"Next year we will be starting
entering the prosperity period because my understanding is that it can only be
austerity for a year and you cannot have austerity for three years that's not
fair. The beginning of next year will be less and less austerity," said
Professor Mthuli Ncube, Zimbabwe’s Minister of Finance.
This is just the usual nonsense the
nation has come to expect from our Minister-Know-It-All! He promised to attract
foreign and local investors and to have IMF and WB back on board funding the
country’s economic recovery. 8 months later there are still no investors and
lenders and he has quietly shelved the idea.
When Zimbabwe introduced the Bond
Note currency in 2016 the nation was assured their US$ bank balances will be
protected and it was Minister Ncube who instructed the banks to convert all
existing bank balances to Bond Notes at the official exchange rate of 1:1 to
the US$ although the black market exchange rate was 3:1 or worse.
The Minister has promised to bring
stability to the local currency but has clearly failed. The new local currency,
the RTGS$ introduced end of February 2019, has already lost half its value as
exchange rate has soared from 2.5:1 US$ to 5:1. The prices of goods and
services have soared too. The price of bread has nearly double with the price
of internet data soaring 1300%!
"Money supply is not growing on
the market and my question is where the pressure for foreign currency is coming
from. That has mainly been driven by speculation in the market and I urge
private sector to utilise the interbank market," said Ncube.
If the money supply WAS growing,
would you admit it? Of course, not! It is almost certain that the money supply
has been growing. The failure to revive the country’s economy means the country
continues to import far more than it earns from exports and hence the local
currency is valued less than the foreign currency.
It is government’s responsibility to come
up with policies that stimulate economic growth and stability. This government
has clearly failing to do this and instead of owning up to its failures it is
blaming everyone else or worse.
""I want to give a stern
warning to those practicing financial terrorism in the country. We will react
accordingly as Government and nobody should claim that they were not warned.
We'll take very strict measures," said VP Constantino Chiwenga.
Yes, VP Chiwenga the whole world knows the unfathomed depths of barbarism Zanu PF will sink to in the regime’s resolve to hang-on to absolute power. The regime’s hands are red with the fresh blood of nearly 30 innocent civilians murder in August 2018 and January this year. They crime was to dare protest against another rigged elections and the soaring cost of living.
Yes, VP Chiwenga the whole world knows the unfathomed depths of barbarism Zanu PF will sink to in the regime’s resolve to hang-on to absolute power. The regime’s hands are red with the fresh blood of nearly 30 innocent civilians murder in August 2018 and January this year. They crime was to dare protest against another rigged elections and the soaring cost of living.
The Zimbabwe economy is in total
meltdown because of 39 years of gross mismanagement, rampant corruption and
lawlessness and thuggery that has destroyed the promising economy the nation
inherited in 1980 and forced all would-be investors and lenders to stay away. President
Mnangagwa has since admitted his failure to end corruption because it is “deep-rooted”,
he said. He could not and will never up-rooted corruption because he and his
fellow Zanu PF ruling elite are the godfathers of corruption.
As long as Zimbabwe remains a pariah
state ruled by corrupt and vote rigging thugs there will never be any
meaningful economic recovery much less prosperity.
“Next year we will be starting
entering the prosperity period!” This is a mirage the people of Zimbabwe have
been promised for the last 39 years, there only thing certain is that the economy
will be worse off and the regime will once again push back the start date of
prosperity.
After 39 years of living on empty
promises the people of Zimbabwe should not concern themselves with whether or
not Zanu PF will deliver prosperity next year but with what the nation will do
if they do not. For the last 39 years Zanu PF has failed to deliver economic
prosperity and delivered instead economic poverty. We have done nothing about
it because the regime has usurped our democratic right to a meaningful say in
the governance of the country.
The root cause of Zimbabwe’s
worsening economic meltdown is bad governance it is our duty and responsibility
to end the Zanu PF dictatorship a.s.a.p. We must implement the democratic
reforms designed to stop Zanu PF rigging the elections. It is clear Zanu PF
cannot be trusted to reform itself out of office and hence the reason the
regime must be pressured to step down.
If Zanu PF is still in office in 2023
then we can be 100% certain of two things:
1)
Zimbabwe’s economy will still be in
the doldrums and Minister Ncube will have moved the start date of economic
prosperity in the future.
2)
Zanu PF will rig that year’s
elections, just as the party has done these last 39 years, to extend the regime
corrupt and tyrannical reign by another five years.