Convert natural resources into cash, Govt challenged

Addressing journalists in Bulawayo last week, CZI president Mr Joseph Kanyekanye said the country was very rich yet it was faced with cash problems because it was not making full use of its resources.
He said the country could consider securitisation of its resources whereby it gets money from other countries in exchange for fixed assets.
“This country is a very rich country as we have a lot of platinum and other minerals which if taken advantage of, can be used to resuscitate local industries.
“About $2 billion to $4 billion is needed for the growth of local industries and this can only be done if our resources are converted into cash,” he said.
He encouraged the Government, Ministry of Finance and other stakeholders to join forces to support securitisation of mineral resources.
“We are a country that is so poor but we have resources that can help us solve some of the liquidity challenges that are hindering economic growth.
“Zimbabwe has a lot of debts that need to be covered and this is another way of covering those debts as few countries are interested in helping our country. We acquired these debts when the country was trying to recover hence they keep accumulating,” Mr Kanyekanye said.
“Our country is also rich in minerals hence we could consider swaps also whereby we could swap coal for financial resources and this is how we can define our resources and convert them into money.”
He said the economy had had three years of stabilisation.
“So far the seven percent growth is sustainable though we can’t effectively do that unless the country feeds the growth with other initiatives. So far the growth has been funded by domestic resources and we need to do more to expedite the growth,” he said.
He called on the Government to work on its relations with other countries to attract help and investment into the local economy.
“We must deal with the sanctions issue as overseas development is not coming in at all yet it could be useful for the turnaround of this economy.”