Zimbabweans need to remove the ‘cancer’ or ‘potholes’ of negativity and discontentment if the country is to move forward, the country’s central bank governor John Mangudya said in his monetary policy statement.
Mangudya said he saw Zimbabwe as an awakening giant of Africa but there had to be positive thinking and contentment.
“Zimbabwe can and will rise,” he said. “This hypothesis is based on the considered view that the most difficult phase in Zimbabwe’s economic development path is over. The country is now on a ‘take-off’ phase or mode which calls for the power of positive thinking and contentment (not complacent) in keeping on moving on the steady progress made so far.”
“Going beyond the stabilisation ‘road’ requires simple and decisive pragmatic solutions for unleashing economic recovery. We all have a part to play on this national recovery narrative and to remove the ‘cancer’ or ‘potholes’ of negativity and discontentment.”
Mangudya said he was optimistic that a little bit of unity of purpose, focus, sincerity, discipline, entrepreneurship and aggression supported by the measures presented in his Monetary Policy Statement and Finance Minister Patrick Chinamasa’s Mid-Term Fiscal Review Statement would put Zimbabwe on a strong trajectory for the recovery of the economy.
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CONCLUSION
The theme of this Monetary Policy Statement is BEYOND STABILISATION. It is a passionate call for the various arms of Government to effectively implement the approved policy measures to stimulate production which is a bedrock and prerequisite to enhance liquidity, exports, fiscal space, employment, debt sustainability, and to reduce poverty. It is a clarion national call for all Zimbabweans to look and aspire to go beyond the current economic state of being a stable economy characterised by low inflation, stable banking sector and a stable currency.
The theme emanated from the view that the solution to the economic challenges besetting the nation lies in competitively enhancing production and productivity across the whole spectrum of the economy; from agriculture and mining which are the backbone of the economy; to manufacturing and tourism which are the value addition and beneficiation sectors. We need to competitively and sustainably grow the economy by a minimum of 5% per annum. This is the philosophy behind the Africa Rising Narrative
We need to do more to increase production and productivity which is achievable by ‘walking the talk’ through implementing the Government approved production-friendly package of policies that include further opening up the economy for investment and tourism consistent with the current liberalised national economy; setting up of joint ventures, implementation of the special economic zones; open tourism policy; removal of obstacles that inhibit production and exports; targeted productive lending; reduction in the cost of doing business and/or improving the ease of doing business; and the promotion of Diaspora investments.
The theme is well typified by a few passages of scripture; namely John 5, verse 1-9, Habakkuk 2 verse 2 and Jeremiah 29 verse 11. It is, therefore, my fervent view that we all need to have faith like the paralysed man, who, even after spending 38 years by the pool at Bethesda [John 5 Verse 1-9] could gets up, took his mat and walk. We need a paradigm shift to break with the past and work on production and ‘heal’ the economy. The nation needs to be comforted by the fact that the country’s vision of empowerment, enhancing beneficiation and value addition is clearly spelt out in ZimAsset and is in conformity with the teaching in Habakkuk 2 Verse 2.
Rallying on this vision and guarding against complacency through discipline, determination, dedication and sincerity, the nation can realise the good hope and future [Jeremiah 29 Verse 11] to unleash economic growth and generate jobs.
I therefore see Zimbabwe as an awakening giant of Africa from this theme and vision. The country needs to join the Africa Rising Narrative. Zimbabwe can and will rise. This hypothesis is based on the considered view that the most difficult phase in Zimbabwe’s economic development path is over. The country is now on a ‘take-off’ phase or mode which calls for the power of positive thinking and contentment (not complacent) in keeping on moving on the steady progress made so far. Going beyond the stabilisation ‘road’ requires simple and decisive pragmatic solutions for unleashing economic recovery. We all have a part to play on this national recovery narrative and to remove the ‘cancer’ or ‘potholes’ of negativity and discontentment.
I therefore, remain optimistic that a little bit of unity of purpose, focus, sincerity, discipline, entrepreneurship and aggression supported by the measures presented in this Monetary Policy Statement and the Mid-Term Fiscal Review Statement presented by the Hon. Minister of Finance and Economic Development to address the ease of doing business in Zimbabwe that include reduction in utility charges (electricity, water, EMA and municipality), bank charges, development of a bond market, export financing, enhancing of gold and horticulture production, etc, would put Zimbabwe on a strong trajectory for the recovery of the economy BEYOND STABILISATION.
I THANK YOU AND MAY GOD BLESS ZIMBABWE
DR. J.P. MANGUDYA
GOVERNOR RESERVE BANK OF ZIMBABWE
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