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RBZ statement on fertiliser procurement
Dr G Gono, Governor: Reserve Bank of Zimbabwe
November 11, 2006

http://www.rbz.co.zw/pdfs/ferlilizer_Press11Nov06.pdf.

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Introduction and Background
1.1 As the country stands on the verge of yet another promising agricultural season, the past week has seen our economic landscape being dominated by stories relating to fertilizer; its procurement, logistics of transportation, quality, pricing and distribution.

1.2 In the same vain, the role of the Central Bank and the agriculture parent Ministry and subsidiary organizations such as the Grain Marketing Board (GMB) have come under focus and different perceptions were created of the different role-players, with the Central Bank coming out negatively in many respects.

1.3 We are on record, time and again pointing out the obvious, which is that the Central Bank is not a faultless organization, nor is it led by direct descendants of Saint Peter, Saint John or Saint Mark, who do not make mistakes.

1.4 And whenever the Central Bank has been party to any shortcomings, we have always had the guts to admit.

1.5 Where, however, for ulterior motives, the Central Bank, its Governor, Management Team and Staff are portrayed as having erred when in actual fact they have not, and when the credibility of the institution is at stake in a serious manner, it is only proper that we be afforded the opportunity such as this to lay bare the facts and let the market and all stakeholders be the judges of those facts on the ground.

1.6 The media has been fed with stories suggesting that the Central Bank works in isolation excluding key stakeholders in various sectors of the economy and of course nothing could be further from the truth, as we are yet to be shown which other Central Bank in the world operates and cooperates in such a consultative manner as the way we do it at the Reserve Bank of Zimbabwe.

1.7 Of course, consultations do not necessarily mean that we always agree on all facets relating to the formulation of policy and implementation of the day to day National programs.

1.8 Some have also suggested that the Central Bank is an unguided missile on Zimbabwe's economic landscape which by-passes and overlooks the country's regulations and laws. To this, we have always forgiven those amongst us who are less informed about the true position, while we have stated in the past and continue to do so today that the Central Bank is not going to respond to each and every print and electronic media story or rumor that circulates around.

1.9 It is in this particular case, the degree of dis-information and its potential outlook on the credibility of the Central Bank and its management and officers that we have sought the Leadership of the country and Cabinet's permission for this opportunity to clarify in detail the facts on the ground relating to what some are already calling "the fertilizer gate".

1.10 This we are doing in the interest of putting closure to this matter and to re-focus the Nation on what is truly important to the people of Zimbabwe, which is that of getting back to the fields, going deeper into mine shafts, and spreading the frontiers of innovation and entrepreneurship at the industrial floors, in shops and at household levels.

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