Source: The Herald – Breaking news.
Wallace Ruzvidzo in MUTARE
ZIMBABWE is on a phased de-dollarisation trajectory as the country cannot continue to rely on other countries’ currencies, especially those who hold negative reservations against it, President Mnangagwa said yesterday.
This follows the Second Republic’s introduction of the Zimbabwe Gold (ZiG) currency earlier this year, marking a significant milestone in the country’s journey towards economic development and ultimately stability.
Addressing thousands of people gathered for the commissioning of a fruit juice and water processing plant here yesterday, President Mnangagwa said he was closely monitoring the local currency’s performance.
Once the ZiG is stable and in full circulation in all corners of the country, he said, he would announce the country’s full de-dollarisation.
“In two years, in fact two years is too far off, but there will come a time when our ZiG currency has fully penetrated the market, then I will give a directive that the country will be using the ZiG only.
“If you go to the shops to buy with the US dollar, they will refuse it. Even those who were performing and entertaining us today, who were being given US dollar tokens, in two months’ time you (they) will be given the ZiG and no US dollars because that is our currency and we should propel it,” he said.
The President said it was important that Zimbabweans continue to express confidence in the local currency, as the continuous use of the US dollar was not feasible, especially considering America’s hostility towards Zimbabwe.
“Biden (US President Joe) does not like us, but you like the money from his country, does that work? So as Zanu PF we cannot keep using and relying on a currency that belongs to people who do not like us because one day they will try to hamper our efforts, then we will not have a leg to stand on.
“That is why we now have the Zimbabwe Gold currency (ZiG), that is our currency, a currency which we are propelling. We are propelling our currency,” said the President.
Turning to the fruit juice and water processing plant he had commissioned earlier, President Mnangagwa said such projects were evidence of what the country could achieve if it remains united.
“The plant we are commissioning today is a demonstration of what Zimbabweans can achieve when we put our hands and minds together.
“It dovetails with our rallying call and philosophy to nation-building: ‘Nyika inovakwa, inotongwa, inonamatigwa nevene vayo/Ilizwe lakhiwa, libuswe, likhulekelwe ngabanikazi balo’,” he said.
The plan will produce 16 000 litres of fruit juice on an eight-hour working day and the juices will be developed from locally available fruits found in abundance in Manicaland Province.
These include baobab, pineapple, banana and guava, among others.
In August, SADC Heads of State and their delegations, said the President, would also have the opportunity to sample some of the country’s local products, including the baobab juice.
“Products such as the fruit juices that will be produced here must eventually overtake other imported brands in popularity.
“As we host visitors during and after the SADC Summit, they must enjoy our locally made quality products.
“Further, the ceremony is occurring at an opportune time ahead of our country’s hosting of the SADC Industrialisation Week from July 28 to August 2, 2024, running under the theme: ‘Promoting Innovation to Unlock Opportunities for Sustainable Economic Growth and Development Towards an Industrialised SADC.” ‘
President Mnangagwa said Zimbabwe would also be afforded the opportunity to showcase its home-grown solutions, including the Heritage Based Education 5.0 philosophy.
“The industrialisation week will provide a platform for stakeholders to share opportunities, ideas and experiences on driving industrialisation and economic transformation in the SADC region, through innovation.
“Particularly, it will afford us an opportunity to showcase the various strides we have made under the Heritage Based Education 5.0 philosophy. This is anchored by our innovation hubs and industrial parks, towards the modernisation and industrialisation of our beloved motherland, Zimbabwe.”
President Mnangagwa said the Second Republic had established the long-awaited National Venture Capital Company, which will provide the requisite support to give impetus to the country’s innovation and modernisation thrust.
“Hence, in the context of the Whole of Society approach, business entities under the higher and tertiary education sub-sector must scale up networks with the private sector, to complement each other’s strength.
“Additionally, to leap-frog the modernisation, industrialisation and development of our economy, requires collective effort and unity of purpose, within and across all socio-economic spheres of our country.”
President Mnangagwa charged all institutions of higher learning to continue with their involvement in the country’s production and productivity sectors.
“May I, therefore, hasten to state that the commissioning of this plant must not be an end in itself. It is my expectation that other institutions of higher learning will accelerate the commercialisation and market penetration of the various products and goods coming out of the innovation hubs.
“I urge you to set ambitious and achievable targets to ensure a strong presence of our local products. We must now see more of your products on our shop-shelves, across the country,” he said.
The President added that it was encouraging to note that the Second Republic’s initiatives, such as the rural industrialisation agenda, were bearing fruit.
“To date, the rural industrialisation agenda and empowerment drive has been successfully deployed in other parts of the country such as Muzarabani, which has a Masawu factory, and Mwenezi with a Marula factory.
“Through these ground breaking projects, rural communities are deriving revenue and employment by providing the requisite feedstock for the various factories.
“In the case of this particular plant, local baobab trees are abundantly available and their harvest will provide income to benefit communities,” said President Mnangagwa.
Speaking at the same occasion, Vice President Constantino Chiwenga said such projects were evidence that Government was putting shoulder to the wheel in championing development.
“This is a significant milestone in the Second Republic’s endeavour to promote local industries based on our natural endowments found in the countryside,” he said.
Defence Minister Cde Oppah Muchinguri-Kashiri said the fruit juice and water processing plant was another Second Republic masterstroke.
Higher and Tertiary Education Innovation Science and Technology Development Minister, Professor Amon Murwira, said Government would continue empowering learners under the auspices of the Heritage Based Education 5.0.
Manicaland Provincial Affairs and Devolution Minister Misheck Mugadza said the plant signified Zimbabwe’s capability to derive value from its resources.
The commissioning was attended by Cabinet ministers, Deputy Ministers, Permanent Secretaries, Zanu PF Politburo and Central Committee members, Vice Chancellors of universities and other senior Government officials.
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