Opinion / Columnist
Where is the Mnangagwa while the country is burning??
26 Sep 2018 at 13:59hrs | Views
Is Mnangagwa aware that the black market rate is at 1.20% meaning if you have $100 in your ecocash or bank its equivalent to us$45-00. Is Mthuli Ncube aware of this? Is Mangudya aware of this?
It's funny that ever since this black market came into being, Mangudya has never commented on it. Tell me of any day Mangudya has said something about the black market. In all his pronouncements, the President has never said anything about the black market. Then comes Mthuli Ncube, no comment. He talks about fiscal rationalization and a lot of complicated economic jargon. But no comment about how he intends to address the black market problem. Ordinary people are not interested in high sounding economic terms. Prices are increasing because of the black market. The value of our money in the banks, in our ecocash, in our wallets is eroding daily because of the black market.
Can it be denied that the Government through the Reserve bank is the key driver of the black market. It's a fact that the Reserve bank has runners who either get bond notes or have balances put into their accounts in order o source foreign currency from the streets. Isn't it true that each time there is a shortage of either wheat or fuel or Delta threatens to shut down because there isn't enough forex, the black market rate goes up. How then can they comment on something that benefits them?
When the Concourt made a ruling on elections, the black market rate fell from 1 to 1.70. What did Mnangagwa do? He flew to China and by the time he came back it was 1 to 2. It remained here for a while after appointing his cabinet. He again flew to America and the black market rate flew to 1 as to 2.2. People are expecting him and his cabinet to start giving them direction but he decides to go to America for a week. Is that what the Chinese Premier does? Is that what the British Prime Minister does? Those guys just go there for a day or two and go back and attend to problems in their countries. Poor Zimbabwe sends a delegation for a week to beg for loans. Who told poor countries that you solve your problems through loans? It is only hard work that can solve your problems. Loan attract interest and are not for free.
Mr President we have pressing problems which need your urgent attention. United Nations business is picnic. The country is burning while you are in Washington. People need the black market rate to be reduced. Above 80% of the businesses get their foreign currency requirements from the black. Your Mangudya gives foreign currency to a few connections of his. Mr President we need action yesterday.
Lovemore Baloyi is an economist, marketer by training and an entrepreneur.
It's funny that ever since this black market came into being, Mangudya has never commented on it. Tell me of any day Mangudya has said something about the black market. In all his pronouncements, the President has never said anything about the black market. Then comes Mthuli Ncube, no comment. He talks about fiscal rationalization and a lot of complicated economic jargon. But no comment about how he intends to address the black market problem. Ordinary people are not interested in high sounding economic terms. Prices are increasing because of the black market. The value of our money in the banks, in our ecocash, in our wallets is eroding daily because of the black market.
Can it be denied that the Government through the Reserve bank is the key driver of the black market. It's a fact that the Reserve bank has runners who either get bond notes or have balances put into their accounts in order o source foreign currency from the streets. Isn't it true that each time there is a shortage of either wheat or fuel or Delta threatens to shut down because there isn't enough forex, the black market rate goes up. How then can they comment on something that benefits them?
When the Concourt made a ruling on elections, the black market rate fell from 1 to 1.70. What did Mnangagwa do? He flew to China and by the time he came back it was 1 to 2. It remained here for a while after appointing his cabinet. He again flew to America and the black market rate flew to 1 as to 2.2. People are expecting him and his cabinet to start giving them direction but he decides to go to America for a week. Is that what the Chinese Premier does? Is that what the British Prime Minister does? Those guys just go there for a day or two and go back and attend to problems in their countries. Poor Zimbabwe sends a delegation for a week to beg for loans. Who told poor countries that you solve your problems through loans? It is only hard work that can solve your problems. Loan attract interest and are not for free.
Mr President we have pressing problems which need your urgent attention. United Nations business is picnic. The country is burning while you are in Washington. People need the black market rate to be reduced. Above 80% of the businesses get their foreign currency requirements from the black. Your Mangudya gives foreign currency to a few connections of his. Mr President we need action yesterday.
Lovemore Baloyi is an economist, marketer by training and an entrepreneur.
Source - Lovemore Baloyi
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