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News Lafarge Cement Zimbabwe conscious of effects of inflation

Lafarge Cement Zimbabwe conscious of effects of inflation

Written by Global Cement staff 28 November 2019
  • Print

Zimbabwe: LafargeHolcim subsidiary Lafarge Cement Zimbabwe has complained of implied year-on-year inflation of 350% in September 2019 having possible knock-on effects on its business. Company secretary Flora Chinhaire blamed a 19% year-on-year drop in domestic consumption on ‘declining demand from homeowners due to escalating mortgage financing costs’ and the effects of foreign currency constraints on payments to suppliers for capital expenditure projects. All Africa has reported that power supply issues and unplanned stoppages caused a 1% decline in productivity at Lafarge Cement Zimbabwe’s 0.5Mt/yr integrated cement plant, where it operates a single wet production line.

The International Monetary Fund (IMF) has forecasted a 5.3% contraction in Zimbabwe’s gross domestic product (GDP) in 2019.

Last modified on 04 December 2019
Published in Global Cement News
Tagged under
  • Zimbabwe
  • LafargeHolcim
  • Lafarge Cement Zimbabwe
  • inflation
  • demand
  • currency
  • Energy
  • Production
  • GDP
  • GCW434
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