Opinion / Columnist
Change the RTGS$ to Dr Joshua Nkomo
02 May 2019 at 07:16hrs | Views
The strength of money is synonymous with trust. Money is a store of value and a medium. It is an object which derives its value from trust, confidence and credibility. It is the lubricant that oils the wheels of the economy. Value has to be intrinsic, that is to say, it is an absolute that is inherent in an object that is being used as money. The usefulness and utility derived from the thing being considered is what distinguishes money from other objects. In other words, money is not an abstract or an illusion. It is a reality. In commerce, the role of money as a currency is indispensable. Easily portable and making it easy for those transacting to execute their transactions seamlessly.
Its exchangeability is taken as a social convention. The expectation is always that the next person will accept it. In all of its history, money has always ridden on the back of trust and credibility. Whether such money is issued by central banks or private issuers, the common denominator has always been and continues to be trust.
It is against the backdrop of the foregoing that I propose that given the centrality of trust in money, Zimbabwe must change its currency from the discredited RTGS$ to Dr Joshua Nkomo (in honour of Father Zimbabwe). This should be accompanied by the picture of Dr Nkomo on the face of the new currency just like the British Pound has Queen Elizabeth, the South African Rand had Nelson Mandela, the American notes have various former US presidents.
If this is done and the new currency is given all the hallmarks and characteristics of a fully fledged currency like international tradability, free floating, liquidity, inter alia, then Zimbabwe could potentially solve the now too familiar currency crisis once and for all.
This is a currency that ordinary Zimbabweans can readily embrace and cherish. The very presence of the face of Father Zimbabwe in the form of Dr Joshua Nkomo could be what is needed to restore faith, trust, credibility and confidence in the new currency of Zimbabwe.
May all progressive Zimbabweans of all ideological stripes kindly throw their weight behind this initiative so that the weight, stamina and stability of that nationalist stalwart could be used to save the country from the ongoing currency confusion.
Ndlovu, a central banker, is an award winning economist. He can be contacted on collsndlovu@gmail.com
Its exchangeability is taken as a social convention. The expectation is always that the next person will accept it. In all of its history, money has always ridden on the back of trust and credibility. Whether such money is issued by central banks or private issuers, the common denominator has always been and continues to be trust.
It is against the backdrop of the foregoing that I propose that given the centrality of trust in money, Zimbabwe must change its currency from the discredited RTGS$ to Dr Joshua Nkomo (in honour of Father Zimbabwe). This should be accompanied by the picture of Dr Nkomo on the face of the new currency just like the British Pound has Queen Elizabeth, the South African Rand had Nelson Mandela, the American notes have various former US presidents.
This is a currency that ordinary Zimbabweans can readily embrace and cherish. The very presence of the face of Father Zimbabwe in the form of Dr Joshua Nkomo could be what is needed to restore faith, trust, credibility and confidence in the new currency of Zimbabwe.
May all progressive Zimbabweans of all ideological stripes kindly throw their weight behind this initiative so that the weight, stamina and stability of that nationalist stalwart could be used to save the country from the ongoing currency confusion.
Ndlovu, a central banker, is an award winning economist. He can be contacted on collsndlovu@gmail.com
Source - Colls Ndlovu
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