Business Politics

Zimbabwe: Economic meltdown eroding generational hope.

Ignetious Shonhiwa
Written by Ignetious Shonhiwa

Zimbabwe’s economic slide has given untold suffering to the masses in the land. It has impacted negatively on the hope of future generations such that our ability to leave a legacy of fortune has wanned rapidly. It all began during the land redistribution exercise when the West imposed sanctions on Zimbabwe for reclaiming its birth right in the form of land ownership

White owned farms were taken and given to landless blacks. In turn the western backed whites de-invested and created safe havens of offshore funds leaving the country short of foreign currency reserves. America and Britain worsened the situation by imposing ZIDERA, an act that stops its firms and nationals from investing or trading with Zimbabwe. Export of beef to the EU was banned same with Zimbabwean company accounts that were frozen in the European Union, America and their allies.

Persistent droughts brought agriculture to its knees and the bread basket tag wilted.
We were soon turned into beggars and shame followed the nation as we went around the region and world with begging bowls. Companies began to externalize foreign currency into offshore accounts during the 2009-2013 era of the GNU.

Roll on to 2018, the US dollar became so scarce and the apex bank invented the bond note which according to the Gresham law of economics drove out the American dollars. Basic commodities became expensive and beyond the reach of many. The exchange rate soared and people’s marginal propensity to buy became low due to low bond rates versus the greenback.

Long queues at banks of people intending to withdraw cash became visible and fuel became a scarce commodity. Sensing danger, the fuel price was increased by the Executive to allow forex inflows and avoid hoarding of the precious liquid from the service stations.

Zupco buses were reintroduced to avert transport crisis but still prices went on escalating like veld fire. Economic sabotage became the game between economic players and politicians. Cases of criminal abuse of office flared and the judiciary let go of the culprits citing judicial deficiencies in prosecution outlines.

Politicians and captains of Industry must find each other and sit down with serious intentions to avert a looming crisis in the land.

What will become of our future generations where there is no industry to survive on, no foreign direct investment or properly accounted for foreign remittances? Surely it pains nationals who wallow in abject poverty at the expense of the elite few who get richer at peoples expense.

Surely this dog eat dog affair must stop and all people must have equal access to basic social amenities.

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