Diaspora Matters

Weekly Update: Parallel Market Rates Nose Dive


We start the week with a new president and hope to end the week with a new cabinet. We look forward to an A-Team that represents the best in talent that Zim possesses. Zim is not short on talent and His Excellency and team will have to cast their net wide and not only think of locals but diasporans too in search of a winning team that inspires confidence in the economy.

Confidence Boost and Parallel Market Rates.
We have already discussed about the need to create an enabling environment for business and job creation. We wrote a letter to the president where ZBIN members expressed their views on issues they would like the new government to tackle. Some of them were included in the inauguration speech by the new leader of the country. We thank our members for speaking their minds. We are doing it for the good of our nation. The best news of the week has to be small improvement in cash availability. Although coming in drips and drops-there are signs of cash is slowly coming back into circulation. Our members have noted hard cash disbursement at Cabs in Karoi where a clients were withdrawing up to US400, in Harare from banks such as Barclays Bank, Steward Bank and POSB amongst others.

All of this change is happening within a week, we applaud the efforts from relevant authorities and hope that the situation will improve significantly in the following weeks. Zimbabweans on the ground are not interested much in fancy policies….we have heard about them over the past decades…we want results. We want to see ATMs starting to dispense cash before christmas, we want to see increased circulation of money. W want to have confidence that if you leave your money in a bank-you can withdraw it any time. We want confidence in the system and the confidence witnessed during the previous week is encouraging. Parallel market rates seem to have plunged with rates of USD to Bond Note falling from a peak of 1.85 to 1.35. We look forward to parallel market rates dropping further and this will depend on the actions of the new administration-for this week, it looks promising, how about next week? Only time will tell….

One Year Anniversary for ZBIN Website.
The greatest news for the forum is that our website turns 1 year this week. A major milestone for the forum as we have provided our members and followers more than 460 free articles on business in Zimbabwe and beyond. We created a National Filing Cabinet of business articles and resources for the SME sector in Zimbabwe. A digital platform that enables people to access useful information on opportunities in Zimbabwe and how to run their businesses. At a clock of a button, one can access information on what is trending in terms of business in Zimbabwe and the region.

We had the Diaspora and remote areas in mind when we set up the website. A person in the diaspora may not be able to access information on business opportunities easily. There is no diaspora friendly digital platform that helps the diaspora community to make informed investment decisions in the country-so we became the forum of choice churning out more than an article per day. We feel humbled to have thousands of regular followers in Australia, Dubai, USA, UK, Canada, South Africa, Namibia, Lesotho and Zambia.

A record 300,000 people have accessed the forum in the past months and this is no mean achievement for a small business site. Whilst initially meant to assist Zimbabweans, we have expanded the focus of the forum and website to include all people across the world. We have covered Trinidad and Tobago, have a solid following in Lesotho, Malawi, Malaysia and India. We have provided a gate way into investment and business into Zimbabwe and Africa as a whole.

We thank everyone for the support especially Farai our Deputy Board Chair, a finance professional based in USA. without him providing financial assistance to keep the website running there would be no website to talk of. This helps to show that the diaspora community is extremely key to the business sector in Zimbabwe. We would like to thank SKT Website design for freely providing website redesign services 4 months after the initial website had been put up.

As we enter year , we look forward to a redesigned website that makes it easy to access, download information and resources and providing a great platform for business discussions. We will also be adding more platforms that will help to showcase investment opportunities in Zimbabwe to all corners of the globe.

What Else….
1.We have not forgotten about the Mozambique trip to Beira, logistics are being put in place for the trip that will happen in December.
2. Festive Holiday Business Preps-We hope to do a Facebook Live Video on key preparations that entrepreneurs need to consider in preparing for the festive season business.

Wishing you a blessed and productive week.

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Diaspora Matters

Global Management Accounting Principles


The Zimbabwe Business Ideas and Network forum is fortunate to have a number of qualified accountants at board level, the secretariat as well as volunteers. Our board of 10 has 3 qualified accountants. Farai, CPA,CGMA; Tavaziva, CA and Victor ACMA,CGMA.

We also tap into a lot of accounting expertise from more than 10 qualified accountants who are volunteers of the forum. Below we share with you information on Global Management Accounting Principles. The information is helpful to accountants particularly those in management accounting or financial analysis. It also helps those that do not have a financial background.

The accounting field is fast changing and it isno longer about preparing historical financial information for reporting. The accounting field is now about value addition to a business and the principles below help in solidifying the place of management accountants on corporate boards.

Quality decision making has never been more important – or more difficult. Innovations and innovators daily disrupt the status quo. The volume and velocity of unstructured data is increasing complexity.

