Mugabe to Transform Zimbabwe Through Wealth Transfer

By Godfrey Marawanyika and Brian Latham August 06, 2013   Businessweek

Zimbabwean President Robert Mugabe, who won a disputed election last month, plans to transform the economy by transferring more wealth to its citizens, the ruling party said.

Robert Mugabe, Zimbabwe's president, center, and his son Bellarmine, second left, leaves after voting at a polling station in a school in Harare on July 31, 2013. Photographer: Alexander Joe/AFP/Getty Images

Robert Mugabe, Zimbabwe’s president, center, and his son Bellarmine, second left, leaves after voting at a polling station in a school in Harare on July 31, 2013.
Photographer: Alexander Joe/AFP/Getty Images

Mugabe and his Zimbabwe African National Union-Patriotic Front will boost the economy through its policies of indigenization and economic empowerment, the party said in a statement handed to reporters today in the capital, Harare.

“Over the next five years, Zimbabwe is going to witness a unique wealth-transfer model that will see ordinary people take charge of their economy,” it said. “The people of Zimbabwe have given President Robert Mugabe and ZANU-PF a clear mandate to transform the economy through indigenization and economic empowerment.”

Mugabe, 89, extended his 33-year rule of the southern African nation with 61 percent of the vote in the July 31 election and his party secured a two-thirds majority in parliament. Prime Minister Morgan Tsvangirai, who won 34 percent, called on the African Union and the 15-nation Southern African Development Community to back his demand for a rerun. Zimbabwe’s benchmark stock index fell 11 percent yesterday, the biggest fall since 2009.

Botswana’s Criticism

With its indigenization policy, Mugabe and Zanu-PF have forced mining companies such as Impala Platinum Holdings Ltd. (IMP) and Anglo American Platinum Ltd. (AMS) to cede majority stakes in their local assets to black Zimbabweans or the government. The southern African nation has the world’s second-biggest platinum and chrome reserves, as well as diamond, gold and coal deposits. Tsvangirai had promised to repeal the measure.

While African countries largely endorsed the vote as credible, the U.S. called the vote “deeply flawed,” while the U.K. said it had “grave concerns over the conduct of the election.”

The government of Botswana, which borders Zimbabwe, broke ranks with other regional nations yesterday by calling for an independent audit of the vote. The irregularities found by observers indicate that the process “cannot be considered as an acceptable standard for free and fair elections in SADC,” Botswana’s government said in a statement.

To contact the reporters on this story: Godfrey Marawanyika in Harare at gmarawanyika@bloomberg.net; Brian Latham in Harare at blatham@bloomberg.net

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

via Mugabe Plans to Transform Zimbabwe Through Wealth Transfer (1) – Businessweek.

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8 comments on “Mugabe to Transform Zimbabwe Through Wealth Transfer
  1. super mondo says:

    he is not sworn in yet.trying to muscle his way to recognition ,,i will never recognise this conman,,,

  2. Hango Yapalala says:

    LEGALISED THEFT, IT IS!

  3. CHINOTIMBA says:

    MUGABE IS AN IDIOT TOGETHER WITH HIS FOLLOWERS AND GRACE.PASI NE ZANU PF

  4. The Farside says:

    The wealth will of course be transferred – but to the political elite, not to the man or women on the street. Indigenization is a thinly veiled term for theft.

  5. Greyhora says:

    Transfer of wealth from one wealthy person to another wealthy Zanu PF person, while the poor get poorer. After running down the commercial farms, what can we expect from a takeover of banks and mines? A very scary prospect indeed!!

  6. Mashinga says:

    Let the transfer begin, while the doubting Thomases watch. Thats what we voted for. The faceless voters denied to vote are just silent, the court are there to address their complaints. Next time lets que behind the candidate cause MDC dont trust the secret ballot

  7. chimsoro says:

    If you don’t want a share in the economy there will be more for us thank you!

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