions for meaningful engagement with creditors and development partners.Risks remain. Growth projections for 2026 rely on continued strength in agriculture and mining, as well as disciplined policy execution. Inflation stability depends on maintaining monetary restraint, while fiscal discipline depends on institutions holding under pressure. Zimbabwe’s history offers ample reminders of how quickly progress can unravel.Even so, the February 2026 agreement represents a clear step forward. Zimbabwe has moved from informal monitoring to structured oversight, from promises to benchmarks, and from recovery driven by favorable conditions to stability anchored in policy. This is not a dramatic turning point, though it is a necessary one.Economic credibility is built slowly and lost quickly. The Staff Monitored Program provides Zimbabwe with an opportunity to demonstrate that recent gains reflect a lasting change in policy behavior. The true test lies ahead, though the direction of travel is now clearer than it has been in many years.Building Trust with the IMFW

I13 The AXiS CCIV Monday 10 Feb 2026I Platinum Investments Fuel ExpansionKuvimba Mining Units Reorganizedn the quiet town of Darwendale, about 62 kilometers west of Harare, Zimbabwe’s mining future is quietly but decisively being rewritten. The area, sitting atop some of the world’s richest deposits of platinum-group metals, is poised to become the epicenter of a $500 million mining project that could transform the nation’s industrial landscape. At the heart of this initiative is the Mutapa Platinum Group, a newly revitalized arm of Zimbabwe’s sovereign wealth fund, which has been seeking partners to unlock the region’s nearly 44 million ounces of platinum.For years, Zimbabwe’s mining sector has been a patchwork of fragmented entities, tangled ownership structures, and sporadic investment. The country possesses the third-largest platinum reserves globally, yet its potential has often been hampered by bureaucratic complexities and a lack of coordinated strategy. Recognizing this, the Mutapa Investment Fund embarked on a bold restructuring of its mineral assets, unbundling the former Kuvimba Mining House into five specialised, commodity-focused entities. The move was designed not only to streamline operations but also to sharpen focus, enhance governance, and ultimately unlock value across the nation’s diverse mineral wealth.The five new entities,Mutapa Gold Resources, Mutapa Base Metals, Mutapa Energy Minerals, Mutapa Platinum Group, and Mutapa Frontier,reflect a clear and deliberate strategy: each entity will focus on its core mineral, allowing technical expertise, capital allocation, and operational oversight to be tailored precisely to the commodity’s unique dynamics. Mutapa’s Chief Investment Officer, Simba Chinyemba, described the shift as a necessary evolution. Diversified conglomerates, he explained, often suffer from what analysts call a “conglomerate discount,” where value is diluted due to divided focus. The new structure seeks to remove administrative layers, empower specialized teams, and respond more efficiently to global commodity market fluctuations.The platinum project in Darwendale stands as the flagship of this transformation. CEO Munashe Shava explained that Mutapa Platinum Group is ready to move from planning to execution. The project will begin with open-pit mining, designed to last seven to ten years, with underground operations to follow in parallel. The company has entered advanced discussions with potential partners, aiming to combine expertise, capital, and strategic vision to accelerate development. Shava emphasized the collaborative approach, highlighting that Zimbabwe is open to investors with the “proper color of money” to help realize this ambitious vision.This effort is not an isolated venture. Zimbabwe’s broader industrial ambitions are mirrored in other sectors, notably lithium. The country recently inaugurated Africa’s first lithium sulphate plant, a $500 million investment spearheaded by Prospect Lithium Zimbabwe in collaboration with Chinese firm Zhejiang Huayou Cobalt. Set at the Bikita Mine, the lithium facility is on track to begin production in the first quarter of 2026, with a capacity exceeding 600,000 metric tons annually. Beyond the economic value of lithium as a strategic resource for global energy storage and electric vehicle markets, the project promises socio-economic improvements for local communities, including infrastructure development, healthcare, and education initiatives.The parallel between the platinum and lithium projects underscores a key theme in Zimbabwe’s mining strategy: leveraging natural resources to drive industrialization and broader economic development. For years, resource-rich African nations have grappled with the challenge of converting mineral wealth into tangible growth. Zimbabwe’s approach signals a deliberate move toward integration, collaboration, and long-term value creation. By unbundling Kuvimba Mining House and creating specialized entities, Mutapa aims to ensure that technical expertise is matched with governance rigor, and that each resource is developed in line with global best practices.Mutapa’s 2026 FIRE strategy,an acronym for Fix, Invigorate, Revive, Strengthen, and Extract,frames this transformation. It is a roadmap for the Fund to identify high-potential assets, scale operations efficiently, and mitigate risk exposure. The FIRE strategy is particularly relevant for the Mutapa Platinum Group, as the Darwendale project represents one of the most promising platinum assets in Southern Africa. The phased development approach allows the company to start generating value while laying the groundwork for longer-term underground mining, ensuring that investments are both strategic and sustainable.Across the minerals cluster, each of the newly formed entities is already demonstrating the benefits of specialization. Mutapa Gold Resources, led by Trevor Bernard, is actively redeveloping the Elvington Mine under a contract mining model, working alongside artisanal miners to optimize production. The gold produced is processed and sold through Fidelity Gold Refinery, ensuring compliance with national regulations. Long-term plans include restoring Elvington to its full production capacity, starting with exploration and phased development, alongside projects at Shamva and Jena. This hands-on, incremental approach allows Mutapa Gold Resources to combine community engagement with technical precision, a model that is mirrored in the platinum sector.For the Mutapa Platinum Group, the Darwendale Great Dyke Investments project represents a convergence of ambition and strategy. The site, rich in platinum-group metals, has been carefully evaluated and positioned for a collaborative development approach. By engaging other producers, the group aims to fast-track the project, leveraging shared expertise while mitigating risk. The $500 million capital expenditure required aligns with the scale of Zimbabwe’s industrial aspirations, paralleling investments in the lithium sector and signaling a broader commitment to resource-driven economic transformation.While the Darwendale project is poised to create jobs and stimulate local economies, it also reflects a shift in how Zimbabwe manages its natural wealth. Historically, the mining sector has been criticized for inefficiencies, opaque ownership structures, and uneven distribution of benefits. By restructuring Kuvimba into focused, commodity-specific entities, Mutapa is addressing these challenges head-on. Governance is clearer, technical oversight is sharper, and strategic priorities are better aligned with both national development goals and global market demands.Shava’s vision for Darwendale is not just about extraction. It is about creating a blueprint for how Zimbabwe’s platinum resources can be developed responsibly, efficiently, and collaboratively. The phased development plan ensures that each stage of the mine is optimized for environmental management, technical feasibility, and economic impact. Underground mining operations will run alongside the open-pit phase, demonstrating a long-term commitment to maximizing resource value while minimizing operational disruption.This approach mirrors international best practices. Leading global mining houses, from Rio Tinto to BHP, have increasingly shifted toward commodity-specific structures to unlock value, streamline operations, and respond to volatile markets. Zimbabwe’s sovereign wealth fund is aligning itself with these standards, signaling that the nation is serious about professionalizing its resource management and attracting international partners.For local communities, the implications are tangible. The Darwendale project promises employment, infrastructure development, and opportunities for skills transfer. It also offers a model for integrating artisanal mining with larger-scale industrial operations, ensuring that local miners benefit directly from resource development. Across the country, the simultaneous growth of lithium and platinum industries underscores the potential for Zimbabwe to emerge as a hub for high-value, industrial-scale mineral production in Africa.The story of Mutapa’s restructuring and the Darwendale project is ultimately about transformation, of institutions, of strategy, and of national potential. From a sprawling, fragmented mineral portfolio, the Fund has created a suite of focused entities capable of responding to the technical, economic, and governance challenges of modern mining. Each step, from unbundling Kuvimba to securing partners for platinum and advancing lithium production, reflects a calculated effort to convert Zimbabwe’s mineral wealth into sustainable growth.As ground-breaking activities in Darwendale prepare to commence, the vision is clear. Zimbabwe is positioning itself not only as a global player in platinum and lithium markets but also as a nation capable of managing its resources with precision, accountability, and foresight. For investors, it is a signal of opportunity. For communities, it is a promise of inclusion and development. And for the country, it is a story of reclaiming its mineral destiny, transforming natural endowment into economic resilience and industrial advancement.In the coming years, the success of these initiatives will depend on careful execution, collaborative partnerships, and adherence to global standards of governance and environmental management. If Zimbabwe succeeds, Darwendale and other mining regions will stand as testament to what focused strategy, professional oversight, and long-term vision can achieve. The nation’s mineral wealth, once dormant and underutilized, may finally become the engine of industrial growth and social development that generations have long awaited.I

