Diaspora bond rejection a sign of ZANU PF ‘distrust’

via Diaspora bond rejection a sign of ZANU PF ‘distrust’ | SW Radio Africa by Alex Bell December 24, 2013

Serious distrust of the ZANU PF government has been described as the key stumbling block, preventing Diaspora bonds being a success in Zimbabwe.

The proposed bonds are part of the national budget for 2014 released after much delay by Finance Minister Patrick Chinamasa last week. Many Zimbabweans in the Diaspora have already rejected the idea as a ‘non-starter’.

Chinamasa said during the budget announcement that Zimbabwe receives $1.6 billion in remittances from the Diaspora every year. He proposed a Diaspora bond system in an attempt to better harness this cash injection to help fund Zimbabwe’s development.

The bonds are based on the sale of the government’s debt, with Diaspora investors able to earn interest on these ‘loans’. According to the African Arguments website  remittances are “often sent in response to family and community needs,” while Diaspora bonds “are a direct investment in the economy at the national level.”

“The attraction for governments is plain enough, but is the temptation worth the risk for their citizens in the Diaspora? Like all investors, Diaspora Africans are being asked to take a bet on the future prosperity and stability of their countries of origin,” African Arguments states.

The bond proposal by the new government has prompted angry reactions from many Zimbabweans in the Diaspora, who have been actively disenfranchised by the ZANU PF regime. The party has blocked the Diaspora from having voting rights, meaning the millions of Zimbabweans abroad are barred from helping choose the country’s leadership.

The ZANU PF regime has also fought to prevent Zimbabweans abroad from obtaining dual citizenship, despite the thousands of people who fled the country as a result of the party’s actions.

This furious online commentator said: “These people have no shame. First they call us bottom cleaners, then they deny us the vote. Now they want us to invest in government issued bonds. I know what you can do with your bonds.”

Another online user said: “…the (government) that wants my money doesn’t want my Diaspora vote! Hypocrisy or self-delusion?”

This Twitter user meanwhile said: “We were not allowed to vote now they want our money with the so called Diaspora bonds?”

Durani Rapozo, coordinator of the Zimbabwe Diaspora Development Link, said the trust issue is one that must be addressed in order for Zimbabweans abroad to confidently invest back home.

“The bonds will not work. We in the Diaspora don’t want an imposition of investment rules by the government, what we want is an engagement on the best way of investment,” Rapozo said.

He argued: “There’s nobody who wants to invest in an unstable environment, and instability comes from not knowing about dual nationality issues and so on. We need to engage the government and say: ‘This what we want as the Diaspora and this is what we think is the best way forward’.”

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12 comments on “Diaspora bond rejection a sign of ZANU PF ‘distrust’
  1. munzwa says:

    Start with an internationally supervised free and fair election and only then will we get a govt. worth trusting, its that simple…

  2. It’s the ” dream on ” bond. Go hang in hell zanupf criminals

  3. Khaya'bonina says:

    Try your luck disaporas , but i don’t see any progress , lets unseat Mugabe and that will bring change to Zimbabwe- buy him out with your money. Former DRC president Kabila was also bought out unfortunately by one bullet but don’t do that to Mugabe he is already going there naturally , find another style .

  4. Johnson@yahoo.com says:

    WHAT MESMERIZES ME IS THE FOLLY OF DENYING DIASPORAS THE RIGHT TO VOTE YET THEY RIGGED. EVEN IF THEY HAD ACCEPTED THE DIASPORA VOTE THEIR RIGGING COULD HAVE SURVIVED STILL CONSIDERING ITS SCALE. IF I WAS A ZANU PF STRATEGIST I WOULD HAVE PRETENDED TO ACCEPT THE DIASPORA VOTE AND RIGGED THE SAME WAY THEY DID. WHAT WAS THE LOGIC OF DENYING THEM A VOTE. IN AM A STRATEGIST AND I FIND SUCH LACK OF TACT AND PLOY APPALLING. THE GUYS ARE NOT SMART. I THINK THEY THOUGHT THAT THE DIASPORA GUYS WOULD WHET FOR THE STUPID BONDS.HAULUME THIS TIME, WHICH FOOL CAN BRING HIS MONEY TO A NILE CROCODILE’S MOUTH!! KIKIKIKIKIKIKI. SOUNDS LIKE ZUZE’S PLAN. REMEMBER ZUZE WEKUBA CHINGWA CHEVARUNGU!!! SOUNDS RACIST BUT ZVEMUNGANO THINGS ARE BEING REALIZED. NO DIASPORA INVESTMENTS, PERIOD FOR WHERE YOUR MONEY YOUR HEART IS ALSO. END OF STORY. WHY NOT ROB MPOFU’S BANKS. HE DESERVES THAT AFTER ALL. KIKIKIKIKIKII HALALAAAAALAH!

    • Parangeta says:

      Stop writing in CAPITALS, it’s considered very poor taste and manners online! Are you afraid your unimpressive comments won’t see the light of day Johnson?

  5. L. Nyati says:

    Ropozo no legitimacy no engagement please. Lets start with an internationally supervised free and fair election and only then will we get a govt. worth trusting, its that simple- period!1

  6. Khaya'bonina says:

    Mina angisazi ukuthi singamadoda kumbe nathi sesingomama , sekonakele vele madoda asisukumeni phela silungise , if we are really men , then lets have one word and thats it , elections failed us , ZANU PF has failed us and there is no hope at all , now its all up to us , lets say it now (ENOUGH IS ENOUGH , then act accordingly )

  7. furedi says:

    They are sending their money out and expect these diasporas to bring their money in.I said before vanhu ava vanorwara ne chirwere chepfungwa(James Chimombe Bindura) that is why some clamed 120% disability from war victims compensation fund.

  8. guy Gusu says:

    Only fools will invest in a ZANU(PF) led government. They are thieves all the way. They rigged the July 31 elections, denied us the right to vote and even rigged their own internal ZANU(PF) elections. Who can trust such cruel people? Remember the way civil servants were cheated over a housing scheme where Grace Mugabe dipped her hands into the funds with impunity? Do you remember when people with foreign currency accounts lost their money overnight when it was converted into useless Zim Dollars? ZANU(PF) are thieves and be warned!

  9. look with diaspora bond…..its simple let those who understand it invest…. it doesnt need even 10000 pple …just a few wo have the money… i think contracting financial advisors or cpmpanies like the diaspora funeral cash plan ….guys…. just some experts…i dont

  10. Zeezee says:

    I had to check the date of this article as I was seriously convinced that this was an April fools joke! Have these people finally lost their mind

  11. Japhet M. Zwana says:

    The bonds trick has a ZANU smell written all over it. This is another method of harnessing cash for its FAT CATS. Zimbabwe does not need more money. All that has to happen is for ZANU kleptomania to cease and diamonds money to flow into the masses’ coffers. Give us the vote and dual citizenship and we will participate in the development of our motherland freely. Nyika ndeyedu tese. Ilizwe ngelethu sonke.

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