GOVERNMENT’s name and shame operation targeting companies and individuals accused of fuelling the galloping foreign currency parallel exchange rate has triggered fierce fights within Zanu PF, with some party members claiming the exercise was motivated by political malice than a genuine concern to stabilise the economy.
The Finance ministry recently embarked on a naming and
shaming operation against individuals and companies accused of manipulating the
official foreign exchange rate and misusing foreign currency allocated by
government.
Last week, the Reserve Bank of Zimbabwe (RBZ) named and
shamed 30 individuals alleged to be abusing mobile phone services and social
media to facilitate forex transactions. The central bank added 47 more names to
the list early this week.
But some Zanu PF members claimed that the naming and
shaming campaign was politically motivated, targeting a certain faction within
the ruling party.
Several Zanu PF bigwigs, including former ministers Priscah
Mupfumira and Ignatius Chombo, were arrested on graft charges following a
“name-and-shame” operation led by the party youth league in 2019, but the youth
leaders who initiated the campaign were either fired from the party or demoted.
Yesterday, several party members in a WhatsApp group, The
Patriots, questioned the logic behind merely naming and shaming the offenders
without arresting them.
One member questioned why the party was now embarking on
naming and shaming yet it fired party youths, Godfrey Tsenengamu and Lewis
Matutu, for doing the same.
Another member accused the ruling party of behaving like
the old dispensation of the late former President Robert Mugabe.
“Naming and shaming people implicated in criminal
activities, and no arrests, what a circus,” one member said.
Another member said: “Naming and shaming small people,
leaving out big names,” to which another one responded saying: “Big names, you
will be fired, as (happened to Lewis) Matutu.”
Zanu PF member and former Finance deputy minister Terrence
Mukupe yesterday said the Finance ministry’s resolution to officially peg the
foreign exchange rate had failed to tame the exchange rate madness.
“I’m just amused with all the naming and shaming culture
that started with the former youth leaders and now RBZ has also jumped into the
same band wagon. Issues to do with the economy require sober minds and not
politics of playing to the gallery. My inbox is blowing up with fellow finance
people and economists who can’t understand why we are not just doing three very
simple things.”
He said the Finance ministry was failing to address the
real problems that the economy was facing and focusing on the exchange rate
which was further contributing to the galloping parallel market rate.
Said Mukupe: “The official 1:88 rate is a form of daylight
thievery. Every business that is importing using this rate is simply stealing
from the people because we never see them selling the commodities they produce
at this rate. We need to stop commanding the rate because it’s clearly
imploding.
“Outside of sanctions, our real problem is that of jobs and
productivity. Focus should be on the
things that bring income to this great nation — that is mining, agriculture and
industry.”
He added: “The Ministry of Industry is asleep and not
helping the great vision of my President ED. I remember very well at the steps
of the Zanu PF headquarters the day His Excellency (Mnangagwa) came back,
standing next to him, the greatest applause he got was when he said focus will
be on jobs, jobs, jobs!!!
“The Ministry of Industry is not doing anything to assist
the retooling of our manufacturing sector. If we focus too much on
infrastructure, which does not enhance our income-earning capacity like Sekuru
Prof (the late former Malawi President Bingu wa) Mutharika and Dr (former
Zambian President Edgar) Lungu, the economy will implode!!!”
Mukupe, who is a banker, concluded: “So with the naming and
shaming let’s see … my financial advice to those in business … borrow as much
as you can in Zimdollar, park your cash on the stock market … and oh yes, go to
the official RBZ market and get as much USD as you can … cause now with the
stance taken by the monetary authorities, the zero risk way to make money is by
taking money from government via the RBZ auction!!!”
But Zanu PF acting spokesperson Michael Bimha defended
Ncube’s policies on controlling inflation and other economic crimes saying he
was mandated to act in whatever way within the law to stabilise the economy.
He denied claims that Ncube’s economic policies were
politically-motivated.
“The ruling party is not above the law and it cannot be an
issue of concern if a party member is named for being involved in economic
shenanigans,” Bimha said.
“As long as the minister is acting within the law, there is
no politics at play on what he would be doing. Whether it is a Zanu PF or MDC
member that has been caught in the web, it does not matter as long as justice
is taking its course.” Newsday
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