The Global Management Accounting Principles© were created for this era of business. They reflect the perspective of CEOs, CFOs, academics, regulators, government bodies and other professionals in 20 countries across five continents. This included a 90-day public consultation in which more than 400 people participated. Public as well as private sector representation has been included so that the Principles have universal applicability.

The purpose of the Principles

The purpose of the Principles is to improve decision-making in organisations through the provision of high quality management information. They further support you in benchmarking your organisation against best practice.

The four principles are


Communication provides insight that is influential

OBJECTIVE:  Drive better decisions about strategy and its execution at all levels.

This principle is driven by insight, information and integration. Robust, valuable business is built on good decisions. However, a good decision means nothing when it’s made at the wrong time. Given the pace of global business, timely decision-making is more crucial than ever.

By putting communication at the heart of your business, the Global Management Accounting Principles give your business the tools to identify problem areas and cut through siloes. Forging close relationships with key decision-makers enables management accountants to source and analyse the right information, to define a watertight business strategy.

Key benefits

  • Clearer strategy: By opening up the right channels of communication, application of this principle empowers decision-makers, by providing them with the heavily scrutinised, evidence-based information they need to steer progressive strategy.
  • Tailored communication: Simply put, it’s what people need, when they need it. Defined by transparency and delivered with clarity, this principle helps to achieve long-term impact by providing credible, timely information.
  • Better decisions: Understanding the intricacies of the business enables management accounting to make the most well-informed recommendations to key decision-makers, and the robust decisions that follow them.


Information is relevant

OBJECTIVE:  Help organisations plan for and source the information needed for creating strategy and tactics for execution.

This principle distills data to inform and deliver sustainable business strategy. In the age of data-driven business, it can be difficult to know which information – past, present and future – is relevant to making key decisions.

Having understood the decision-maker’s needs in the communication principle, this principle provides the information needed to fulfill them. How? By identifying, scrutinising and collating diverse data about the business.

To paint a holistic picture, management accounting looks at internal and external, financial and pre-financial information. By looking at past, present and future data, plus mistakes and successes, this principle facilitates the delivery of decision-relevant information only, to drive value.

Key benefits

  • Separate good from bad: Bad information leads to bad decisions. By applying this principle, management accounting finds the right information for the decision, and decision-makers, involved.
  • Quality meets accuracy: Prior to analysis, management accounting sorts and filters data, so only the most valuable, consistent and accurate information is presented to key decision-makers.
  • Information agnostic: With so many factors in driving global business, management accounting recognises that good information, both qualitative and quantitative, can come from anywhere. This principle’s holistic approach means optimised relevance to drive optimised value.


Impact on value is analysed

OBJECTIVE:  Simulate different scenarios to demonstrate the cause-and-effect relationship between inputs and outcomes.

This principle optimises the link between management accounting and the business model. Without proper attention to this interaction, management accounting’s ability to have any lasting effect on value – and value generation – is severely compromised.

Having sourced and defined the right information for the task and decision at hand, this principle develops scenarios to test that information against. By understanding the business model and wider factors in more depth, management accounting can fully assess the breadth of opportunities, risks, costs, and the potential for generating long-term, robust value for the business.

Key benefits

  • Better-informed decisions: By taking a holistic view of the decision-making situation, then rigorously testing diverse factors with scenario analysis, this Principle can assess the relevance and resilience of the business model.
  • Prioritised action: Prior to analysis, management accounting sorts and filters data, so only the most valuable, consistent and accurate information is presented to key decision-makers.


Stewardship builds trust

OBJECTIVE:  Actively manage relationships and resources so that the financial and non-financial assets, reputation and value of the organisation are protected.

This principle has empowerment, good values and best practice at its core. An organisation is only as good as its people: without integrity and objectivity in management accounting, the whole decision-making process is undermined, which has negative consequences for the business and its long-term value.

Management accounting professionals champion solid, open working relationships, and applying the principles to their practice areas with competence and clarity. It means they become trusted guardians of an organisation’s value – and values. It also means they’re always ethical, accountable and mindful of these values in every aspect of their practice.

Key benefits

  • Accountability meets credibility: Being accountable for decisions minimises the risk of a poor decision, and its potential long-term effects. Creating and maintaining open, two-way communication means stakeholders’ needs are met with credibility, with a positive impact on processes.
  • Sustainability: Management accounting makes the link between sustainability, strategy and the business model, taking economic, environmental and social risks into account to drive sustainable, long-term success.
  • Integrity meets ethics: Management accounting adheres to its strict code of conduct with commitment, objectivity and integrity, so the decision-making process can be approached critically, and value can be maximised.

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