Southern Africa

Ramaphosa and Buyanga Give Zimbabwe Nod Of Confidence


JOHANNESBURG- Cyril Ramaphosa President of South Africa has defended Zimbabwe during his talks with European Union (EU) leaders on Thursday.

Ramaphosa urged Europeans to give Zimbabwe chance by removing sanctions on the impoverished Southern African nation.

Ramaphosa said: “Zimbabwe is on a path of great reforms. This needs to be supported, as Zimbabwe has turned a corner.”

The South African President has become the second high profile figure to show confidence in Harare administration.

Serial entrepreneur Frank Buyanga this made a stunning offer to President Emmerson Mnangagwa’s government by availing $35 million to procure and deliver fuel, pharmaceuticals and other products that are in short supply.

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Buyanga’s South African domiciled company African Medallion Group (AMG) was granted government approval this week to do so following its request to assist.

Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya on Monday responded to the request saying in a letter: “The bank appreciates your desire to contribute to the solution to the challenges facing the country and wishes to advise that you directly approach the importers of the proposed commodities. This is due to the fact that the buyers will be using their free funds to pay for the imports.”

The offer by AMG to Zimbabwe comes as no surprise to those familiar with the history of the company. The 2 years old start-up has had massive accelerated growth  giving it financial muscle.

AMG’s gold reserves have spiked to R6 billion between January 1st and October 5th 2018 hitting a historic high for the firm.

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