Source: Diasporans challenged to drive national development | The Herald
Tapiwanashe Mangwiro
Senior Business Reporter
Zimbabweans living and working in the Diaspora must contribute more to economic growth through participation in national development programmes and partnerships, economic analysts have said.
The economists noted that diaspora remittances grew by 15,9 percent in 2022 to US$1,65 billion while about US$290 million was received in the last two months of the year. In 2021, remittances stood at US$1,43 billion.
According to the World Bank, the diaspora of developing countries can be a potent force for development, through remittances, but more importantly, through promotion of trade, investment, knowledge and technology transfers.
Economic analyst Tinevimbo Shava said, “We expect this trend as the country has exported labour throughout the world in the previous six to seven months, meaning that the country might reach a new high on remittances this year.”
Diaspora remittances usually make up a sixth of the country’s foreign currency receipts and are the third largest forex earner next to gold and platinum. In total, forex receipts are estimated to have closed the year above US$10 billion.
According to economist Dr Prosper Chitambara, Zimbabwe can be developed by its people regardless of their geographical location.
“The Ministry of Finance and Economic Development has reiterated that the Government is open and committed to supporting Public Private Partnerships (PPPs) that involve diaspora consortiums. PPPs enhance the capacity to develop the economy by availing an alternative source of revenue for large capital projects,” he said.
Finance and Economic Development is on record telling delegates at a symposium in the United Kingdom, “I urge you all to explore the opportunities that are available in agriculture, energy, tourism, manufacturing, Information Communication Technology, housing, and roads back home, these are possible areas of investment.”
Analyst Shava believes the other way in which the diaspora community can contribute towards growth is through trade promotion.
“By securing markets for specific products for each of the country’s ten provinces, thereby establishing niche markets. For example, through Hometown Associations, members of Diaspora communities that originate from Matabeleland can develop export markets for leather and leather products.
“And those from Manicaland can focus on developing markets for fruits and other horticultural products, as well as honey. I believe this is in line with devolution and decentralisation policy as advocated by the Government,” he said.
Diaspora Zimbabweans sending money back home through banking channels declined from 5 percent in 2014 to 1 percent in 2022.
However, Zimbabweans using other non-banking but formal channels to send money back home remains higher at 30 percent in 2022 although much lower from the 43 percent recorded in 2014.
It is estimated that the monthly remittance flows from South Africa to Zimbabwe only, range between US$30 to US$60 million through both formal and informal channels and accounts for over 10 percent of the country’s economy according to the World Bank.
COMMENTS
Government officials & all other pseudo-experts should just spare everyone their damn nonsense! Anyone who has money money to invest (Zimbabwean or non-Zimbabwean) consider generic & specific factors obtaining a in any possible investment destination choice. Zimbabweans can never throw their money into a lion’s den simply because they are Zimbabweans. No; they are not that stupid! Everything about Zimbabwe now is worse than a lion’s den. So, it would be worthwhile for so- called experts to expend their energies in confronting / advising ED & his cahoots on how to make a country attractive to real investment from both Zimboz in diaspora and any other investors too. Not parroting the sterile nonsense of “open for business, blaah, blaah,….”. Investors have brains and eyes of their own – they do not just hear what ED & his useless spin doctors say. NO! Otherwise Zim would be awash with investors given that it has been a quite while since they started their hallucination of “open for business …..”.
Mapingu well said. How can we Zimbabweans living in exile, or whatever it is called, support the ZANU PF Government by persuading foreign investors to help build Zimbabwe. In other words help the very same people that chased us from our beloved land. Most Zimbabweans that I meet here in the UK will never help the present ZANU PF Government because they are the very cause of all their sufferings so far from home.
Please spare us !! Diasporans are those sensible and foresighted fellow Africans who accurately foresaw what would happen when colonialism was defeated and the white racists sent packing. They clearly understood the chaos and societal dis-function that would ensue when our “Liberators” applied their particular version of governance. Why would they “invest” in suplimenting the accumulating stolen fortunes of our self annointed leadreship??