Editorial Comment: 2014 – The year to focus on the economy

The year 2014 could be the year that Zimbabwe’s economy rebounds and takes the nation to the path of prosperity. Indeed Zimbabweans can look forward to the New Year with renewed hope, vigour and optimism on the back of critical developments on the country’s landscape.
While the country was initially in perpetual election mode in 2013, the closing stages of the year saw the new Zanu-PF Government laying the groundwork for what could be a defining moment for the nation. Following the adoption of a new Constitution and the successful holding of harmonised elections on July 31, it was time for the new Government to knuckle down to the real business of attending to the economy.

Confidence was low, industries incapacitated, a liquidity crunch was biting and coupled with the illegal sanctions which continue to wreck havoc on the economy, the future looked gloomy. But 2014 must see the Government focusing its energy on the economy with focus firmly on implementing the Zimbabwe Agenda for Sustainable Socio-Economic Transformation – the blueprint that will guide the economy for the next five years.

A new economy should be born steered by ZimAsset – itself a condensation of Zanu-PF’s manifesto which found currency with the majority of Zimbabweans who overwhelmingly gave it a mandate to govern the country. Government bureaucracy should be efficient in executing the policies of the State with key areas and personnel made to account for their actions. The Performance Appraisal System should be implemented to the letter so that the State is not hamstrung by bottlenecks and red tape.

Zim Asset structures Government delivery targets in innovative ways that would witness line ministries join in a synergistic manner under a results-based management system. Presenting the 2014 National Budget in Parliament earlier this month, the Minister of Finance, Cde Patrick Chinamasa announced the “death” of the “old” economy and the subsequent dawning of a new one.

This possibly signalled the beginning of an epic shift for the country’s economic direction and will be augmented by a raft of other economic agenda-setting plans. The winning Zanu-PF election manifesto put forward fresh and innovative people-centred economic strategies which will steer economic growth. It promised to unlock value from the currently idle assets within the Zimbabwe economy in order to augment the US$7,3 billion of assets to be unlocked from the indigenisation of 1,138 foreign-owned companies to capacitate the Industrial Development Bank of Zimbabwe (IDBZ), Agribank and Sedco.

The manifesto also pledged to “recapitalise and capacitate all sectors of the national economy using value unlocked from idle assets”.
President Mugabe has said the new Zanu-PF Government will attempt a monumental shift of the local economy from being largely agro-based, turning it into a mineral resource-based one, predicting the reigniting of an “economic miracle” going forward. “We have to raise ourselves by our bootstraps,” the President said in his inauguration address. “Let me share with you my vision for the future; lay out for you the work that must be done. Foremost, we must always believe in ourselves by turning to our own resources. Luckily, they exist in fair abundance. The mining sector will be the centrepiece of our economic recovery and growth.

“It should generate growth spurts across sectors; reignite that economic miracle which must now happen. The sector has shown enormous potential, but we are far from seeing its optimum.  We have barely scratched our worth, even in the sense of merely bringing above ground what we already know to be embedded in our rich soils. We need to intensify the exploitation of existing deposits.” Indeed Zimbabwe is endowed with various minerals which if tapped successfully, could anchor the country’s economic renaissance.

At the 14th Zanu-PF Annual National People’s Conference in Chinhoyi earlier this month, the party resolved to enjoin all mining firms to beneficiate their minerals so that the nation derives more value from them. Platinum miners were also ordered to build a refinery within two years while gold and diamond producers will be expected to work towards establishing cutting and polishing centres.
We feel this will be crucial to the success of Zim Asset and contribute towards economic revival. The stage is set therefore for a successful 2014 and failure is not an option.