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Statement
on Reserve Bank Governor's monetary policy
National Constitutional Assembly (NCA)
February
05, 2007
The long in
coming monetary policy
was an apparent indication that there are no new ideas at the central
bank to resuscitate our ailing other than a sheer wait on divine
intervention.
The Governor
himself, Dr Gideon Gono lacks seriousness that is why he could afford
to crack jokes about the three zeros and inflation when the majority
of the populace in this country live beneath the poverty datum line.
Alternatively, his hands are so tied; hence it is maybe time he
did an honourable thing, such as skipping the border and resign
from across.
The Governor
is firefighting. The recent monitory policy indicated the honourable
reserve bank governor has run short of ideas to change our fortunes
and solve the economic crisis bedeviling the country.
It is time Zimbabweans
appraise the Governor and reflect on his achievements hitherto.
Is the rhetoric churned out by his office through different monetary
policies what we expect as a nation? Is this not a child’s play
that must not be taken seriously by any average thinking person!
At his appointment
into office when we were new to his oratory proficiency, we thought,
oh, there is a messiah who will bring salvation to Zimbabwe. We
shared and cherished his vision of reducing inflation from a three
to two digit figure. We do not need to become economists, though
every Zimbabwean has become one, to realize that inflation is being
fueled.
There are fundamental
constitutional and political issues that need to be addressed before
we have stable foreign currency inflows. Foreign currency will not
come from a mere policy that does not address the severe political
problems that we face as a country. The tourism industry that is
on the verge of collapse will not be revived by a mere talk show
and speechification from the reserve bank governor. Zimbabwe is
expensive for anyone to visit because our currency is overpriced
hence we are deterring visitors.
Consequently,
there is a high temptation on the Governor’s part to have multitudinous
rates of exchange to suit different sectors. This is only a cocktail
for disaster. If history repeats itself the privileged few will
start taking monies acquired from one sector at a more concessionary
rate to where it fetches more elsewhere.
Economists in
Zimbabwe can testify that the reserve bank has always come up with
seemingly good policies that appeared as if they would resuscitate
our ailing economy. It’s important to acknowledge that the situation
in Zimbabwe needs more than mere policies if we are to move away
from the current mess that is a direct responsibility of the government
itself. Besides good and sound financial policies we also need leadership
that is determined to resolve the economic crisis in the country.
It’s a mockery for the reserve bank governor to fight black market
in the country when it is known that his fellow government colleagues
are indirectly responsible for fuelling the same market through
their relatives and friends. There is also a need to realize that
it’s difficult to resolve the economic crisis separately from the
political crisis in the country.
Investors will
not come to invest their money where there is no rule of law and
where bad governance is the order of the day. Life is becoming increasingly
difficult and the price of basic commodities is beyond the reach
of ordinary citizens. To an ordinary citizen who is not an economist,
the price of commodities in the shops is a clear reflection of the
reserve bank’s failure to resolve the economic crisis. Signs of
failure by both government and the central bank are there for everyone
to see everywhere and every time we visit a shop to buy something
witness this madness.
The time for
talk shows is over and we can not continue suffering in the name
of protecting our sovereignty. In any case sovereignty is not something
that can be served on our tables. We are tired of hearing that the
West is responsible for our misery here in Zimbabwe. If the West
is responsible for the collapse of our economy, what are our dear
leaders doing to stop it from ruining our beloved country. If the
present government is failing to stop the West from causing our
misery as they claim, then as voters, we should see no need to retain
them in offices come election day, assuming that the elections are
not rigged or that they are conducted under new set of laws that
are democratic.
The situation
in Zimbabwe now needs us to protest in large numbers as one nation
in the streets demanding for a return to democracy and good governance.
Zimbabweans should know that the power to change the current situation
is in their hands and we should not fold our hands while the chefs
and their cronies are continuing to destroy the country’s economy.Zanu-pf
has finished the fruits of the liberation struggle and they are
now uprooting it to ensure that the next generations to come will
never enjoy the gains of the liberation struggle.
Zimbabweans
should not take seriously the rhetoric and propaganda channeled
by the reserve bank in form of monetary policies that will never
change our situation. Good monetary policies need a reinforcement
of good systems that promote democracy, good governance and such
laws should also aim at restoring rule of law in the country. Prosperity
in Zimbabwe can only be realized when we sit down as a nation to
write our own constitution with the views of all stakeholders. The
present constitution that is continuously manipulated by the executive
will undermine the work of the reserve bank governor and all those
that are working towards resolving the deepening economic crisis
in the country.
Madock Chivasa
NCA Spokesperson
Visit the NCA
fact
sheet
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