ZIMBABWE Independent editor Faith Zaba has called for more collaboration between the media and capital market players to unlock market value and drive economic growth.
Her remarks come at a time when there is a dearth of foreign direct investment and external portfolio funding necessitating increased media coverage to highlight local economic and capital markets opportunities.
Zaba made the remarks yesterday at the inaugural two-day Capital Markets Conference being held in the resort town of Nyanga.
The conference is being held through a partnership between the Zimbabwe Independent, Securities Exchange Commission of Zimbabwe (SecZim) and the Zimbabwe Stock Exchange (ZSE).
“Consequently, this enhances participation rates, transaction volumes and overall market growth. Zimbabwe stands at a crucial juncture, requiring substantial resources to invigorate its economy,” Zaba said.
“Unfortunately, a significant portion of these resources remains as dead savings, held in hard cash by citizens, without being channelled into productive savings and investments.
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“This signifies the amount of work the collective of the media coverage of the local economy and capital markets, highlighting the good and the opportunities in the process.”
Zaba reiterated that the current savings to gross domestic product ratio was low, underscoring the collective effort needed by both the media and capital market drivers to mobilise these funds.
She said the media served as the bridge that connected the market’s complexities with the public.
This connection was through amplifying awareness in the provision of critical market data, insightful commentaries, news on listed companies, financial analyses and dedicated analyst perspectives.
According to Zaba, this wealth of information empowered readers to make informed decisions about buying and selling shares and other securities, including Treasury Bills and bonds.
She challenged ZSE and SecZim to ensure timely dissemination of information on capital market developments to the media.
“Regular workshops for journalists on financial market reporting can enhance their understanding and coverage of the industry. Additionally, recognising and awarding excellence in capital market reporting can incentivise media professionals to focus more on this critical sector,” Zaba added.
“Transparency and corporate governance among listed companies can also be improved by providing more comprehensive information in annual reports, similar to the United States Securities and Exchange Commission, covering aspects such as director remuneration and shareholding.
She said this increased scrutiny and enhanced corporate governance among listed firms.
“The responsibility for safeguarding the future of the newspaper industry, accordingly, does not rest solely on the media industry’s shoulders but requires a concerted effort from all stakeholders — businesses, public and government — to create an environment conducive to the sustainability of quality journalism,” Zaba said.
“The objectives of this conference align perfectly with our collective vision of positioning the capital market as a cornerstone of Zimbabwe’s economic growth, providing a comprehensive understanding of Zimbabwe's investment environment, investigating opportunities in the current economic landscape, engaging in discourse on optimal asset and investment mixes as well as assessing strategic allocations in various investment sectors.”
The Zimbabwe Independent is a unit of Alpha Media Holdings (AMH) alongside NewsDay and The Standard. AMH also owns online broadcaster, Heart&Soul.