CD14 The AXiS CCIV Monday 10 Feb 2026*To Page 15The Policy Changeffective January 1, 2026, Zimbabwe introduced a Presumptive Rental Income Tax requiring landlords to withhold 15% of gross rental income from commercial tenants and remit it to ZIMRA. Unlike traditional income taxes, this levy permits no deductions for maintenance, vacancies, management fees, or other expenses. The tax is 'final', non-refundable and non-creditable against other income obligations. As if the recent tax revisions and developments were not painful enough to the ordinary Zimbabwean, this new policy shift fundamentally alters the viability of rental property investment, compressing yields and reshaping Zimbabwe's competitive position within the Southern African property investment landscape.Rental yield, defined as rental income relative to the value of a property, is central to investment decisions in Zimbabwe because it provides a hedge against inflation and currency volatility. Prior to the new regime, Zimbabwe’s property market offered moderate but competitive yields by regional standards, especially in commercial and mixed-use properties, albeit with high operating and regulatory risk.Impact on ReturnsThe 15% tax creates an immediate, uniform reduction in rental yields across all property sectors. Table 1 demonstrates the transformation:Table 1: Pre-Tax vs. Post-Tax Rental YieldsThese numbers represent yields after the 15% tax but before operating expenses. Landlords still bear full costs for maintenance, insurance, management, and vacancies from the remaining income. For a residential property with a 6% pre-tax yield and 20% operating costs, the true net yield falls to approximately 3.9%, a 35% total reduction that transforms marginally acceptable investments into ones struggling to compete with alternative opportunities.Before the introduction of the presumptive tax, average gross residential rental yields in Zimbabwe typically ranged between 6% and 8% in major urban centres such as Harare and Bulawayo, with net yields settling around 5.5% to 6.5% after allowing for routine operating costs such as maintenance, rates, insurance and management. Commercial properties, particularly retail, industrial and small office blocks, generally achieved higher gross yields of between 8% and 12%, and in some cases up to 14% in high-demand or informal trading nodes. After expenses, net commercial yields often fell within the 6.5% to 8% range.For context, consider a typical residential investment yielding 8% gross before tax. On a property valued at US$100,000 generating US$8,000 per year in rent, a 15% presumptive tax reduces gross rental income by US$1,200, leaving US$6,800 before any other expenses are paid. After allowing for conservative operating costs of around 20% of gross rent, or US$1,600, net income falls to approximately US$5,200. This translates to a net yield of about 5.2%, compared to roughly 6.4% under the old regime. In yield terms, the new tax compresses residential returns by approximately 1.2 percentage points, a material reduction in a market where mid-single-digit yields are the norm.The effect is even more pronounced in commercial property, where expenses are typically higher and tenant risk is greater. A commercial property valued at US$200,000 earning US$20,000 annually, equivalent to a 10% gross yield, would incur US$3,000 in presumptive tax. After tax, gross income falls to US$17,000, and once operating costs of approximately 30% of rent are deducted, net income declines to around US$11,000. This produces a net yield of roughly 5.5%, compared with about 7.0% previously.The resulting yield compression of around 1.5 percentage points significantly alters the risk-return balance for commercial investors, particularly in secondary locations or where tenants have limited ability to absorb rent increases. We foresee a convergence of residential and commercial returns, reducing the traditional yield premium that commercial property enjoyed over residential assets. As a result, residential property becomes relatively more attractive on a risk-adjusted basis, given its lower volatility, more stable demand, and exemption of purely residential use from the presumptive tax where applicable.FDI Competitive PositionThe tax has materially weakened Zimbabwe's position against neighbouring markets:Table 2: Southern African Rental Yield Compari- sonZimbabwe's post-tax residential yields now fall to the bottom of the regional spectrum. To match South Africa's returns, Zimbabwean properties would require rental growth of 40-50% or sustained capital appreciation of 4 to 5% annually, challenging targets in a market characterized by economic uncertainty and infrastructure constraints.Net rental yields in South Africa generally range between 5% and 7% after costs, while markets such as Nairobi, Lusaka and Lagos often offer net yields of between 7% and 9%, reflecting stronger economic growth prospects and deeper formal rental markets. Botswana’s yields tend to cluster around 6% to 7%. Against this backdrop, Zimbabwe’s post-tax yields are broadly comparable with South Africa but lag behind higher-yielding regional peers. Given Zimbabwe’s higher macroeconomic, currency and regulatory risks, the narrowing of the yield differential weakens the relative attractiveness of the market for yield-focused investors.Extensive Viability AssessmentThe tax creates distinct winners and losers across property segments. Industrial properties remain the most viable opportunity, with 9.35% post-tax yields serving structural demand from various sectors across the economy. Premium residential assets retain competitiveness through pricing power and high occupancy certainty.Standard residential properties face severe viability challenges. Operating on thin pre-tax margins of 6-8% with operating expense ratios of 20-25%, the addition of a 15% gross tax compresses net margins to levels struggling to justify capital commitment. These properties require exceptional circumstances to warrant new investment, including locations with near-zero vacancy risk, properties with minimal maintenance requirements, or situations where unique cost advantages offset the yield compression.The prohibition on expense deductions creates particularly harsh impacts for older properties requiring regular maintenance and for properties experiencing vacancy periods. Unlike traditional income taxation where maintenance costs and vacancy losses reduce taxable income, the presumptive tax offers no such a c c o m m o d a t i o n , effectively penalizing properties with higher o p e r a t i o n a l requirements or market risk.Investor StrategyOverallNet yields, going forward, will depend largely on landlords’ ability to pass on the tax burden to tenants and on how property prices adjust in response to lower after-tax returns. In prime commercial and industrial nodes, some degree of rent escalation may be achievable, partially restoring yields over time. In contrast, in marginal locations and informal trading TZimbabwe’s Presumptive Rental Tax and Yield CompressionMthuli AgainE

A15 The AXiS CCIV Monday 10 Feb 2026IMF Programme Tests Reform Resolveimbabwe could record its fastest economic growth in more than a decade in 2026, buoyed by renewed reform momentum under a 10-month Staff-Monitored Programme (SMP) agreed with the International Monetary Fund (IMF).Finance and Economic Development Secretary George Guvamatanga said the economy may expand by at least 8.5% next year, with growth potentially reaching between 9% and 10% well above the earlier 6.6% projection and nearly double the IMF’s current 5% estimate for 2026. If achieved, it would mark the strongest annual expansion since 2012.The projection comes at a delicate inflection point for Zimbabwe’s economy: stabilising after years of volatility, yet still constrained by debt overhang, fiscal pressures and fragile confidence.Zimbabwe and the IMF last week agreed to the 10-month SMP, an arrangement that does not provide new funding but instead functions as a policy credibility framework. The programme is designed less to unlock immediate financing and more to rebuild trust with international creditors after decades of financial isolation.IMF mission chief Wojciech Maliszewski said the arrangement aims to “lock in fiscal restraint” and prevent the return of budget slippages that have historically derailed recovery efforts.“The programme supports the authorities’ commitment to prudent budget execution and sound expenditure control,” Maliszewski noted, adding that spending in the first half of 2026 will be anchored to conservative revenue assumptions to avoid the build-up of new domestic arrears.Under the SMP, the government commits to specific fiscal, monetary and governance reforms, while the IMF monitors performance and publishes assessments. Demonstrated compliance is widely regarded as a prerequisite for reopening meaningful discussions on arrears clearance and debt restructuring.Although Zimbabwe does not owe the IMF itself, it remains in arrears to other multilateral and bilateral creditors effectively shutting it out of concessional funding from institutions such as the World Bank and the African Development Bank. Total public debt currently stands at approximately US$23.4 billion, including about US$7.7 billion in arrears.The new programme follows a year of relative economic stabilisation. Zimbabwe’s economy expanded by more than 6.6% in 2025, supported by improved agricultural output, resilient mining production and tighter macroeconomic management.Agriculture rebounded following improved rainfall after previous drought conditions, while mining which accounts for more than 60% of export earnings continued to anchor foreign currency inflows. Rising global demand for lithium, platinum group metals and gold has strengthened Zimbabwe’s strategic relevance in global commodity markets.However despite the rebound, the IMF projects growth to moderate to around 5% in 2026 absent deeper reforms a reminder that recent gains remain vulnerable to policy slippage, climate shocks and commodity price volatility.Zimbabwe’s past experience reinforces this caution. The country’s previous SMP, implemented between 2019 and 2020, ultimately faltered as inflation