Zimbabwe’s biggest sugar producer Hippo Valley Estates Limited has announced that it would increase the US dollar component on its workers’ salaries citing shortage of the ZWL currency.
This comes as the company failed to pay its workers in time due to the shortage of the Zimbabwean dollar on the market.
In a letter to all its workers, Hippo Valley said the delay was due to the changes in the economic environment which saw the company failing to mobilize enough Zimdollars.
Sylvester Mangani, the company’s chief operations officer said: “We sincerely regret the delay in payment of the ZWL salaries, and the inconveniences and distress this has caused to employees.
“Due to the recent rapid changes in the economic environment, the company was not in a position to mobilise enough Zimbabwe dollars to accommodate salaries and other related costs,” read the statement.