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Prophet Magaya's take on bond notes
29 May 2016 at 09:26hrs | Views
PROPHETIC Healing and Deliverance Ministries leader Prophet Walter Magaya says the bond notes that are set to be introduced are a noble idea which was not well communicated to the public, hence the outcry among the populace who fear the return of the Zimbabwe dollar.
Addressing journalists at a press conference on Wednesday night, Prophet Magaya said he met Reserve Bank of Zimbabwe Governor Dr John Mangudya on Tuesday where he told the central bank chief that people are scared of the bond notes.
"The perception is that bond notes are being introduced to take over the United States dollar and this is why people are complaining. My take is that it's a noble idea which was communicated in a wrong way. This is a purely monetary issue and must not be politicised. Bond notes are just like coupons which will be given to exporters as incentives for bringing money into the country," said the PHD leader.
The bond notes will be backed by a US$200 million Afriexim Bank facility as part of measures by the apex bank to arrest capital flight mainly through externalisation.
Prophet Magaya, who is also a businessman, encouraged the RBZ to use all indigenous languages to explain the issue in order to correct the transacting public's wrong perception.
Asked about Zimbabwe's economic future given the numerous challenges facing the country, Prophet Magaya said there was potential to turn around the economy within six months if the Government and other stakeholders partner to boost agriculture, exploit minerals and arrest rampant corruption.
He said Zimbabwe is blessed with vast resources such as human capital, land and minerals which could transform the economy if fully put to use.
"The maize feeding the country as we speak was produced by one farmer who supplied 150 000 tonnes, this shows that if we get 10 serious farmers then the country is safe.
I urge the Government to carry a land audit to determine who is using the land or not. On minerals we have large deposits of platinum, gold, chrome and gas but leakages are costing the country a lot of money.
"For instance, Zimbabwe has unexploited gas deposits yet we spent about US$80 million exporting electricity. Also, foreign investors in this country are taking money back to their countries; we might be happy that we have big retail shops from South Africa and China but at the end of the day where does the money go, to their (investors') home countries," said Prophet Magaya.
He further suggested that the Government should invest in entities specifically tasked to deal with corruption since it has shredded the moral fabric. He also told journalists that PHD Ministries was competing in business and would soon open a US$25 million hotel complex in Waterfalls as a way of investing in the country.
Apart from the hotel, the church has also embarked on an ambitious project to construct a US$90 million church building which will house conference centres, a shopping mall and an underground parking lot.
Asked if he was banking the church offerings, Prophet Magaya promptly asked his praise and worship team to count the money that had been placed on the pulpit, it amounted to US$1 300. He then explained that the money was not even enough to cover the church's expenses.
"People think we make a lot of money from the offerings, journalists just count the number of people who come forward with the offering but it's not much. The church is supported by its partners' who are members of the ministry; that's how we manage to keep things running," he said.
Turning to Zanu PF's internal disagreements amount senior members, Prophet Magaya said it was "normal" for political parties to experience "fights" because the organisation has been in existence for over 30 years.
"In recent months, there has been order in Zanu PF; what happened in terms of infighting is normal in politics. The party has been in existence for a long time and I think it's repositioning itself. There is new blood versus the old guard, hence disagreements here and there are expected. That's the politics," he said.
Addressing journalists at a press conference on Wednesday night, Prophet Magaya said he met Reserve Bank of Zimbabwe Governor Dr John Mangudya on Tuesday where he told the central bank chief that people are scared of the bond notes.
"The perception is that bond notes are being introduced to take over the United States dollar and this is why people are complaining. My take is that it's a noble idea which was communicated in a wrong way. This is a purely monetary issue and must not be politicised. Bond notes are just like coupons which will be given to exporters as incentives for bringing money into the country," said the PHD leader.
The bond notes will be backed by a US$200 million Afriexim Bank facility as part of measures by the apex bank to arrest capital flight mainly through externalisation.
Prophet Magaya, who is also a businessman, encouraged the RBZ to use all indigenous languages to explain the issue in order to correct the transacting public's wrong perception.
Asked about Zimbabwe's economic future given the numerous challenges facing the country, Prophet Magaya said there was potential to turn around the economy within six months if the Government and other stakeholders partner to boost agriculture, exploit minerals and arrest rampant corruption.
He said Zimbabwe is blessed with vast resources such as human capital, land and minerals which could transform the economy if fully put to use.
"The maize feeding the country as we speak was produced by one farmer who supplied 150 000 tonnes, this shows that if we get 10 serious farmers then the country is safe.
I urge the Government to carry a land audit to determine who is using the land or not. On minerals we have large deposits of platinum, gold, chrome and gas but leakages are costing the country a lot of money.
"For instance, Zimbabwe has unexploited gas deposits yet we spent about US$80 million exporting electricity. Also, foreign investors in this country are taking money back to their countries; we might be happy that we have big retail shops from South Africa and China but at the end of the day where does the money go, to their (investors') home countries," said Prophet Magaya.
He further suggested that the Government should invest in entities specifically tasked to deal with corruption since it has shredded the moral fabric. He also told journalists that PHD Ministries was competing in business and would soon open a US$25 million hotel complex in Waterfalls as a way of investing in the country.
Apart from the hotel, the church has also embarked on an ambitious project to construct a US$90 million church building which will house conference centres, a shopping mall and an underground parking lot.
Asked if he was banking the church offerings, Prophet Magaya promptly asked his praise and worship team to count the money that had been placed on the pulpit, it amounted to US$1 300. He then explained that the money was not even enough to cover the church's expenses.
"People think we make a lot of money from the offerings, journalists just count the number of people who come forward with the offering but it's not much. The church is supported by its partners' who are members of the ministry; that's how we manage to keep things running," he said.
Turning to Zanu PF's internal disagreements amount senior members, Prophet Magaya said it was "normal" for political parties to experience "fights" because the organisation has been in existence for over 30 years.
"In recent months, there has been order in Zanu PF; what happened in terms of infighting is normal in politics. The party has been in existence for a long time and I think it's repositioning itself. There is new blood versus the old guard, hence disagreements here and there are expected. That's the politics," he said.
Source - Sunday Mail
