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Zimbabwe is not ready for a new currency

11 Jun 2019 at 09:25hrs | Views
Zimbabwe Economic Freedom Fighters ("ZIM EFF") have noted with great concern, the recent commentary by President Emmerson Mnangagwa and his Minister of Finance regarding plans to introduce a NEW Zimbabwean Currency before the end of the year. On a different day and time, as ZIM EFF, we would have applauded such a move as not only patriotic but as an advancement of the struggle to emancipate our incomplete struggle for the Economic Freedom of our people. We remain alert to the real reasons why such a plan would be prematurely advanced by this Government when all conditions on the ground point otherwise.

ZIM EFF is also unapologetic in our view that the Zimbabwean problems that bedevil this country can never be solved by the same mentality that created them. ZANU-PF and its cabal are at the forefront of the economic collapse of our beloved country. No amount of trickery or hidden agenda will convince or satisfy our people into believing that the introduction of a new currency brings with it, great expectations.

ZIM EFF views such an attempt as a premature and desperate attempt by the ruling cabal to continue the looting and squander that has characterized its 39 year rule. A new currency will only serve to benefit this lot whose half-hearted attempt to address the dire needs of our population which so badly needs a resuscitation of hope and livelihood is an obvious opportunity for the few to once again, line-up their pockets.

ZIM EFF believes the Zimbabwean Economy and therefore, the Currency question cannot be solved without the cleansing and fixing of the rogue political environment of our beloved Zimbabwe. Over 39 years of independence, this failed Zanu-PF government has presided over the collapse of Zimbabwe and the reward for personal gain to the inner circle. They failed to uphold the fundamentals that our Liberation Heroes died fighting for. This government lacks the moral backbone and the skill and political bank to implement a currency regime that will benefit its people. Any self-respecting government that seeks to put the people first will ask itself the following questions before jumping into yet another failed attempt of yet another currency:

1. Is Zimbabwe's current environment ideal for the re-introduction of a Zimbabwean currency?

2. Has Zimbabwe adequately identified the root causes for the current impasse to avoid a repetition of the past errors by this Government?

3. What is that will back this currency that is stronger than the political expediency currently at play?

There appears to be a deliberate and criminal intent by this Zanu-PF government to continue to feed our people with classic failed policy changes, poor implementations and emphatic slogans that are geared to hoodwink our people into thinking this Government is busy at work. ZIM EFF fundamentally believes that the leopard is yet to change its spots and that the economic meltdown that has repeatedly wiped out our people's hard earned savings is a construction of a corrupt and incapable Government whose main target is to remain in power by all means necessary and in the process, squander and loot the public purse for the benefit of the few. The introduction of a Zimbabwean currency is intended to enable the continuation of such looting, this time, to once again adopt quantitative easing economics to once open opportunities to print this currency and pleasure the few in the Zanu-PF cabal whilst our masses remain desperate and poor.

Zimbabwe currently has no economy or financial sector to talk about. We have an enclave of public institutions that are laced with members of the cabal for the sole purpose of a continued slaughter of our economy and its natural resources. ZIM EFF strongly believes the following fundamentals are key before there can be any talk of introducing a new currency;

1. Our people do not trust the intentions of this Zanu-PF government and will never support a currency regime that is backed by their political promises which have failed for the past 39 years;  

2. The de-linking, de-politicisation and de-militarisation of the of the Zimbabwean Economic programme from the Zanu-PF Head Quarters and Military barracks to be left in the hands of capable independent and viable national institutions;

3. Restoration of the independence of the Zimbabwe Reserve Bank and all associated government institutions that should be managed and run by suitably qualified professionals;

4. Review and adoption of suitable Fiscal and Monitory policies geared towards enhancing an effective free market economy whose obvious benefits will soon put to sleep the current vibrant black-market economy;

5. Delivery of an open and transparent political space void of the on-going brutality against citizens and opposing views. A complete stop of the imposition of recycled and failed leadership whose only vigour is to stay in power;

6. Development of a progressive Tax Management system with adequately equipped independent national supporting institutions that are sensitive to the core pillars of Economic growth;

7. Complete eradication of corruption, fraud and ongoing looting of state resources by all pillars of government accompanied by the rule of law whose mandate should prioritise bringing all those that have squandered the resources of this country to account;

8. Restoration of an Independent, transparent and constitutional Justice system and Rule of law void of the current and apparent pro-Zanu influence; and

9. Set up of a dedicated and transparent "clean-up" process to get rid of corrupt and incapable Zanu-PF deployees whose main interests are to fill their pockets and those of their masters.  

"A fool is classically defined as a person who continues to do the same things over and over but expects a different outcome"

The current Zimbabwean Economic status is a combination of a long journey of comic political, criminal and nepotist policy and infrastructural blunders of a regime that has literally driven the economy to its knees. It has been characterised by a determined race by a party keen to consume our resources to extinction. Our people have been the obvious losers in all this. The introduction of a currency at such a stage is bound to enable the continued abuse of our economy by this cabal. We have witnessed over many years, some of the obvious outputs of the modus operandi of this regime;

1. The continued irresponsible implementation of an expansive Monetary policy regime and quantitative easing approach adopted through the compromised Reserve Bank in the absence of appropriate suitable conditions for such an approach. A new currency will place the printing machine once again, in the hands of this lot, in the process, outpacing inflation previously experienced by our people;

2. The three centres of Power created when Robert Mugabe was ousted in November 2017 resulted in the Military, the Executive and the Zanu-PF Head Quarters' squabbling for the control of purse. This Reserve Bank has been used as a tool for the Zanu-PF government as directed by the military command to re-direct its resources to advance factional, military and government decisions outside of policy. Whose benefit will this new currency actually serve?

3. The sustained multi-currency policy ordinarily geared to favour these three centres of Power through currency arbitrage differentials rather than enable the masses to live. These are the beneficiaries of Those that benefit hugely from the access to USD currency, those burdened by the irresponsible introduction of the RTGS and Bond Notes whilst the cabal accesses the stronger and stable USD;

4. The existence of a strong black market economy which competes against neoclassical policy implementation by the current Minister of Finance to no effective benefit of our people;

ZIM EFF believes that our country needs a huge dosage of healing, a configured economic resuscitation plan void of corruption and political influence, a transparent and effective state and a political environment that tolerates dissent. A currency is largely dependent on the ability of its masses to Trust and believe in the value of its currency. Introducing a currency right now, is simply gifting the same cabal yet another instrument to loot and squander without any meaningful Economic Freedom of our people. ZIM EFF demands a clean-up of the political space, the execution of an independent and effective justice system, an independent Reserve Bank and complete eradication of corruption in Government before we can consider bringing any news of a new currency. We want to see measurable benefits for our people and the stop to imaginary policy positions disguised as "Zimbabwe is open for business" mantra which in reality is a continuation of the old tricks in new shoes.


Issued by : The commander in-chief Innocent Ndibali
For any inquiries contact : Victor Mpofu, National Spokesperson
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Source - Innocent Ndibali
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