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Inflation shocker, reflects the level of indiscipline, corruption & poor governance system
Transparency International – Zimbabwe (TI-Z)
October 10, 2008

Zimbabwe's annual inflation rate has hit a record high of 231million percent jumping from last month's rate of 11,2million percent. According to official data produced by the Central Statistic Office, the month on month inflation is now pegged at 2,600%. The long and short of it is that Zimbabweans will have to keep on enduring the world's fastest price rises, shortages of food and every other basic commodity, foreign currency and crumbling infrastructure. What it means is that on average basic goods during the month in question were 231million times as expensive as they were 12 months earlier.

The World Bank says Zimbabwe has the world's fastest shrinking economy for a country not at war. This goes on to show the level of indiscipline in the economy where corrupt practices and profiteering have turned to normalcy. It further points to the absence of the rule of law where self-aggrandizement, self-interest and greed override ethics and morals in society. A UN sponsored report on Zimbabwe's economic revival is quoted saying the country will need about US$5billion to resuscitate its economy. Transparency International Zimbabwe would like to categorically state that, "no amount of aid will effectively restore an economy leaking heavily with corruption as Zimbabwe." Giving aid to a corrupt system of government is as good as pouring water in a leaking jar, it will never be full! If anything, Zimbabwe needs all kind of support to rebuild its integrity pillars such as parliament, the judiciary, ombudsperson, Attorney General and Auditor General's offices among other oversight bodies to restore good 'enough' governance and the rule of law.

Meanwhile Zimbabweans still have to grapple with dilemma of choosing between hope and doubt, optimism and pessimism, courtesy of the dragging power sharing deal signed on September 15, 2008. ZANU PF and the two MDC formations have counter accused each other for stalling the negotiations over cabinet posts. The euphoria witnessed in the aftermath of the signing of the deal on 15 September is slowly fading away as frustration and disappointment grips the suffering public who had clinched their hope of a new dispensation in Zimbabwe to the power sharing deal.

TI-Zimbabwe calls upon the political formations concerned to speed up the implementation of the political agreement. It is not acceptable to for politicians to hold the people at ransom; they must show commitment and deliver their promise of rescuing the nation from the reel social, economic and political crisis. They must be at least accountable to the people who entrusted them with those positions of leadership.

In all sectors of the economy, production has fallen drastically, with many companies closing or suspending operations. About eight out of every ten people are unemployed and people are having to spend most of their productive time standing in long queues to access cash from the banks, fuel or the scarce basic commodities. The health delivery system has simply fallen apart and most hospitals and clinics have just become so expensive and beyond the reach of ordinary Zimbabweans. The same applies for the education system where pupils (including sitting candidates) spent nearly half of the year without attending classes.

Could it be that the centre has failed to hold?

TI-Z calls upon the relevant authorities, particularly the sitting Parliament and Senate to begin to seriously pay attention to the underlying problems bedeviling the nation and put in place appropriate measures to restore legitimacy. Anti-Corruption drive must be top on the agenda of any government to be formed in Zimbabwe.

Visit the TI-Z fact sheet

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