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Zisco has been at the core of Zimbabwe’s crisis

Gary Green has been no stranger to the adversity. The burly man from Zimbabwe has been able to survive the brain tumor and also rebuffed this seizure of the machinery business by the people who have claimed that he had been a foreigner and also demanded that he hands the control over.

Now even the resolve of Green is going to be tested as an implosion in the economy, the rampant amount of inflation and the crippling cash shortage of Zimbabwe and also shortage of electricity has been pushing the company down to the brink. Bulawayo based company had once bene the industrial hub of the nation in Africa has been hit very hard as the factories have either left or shut down.

At the very core of the crisis in the sector has been the Zimbabwe Iron & Steel Co. Once among the largest steel mills in the continent, it has not produced for over 15 years and has robbed the companies like Green’s of a reliable amount of supply.

The planned plant between Bulawayo in the south-west of the country and Harare its capital has been standing as a symbol of the decline in the economy.

The company is dead and hasn’t been producing anything so they have no raw materials. Green has said in an interview that at the rate at which they are going, there is no option but to shut down because there isn’t any scrap metal.

Government has been estimating the contraction of GDP by over 6% in the previous year as half of this population is needing inflation, food aid and has been running at over 500% and there is a depreciation by over 90% against the currency of United States in last year.

Thomas Cramer
Thomas Cramer Subscriber
SENIOR CONTENT WRITER At Market News Magazine

Keenly understanding the world of technology and the capability to play with words, Thomas Cramer holds the position of Senior Content Writer. He writes reports and news of the tech world comprising, but not limited to, launches, upcoming & latest events, updates, releases, and so on in a flabbergasting manner. Being a technology freak, Thomas also puts forth his opinions and reviews about the new devices, gadgets, and other technologies & their implementations. Trekking, hiking, and reading books are a few of the free-time activities of Thomas.

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