Prof Mthuli Ncube . Chief Economist and Vice President of African Development Bank @ Michaelangelo Hotel Jhb . 10 July 2014 . Pics Russell Roberts
THE cost of goods and services keeps soaring daily, squeezing life out of ordinary citizens and yet authorities claim, with no sense of remorse, that all is well. Considering the speed at which the forex exchange rates are rising, the outlook looks bleak for the general public.
The parallel forex market has run riot.
One requires between $550 and $600 to buy just US$1, one of the most sought-after commodities on the domestic market as the local unit continues to depreciate.
The pain of accessing a currency to buy goods for the home is also being felt on the official forex market where one now requires at least $325 to buy US$1.
The problem is that most consumers earn in Zimbabwe dollars, yet all shops now demand foreign currency.
And just like the many exchange rates, prices for goods and services are now many for one product owing to the different exchange rates and also depending on what form of payment one is using.
It is a demonstration of the collapse of an economy. But authorities still think they can stick to populist measures and win the war.
The markets have their own language, which must be adhered to, or the slowdown will continue.
The sad thing about this regrettable reality, however, is that the authorities do not care.
Finance minister Mthuli Ncube keeps saying “the economy is on track” while his boss, President Emmerson Mnangagwa, blames his administration’s failures on phanthom “economic saboteurs”.
Though there has been raging debate on who was better — colonial regime or majority rule, we believe that this debate is uncalled for. Otherwise that is why Zimbabweans waged a protracted liberation war to emancipate ourselves and gain universal suffrage.
Citizens should look forward, work together and unlock the economic value of the country of our birth. Leaders come and go. This should sink in our leaders’ minds.
Looking at the value of the Zimbabwe dollar to the greenback, inflation, public debt, better healthcare, improved social services, and wages, all the things needed for a stable economy have deteriorated.
We urge our current owners not to bury their heads in the sand. The people need solutions. If they have failed, why not pass on the leadership baton to others?
What is not in doubt is that there was a time when Zimbabwe functioned, and people’s livelihoods were meaningful.
This is why government’s refusal to accept its failures in order to keep the status quo is very disturbing.
Instead of seeing shadows and plotting to annihilate the so-called economic saboteurs, government should accept economic realities rocking the nation and speedily address the price madness before things get out of hand.
No Mthuli, things are not well. How do you say “zvinhu zvakarongeka” (things are well) when the country is in a mess like this? Behave!
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
When you consent, your personal data will be used for personalization of ads
COMMENTS