surged and policy coherence weakened. That episode continues to inform creditor scepticism.Zimbabwe’s economic fragility lies its debt burden. The absence of access to low-cost, long-term concessional financing has forced the government to rely heavily on domestic resources to fund infrastructure and development programmes.This strategy has carried significant costs. Budget financing pressures have contributed to inflationary episodes, liquidity stress and the accumulation of unpaid obligations to domestic suppliers and contractors. Growth spurts have therefore tended to be cyclical and fragile, constrained by financing limitations and persistent fiscal vulnerabilities.Even as output has expanded, fiscal flexibility remains limited. Debt servicing obligations and contingent liabilities continue to crowd out productive expenditure.For this reason, the current SMP focuses narrowly on fiscal discipline rather than stimulus. The IMF’s priority is to ensure that recovery is not driven by inflationary financing, quasi-fiscal activities or off-budget liabilities particularly those linked to state-owned enterprises.A more visible feature of the programme is heightened scrutiny of governance risks associated with the Mutapa Investment Fund, the sovereign wealth vehicle that oversees several strategically important but heavily indebted state enterprises.Under the SMP, Mutapa is expected to refrain from contracting new debt without explicit approval from the Ministry of Finance. The measure reflects concerns that opaque borrowing or weak oversight at state-owned entities could undermine fiscal consolidation efforts and expand government contingent liabilities.The IMF’s emphasis on governance signals that macroeconomic stability alone will not be sufficient; institutional discipline and transparency are equally central to restoring creditor confidence.While fiscal restraint may stabilise macroeconomic conditions, it carries social implications. Anchoring expenditure to conservative revenue projections limits the government’s capacity to expand social programmes or cushion vulnerable households at a time when living costs remain elevated.The African Development Bank has previously cautioned that Staff-Monitored Programmes without accompanying financial support can prove socially and politically challenging, particularly in high-poverty contexts. Without external funding to ease adjustment pressures, consolidation risks constraining spending on health, education and social protection.This creates a delicate balancing act ,maintaining fiscal credibility while avoiding austerity-induced social strain.Guvamatanga’s projection of 8.5% to 10% growth in 2026 reflects optimism that reforms under the SMP, combined with continued strength in agriculture and mining, could unlock stronger investor confidence and renewed external engagement.However, the credibility of that outlook rests squarely on implementation. The IMF arrangement is not a financial lifeline but a policy test. Success would help reopen the door to debt restructuring negotiations and concessional financing. Failure would risk reinforcing a cycle of stop-start recovery and persistent isolation.Zimbabwe’s Economic Upswing areas, landlords are more likely to absorb the tax, locking in lower net yields and potentially triggering downward pressure on property values. Over the medium term, market equilibrium is likely to be restored through a combination of higher rents where feasible and softer capital values, which would mechanically lift yields for new entrants at lower price points.For New InvestorsAdopt highly selective acquisition strategies focusing on industrial properties, premium residential serving niche markets, and properties in rapidly developing areas offering strong capital appreciation potential. Standard middle-market residential investments require exceptional justification. Consider geographic diversification, allocating 60% to South African properties for superior yields, 30% to Zambian opportunities for growth exposure, and only 10% to selective Zimbabwean assets in high-performing segments.For Existing Portfolio HoldersConduct systematic portfolio reviews identifying underperforming assets for potential disposition. The 15% tax makes previously marginal properties economically unviable. For retained properties, optimize operations through rigorous tenant selection prioritizing payment reliability, review property management contracts for cost efficiency, and consider disposition of properties approaching anticipated holding periods with proceeds redeployed to higher-yielding alternatives.Alternative StrategiesShort-term rental models like Airbnb, corporate housing, serviced apartments etc, can achieve annual gross yields of 20-40% in well-positioned properties, providing substantial cushion above the 15% tax. However, these require intensive management and create higher operating costs. Investment orientation must shift from income focus toward capital appreciation, requiring longer holding periods and careful selection of properties in growth corridors benefiting from infrastructure development or demographic shifts.*From Page 14Z

*To Page 1817 The AXiS CCIV Monday 10 Feb 2026By Zvikomborero Sibandahe RBZ is poised to unveil its 2026 Monetary Policy Statement (MPS) this month, promising a shift from crisis mode to long-term stability. With inflation levels hitting their lowest in nearly thirty years and the ZWG exchange rate and inflation stabilizing, all eyes are on how this policy will shape the future. As the column anticipates the details, the backdrop reveals steady money supply growth, a gradual move toward rate convergence, and a sustained disinflation trajec- tory. Explore this visual data, and stay informed!ZWG M3 & ZWG M3 Growth ZWG M0 & ZWG M0 GrowthExchange Rate & Average PM Premium MoM ZWG, USD & Blended Inflation (%) With the visual context provided above (data sourced from the RBZ, Zimbabwe Statistical Agency, and the column’s own market research), here is a brief overview of key issues this column expects to see included or addressed by the upcoming 2026 MPS.• Strict Monetary Targeting and Codification of Zero Funding Rule – The column expects the 2026 MPS to reaffirm a hawkish stance with no central bank financing of government expendi- ture. This policy has been instrumental in breaking the historic inflation-exchange-rate feedback loop, allowing the ZWG to remain fully backed by reserves.• Improved Market-Determined Exchange Rate Discovery – The column anticipates that RBZ will implement new measures to reform and deepen the current WBWS interbank model. For example, allowing commercial banks to lead the price discovery process, with the RBZ stepping in only to smooth out extreme volatility using its reserves. This is crucial for eliminating market pricing distortions and fostering the indifferent acceptance and use of the ZWG by all economic agents. • Calibrated Benchmark Policy Rate Adjustments: With annual inflation falling to 4.1% in January 2026, the column expects a downward revision to the 35% RBZ policy rate. This projection is based on earlier signals from the Monetary Policy Committee (MPC) that interest rates will gradually normalize once low inflation becomes entrenched, supporting private-sector credit and economic growth goals. Therefore, the column predicts that the half-year policy guidance will fall within the [15-20]% range. The reasoning is that, even though ZWG annual inflation reached record levels, ZWG use across the economy remains limited, regaining public trust is a long-term process, and economic outlook risks continue to lean downward. In such cases, the column antici- pates gradual monetary policy easing, as rapid easing could undermine the progress made so far. • Statutory Reserve Requirements (SRRs) Adjustments – Currently, SRR ratios are 30% for call and demand deposits and 15% for savings and time deposits. With sus- tained exchange rate and price stability in both currencies, the column expects a review to lower these SRR ratios. This move will help reduce banks' opportunity costs (since most SRRs are non-interest-bearing), increase the utilization of savings in the economy, and lower the cost of financial intermediation.• Mandatory Independent ZWG Reserve Audits – The main reason for public skepti- cism is the fear that the ZWG will eventually be overprinted beyond its backing. To address this historic concern, the column expects the 2026 MPS to institutionalize Third-Party Verification by creating a real-time ZWG Reserve Transparency Framework. This involves moving beyond internal accounting or quarterly reports to a legal requirement for monthly audits of ZWG reserve assets by an independent, globally recognized audit firm. By providing verifiable proof that every ZWG is fully backed by liquid assets, the RBZ shifts from requesting public trust to offering concrete proof of value. This increased transparency helps prevent speculative attacks on the currency and narrows the parallel market premium.• New High-Quality Banknote Redesign – The column expects the 2026 MPS to provide updates on the release of rede- signed ZWG banknotes and the introduction of high-denomination banknotes. Improving the quality and design of ZWG notes to align with global standards and issuing higher-de- nomination banknotes are key to boosting public confidence and transactional conve- nience. • Digital ZWG Integration – The column anticipates that the RBZ will implement new measures to further increase the use of elec- tronic ZWG currency, which alreadyForthcoming 2026 MPSExpectationsT-5.0%0.0%5.0%10.0%15.0%20.0%6,000.0021,000.0036,000.0051,000.0066,000.0081,000.0096,000.00111,000.00Nov-24Jan-25Mar-25May-25Jul-25Sep-25Nov-25Total M3 M3 ZiG M3 ZiG Growth (%)-10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%051015202530Jun-24Aug-24Oct-24Dec-24Feb-25Apr-25Jun-25Aug-25Oct-25ZiG M0 (Billion) M0 Growth (%)0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%0.005.0010.0015.0020.0025.0030.0035.0040.0045.0050.00Apr-24Jun-24Aug-24Oct-24Dec-24Feb-25Apr-25Jun-25Aug-25Oct-25Dec-25WBWS RateAvg. PM RateAvg. PM Premium (%)-2.0%0.0%2.0%4.0%6.0%8.0%10.0%12.0%14.0%-5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%May-24Jul-24Sep-24Nov-24Jan-25Mar-25May-25Jul-25Sep-25Nov-25Jan-26ZiG MoM USD MoMBlended MoM

