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Zimbabwe's Casino Economy: Extraordinary Measures for Extraordinary Challenges by Gideon Gono

by Joe K
11 Mar 2019 at 09:45hrs | Views
The paperback novel written by Gideon Gono, revolves around the issues regarding his position as the Governor of the Reserve Bank of Zimbabwe and the opportunity Gono had to serve his president and the country.

It is a political book written on his point of view of a colleague to the Zimbabwean president, Robert Mugabe, regarding the development of the country and why he remains firm in his belief the people of Zimbabwe have been denied the opportunity to grow their economy in terms of development. During these chapters, Gono goes on to say 'illegal economic sanctions' imposed on Zimbabwe had a hand in the stunted growth of the country.

The title of the book gets its substance from an incredible statement made by the politician and scholar when he stated that the Zimbabwe economy is now a drive by casino ethic. The country was forced to legalize foreign currency in 2008 and according to Gono the Zimbabwe Dollar remained the legal tender with 1000 retailers and 200 wholesalers allowed to sell in foreign currencies to bring money back into the country in order to repair the damage. Gideon Gono outlines how the Reserve Bank responded to the effects of the crisis and how the bank was affected negatively.

Released in 2008, the book is 256 pages long, a short read for some but a powerful message for all. The chapters of the book cover the following chapter titles:
The Invisible Hand's Dirty Politics; The Market Economy as a Casino Economy; Corrupting Banking and the Stock Exchange; Illegal Sanctions as Terrorism; When Things Fell Apart; Taking a New Direction; Tackling the Casino Economy; Beyond the Casino Economy.

Gideon Gono refers to the economy and the crisis as a 'Casino Economy' due to the way activities were taking place within the economy. They were similar to that of gambling, impulsive and without a definite outcome. This term was referred to the downfall of the economy, when the country reached hyperinflation.

About Zimbabwe
Zimbabwe has made history as being one of the countries to have hit hyperinflation due to large quantities of money being printed by the Reserve Bank of Zimbabwe in hopes of keeping the economy afloat. Unfortunately, against expert advice, Robert Mugabe sanctioned the printing of higher valued notes which has led to the value of trillions of dollars being printed.

In August 2006 the Zimbabwean Bank introduced a new currency, the beginning of the fall of Zimbabwe.

Zimbabwe Today
The country is currently sliding back into the position it was in when facing hyperinflation. In order to improve sanitation and water in the country a project known as the ZimFund was set up to accept donations to improve the quality of life for Zimbabweans. Recently the project received $145.5 million toward improving the everyday necessities.

About the Author
Gideon Gono, Author of Zimbabwe's Casino Economy, holds a PhD from the Atlantic International University. The 59 year old was Governor of the Reserve Bank of Zimbabwe from 2003 until the end of his ruling in 2013. Gono is also the former CEO of the Commercial Bank of Zimbabwe, now recognized as the Jewel Bank.

In 2009 Gono was awarded with the Ig Nobel Prize in mathematics for his ability to help the nation of Zimbabwe a method in which they are able to cope with the banknotes which range from one cent up to 100 trillion dollars.

Today, Gideon Gono has been said to play a key role in the resignation of Robert Mugabe, the former president of Zimbabwe. After Gono's book was released, it hit the shelves all across the world. Robert Mugabe created an uprising in his own country and was eventually forced into resigning. The controversy that surrounded Mugabe's 'Casino' ruling has made history and has left Zimbabwe in a state of chaos, one the country is still trying to recover from.
Source - online
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