News / National
Mayor Coltart criticises ZiG, after sharp devaluation
28 Sep 2024 at 06:48hrs | Views
On Friday, Bulawayo's Mayor, David Coltart, took to Twitter to express his concern over the sudden devaluation of Zimbabwe's newly introduced currency, the ZiG (Zimbabwe Gold). In a tweet that quickly gained attention, Coltart highlighted the devastating impact the currency's volatility is having on civil servants and ordinary citizens.
"Spare a thought for civil servants—paid just a few days ago, and today the value of what is left in their bank accounts is almost slashed in half," Coltart tweeted, pointing out the timing of the devaluation, which he described as "cynically calculated." He criticized the stark contrast between the declining value of the ZiG and the rising global price of gold, undermining the credibility of a currency named after the precious metal.
Coltart did not hold back in his criticism of the government, stating, "In any democracy, such catastrophic policy failure would end a government's term of office. But we aren't a democracy, so those responsible continue with impunity." His remarks come at a time when many Zimbabweans are struggling with the currency's instability, raising fresh concerns about the government's economic policies.
As the value of the ZiG continues to fall, the debate over its effectiveness and the broader implications of the government's fiscal management is intensifying, with citizens, including prominent figures like Coltart, demanding accountability.
"Spare a thought for civil servants—paid just a few days ago, and today the value of what is left in their bank accounts is almost slashed in half," Coltart tweeted, pointing out the timing of the devaluation, which he described as "cynically calculated." He criticized the stark contrast between the declining value of the ZiG and the rising global price of gold, undermining the credibility of a currency named after the precious metal.
Coltart did not hold back in his criticism of the government, stating, "In any democracy, such catastrophic policy failure would end a government's term of office. But we aren't a democracy, so those responsible continue with impunity." His remarks come at a time when many Zimbabweans are struggling with the currency's instability, raising fresh concerns about the government's economic policies.
As the value of the ZiG continues to fall, the debate over its effectiveness and the broader implications of the government's fiscal management is intensifying, with citizens, including prominent figures like Coltart, demanding accountability.
Source - Byo24News
