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Harare, Zimbabwe (News of The South) – South African retail giant Pepkor, today announced that it will exit Zimbabwe as a result of an economic crisis which has hurt its performance.
Severe shortages of foreign currency, fuel and electricity have sent inflation soaring to its highest since 2008.
This has dashed hopes the economy might recover under President Emmerson Mnangagwa, who took over from Robert Mugabe in 2017.
Pepkor said, “the decision to exit Zimbabwe was based on the continued adverse macroeconomic conditions affecting trading and the weakening currency.”
This year its Zimbabwe business made a loss of US$4.8 million, including the full impairment of the disposal of the group’s assets.
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