Visiting investment consultants from the United States of America and Canada have implored Zimbabwe to consider setting up a gold reserve bank and introduce a gold currency with a view to attract international capital. Apart from bringing money into the country, the use of gold as a currency could also increase confidence in Zimbabwe’s currency, financial system and ultimately economy.

Local economists, however, said that the lack of reliable information from mineral exploration makes it difficult to use gold to back currency. Another challenge would be the value of the gold which is determined on the world market, which may make the gold backed currency volatile.

An economist with the Africa University, Mr Thomas Masese said that instead of a gold bank to resuscitate or grow the economy, Zimbabwe needs to work on economy hygiene issues such as the cost of doing business, boost production, etc.

Lands, Natural Resources and Environment protection Deputy Minister Davies Mwango says government has simplified the land acquisition process for Zambians living in the Diaspora.

Mr. Mwango says the simplified process will enable Zambians who are living abroad to easily access land at home, and the government is in the process of revising Land policy adding that government is currently receiving inputs from different stakeholders including government ministries.

Meanwhile Ambassador Susan Sikaneta says the African Union is grateful to the Zambian government for the 10 acres plot land given for the construction of the new headquarters of the ECOSOC Secretariat and another piece of land for the construction of the new COMESA headquarters in Lusaka. She says this will be valuable use of land whose benefits will remain forever and add to the beauty of the city of Lusaka.

Shelter and pipe products manufacturer, Turnall Holdings’ turnaround process which began in September 2014 has begun to pay dividends as it returned to profitability in the year to December 31, 2015. The group posted a profit of $106 938 which was a recovery from a loss position of $11, 9 million in the prior year. The performance was largely due to the group’s decision to diversify its suppliers which resulted in significant cost saving on key inputs especially chrysotile fiber.

Other strict cost control measures include aspects like cost of sales lower at $22, 4 million from $32, 3 million; administration expenses at $3, 8 million, 71% below prior year; financing cost decreased by 6%.

The group is also expecting to reap further rewards from a combination of rightsizing the business, further cost reduction and capturing market opportunities.

Reuters reports that Glencore’s plan to invest over $1.1 billion in Zambia to sink three copper mine shafts with new technology that will extend mine life by over 25 years, is pushing the kwacha to its highest in two months.

“The news from Glencore obviously sent a positive signal but overall we are seeing a lot of dollar supply with very little demand,” analyst Maambo Hamaundu said.

Glencore plans to make the investments between now and 2018 and it was expected that Mopani Copper Mines (MCM) would be turned into a world-class mining operation by 2023.