adminsituation would be better this year when the funding situation was expected to improve.
Construction Industries Federation of Zimbabwe president Mr Philip Chiyangwa said Government should bring sanity into the financial sector for the construction industry to grow.
“Construction is suffering the effects of cash shortages facing the financial sector hence activity has slowed down,” he said.
Mr Chiyangwa said some construction companies had since halted operations, which was not a good signal for the future of the sector. “When we made the forecast, the economy was on a growth path but the liquidity challenges have persisted making it impossible for the construction sector to realise its full potential,” he said.
The Government has since ordered all banks to repatriate 75 percent of funds held in offshore accounts with effect from March 1 as part of measures to improve liquidity.
Foreign banks operating in Zimbabwe are believed to be sitting on over US$500 million of local depositors’ money in their home countries. — New Ziana.
Online Reporter
- Herald
- July 31, 2026
- 24 views
Economy: Growth signs visible
Martin Kadzere Senior Business Reporter ZIMBABWE has made significant progress towards achieving upper-middle-income status, with the country’s Gross National Income per capita growing by 84 percent since 2021, Finance, Economic…
