Dairiboard group Chief Executive, Anthony Mandiwanza has credited the multi-currency regime for the turnaround of the giant dairy producer.
Speaking at a 2017 annual general meeting in Harare on Wednesday, Mandiwanza said 2016 was a tough year for the company due to the cash shortages which affected consumers spending.
“Last year was not a good year to us and we faced many challenges including the accessibility and availability of foreign currency,” he said.
He added, “It was most difficult for the group since the dollarisation of the Zimbabwe economy. Revenue for the year was 10% below the prior year driven by static volumes and a 9% decline in price per litre.”
Zimbabwe is currently battling against a severe cash shortage that has resulted in people sleeping at bank queues to access cash and this has greatly affected the economy.
Apart from cash shortages, Mandiwanza attributed his company’s poor results due to heavy rains.
Mandiwanza however commended the statutory instrument 64 of 2016 which he said brought positive changes that favored business growth.
He urged government to sustain the SI64 of 2016 to boost business local businesses.
