Zimbabwe government critic says economic turnaround now a reality not just a feeling


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One of the Zimbabwe government’s critics, Gift Mugano, who last year predicted that the local currency would collapse by June, says the country’s economic turnaround is now a reality.

“On 31 May 2023, I said that I have a feeling that the economy will turnaround after the general elections scheduled for 23 August 2023. Today I would like to say that it’s no longer a feeling but a reality! I can see that everything will be alright!” Mugano tweeted.

In his 31 May tweet, Mugano said he did not know why and how the economy would turn around. “It’s just a feeling,” he said.

Asked by Tafadzwa Ruzive whether his forecast was based on the current trajectory of the dollar, Mugano replied: ”Not at all Tafadzwa – I am seeing positive shocks which will cause disruptive changes in the entire economy. I can’t wait!”

Mugano did not respond to a barrage of questions after that including accusations that he had been bought out.

Tinashe Chikomba asked: “How much do u get paid to spew such nonsense, you hav no shame?”

Another twitter follower said he was not surprised by Mugano’s comment because Zimbabwe’s academics were clueless when it came to the economy.

“Says a whole professor. You remind me of our very own minister of finance. These so called academics are only good in academia and nothing else especially the ones from the motherland. Anyway it’s just a feeling,” Gidza said.

Zimbabwe’s currency has been in a freefall over the past two months and inflation more than doubled between May and June.

But this past week, the Zimbabwe dollar firmed by more than $1 000 at the two auctions held on Tuesday and Thursday.

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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