• accounts for over 60% of transactions. The Bank’s recent strategy highlights digitaliza- tion and modernization of the national pay- ment system to decrease dependence on physical cash and the US dollar.• Sustained Export Surrender Enforcement : Although this column would like to see a significant reduction in capital controls, such as surrender requirements, to help speed up ZWG price discovery, it expects a continued strong commitment by RBZ to maintain the current 30% threshold. The Bank contends that this mechanism has been decisive in building its US$1.2 billion reserve chest, providing the liquidity needed to intervene in the market and stabilize the ZWG.• Institutionalization of the Mono-Currency Roadmap – This column foresees the RBZ specifying milestones for transitioning to a mono-currency system. Clearly defined benchmarks, such as keeping inflation below 5% for 36 months or achieving 6 months of import cover, must be met before phasing out the USD. This eliminates the element of surprise. For long-term capital commitments, investors prefer a predictable timeline over sudden policy shifts.• Financial Sector Innovation - The RBZ will likely prioritize responsible innovation to ensure that fintech growth does not compro- mise financial stability. Therefore, the column anticipates that the RBZ will unleash a stronger innovation sandbox, giving start- ups a platform to test AI, blockchain, and digital lending products. Additionally, in line with its medium-term strategic plan, which emphasizes digitalization to boost efficiency and reduce transaction costs, the 2026 MPS may introduce guidelines for Application Pro- gramming Interface (API) standardization to promote interoperability between banks and fintechs.• Climate Risk Management - Climate change poses a significant threat to financial stability in Zimbabwe, particularly for agricul- tural loan portfolios. Currently, banks are required to align their financial statements with the Climate Risk Management Guide- line 01-2023. The column expects the RBZ to implement stricter half-yearly reporting on institutional climate risk profiles. Additionally, it anticipates that the RBZ will introduce a Green Credit Facility (GCF) that offers low-interest loans to agro-producers and SMEs adopting climate-resilient technolo- gies. Furthermore, with only 32% of banks having fully adopted Board-approved Sus- tainable Finance Frameworks as of the end of 2025, the column expects the 2026 MPS to set a deadline for 100% compliance.• Cybersecurity and Resilience - With the increase in digital transactions, the RBZ needs to adopt a proactive approach to man- aging cyber threats. As such, this column expects the 2026 MPS to require compli- ance with the Cybersecurity and Resilience Guidelines, which will mandate financial institutions to use advanced security tools to block unauthorized network traffic and prevent malware. A d d i t i o n a l l y , because of the April 2026 re-reg- istration deadline for companies, the RBZ will likely implement auto- mated Know Your Business (KYB) p r o c e d u r e s , including QR-cod- ed document vali- dation, to combat money laundering and fraud.In conclusion, the expectations outlined rely on factors within the RBZ's control, but rebuilding public trust in our monetary system and the ZWG will inevi- tably take time. Trust is fundamentally rooted in utility—when the government accepts its own currency for essential services, the public will follow suit. To accelerate this process, it is crucial for Treasury to implement a complemen- tary fiscal policy that broadens the scope of mandatory ZWG payments to include fuel duties, corporate taxes, and all public-sector user fees such as tolls, utility charges, and passport fees. Increasing transactional demand for ZWG will not only expedite formalization but also reinforce the government's confidence in the currency’s stability, ultimately fostering a more resilient and trusted monetary environ- ment.Zvikomborero B. Sibanda, an experi- enced economist and consultant at Mqa- buko Capital, provides independent eco- nomic and financial insights that are his own and not necessarily those of his em- ployer. Reach him at bravosibanda@g- mail.com *From Page 1718 The AXiS CCIV Monday 10 Feb 2026

VmarketsPfuma REIT Debuts Trade on VFEX19 The AXiS CCIV Monday 10 Feb 2026he Victoria Falls Stock Exchange (VFEX) marked a pivotal moment in its evolution as Pfuma Fund Real Estate Investment Trust (Pfuma REIT) commenced trading on Monday, February 9, 2026. Managed by Arctic Blue Asset Management (Private) Limited, Pfuma REIT officially listed on Friday, February 6, 2026, becoming the second REIT on the exchange and its 18th overall listing. This debut follows a robust private placement that achieved 100% subscription, raising US$25 million between December 11, 2025, and January 23, 2026. A total of 471,351,750 units were issued under the symbol PFUMA.VX (ISIN: ZW VX 0903 0029) at an offer price of US$0.10 per unit.Pfuma REIT's initial portfolio is centred on income-generating retail properties, seeded with assets valued at approximately US$22.1 million. Key holdings include high-traffic centres such as Hogerty Hill Centre and Chegutu Retail Centre, anchored by prominent tenants like TM Pick n Pay, Simbisa Brands, DisPharm, Bhola, and TV Sales & Home. Spanning about 16,107 square meters of gross lettable area, the fund targets gross rental yields of 7-8% at full occupancy. Looking ahead, Pfuma REIT plans aggressive expansion in 2026, eyeing developments like Cork Corner, Eastlea, Chivhu, Yellowstone, and Silverbrook, which could elevate yields to as high as 11% in new projects. As a REIT, it is obligated to distribute at least 80% of net income as quarterly USD dividends, making it an attractive option for investors craving stable, hard-currency returns in Zimbabwe's volatile economic landscape.This listing comes amid strong momentum for VFEX, Zimbabwe's USD-denominated bourse established in 2020 as a subsidiary of the Zimbabwe Stock Exchange (ZSE). The exchange has grown from a niche platform to a key hub for hard-currency investments, with its All-Share Index surging 69% in 2025, closing at record highs around 179.52 points. This performance outpaced earlier projections, with year-to-date gains reaching 67.8% by December 2025, driven by robust mining stocks and renewed investor confidence. Market capitalization climbed to over US$2.4 billion by early 2026, bolstered by sectors spanning mining, retail, agriculture, banking, and energy. Foreign investor participation, while modest at around 18.7% in some quarters, has contributed to this uptick, with locals dominating trades at over 96% in Q1 2025.The trading environment on VFEX has shown marked improvement, though challenges persist. Turnover skyrocketed 232% in the first half of 2025 to US$73 million, reflecting deeper liquidity and efficient capital flows. Q3 2025 saw turnover rise 11.92% to US$16.7 million, with a turnover-to-market-cap ratio of about 4.5%, indicating active trading relative to its size. A standout day in February 2025 recorded US$40.1 million in volume, shattering previous highs. However, liquidity remains thin for many counters, leading to infrequent trades and potential price volatility on small volumes. High trading costs can distort prices and deter broader participation, though VFEX's tax incentives, such as lower withholding taxes on dividends for foreigners, aim to attract international capital. Compared to larger African exchanges like the Johannesburg Stock Exchange (JSE), VFEX's daily volumes are modest, but its USD structure provides a hedge against Zimbabwe's currency instability, making it appealing for frontier-market exposure.VFEX's roster has expanded dynamically, with recent listings reflecting its appeal. In 2025, Kavango Resources Plc joined in September, raising US$4.5 million for Southern African exploration, while Eagle REIT debuted in May as the pioneering REIT. Other notable additions include Invictus Energy and various mining firms like Caledonia Mining Corporation Plc, Padenga Holdings, and Innscor. By early 2026, the exchange boasted 18 listings, including heavyweights like Innscor Africa, Caledonia Mining, and Seed Co International. This growth follows migrations from the ZSE, where companies seek USD trading to escape local currency volatility. However, delistings have occurred, with National Foods Holdings becoming the first to exit VFEX on January 31, 2025, citing no near-term need for equity capital and a shift to private operations. Other entities, like Old Mutual's Top 10 ETFs, delisted from ZSE in January 2025 due to key stocks migrating to VFEX. These movements highlight VFEX's maturation but also underscore liquidity constraints that prompt some firms to seek alternatives.Against this backdrop, Pfuma REIT's listing offers substantial potential benefits. Its USD denomination insulates investors from Zimbabwe's hyperinflation and currency devaluation, providing hard-currency dividends in an economy where forex liquidity is tight. Compared to Eagle REIT, which focuses on development-oriented properties in tourism, health, retail, and residential sectors and surged 60% in value over seven months in 2025, Pfuma's retail emphasis on stable, income-generating assets complements the market. Eagle has established REITs as credible yield vehicles, targeting 6-7% yields with limited secondary market activity, prioritizing dividend reliability over high-volume trading. Pfuma, with its larger initial capitalization of about US$47.1 million and ambitions for higher yields, could enhance overall REIT liquidity and diversify options for investors.Current conditions favour such listings. Zimbabwe's push toward USD-based capital markets aligns with VFEX's momentum, amid economic stabilization efforts. Policy consistency and improved forex access could sustain gains, as noted by analysts projecting gradual ZSE and VFEX growth in 2025-2026. However, challenges like inflationary pressures, tight monetary policy (with bank rates at 35%), and skills shortages persist. For Pfuma, the benefits include access to a platform with lower trading costs than ZSE, potential for foreign investment, and alignment with securitized property vehicles for infrastructure financing. Early trading may see measured liquidity, typical for REITs focused on yields rather than speculative growth, but strong subscription interest signals demand.Therefore, Pfuma REIT's debut not only bolsters VFEX's property sector but also exemplifies the exchange's role in fostering diversified, income-focused investments. As VFEX targets accelerated growth, aiming to become a regional financial hub in Victoria Falls, listings like Pfuma could drive further listings and liquidity, benefiting Zimbabwe's broader economic recovery. With global interest in African frontier markets rising, VFEX's 2025 performance sets a promising stage for 2026, provided liquidity enhancements and policy stability materialize.T

