Business leaders slam embargo extension

Business Reporter
Business leaders have roundly condemned the European Union’s extension of its illegal sanctions on Zimbabwe, describing the embargo as unwarranted and detrimental to economic turnaround.
The EU last week extended sanctions for another year, a decision that has been roundly condemned.
Company executives attending the CEO Africa Roundtable in Nyanga last week said sanctions were an impediment to economic recovery.
Africa Sun chief executive Mr Shingi Munyeza said after a decade of economic instability Zimbabwe did not need anything to retard economic growth.
“Sanctions are bad for business. Zimbabwe does not need anything that restricts, retards and prevents economic recovery,” he said.
He said Government should continue engaging the EU over the sanctions.
Kingdom Financial Holdings founding director Mr Nigel Chanakira concurred with Mr Munyeza, but pointed out that the action was largely expected given the EU’s bitterness over Government’s land reform programme.
“You cannot have a few people owning most of the productive land when the majority has nothing,” he said.
Fidelity Life Assurance managing director Mr Simon Chapereka said extension of the unjustified sanctions meant companies would continue to struggle to recapitalise. He too said the EU was bitter over the land reforms, which saw nearly 300 000 black families benefit from land previously held by just 6 00 whites.
CZI president Mr Joseph Kanyekanye said ordinary Zimbabweans bore the brunt of the sanctions.
“CZI has long maintained that these sanctions have been a major cause of division and disunity in Zimbabwe and a major impediment to normalisation of the political situation,” said Mr Kanyekanye.
Zimbabwe has made significant economic progress since 2009 in spite of the sanctions, said Mr Kanyekanye, and its future lay in the hands of its people.
The Minister of Economic Planning and Investment Promotion Mr Tapiwa Mashakada said there was unanimity in Government on sanctions.
Vice President Joice Mujuru told delegates attending the CEO Africa Roundtable that sanctions were unjustified.
She said the embargo was hurting business more than the allegedly targeted individuals in Government.
Youth Development, Indigenisation and Economic Empowerment Minister Saviour Kasukuwere said sanctions were the biggest threat to Zimbabwe’s quest for a US$100 billion economy by 2030.