Economic plan to swing poll

security and prosperity when they eventually take control of the reins.

A perusal of the economic dimensions of the two main political parties -Zanu-PF and MDC-T – reveals a tale of contrasting depth and impact, which appears tipped heavily in favour of the revolutionary party.

The vanguard party is targeting 2,2 million new jobs in 14 sectors of the economy over the next five years, which significantly dwarfs the MDC-T’s one million jobs by 2018.
“As Zanu-PF resolved at the National People’s Conference in 2012 that met in Gweru under the theme ‘Indigenise, Develop and Create Employment’, a major goal of the people to be addressed with immediate effect is employment creation.”The theme informs the party’s election manifesto.

Zanu-PF seeks to create 1,4 million jobs in the first year and progressively increase the numbers to 1,5 million in the second year, 1,6 million in the third year, 1,9 million in the fourth year and 2,2 million in year five.

The jobs would not only be spread across the main sectors – mining, agriculture, manufacturing and tourism – but also social sectors of health and education and sub-sectors of finance, public services, transport, communication, water, electricity and construction.

A staggering US$7,3 billion worth of equity, including through creation of employee share ownership schemes, would go to indigenous Zimbabweans through transfer of 51 percent shareholding from foreign-owned firms to indigenous people creating a basis to leverage other opportunities.

Zanu-PF contends that its vision and plan for the economy would see the US$10,9 billion economy expanding by 6 percent in the first year, 7,3 percent in the second year, 8 percent in the third year and 9 percent in the fourth and fifth years after winning the election. After gaining political independence from Britain in 1980 Zanu-PF has for long maintained that what was left after the third Chimurenga during which thousands were resettled, was reclaiming the means of material production to complete the wealth creation cycle.

Youth Development, Indigenisation and Empowerment Minister Saviour Kasukuwere often said Zimbabwe does not want to see conflicts and clashes that would result in deaths as in the Delta region of Nigeria due to inequalities in access to resources.

Against this background the party has crafted an intricate election manifesto pregnant with economic visions that combine localisation of the economy while creating more value and creation of millions of new jobs.

In comparison, the MDC-T’s Jobs, Upliftment, Capital and Environment (JUICE) programme, which forms the party’s economic plan in its election manifesto, looks more like a leaf plucked out of Zanu-PF’s grand plan. The MDC-T’s manifesto pales significantly compared with that of Zanu-PF especially in terms of the set targets and practical measures to be taken to ensure delivery of the targeted goals.

Also interesting is how Zanu-PF plans to use the indigenisation programme, which it expects to unclock at least US$7,3 billion, to spur economic growth by using part of the value of indigenised assets to strengthen the asset bases of State financial institutions that would support key sectors of the economy.

Zanu PF’s comprehensive economic vision and plan recognises the fact that economic growth and prosperity has to be anchored on sound infrastructure, which deteriorated during years of economic downslide due to illegal sanctions imposed by the west.

In that regard, the party plans to plough a cumulative US$3 billion towards rehabilitation of infrastructure over five years.
It also strongly agrees with the African Development Bank’s estimation that Zimbabwe requires about US$14,2 billion until 2010 to close its huge infrastructure gap, as infrastructure (roads, rail, airports, energy, and ICTs) was a key economic enabler.

Its well-designed and implementable two-pronged infrastructure programme also targeting economic enablers of education, health, welfare, security and safety services will increase demand for both labour and inputs, thus giving a boost to employment creation, including the building and construction industries.

The Zanu PF Government will make investments in social infrastructure (US$2 billion) through the capacitation of the Infrastructure Development Bank of Zimbabwe to benefit large numbers of Zimbabweans through capitalising IDBZ to the tune of US$5 billion to be able to mobilise funds up to four times its weight.

Under Zanu PF’s policy interventions, the value of indigenised assets would be unlocked to capacitate Agribank with US$2 billion to enable it to mobilise funds amounting to US$8 billion for the agriculture sector.

Sedco would also be capacitated to the tune of US$300 million over a five-year period for onward lending to youths and women at concessionary interest rates.
But the Zanu PF Government is alive to the need to clear the Government’s more than US$10 billion debt, which includes inherited debts of the colonial era, to open avenues to the floodgates of international finance.

It has already laid the foundation for economic growth and prosperity after the then Acting Finance Minister Patrick Chinamasa introduced the multicurrency in 2009, which saw a plunge in galloping inflation to less than 5 percent while at the same time stabilising the economy for economic recovery to start.