ZVV20 The AXiS CCIV Monday 10 Feb 2026Robust Growth Amid Strategic Expansions, Competitive PressuresSchweppes Holdings Africa Limitedchweppes Holdings Africa Limited, a cornerstone of Zimbabwe's non-alcoholic beverage industry, has demonstrated remarkable resilience and growth in the third quarter of 2025. Volumes in this period skyrocketed by 31% compared to the previous year, complemented by a solid 16% rise over the cumulative nine months. This surge was propelled by heightened demand for cordials and fruit juices, with flagship brands like Mazoe leading the charge, especially during the festive season bolstered by consumer bonuses and savings initiatives. The Minute Maid lineup also reaped benefits from stabilized supply chains and moderated pricing on cordials, due to the government's halving of the sugar surtax from US$0.001 to US$0.0005 per gram starting January 1, 2025.This stellar performance has been instrumental in elevating Delta Corporation's overarching results. Delta, which escalated its ownership in Schweppes to 69% from 49% in April 2025, now fully consolidates Schweppes as a subsidiary, amplifying synergies and diversifying its beverage offerings. This move has not only fortified Delta's foothold in cordials and juices but also propelled group revenue to a 37% quarterly increase and 31% year-to-date growth, positioning the company for potential billion-dollar revenues in the fiscal year.Schweppes' portfolio are its iconic brands, which cater to a wide array of consumer preferences for non-carbonated still beverages. The lineup includes the beloved Mazoe Crushes and Syrups, renowned for their rich fruit flavours; Minute Maid Juices, offering a range of nutritious options; Bonaqua Still Water, a purified hydration staple; and Schweppes Still Water, emphasising premium quality. These brands are manufactured and distributed under license from The Coca-Cola Company, ensuring global standards while resonating with local tastes. Schweppes also extends into fruit juice concentrates through its processing division, Beitbridge Juicing Private Limited, which supports both domestic production and export potential. This diversified brand ecosystem has been key to capturing market segments from everyday refreshment to health-conscious choices, driving the volume upticks observed in 2025.A pivotal development bolstering Schweppes’ production capability is its entry into a significant orange supply and citrus expansion deal. In late 2024, Schweppes announced a US$25-28 million investment in a citrus project aimed at enhancing the consistency and quality of products like Mazoe Orange Crush. This initiative, which entered full implementation in 2025, involves partnerships with local farmers and upgrades at Beitbridge Juicing to secure a reliable supply of oranges, reducing dependency on imports amid volatile global prices. By localizing sourcing, Schweppes not only mitigates cost fluctuations but also supports Zimbabwe's agricultural sector, creating jobs and fostering sustainable farming practices. This deal could stabilize input costs, potentially improving margins squeezed by the sugar tax and enabling further innovations in low-sugar variants.Policies surrounding the Mazoe brand, one of Schweppes' most enduring assets, reflect a commitment to authenticity, quality, and consumer trust. Mazoe has historically been sweetened with natural sugar, maintaining a consistent taste profile over decades, which has built strong brand equity. Company policies emphasize a minimum 50% orange juice content when undiluted, as prominently labeled to distinguish genuine products from counterfeits or imports. This standard contrasts with diluted declarations in export markets like Zambia and Botswana (20% when diluted), adhering to international Codex guidelines while preserving the same formulation. Despite these strengths, Schweppes operates in a fiercely competitive landscape, facing rivals both domestically and from imports. Within Zimbabwe, key competitors include Varun Beverages Zimbabwe Pvt Ltd, which distributes PepsiCo products like Mirinda and Mountain Dew, often at lower price points; African Distillers Limited (Afdis), with its focus on spirits but overlapping in mixers; and Arenel, a local player in juices and cordials. Tanganda Tea Company also competes in the cordials space with similar fruit-based offerings. Regionally, imports from South Africa (Chill Beverages with affordable juices) and Zambia flood the market, leveraging COMESA trade incentives for cost advantages. Global names like PepsiCo and Red Bull indirectly challenge through energy and flavoured drinks, while premium water brands such as Perrier and VOSS target niche segments. The sugar tax has exacerbated this, favouring dumped imports that evade duties, leading to an uneven field where smuggling allows millions of cheaper units to enter.In countering these pressures, Zimbabwe's anti-dumping framework, overseen by the Competition and Tariff Commission (CTC) through SI 7 of 2025 and compliant with WTO rules, ramped up in 2025. Investigations into soft drinks and cordials from South Africa and Zambia resulted in 10-20% provisional duties on select imports, following industry complaints including from Delta. Enhanced border enforcement by ZIMRA and police seized over US$5 million in illicit goods, curbing unfair competition and aiding Schweppes' growth.Yet, enforcement hurdles persist. Resource shortages at CTC and ZIMRA, corruption, outdated tracking tech, and trade agreement complexities enable evasion via misdeclaration. Economic woes like inflation further strain priorities.Schweppes' 2025 triumphs highlight Delta's integration payoffs, but longevity depends on navigating competition and imports. Bolstering anti-dumping with tech investments, regional policy harmony, and subsidies is essential. Without such, gains could falter; with them, Schweppes can solidify its market lead, leveraging brands like Mazoe for sustained dominance.S

VThe AXiS CCIV Monday 10 Feb 2026 21Mozambique pushing to keep South32 aluminium smelter open, minister saysMozambique’s governmentis doing “everything that is required” to make sure that South32’s S32.AX Mozal aluminium smelter stays open, mineral resources and energy minister Estevao Pale said on Monday.The minister was speaking to reporters on the sidelines of a conference in Cape Town, South Africa.Australia’s South32 said in December that it would place the Mozal plant under care and maintenance by March, incurring a $60 million one-off cost, after failing to secure a power deal with the government. - Cnbca.Australian lithium miner PLS rises on spodumene supply deal with China's CanmaxPLS Group said on Tuesday that it has signed a two-year offtake deal to supply 150 000 t of spodumene concentrate to Chinese lithium battery materials maker Canmax Technologies, sending shares of the Australian miner higher.Shares of the lithium miner rose as much as 5.3% to A$4.39, as of 00:20 GMT, and were on pace for their strongest trading session since January 6, if gains hold. The stock is among the top performers in the broader ASX 200 index .AXJO, which was marginally up 0.3%.PLS, formerly Pilbara Minerals, said the parties agreed to a floor price of $1 000 a ton, based on spodumene concentrate containing 6% lithium (SC6), a semi-processed material derived from separating lithium-bearing minerals from ore.Outside of this floor, the final price will be indexed to prevailing market rates - a structure the miner said provides downside protection in volatile conditions while preserving full expo- sure to price upside. - MiningWeekly.Zimbabwe agrees to staff-monitored pro- gramme with the IMFZimbabwe has reached a staff-level agreement with the International Monetary Fund on eco- nomic policies and reforms.The IMF says the 10-month Staff-Monitored Programme (SMP) is aimed at consolidating recent stabilisation gains and strengthening macroeconomic management.An SMP with the Fund is an informal agreement that can open the door to an eventual loan. Its intended to establish a credible track record that supports re-engagement efforts and comple- ments a strategy to clear debt arrears and debt restructuring.Notably, it emphasises prudent budget execu- tion, improved cash and expenditure controls, sustained monetary discipline, and governance reforms to enhance transparency and manage fiscal risks..The programme does not entail financial assis- tance or endorsement by the IMF’s Executive Board.Zimbabwe, which has endured decades of hyperinflation, currency volatility, and depen- dence on informal dollarized markets, has had previous SMPs.The last one, launched in May 2019, was aban- doned after it failed to stick to the IMF’s recom- mendations. - CnnMali creates company to manage mining holdingsMali will create a company to manage the coun- try's holdings in mining companies, according to a statement released by the council of ministers.Fully owned by the state of Mali, the company will acquire and manage the country's holdings.Niger and Guinea have also created state-wned companies to manage their mining interests.Mali is one of Africa’s largest gold producers.The creation of a mining company comes after the conclusion of Bamako's long fight with Canadian miner Barrick Gold.Mali's junta had tightened regulations on the mining sector, which is key to its economy, before falling into dispute with Barrick.Bamako had introduced a new industry code in recent years granting the government a bigger share of profits from mining activities in the name of national sovereignty.It accused Barrick of not properly paying taxes, royalties and dividends owed to the state.Mali seized gold stocks and also closed the lucrative Loulo-Gounkoto mine. Last November, the two parties announced an end to their dispute.- Businessdailyafrica.South African rand starts week firmer as gold reboundsThe U.S. dollar last traded 0.7% weaker against a basket of currencies. Gold traded just above the $5,000-per-ounce level as investors awaited jobs and inflation data due later in the week to gauge the trajectory of U.S. interest rates.On the domestic front, government officials and some of the world’s top mining investors gath- ered for an annual mining conference in Cape Town, running until Thursday.South Africa’s statistics agency will also publish December mining and manufacturing figures on Thursday.