The Zimbabwe Independent 2017 Quoted Companies Survey (QCS), which seeks to measure the performance of firms listed on the Zimbabwe Stock Exchange (ZSE) launch will be held tonight at the Meikles Hotel in Harare.
BY BUSINESS REPORTER
Macro-Economic and Financial Management Institute (MEFMI) for Eastern and Southern Africa executive director, Caleb Fundanga will be the guest speaker at the official launch of the survey, which is hosted by Alpha Media Holdings’ (AMH) weekly newspaper, the Zimbabwe Independent.
AMH also publishes NewsDay and The Standard.
The 2017 QCS will rate how companies weathered the storm in an environment where many have either scaled down operations or closed shop, and is being held under the theme Adapting to the New Normal.
The event is expected to attract business executives and other stakeholders both locally and regionally.
QCS chief adjudicator, Ranga Makwata said the survey, this year, deviated from the rankings of the past five years, which just looked at the performance of the companies regardless of sectors.
“However, as the economy enters a new normal, euphemistically referred to as Zimbabwe 4,0 (bond note era), we have reverted back to sectors,” he said.
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“We think this will correctly capture the challenges that managers are facing, which are sectoral unique and, as such, more meaningfully recognise the management teams that have, based on financial results, exceeded their counterparts, in the same sector.
“Incidentally, Zimbabwe 3,0 is the 2009 to 2016 era of United States dollar and deflation, while Zimbabwe 2,0 is the now infamous hyperinflationary and bearer cheque age.
“Exports or foreign currency revenue generation is critical in the Zimbabwe 4,0 era, and, hence, the QCS has seen it fit to recognise a listed company that brings in a lot of foreign currency.”
Makwata said the market was segmented into retail and distribution, consumer discretionary spending, food processing, manufacturing non-edibles, agriculture, banking and insurance.
The guest of honour, Fundanga has been MEFMI executive director since July 2014.
MEFMI is a regional capacity building institution in macroeconomics and financial management based in Harare.
Its main clients are central banks and ministries of Finance and Planning.
Before joining MEFMI, Fundanga worked as Bank of Zambia governor between 2002 and 2011.
Among some of the accolades he won during his tenure are: Central Bank Governor of the Year for Africa and Global award by the Banker Magazine, a sister publication to the Financial Times of London in January 2007, Emerging Markets Magazine award of African Central Bank Governor of the Year 2007, which he received in Washington DC.
In September 2007, he was awarded the African Central Bank Governor of the Year by the Annual Meetings Daily of Nigeria.
Prior to joining the Bank of Zambia, he had worked as senior advisor to the president of the African Development Bank (1998-2002) and as executive director of the African Development Bank (1995-1998).
Fundanga obtained a Bachelor’s degree in Economics at the University of Zambia and a Master’s degree at the University of Manchester in the United Kingdom and his PhD at the University of Konstanz in Germany.
