Fears of a return to the hyperinflation era that preceded
the introduction of the multi-currency system in 2009 were heightened in the
past fortnight when the value of bond notes tumbled on the parallel market and
prices of basic commodities shot through the roof.
Panic-buying gripped Harare last weekend and on his return
from the United Nations General Assembly, President Robert Mugabe complained
that some of his lieutenants were behind the collapse of the economy.
The government also blamed social media for the chaos.
Standard reporter Blessed Mhlanga (BM) spoke to Industry
minister Mike Bimha (MB) who insisted the government was still in control of
the situation, claiming the economy was on the rebound. Below is the full interview.
BM: Minister, there appears to be an economic meltdown;
prices are going up and fuel shortages have crept back, what do you attribute
this to?
MB: I wouldn’t agree that there is an economic meltdown.
there are all economic indicators to convince us that our economy is actually
recovering in terms of mining, agriculture, manufacturing as well as tourism.
They are all indications that our economy is on the recovery path and we just
have to apply some more pressure for us to be able to turn around.
What happened recently is something attributed to the work
of enemies who would want to see the economy go down by coming up with
unsubstantiated information to the effect that prices will go up, that there is
no foreign currency, that there will be shortages.
BM: Is there foreign currency in the country? If so, where
is it?
MB: There have always been challenges with foreign
currency. It is not enough, but there are measures to make sure that it is
enough.
BM: The foreign currency shortages are forcing people to
buy money at a premium to sustain their businesses. Are we not likely to see
empty shelves again as shop owners fail to restock due to the clampdown against
those dealing in foreign currency?
MB: No, it’s not
that they will sustain their businesses by buying money.
There has been this creeping thing of profiteering by
selling money, which shouldn’t be the case. Money should be used as a mode of
exchange, not for one to store value and it’s unfortunate that it has been
happening.
BM: Why would people just start selling money in an economy
which you say is on the rebound?
MB: Well, there are so many issues. whenever you have a
currency which is not your own, there will be loopholes where people will
profiteer.
At the end of the day, Zimbabwe will have to have its own
currency and that will ease some of the problems that we are facing.
BM: You are on record saying you are going to solve these
problems in two days, is that possible?
MB: Even in less than two days we will solve these
problems.
BM: How are you going to achieve this?
MB: You see, the problem is these issues are not as real as
they are put, they are imagined, so they tend to look difficult but it is
nothing really. The foreign currency is
there, support for business policies is there, so there is really no need to
panic.
BM: Are there any government ministers working against the
system or against President Robert Mugabe, because we just heard the president
say there are “Judas Iscariots” in his government?
MB: I am not the one who said that.
BM: You are in that government and you clapped hands as he
spoke, you must know something.
MB: I wouldn’t know. I don’t know what he meant, but the
issue is that there is definitely people who are working against government
policies.
BM: Finance minister Patrick Chinamasa made a prediction
that the economy is going to grow by 3%. Do you agree with that prediction?
MB: Very much so.
BM: What contribution will your ministry have in that
supposed growth.
MB: We will support manufacturing. we are seeing
manufacturing growing, we are seeing new companies coming and that will boost
manufacturing so that we export and we earn the much-needed foreign currency.
BM: You spoke about Zimbabwe getting its own currency, how
soon can we see that happening?
MB: As soon as the conditions are conducive, we will have
the local currency, but I cannot indicate the timing.
BM: Putting to test your statement on an economic
turnaround, people have lost jobs, companies can’t pay salaries, government
struggles to offer services, how do you call this a turnaround?
MB: What do you mean?
BM: Zimbabweans are losing jobs every day and those who are
still employed go for months without salaries. Which part of the country is
experiencing a turnaround?
MB: Turnaround is not just a question of having salaries
all the time, even in good times you don’t have salaries all the time.
The economy has ups and downs, when you have ups things
have to change, when you are on a downward trend, things have to change, these
are the vicissitudes of every economy.
There are ups and downs at any point in time. But at the
end of the day when we look at the indicators, some of the multilateral
institutions are on the rebound.
BM: You met with businesspeople recently. What were some of
their concerns that you addressed?
MB: Their concerns were also our concerns; that there are
people using social media for purposes of inflicting disharmony within the
community, so they are equally concerned about what is happening because they
know the implications.
If there are any problems, the private sector is free to
come and see us; but they did testify that there was no reason for people to
panic, so they are equally concerned that there are these people passing
unsubstantiated information.
This can only lead us to believe that there are those
people who are bent on destroying our economy.
BM: There are people who are selling money openly at
Harare’s Roadport. Why is the government not taking action?
MB: The Ministry of Finance is taking measures to stop that
rot.
BM: These dealers have been there for years, why did it
take the Finance minister this long to deal with the problem?
MB: The issue is that our economy is run on a
multi-currency system and even at the time it was introduced, who would have
thought that there would be a rush for the US dollar and not a rush for the
rand, for example?
These are things that are not foreseen but the point is
that it was a right decision for government to come up with a multi-currency
system, but unfortunately, we all preferred the US dollar as opposed to the
other currencies.
BM: You spoke about social media causing panic, why now
when the multi-currency system started in 2009?
MB: Social media is responsible by way of messages —
spreading information about shortages, price hikes, about a number of things —
which were not substantiated. That’s where the social media is coming in.
But social media is just a form of communication, there are
people behind that social media who are to blame.
We are not blaming social media but the people using it.
BM: What is your assurance to the people of Zimbabwe?
MB: To Zimbabweans I say, let’s work together. We are
actually turning around the economy but it needs all of us to put our heads
together, to talk to each other, to engage with each other and together we will
make Zimbabwe great again. Standard
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