“For now, South Africa’s terms of trade remain favourable, and the outlook for the ZAR is simi- larly favourable, especially if foreign investors continue to position for a reduced risk profile,” ETM Analytics said. - BbcOffshore investors sell South African stocks, buy bondsOffshore investors sold a net 3.36 billion rand ($209.33 million) of South African stocks last week, Johannesburg Stock Exchange data showed on Monday.Net purchases of bonds totalled 9.05 billion rand, settlement data showed.($1 = 16.0509 rand) - Bloomberg.Uganda central bank holds key rate again, saying caution neededUganda’s central bank kept its main lending rate unchanged on Monday for the sixth meeting in a row, saying an uncertain economic environment meant a cautious approach was necessary.The Bank of Uganda’s Central Bank Rate UGCB has been at 9.75% since October 2024.Governor Michael Atingi-Ego told a press con- ference that the current policy stance remained appropriate to support economic activity while ensuring that inflation stabilises around the bank’s 5% medium-term target. - Kenyanwall- street.Angola seeks 20%-30% stake in De Beers, senior official saysAngola is pursuing a 20%-30% stake in Anglo American’s diamond unit De Beers, a proposal being discussed with other diamond-producing African nations, a senior official from Angola’s mining ministry told Reuters on Sunday.De Beers, one of the world’s leading diamond companies with operations spanning Botswana, Namibia, Angola, South Africa and Canada, has been put up for sale by Anglo amid falling diamond prices and the global rise of synthetic diamonds.Angola submitted a bid for a majority stake in De Beers in October 2025, though it had initially sought a minority stake. - Abcnews.Indian Oil buys six million barrels W.Africa, Mid- east crude, traders sayIndian Oil Corp bought six million barrels of crude from West Africa and the Middle East, traders said, as the Asian country steered clear of Russian oil in New Delhi’s push for a trade deal with Washington.Indian refiners are not taking March–April Rus- sian crude offers, and are expected to stay away from such trades for longer, refining and trade sources said.IOC bought Angola’s Pazflor crude and Nige- ria’s Agbami crude from Totsa, the trading arm of TotalEnergies. It also bought Nigeria’s Akpo and Bonny Light crude from Shell, two of the traders said. - Reuters.Namibia won’t recognise TotalEnergies, Petrobras deal due to not following proce- dureNamibia will not recognise the purchase of offshore stakes in the Luderitz Basin announced last week by TotalEnergies and Petrobras until the oil companies follow the proper route for approval, government officials said on Sunday.Jonas Mbambo, a spokesperson for the presi- dency, confirmed that until a formal application is submitted and the prescribed statutory process is completed, “no transaction can be recognised or considered valid”.French oil major TotalEnergies and Brazil’s Petrobras said on Friday they had each acquired a 42.5% stake in the PEL104 explora- tion licence offshore Namibia, as both firms look to develop oil in one of the world’s last explora- tion frontiers. - Aljazeera.Mozambique Q4 2025 saw sixth straight quarterly decline in business confidence, INE’s Economic Climate Indicator showsThe Economic Climate Indicator for Mozambi- can companies slowed in the fourth quarter of 2025, marking the sixth consecutive quarterly decline, according to data released by the National Statistics Institute (INE).The Economic Climate Indicator is a synthetic, sentiment-based index used by national statisti- cal institutions, including Mozambique’s Nation- al Statistics Institute, to gauge the state of the economy based on business surveys, and is known by its Portuguese acronym, ICE. It mea- sures the opinions and expectations of econom- ic agents regarding their operating environment, providing a leading indicator of economic activi- ty.The ICE indicator for the fourth quarter of 2025 shows a “slowdown for the sixth consecutive quarter” that aligns with the employment outlook, which has been declining for the third consecutive quarter. This comes despite the demand outlook recording a positive assess- ment, breaking the downward trend seen since the second quarter of 2024. - COM.Asia stocks rise as Nikkei sets record, dollar dropsAsian stocks advanced for a second day in early trading on Tuesday, led by an extended rally in Tokyo's benchmark after Japanese Prime Minis- ter Sanae Takaichi's decisive election victory over the weekend.MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS), opens new tab was up 0.7%, while the Nikkei 225 (.N225), opens new tab jumped 2.8%, rising for a third consecutive day to a fresh peak. The yen also strengthened for a second day.U.S. equity futures cooled after a two-day rally, with S&P 500 e-mini futures down 0.1%, partial- ly retracing gains on Wall Street overnight. On Monday, the S&P 500 (.SPX), opens new tab rose 0.5% and the Nasdaq Composite (.IXIC), opens new tab gained 0.9% as technology stocks found their footing following last week's AI-sparked selloff. - NprBusiness Around The World

TThe AXiS CCIV Monday 10 Feb 2026 22Former President Bill Clinton makes case for public hearing in House Epstein probeFormer President Bill Clinton, in a series of social media posts on Friday, made a renewed push for a public hearing as part of the House Oversight Committee’s probe into convicted sex offender Jeffrey Epstein.Former Secretary of State Hillary Clinton did the same earlier this week.\"I have called for the full release of the Epstein files. I have provided a sworn statement of what I know. And just this week, I’ve agreed to appear in person before the committee. But it’s still not enough for Republicans on the House Oversight Committee,\" Bill Clinton wrote on X.\"I will not sit idly as they use me as a prop in a closed-door kangaroo court by a Republican Party running scared. If they want answers, let’s stop the games & do this the right way: in a public hearing, where the American people can see for themselves what this is really about,\" he added. - AjazeeraTrump to exclude Democratic governors from usually bipartisan meeting at the White HouseLater this month, President Donald Trump is hosting an annual meeting with governors at the White House, but he will not invite any Demo- crats, only Republicans, breaking a long-stand- ing tradition.The meeting, part of the National Governors Association winter gathering, will only include Republican governors, a spokesperson for the organization confirmed to ABC News.\"The bipartisan White House governors meeting is an important tradition, and we are disappoint- ed in the administration’s decision to make it a partisan occasion this year. To disinvite individu- al governors to the White House sessions undermines an important opportunity for feder- al-state collaboration,\" Brandon Tatum, acting Executive Director and CEO of the National Governors Association, said in a statement to ABC News.Trump is still planning to hold a separate, bipar- tisan dinner for governors and their spouses at the White House as part of the NGA activities. But Trump did not give invites to two Democrats: Maryland Gov. Wes Moore and Colorado Gov. Jared Polis.- AbcnewsFrance to start making weapons with KyivUkraine and France have agreed to start joint weapons production, the Ukrainian defence minister said on Monday after hosting his French counterpart in Kyiv. Mykhailo Fedorov said the two countries signed a letter of intent paving the way for “large-scale joint projects in the defence-industrial sector”. He did not speci- fy what arms would be produced with France or when manufacturing would start. “We are moving from supplies to joint produc- tion and long-term solutions that systematically strengthen our defence,” Fedorov said on Tele- gram after the meeting with France’s armed forces minister, Catherine Vautrin, in the Ukrainian capital. Ukraine and France also discussed new shipments of French weapons and military equipment to Kyiv, including of Aster missiles, Mirage 2000 fighter jets and SAMP-T air defence systems. - TheGuardianKeir Starmer says he is ‘not prepared to walk away’ after call for resignationKeir Starmer has seen off an immediate chal- lenge to his position from Labour’s leader in Scotland, telling his MPs he was “not prepared to walk away” from power and plunge the coun- try into chaos.But the prime minister emerged badly damaged from a tumultuous 24 hours that brought his premiership to the brink, leaving his party united for now but fearful of what the coming days and weeks will bring.Starmer survived a day of high drama after his full cabinet rallied behind him but, despite public displays of support, several warned he was not out of danger, with one adding his leadership was “in the endgame”.As months of despair over the government’s situation came to a head, potential leadership rivals including Angela Rayner and Wes Street- ing appeared to be readying for a future contest. - NprDemocratic representative says Epstein associate’s decision to invoke fifth amend- ment points to ‘White House cover-up’Ghislaine Maxwell refused to answer questions during a closed-door congressional deposition on Monday, prompting criticism from a House representative backing efforts to release Jeffrey Epstein investigative files.Robert Garcia, ranking member of the commit- tee on oversight and government reform, said in a statement that Maxwell invoked the fifth amendment and refused to testify during her scheduled deposition. Maxwell’s attorney, David Oscar Markus, also said that she invoked her fifth amendment right.“After months of defying our subpoena, Ghis- laine Maxwell finally appeared before the over- sight committee and said nothing,” said Garcia, a California Democrat. “She answered no ques- tions and provided no information about the men who raped and trafficked women and girls.