ED defends local currency

Source: ED defends local currency | The Herald 01 NOV, 2019

ED defends local currencyPresident Mnangagwa

Farirai Machivenyika Senior Reporter

No country can develop without its own currency, President Mnangagwa said yesterday while defending economic policies adopted by the Government to revive the economy.

The President was speaking at the Second Zanu-PF National Youth League Assembly meeting at the party’s headquarters in Harare.

Giving a brief economic overview, he urged the youths to embrace the journey to Vision 2030, stressing that success could only come through hard work.

“The course we have taken as a party and Government to resuscitate and reform our economy is the correct one, never doubt that,” he said.

“We must strengthen our resolve to correct wrong decisions we made with regards to our economy. No country can succeed, grow or modernise without its own currency. The issue of a basket of currencies we introduced towards the end of 2009, the culprits were me and (Patrick) Chinamasa and a few others. It worked for the purposes it was created but now under the Second Republic we want to move forward and be a sovereign State with its own currency.”

He said Government reintroduced the Zimbabwe dollar in June as part of wider efforts to grow the economy after its collapse, largely due to illegal sanctions.

“So we are in transition. It can never be an event, but a process. I am happy that process is stabilising and we continue to be focused on the goals we have set for ourselves to have our economy back on its feet and that all the fundamentals required to support our currency are put in place to achieve our desired goal of having the Zimbabwe we want,” President Mnangagwa said.

He urged the youths to take part in efforts to revive and grow the economy towards the attainment of Vision 2030 which envisages a middle income society by then.

The President spoke strongly against the continued increases in prices of basic commodities.

“Government is very aware of the economic saboteurs who are wantonly increasing prices of basic commodities and services despite our efforts of dissuading them from such evil deeds.

“This is bent on creating despondency and mayhem within the party and country. We cannot allow this indiscipline that has brought untold suffering on our masses to continue unabated,” President Mnangagwa said.

He said the Government had adopted various initiatives to safeguard the public such as the establishment of Silo Shops, but warned those bent on profiteering.

“Some service stations have to date been closed for unfair business practices. The same fate can also befall those unrepentant business people with profiteering tendencies,” he said.

The President urged the Zanu-PF Youth League to actively take part in Government’s economic programmes.

“The quest to turn around our economy needs everyone’s commitment, especially the youth. The future belongs to you,” he said.

“I urge you, the youth, to believe in Vision 2030 and run with it. Success and prosperity under the Second Republic will only come through hard honest work.

“I, thus, urge the youths to be alive to present realities and identify the various empowerment and employment opportunities that exist as we journey towards the attainment of Vision 2030.

“It is incumbent upon you as the Youth League to take an active part in agriculture, mining, tourism, manufacturing and SMEs sectors.”

The President also urged the Youth League to be vigilant and defend the party, amid indications that remnants of the G40 cabal were still active within the party’s rank and  file.

“I encourage you all to continue to work hard for the good of the party and our country and to remain vigilant and guard against the whims and caprices of the enemies of our people and country.

“We still have elements of the G40 participating among us as wolves in sheep clothing.

“These must be flushed out, not only within the Youth League, but also within the rank and file of the party in general.

“You are the eyes and ears of the party. You should guard against infiltrations of the party. This is your party, your future. Protect it, be loyal and serve it wholeheartedly,” President Mnangagwa said.

He urged the Youth League not to be enticed by detractors who use money to pursue their political ambitions.

The President said the party continued to grow in the Second Republic.

“This was demonstrated by the recent resounding victories during the by-elections at both constituency and ward levels,” he  said.


  • comment-avatar
    Saddened 3 years ago

    So when the government suddenly decides to raise the price they pay for wheat and corn, forcing the bakers and merchants to pay 3 to 4 times higher prices for their raw products and thereby causing the price of bread to go up. It’s every ones fault but the government?
    Maybe the government should remember they took every ones money and forcefully changed it to waste paper at an exchange rate of 1:1 and then devalued it overnight to 1:2.5 and now its is 1:15.
    Who are the evil villains here?