Bad leadership is at the heart of the suffering of Zimbabweans: Chamisa

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Opposition Citizens Coalition for Change (CCC) leader Nelson Chamisa has said Zimbabwe is in an economic mess due to Zanu-PF’s “bad leadership” and proposed a raft of measures to end the skyrocketing financial crisis.

Chamisa also condemned the recent move by the Reserve Bank of Zimbabwe (RBZ) governor John Mangudya to dismiss a Confederation of Zimbabwe Industries (CZI) position paper that warned that the Zim Dollar was on the “brink of rejection in the face of exchange instability and increasing inflation”.

The opposition leader said poor governance had plunged the country into the current economic crisis.

“The economy is tanking and Zimbabweans are suffering at the hands of bad leadership, poor governance and porous economic policies. As the alternative government, we propose the following to be considered and adopted:

“There is a crisis of confidence in the market, citizens are suffering from the price hikes and deepening poverty level. All government policies must be demand driven, inclusive and fully consultative.

“The recent attack on the CZI position paper by the government is regrettable and must never be tolerated!

Chamisa urged the regime to stop the auction system and go for full dollarisation.

“This will immediately remove distortions, multiple pricing, arbitrage, secure stability and save exporting companies from imminent collapse and help all businesses and economic agents to preserve capital.

“In line with (3), we should immediately work on a de-dollarisation road map which is inclusive and evidence based and built on consensus as opposed to command economics and threatening businesses with statutory instruments,” he said.

Chamisa said there was a need to embrace smart agriculture with a view to foster a more active role of the market and government providing oversight to minimise distortions caused by agricultural subsidies.

He added that the commodity exchange should be used as an effective vehicle for funding and marketing of agricultural commodities.

The rejected CZI position paper had warned the central bank to suspend the foreign currency auction system after the Zim Dollar fell to ZWL350 against the greenback whose official interbank rate stands at ZWL159 against US$1.

Chamisa said: “To address the economic challenges (such exchange rate spiral and inflation) caused by short term finance on infrastructure, government must use long long term finance such as diaspora bonds (eg Ethiopia-the Grand Renaissance Dam) and public private partnerships to fund infrastructure

“Stop corruption and save US$2.8bn, being the US$1.8bn through illicit financial flows and US $1bn wasted in state owned enterprises and line ministries). This money, if saved, is a real game changer. Greedy, indiscipline and corruption stand as the biggest threat to the economy!

“We must embrace a genuine social contract, which is inclusive to move forward as a nation. Also Expedite a Pre-Election Pact on elections and reforms, constitutionalism and respect of human rights so we restore our integrity in the family of nations. Genuine dialogue is key!” Nehanda Radio