“Who is she protecting? And we need to know why she’s been given special treatment at a low security prison by the Trump administration. We are going to end this White House cover-up.”Maxwell, who was convicted of luring teen girls into Epstein’s abusive orbit, is serving a 20-year sentence. - ReutersEx-police chief says Trump told him 'thank goodness you're stopping' Epstein in 2000sA former Palm Beach, Florida, police chief who investigated Jeffrey Epstein in the mid-2000s told the FBI he had received a call from Donald Trump at the time to say \"thank goodness you’re stopping him, everyone has known he’s been doing this,\" according to an FBI account of an interview with the ex-police chief in 2019.The Miami Herald was the first to report on the document.President Trump has repeatedly denied any knowledge of Epstein’s crimes and has said that he cut off contact with his former friend more than 20 years ago.Trump has claimed that he booted Epstein from Mar-a-Lago after discovering that he was poaching employees from the club’s spa. - BbcTrump is threatening to block a new bridge between Detroit and Canada from openingPresident Donald Trump on Monday threatened to block the opening of a new Canadian-built bridge across the Detroit River, demanding that Canada turn over at least half of the ownership of the bridge and agree to other unspecified demands in his latest salvo over cross-border trade issues.“We will start negotiations, IMMEDIATELY. With all that we have given them, we should own, perhaps, at least one half of this asset,” Trump said in a lengthy social media post, complaining that the United States would get nothing from the bridge and that Canada did not use U.S. steel to built it.The Gordie Howe International Bridge, named after a Canadian hockey star who played for the Detroit Red Wings for 25 seasons, had been expected to open in early 2026, according to information on the project’s website. The project was negotiated by former Michigan Gov. Rick Snyder — a Republican — and paid for by the Canadian government to help ease congestion over the existing Ambassador Bridge and Detroit-Windsor tunnel. Work has been underway since 2018. - ChroniclejournalThailand rejects radical change with Anutin’s ‘right-wing turn’Nationalism, a deep network of local patronage and a promise to safeguard Thailand’s faltering economy catapulted Anutin Charnvirakul back into the prime minister’s office.By his own admission, the win exceeded expec- tations. His Bhumjaithai Party secured 193 of the 500 parliamentary seats, according to early unofficial tallies late on Monday – “even more than I asked for”, Anutin told reporters – albeit from what looks likely to be one of Thailand’s lowest voter turnouts in decades.Analysts say Sunday’s election marks a sharp rightward shift for Thailand after a quarter-cen- tury of pro-democracy forces winning at the ballot box.The reformist People’s Party, which won the popular vote in 2023, slid to a distant second with a projected 118 seats, positioning it as the main opposition in a parliament that now leans decisively conservative. - ScmpManila ‘will consider’ joining Trump’s ‘Board of Peace’: Philippine envoy to USThe Philippines “will consider” an invitation from US President Donald Trump to join his proposed “Board of Peace”, Manila’s envoy to Washington said, a move that has drawn scepticism from critics who warn Manila could be embarrassed by signing up to what they see as a volatile, personality-driven initiative.Trump had personally invited President Ferdi- nand Marcos Jnr to be part of the board, but the Philippine leader had not yet decided whether to accept, Jose Manuel Romualdez said.While several governments had received invita- tions earlier, Romualdez told This Week in Asia in an exclusive interview on Friday that “the White House gave me [Trump’s] letter … about a week and a half ago” with precise instructions “to hand it directly to President Marcos”.He managed to hand it over to Marcos only on Friday, the ambassador said, adding that he had seen the contents of the letter. Marcos has not officially replied yet. - FTUganda minister condemns military raid on opposition leader's homeUganda's Information Minister Chris Baryomun- si condemned a military raid on opposition leader Bobi Wine's home last month, telling Reuters that the popstar-turned-politician had not committed any crime and was free to return there.Wine has been in hiding for weeks after fleeing his home in the capital, Kampala, hours before he was announced the runner-up to President Yoweri Museveni in the January 15 presidential election.On January 24, Wine said his wife had been taken to hospital after soldiers invaded their residence, alleging that they partially undressed and choked her.Uganda's military chief, Muhoozi Kainerugaba, who is also Museveni's son, denied soldiers assaulted Wine's wife, but later said on X that they had \"captured and then released\" her. - CnnEswatini high court dismisses case chal- lenging deal on US deporteesEswatini's high court has dismissed a case filed by human rights lawyers who argued that the government's deal with the United States to accept third-country deportees was unconstitu- tional, a copy of the judgment seen by Reuters on Wednesday showed.US President Donald Trump's administration has so far sent at least 15 third-country deport- ees to Eswatini since last July. The small south- ern African country received $5.1-million as part of the deal. - BloombergPolitics Around The World

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MarketswatchZiG Holds Steadyas Parallel Premium Widenshe Zimbabwe Gold (ZiG) remained stable against the US dollar, extending the consolidation seen since the start of the year.Exchange rate movements were largely unchanged, reflecting steady policy settings and tight liquidity conditions. While no major domestic shifts occurred, regional currency trends and commodity prices continued to shape market expectations.The parallel market premium has widened above 40% in 2026, up from a low of about 25% following the September 2024 devaluation signalling renewed pressure. Officially, the ZiG has gained just 2% year-to-date, reflecting its managed-float framework.With gold prices up 19% this year, a fully liberalised currency would likely have shown more volatility. The Reserve Bank of Zimbabwe (RBZ) maintains that fundamentals support stability, though the widening premium suggests ongoing market caution.The South African rand strengthened modestly during the week, supported by policy stability and improved capital flow sentiment. A firmer rand affects Zimbabwe’s import costs, particularly for food and consumer goods, with implications for forward pricing.Gold prices remained elevated, sustaining export earnings and balance-of-payments resilience. Strong gold inflows continue to anchor external stability and cushion the currency system against global volatility.Domestic macro conditions were steady, with subdued inflation and orderly liquidity. Delta Corporation’s latest update showed strong double-digit volume growth, led by Zimbabwe operations, signalling resilient consumer demand. This suggests that exchange rate stability is feeding into improved purchasing confidence and real economic activity.Currency stability will likely continue to hinge on gold inflows, regional currency movements, and disciplined liquidity management. With firm commodity support and steady domestic conditions, the near-term outlook remains cautiously positive.Regional MarketsRands Start February FirmRand AppreciatesThe South African rand gained against a weaker dollar, as investors digested disappointing retail sales figures ‌and waited for a key labour market report from ⁠the U.S.The ‌rand traded at ⁠15.9225 against the dollar.The U.S. dollar was last ‌down 0.3% against a basket of currencies as traders continued to assess ⁠retail sales which unexpectedly stalled in December as households scaled back spending on vehicles and other big-ticket items, ⁠suggesting a slower growth path for ‌consumer spending and the economy heading into the new year.Investors now await the non-farm payrolls report for January, due later on the 11th of February 2026, and inflation data on Friday for more cues on the Fed's monetary policy path.On the domestic calendar this week, an ‌annual mining conference in Cape Town which began on Monday continues until Friday, bringing together some of the world's top mining investors and government officials to discuss the industry's outlook.South Africa's statistics agency is expected to publish December mining and manufacturing figures on Thursday.Zambian Kwacha Remains StableThe Zambian Kwacha (ZMW) remains near multi-year highs, trading around K18.4 per US dollar, reflecting sustained appreciation momentum driven by improved macro fundamentals and renewed investor confidence.The Kwacha’s strength follows Zambia’s landmark US$6.3 billion debt restructuring, which restored international credibility and unlocked external financing channels.This has significantly improved sovereign risk perception and supported capital inflows. The appreciation trend has also been reinforced by a strong copper sector, with rising production and firm global prices boosting export earnings and foreign currency liquidity.Unlike policy-driven currency stabilization models in the region, Zambia’s exchange rate gains are largely market-led, underpinned by improved fundamentals rather than administrative controls.Shilling to Hold GroundKenya’s shilling is expected to hold steady, as dollar demand from manufacturers and oil-marketing companies matches inflows from the tourism and horticulture sectors.Commercial banks quoted the shilling at 128.90/129.10 per dollar.Naira Forecasts AppreciationNigeria’s naira could gain as foreign exchange supply improves, driven by strong oil receipts and flows from foreign investors attracted by the high yields on the country’s debt.The unit was quoted at 1,364 to the dollar in intraday trading on Thursday, strengthening from 1,388 a week ago.The naira was changing hands at around 1,445 to the dollar in street trading.“Market sentiment has swung firmly bullish on the naira, lifted by high oil prices and clearer FX rules. If the upcoming bond auction is strongly oversubscribed, liquidity could tighten further and push the currency toward the 1,350 level,” one trader said.The AXiS CCIV Monday 10 Feb 2026 24T

