Economic woes, a passing phase- Mudenda

Source: Economic woes, a passing phase- Mudenda – The Zimbabwe Independent December 13, 2019

By Chipa Gonditi

speaker of Parliament Advocate Jacob Mudenda has called on Zimbabweans to remain hopeful that the country will emerge from the economic doldrums and attain prosperity.

Speaking at the recently held CEO Africa Roundtable Annual Dinner at Cresta Lodge in Msasa, Harare, Mudenda said the current economic challenges were a passing phase just like the case of Europe and there was need to adhere to microeconomics ethics and constitutionalism.

The CEO Africa Round Table is a high-level platform for Corporate Chief Executive Officers and Senior Executives, in both Private and Public Sector, created to encourage cross fertilisation of critical economic and business knowledge in and around Africa.

“The importance of microeconomic fundamentals such as tax, fiscal carefulness, the relevance of constitutionalism, rule of law, maintenance of a healthy democracy and most importantly individual freedom and property rights cannot be over emphasised.

“It goes without saying that any strategy for economic transformation will require revitalisation of the private sector confidence and investment through the removal of anti-investment biases.

There is need to deal with the business environment including the key enablers and the creation of a business friendly regulatory framework,” he said.
Mudenda also told delegates that the national assembly has launched the framework which will be signed into law very soon.

“This should be complemented by strengthening the resilience and efficiency of financial intermediation with the central bank.“These current economic challenges need not preclude hopes for a positive future. Europe went through some depression in 1919 when there was the bubonic plague.

And the depression came back from 1930 to 1933 but the Europeans did not give up, they looked for strategies to get up. What stops us from doing the same?
“We have been through this before from 2008 to 2009 together with the rest of the world where there was a financial crisis, it is regrettable that periods of hyperinflation, weak economic management and the devastating drought have significantly eroded Zimbabwe’s share of physical and human capital,” he added.

Mudenda also urged Zimbabweans to look at their inner conviction and higher powers so as to stir up their creativity which would, in turn, come up with ideas essential to economic progress.

This is despite inflation being at more than 400%, the effects of which are being felt by the regular people.“We can unleash and reinvigorate our potential through conjuring up the inspiration from the goddess of imagination, innovation and creation that will tickle our human mind which is a repository of the resources,

“Pass through Dubai or London, those skyscrapers are nothing but a product of the human mind when it is allowed to implode,” Mudenda added.
He also said that Zimbabwe had to mirror mineral-rich countries in order to escape further economic ruin.