First, government blamed sanctions for the poor economic performance and scaring away potential investors.
Source: Govt dithers on poor economic performance – NewsDay Zimbabwe October 13, 2016
BY TATIRA ZWINOIRA
Now it has found another scapegoat — Zimbabweans who go around badmouthing the country, at least according to acting Treasury secretary, Zvinechimwe Churu.
Speaking at the National Economic Consultative Forum symposium at a hotel in the capital yesterday, Churu said other countries experienced worse political situations, but investment still flowed into their
“You find that there is a lot more strife taking place in other parts of the continent, but they still attract investment. But the way that they (other African countries) are portrayed is a little bit different compared to how we are portrayed. And one of the reasons, in my view, or, in fact, that major reasons besides issues to deal with land reform, is Zimbabweans themselves,” he said.
“I think Zimbabweans are the biggest culprits. They tend to exaggerate their differences and fail to realise that no matter our differences, we must have certain core values around which will all relate. Do not underestimate the work by Zimbabweans, who go around the whole world saying do not give Zimbabwe money.”
The symposium, ending today and being held under the theme Enhancing National Competitiveness and Economic Prosperity Through Dialoguing, will discuss critical thematic areas for economic growth.
But economist, Kipson Gundani was not convinced, saying the Churu’s comments showed that government was in a denial mode.
“We are in a very sorry state and it is a very regrettable comment from a public official of his magnitude and calibre. One thing we must understand is where do people derive their confidence from? The rules of the game are set and the authority responsible for setting the rules is government. Surely, if we continue to be in this denial mode and skirt around real issues, as a people, government and country, we will never move forward,” he said.
“This continued existence in denial mode, where everything is right when indicators are actually saying things are wrong, will not get us anywhere.”
Gundani said the government needed to understand that people’s views represent market sentiment and if they do not do something to bolster the market, it would consume them.
One analyst noted that the majority of Zimbabweans were living on $1 a day, which was proof they had no participation in government’s investment or economic policies, unlike in other countries.
Analysts say corruption and policy inconsistencies were the major drawback to attracting foreign investors.
They noted that the indigenisation legislation was the elephant in the room, as no investor would pour money in a venture where they have no control over.
The legislation stipulates that at least 51% shareholding of all business operating in Zimbabwe and with a net asset value of $500 000 or more should be in the hands of locals.