South African Airways struggles to recover $50m stuck in Zimbabwe

South African Airways (SAA) continues to face a significant financial challenge as it struggles to repatriate more than $50m (around R1b) trapped in Zimbabwe. This predicament, largely a result of foreign exchange shortages in Zimbabwe, has drawn the attention of South Africa’s Parliament and placed pressure on both governments to find a resolution. The ongoing issue came to light during a recent meeting of Parliament’s Standing Committee on Public Accounts (SCOPA), where the airline’s representatives provided an update on their efforts to recover the funds, which are primarily from ticket sales. SCOPA chairperson Songezo Zibi suggested that SAA might need to consider more assertive measures, such as attaching assets in South Africa, to retrieve the funds, though such a step remains hypothetical for now. SAA has indicated that while it is currently in a stable financial position, it will need additional capital to expand its operations. The airline’s board chairperson, Derek Hanekom, highlighted that the funds locked in Zimbabwe could help SAA pursue future growth plans if released. Hanekom described the situation as “not easy,” acknowledging the difficulty of retrieving such a large sum, despite persistent communication with Zimbabwean authorities.<br/>