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THE first lesson of economics is scarcity: There is never enough of anything to satisfy all those who want it. The first lesson of politics is to disregard the first lesson of economics. Those who have read a lot of economics textbooks will be familiar with this quote from Thomas Sowell. Politicians generally have no regard for economics. As we mark the 17th anniversary of that dreadful Friday when the Zimbabwe dollar plunged to what at that time was an all-time low, it is important that our country’s politicians flip the coin and prove this saying wrong by focusing on the economy.
After 17 years, the economy still finds itself struggling with very little achievement.
This is not because the economy’s challenges are insurmountable, but rather, it is because every time the focus should be on fixing the economy; politics always takes centre stage.
Political pressure was responsible for the November 14 events.
Seventeen years after, Zimbabwe’s economy continues to play second fiddle to politics in terms of the attention it requires to unlock the massive potential it, undoubtedly, wields.
Since the turn of the millennium, Zimbabwe has experienced major political pressure from the West, which at times diverted the attention of Government.
There was the hype, attention and preparatory work associated with the 2000 referendum meant to create sufficient legal framework to carry out the land reform programme without too much interference from legal challenges.
The same period was characterised by focus and attention that go with organising and running general elections, which in one way or the other subconsciously won the attention of every stakeholder, including our politicians.
In 2002, Zimbabwe held presidential elections, followed by parliamentary elections in 2005. Three years later, the country held harmonised elections; in 2008.
Only last year, Zimbabwe held another national election, keeping politicians busy.
It appears little attention has been accorded to resolving economic challenges.
Before the ink has dried on the ballot papers from last year’s watershed election, Zanu-PF appears engrossed in factional party politics.
This comes at a time when the domestic economy has its back on the back-burner with a myriad of challenges stubbornly refusing to go away, which, ordinarily, should exhort politicians to give it significantly more attention.
Treasury has been failing to meet revenue targets and this has the potential of stifling key Government programmes.
Tight liquidity, poor infrastructure, high cost of inputs, expensive funding, shortage of electricity, ballooning trade deficit, negative current account and growing imports are some of the pointers to the challenges facing Zimbabwe.
While these problems are by no means insurmountable, they definitely can never be wished away and require more energy and effective solutions to stem.
This will require Government to keep its hand on the economic pulse.
Apparently, even during the abrasive period of the inclusive Government, politicians spent more time bickering than exploring solutions to economic challenges, giving Zimbabwe the unofficial tag of vicious and ever cyclical politics.
As such, it can only be everyone’s fervent hope that after the governing party’s elective congress due in two weeks’ time, more time is given, without delay, to implementing Zim-Asset and turn around the economy.
Online Reporter