ZSE & VFEX WEEKLY COMMENTARY25 The AXiS CCIV Monday 10 Feb 2026he ZSE recouped prior week’s losses, reverting to previous positive trajectory as investors chase fundamentally strong equities on the bourse amid currency stability. The ZSE All Share Index climbed by 1.31% week-on-week to Friday to close at 360.71 points, driven by a growth in market heavies which countered sell-offs in medium caps. Since the beginning of the year, the ZSE All Share Index is up 29.8% (31.8% in US$ terms), which compares to a 27.7% nominal growth (26.8% in US$ terms) registered in 2025, and a 117.6% nominal growth (14.4% in US$ terms) achieved in 2024. The ZSE mainstream index gained 28.1% (30.1% in US$ terms) in the first month of the year, following the 18.25% nominal growth (19.21% in USD terms) posted in December 2025.The US$ denominated bourse, VFEX, took a breather in the week under review, halting a prolonged positive streak after succumbing to profit-taking induced sell-offs following a strong performance in January. The mainstream VFEX All Share Index plummeted by -1.91% against prior week to close at 207.33 points, driven by 7 laggards which countered 3 risers. In the just-ended month of January, the VFEX mainstream index strengthened by 19.3%, buttressing the 1.4% growth registered in December 2025. The All-share index has climbed 17.1% year-to-date, pared against a staggering 70% growth achieved in 2025, and a mild growth of 4.1% registered in 2024. An aggregate of US$732,015 exchanged hands this week, down from US$2,193,319 traded in the prior week.On currency markets, the ZiG sustained stability throughout 2025, depreciating by a mild -0.7% against the USD on interbank while maintaining exchange premium at 38%. The stability has continued into 2026 as the government maintains a contractionary monetary and fiscal policy stance. However, as the local currency appreciates against the USD on interbank, the parallel market remains stable, marginally depreciating and widening the exchange premium. This has the effect of fuelling speculative trading over time. The ZiG depreciated by -0.04% against the USD on the interbank market this week to close at ZWG25.59 per each US$. TZSE ASI VFEZ ASI ZWG INTERBANK 30/0102/0203/0204/0205/0206/0230/0102/0203/0204/0205/0206/0230/0102/0203/0204/0205/0206/02 356.04 211.36 25.58351.38 203.42 25.62339.59 212.43 25.65351.43 208.91 25.67353.44 205.68 25.77360.71 207.33 25.591.31% -1.91% -0.04%ZSE TOP 10 MEDIUM CAP INDEX SMALL CAP INDEX 100.11100.11100.11100.11100.11100.110.00% 366.68 325.78360.51 328.53346.34 328.13362.36 319.34364.18 322.53372.71 323.8430/0102/0203/0204/0205/0206/021.64% 30/0102/0203/0204/0205/0206/02-0.60% 30/0102/0203/0204/0205/0206/02

TOP 5 WEEKLY RISERSTOP 5 WEEKLY FALLERS FINANCIAL MARKETS AT A GLANCE 2025AFDISARISTONBATCFIDELTADAIRIBORDHIPPOMEIKLESOKSEEDCOSTAR AFRICATSLTanganda 1070.73192955392900.6808186.8182870.2065290.0511.754553.45292.5565.5739931.052.978614587.66435392902.54186872.129011.6557470.00753.6291.0564.9959Latest PriceZiG CentsPrevious WeekZiG CentsConsumerStaplesRTG 18.009 18.009Latest PriceZWL CentsConsumer Previous WeekZWL CentsCAFCAG/BELTINGSMASIMBANAMPAKUNIFREIGHTZECO1300.03979.95250.587183.50.00181300.03979.9525176174.950.0018Latest PriceZiG CentsIndustrialsSectorPrevious WeekZiG CentsARTZDRPROPLASTICSTURNALLWilldaleRioZim6.80541309.93.2716.80541359.953.271Latest PriceZiG CentsMaterialsSectorPrevious WeekZiG CentsTN CYBERTECHECONETZIMPAPERS10.7103952.6507712.5952.26027Latest PriceZiG CentsICTSectorPrevious WeekZiG CentsMASHHOLDFMP129.9586.992613078.5Latest PriceZiG CentsReal EstateSectorPrevious WeekZiG CentsBATAFDISNAMPAKFIDELITYCBZ19295.001070.7087.0040.001414.74470714011515432.3%15.0%14.5%14.3%12.3%COUNTER PRICE CENTS CHANGE % CHANGE ZHLTN CYBERTECHZSE LTDZBFHSTAR AFRICA96.0010.7170.00400.773.45 (16) (2) (10) (54) (0)-14.3%-14.3%-12.5%-11.9%-4.2% COUNTER PRICE CENTS CHANGE ANGE Interbank Market Rate 25.59-0.04% ZSE Top 10 Index 372.711.64% ZSE All Share Index 360.711.31% NGSE All Share Index 168,030.21.61%11,082.86ConstantBSE All Share Index LuSE All Share Index 26,146.67-0.31%VFEX All Share Index 207.33-1.91% JSE All Share Index 118,539.9-1.25%CBZFBCHFIDELITYFMLNMBZZBFHZHLZSE Holdings1414.74211239.9540420500400.769296701260.3093124035400500455112.057480Latest PriceZiG CentsFinancialSectorPrevious WeekZiG Cents360.71207.33VFEX All Share IndexZSE All Share index VFEX All Share IndexWOW -1.9% MoM 15.5% YTD 17.1%360.71327.67ZSE Financials SectorZSE All Share indexZSE Financials indexWOW 2.1% MoM 26.5% YTD 8.1%360.71159.55ZSE Industrials Index (New)ZSE All Share indexZSE Industrials Index (new)WOW 6% MoM 16.2% YTD 16.2%360.71720.16ZSE Real Estate IndexZSE All Share index ZSE Real Estate IndexWOW -1.4% MoM 42.2% YTD 16.8%11082.86360.71BSE All Share IndexBSE All Share IndexZSE All Share indexWOW 0% MoM 1.1% YTD 0.5%26146.67360.71LUSE All Share IndexLUSE All Share IndexZSE All Share indexWOW -0.3% MoM 1.8% YTD 0.9%1.7%40.1%Interbank Market Interbank MoM Mvt.ZSE All Share index360.71419.93ZSE ICT IndexZSE All Share indexZSE ICT IndexWOW 0.04% MoM 56.1% YTD 56.1%360.71698.27ZSE Consumer Discretionary IndexZSE All Share indexZSE Consumer Discretionary indexWOW -0.7% MoM 18.7% YTD -7.2%360.71372.71ZSE Top 10 IndexZSE All Share index ZSE Top10 indexWOW 1.6% MoM 40.9% YTD 32.3%360.71323.84ZSE Medium Cap IndexZSE All Share indexMedium Cap indexWOW -0.6% MoM 30% YTD 16.4%360.71275.97ZSE Consumer Staples IndexZSE All Share indexZSE Consumers Staples indexWOW 2.2% MoM 18.1% YTD 18.1%360.71159.67ZSE Materials IndexZSE All Share indexZSE Materials IndexWOW -0.3% MoM 12.5% YTD -0.3%118539.9360.71JSE All Share Index JSE All Share IndexZSE All Share indexWOW -1.3% MoM 1.2% YTD 2.3%168030.2360.71NGSE All Share Index NGSE All Share IndexZSE All Share indexWOW 1.6% MoM 9.4% YTD 8.0%

Regional Economic Watch2)Ghana has about 50,000 metric tons of unsold cocoa sitting at its ports, cocoa market regulator Cocobod said on Friday, adding that it is in talks with farmers and the Finance Ministry on how to resolve the situ- ation.The world’s second largest cocoa grower is, like top grower Ivory Coast, struggling to sell its crop as global cocoa demand has fallen sharply, leading global prices CCc1 to halve over the course of a year to two-year lows of around $4,000 a ton.The farmgate price in Ghana, set anually by Cocobod, is 58,000 Ghana cedis a ton or nearly $5,300, meaning traders face steep losses on Gha- naian cocoa purchases. Their purchases have dried up as a result, leav- ing farmers unpaid.Ivory CoastIvory Coast’s cashew nut output is forecast steady in 2026 at between 1.5 million and 1.7 million metric tons due to favourable weather conditions and a crackdown on smuggling, the general director of the Cotton and Cashew Council Mamadou Berte told reporters on Saturday.Ivory Coast is the world’s top cashew producer and exporter. Last year, output stood at 1.54 million tons. Berte said the minimum guaranteed farmgate price is set at 400 CFA francs per kg in 2026 compared with 425 CFA francs last year.NamibiaFrench oil major TotalEnergies has acquired a 42.5% operated interest in Namibia’s PEL104 exploration licence as the firm expands its holdings off the southern African country, where it hopes to be the first to produce oil by the end of the decade.The licence, acquired for an undisclosed sum from Maravilla Oil and Gas and Eight Offshore Investments Holdings, lies to the north of its 150,000 barrels-per-day Venus development and the Mopane mega-discovery, in which it acquired an operating 40% stake last year from Galp.Mopane is estimated to hold more than 10 billion barrels of oil.“We are very pleased to expand our portfolio and continue exploring the prolific resources of Namibia, in order to unlock further value that will benefit the country and all stakeholders,” Nicolas Terraz, Total’s presi- dent of exploration and production, said in a statement.Last week TotalEnergies CEO Patrick Pouyanne met with Namibia’s presi- dent and Galp’s chairman to discuss the next steps in developing oil and gas assets in the country.Total hopes to take a final investment decision this year on Venus, though complex geology has pushed up costs. Three exploration wells will be drilled at Mopane this year to better understand its resources.South Africa1)South Africa would be keen to utilise new European Central Bank repo lines if available, the country’s central bank head Lesetja Kganyago said on Saturday, adding that his country’s interest-rate-cutting cycle still had some way to go.ECB President Christine Lagarde said this week the bank was planning to make its repo liquidity lines cheaper and easier to access in an effort to boost the euro’s international role. The repo lines allow foreign central banks to borrow euros against collat- eral denominated in the single currency and are designed for times of crisis. South Africa’s veteran central bank head Kganyago said his country would benefit from the lines, given the vast amount of trade and invest- ment that comes from Europe.On South Africa’s own interest rates, he said last month’s decision to keep them at 6.75% meant they were “still distant from the terminal rate.” Poli- cymakers want to see inflation slow further before it starts moving again, but their current projection is for two more 25-basis-point rate cuts this year, plus another next year.2)South Africa on Friday announced its first foot-and-mouth vaccine in 20 years as it seeks to boost local production of inoculation doses to fight the country’s worst outbreak of the disease in many years. Foot-and-mouth is a highly contagious viral disease that mainly affects cattle, causing pain- ful blisters in the mouth and on hooves. Although it is not often fatal, especially among adult cattle, it affects livestock’s productivity.Developed by the government’s Agricultural Research Council (ARC), the vaccine will be part of South Africa’s bid to vaccinate 80% of its national herd of about 12 million cattle, 7.2 million of which are on commercial farms.The ARC will supply 20,000 vaccine doses per week from March 2026, rais- ing its output to 200,000 doses per week from 2027, the Agriculture Minis- try said in a statement.South Africa is having to import most of its foot-and-mouth vaccines, including from Botswana, Argentina and Turkey, due to the limited capac- ity of its underfunded state-owned manufacturing entities.Ghana1)Ghana’s Securities and Exchange Commission (SEC) has directed local fund managers to cut back on offshore investments as it seeks to protect the cedi currency and strengthen macroeconomic stability.Ghana, a major gold and cocoa producer, is emerging from its most severe economic crisis in decades, and it is expected to complete a three-year IMF support programme in August. The SEC said in a circular late on Friday that, with immediate effect, local fund managers will not be allowed to invest more than 20% of their funds under management in foreign securities. Funds that were previously allowed to invest all their money offshore will now be limited to 70%.27 The AXiS CCIV Monday 10 Feb 2026