Chronicle Editor
Michelle Moyo – [email protected]
SUGAR processor Starafricacorporation has welcomed the introduction of Zimbabwe’s new currency, Zimbabwe Gold (ZWG), which has brought sweet relief to the industry in the form of exchange rate stability and low inflation, creating a more favourable environment for growth and investment.
This bold move by the Government has brought much-needed stability to the economy, curbing hyperinflation and currency fluctuations.
The sugar industry, a vital sector in Zimbabwe’s economy, has been revitalised by this development.
As the economy continues to flourish, Starafricacorporation is poised to make significant contributions to Zimbabwe’s growth and development.
Starafricacorporation Chairman, Dr Rungano Mbire, noted in the company’s financial results for the period ended March 31, 2024, that the sustainability of the new currency, Zimbabwe Gold (ZWG), hinges on the authorities’ ability to maintain a tight monetary policy stance.
“On 5 April 2024, the Government introduced a new currency, Zimbabwe Gold (ZWG), leading to a period of relative exchange rate stability and low inflation,” said Dr Mbire.
He expressed optimism about the company’s prospects, stating that with the raw sugar supply issues largely addressed and the plant refurbishment and replacement programme progressing as planned.
“The Group will continue to improve on operational efficiencies and reduce costs with the aim of returning the business to profitability.”
For the fiscal year ended March 31, 2024, Goldstar Sugars (GSS) experienced a significant decline in sales volumes of granulated white sugar, with a 32 percent decrease from 82,321 tonnes in the previous year to 55,799 tonnes. The company’s production throughput also decreased by 32percent to 52,605 tonnes, compared to 77,270 tonnes in the prior year, attributed to challenges in raw sugar supply.
“Active engagements with our various stakeholders have largely resolved the raw sugar supply challenges. GSS continues with its refurbishment and replacement programme for critical components of plant and machinery to improve plant efficiencies and quality of refined sugar,” he said.
Dr Mbire highlighted that Goldstar Sugars, a subsidiary of Starafricacorporation, successfully maintained its certification from The Coca-Cola Company (TCCC) and upheld its Food Safety System Certification, adhering to the rigorous standards of the FSSC 22000 series.
This achievement demonstrates the company’s ongoing commitment to excellence in quality and food safety management
“We launched new products into the market, namely bicarbonate of soda, desiccated coconut and muesli. The business unit has sufficient production capacity to supply the market at competitive prices and continues to focus on innovation,” said Dr Mbire.
Online Reporter