Let’s build on our gains

Certainly it has not been without its challenges. The US dollar remained elusive. Cash was tight on the pocket.
Certainly we did not receive as much Foreign Direct Investment as we expected.
In fact, the figures have remained depressingly low over the past few years and yet FDI is a major pillar for economic recovery and growth.
Latest statistics show that out of the US$10 billion that came to Southern Africa, Zimbabwe only attracted a paltry US$105 million.
Certainly the perception on indigenisation had its toll on investment, not to mention the Zimbabwe Stock Exchange.
With several counters among the listed 76 trading at their 52-week lows, the industrial index is now at 7 percent year-to-date while the mining index is down 58 percent.
Certainly the manufacturing sector continued to moan and wail in some instances over lack of funds for recapitalisation and working capital. Overall capacity utilisation grew to an average 57 percent but firms will tell you the potential is there to achieve 100 percent once everything falls into place.
Indeed, consumers bemoaned haphazard price increases, most of which were not in response to any shift in economic fundamentals but out of sheer profiteering and the Zimbabwe dollar pricing mentality that continues to afflict the economy.
It is a fact that many things that could have gone right did not. It remains a fact that much of the potential in all sectors of the economy has remained just potential with little impetus to change the situation.
But in this instance we need to take stock and appreciate that which we have achieved as an economy this year and give glory to God.
The economy is projected to grow by 9,3 percent this year, consolidating last year’s figure of 8,1 percent. This was also a significant improvement from 4,5 percent in 2009.
These figures show that the economy has been on a sustainable recovery path over the past three years.
Although we tend to sometimes trivialise the achievements because the economy is coming from a low base, we need, as a country and as people to appreciate that instead of sinking deeper into murky waters, the economy is rising above such challenges as the global recession and its effects to post real growth figures.
Steadily Zimbabwe is striving to regain its former glory as a regional economic powerhouse.
The growth has also positively impacted on such regional economies as South Africa, with statistics showing that this year alone, Zimbabwe purchased goods worth more than US$6,3 billion, of which US$2,7 billion were finished goods, the bulk of which were sourced from that country.
The higher import figure against an export figure of US$3,2 billion is definitely not good news for the economy but other countries are benefiting from this.
On the inflation front, the annual figure is expected to end the year at about 4,5 percent. The November figure was at 4,2 percent. Government expects a single-digit figure by the end of next year.
This is certainly no mean achievement for a country that broke world records as recording the highest inflation rate, surpassing even those countries that were at war.
But as we speak, Zimbabwe has maintained the lowest inflation in the region for the past few successive months.
When some countries are busy scratching their heads on how to tame the scourge, Zimbabwe is just showing them how it is done. We must certainly hold our heads high in this respect.
The country’s liquidity position has remained challenged, with very little coming in the way of lines of credit. Finance Minister Tendai Biti’s vote of credit basket is almost empty but we must commend the banking sector for its innovation and never-say-die attitude. It has managed to secure some funding and craft packages for on-lending to industry, agriculture and other critical sectors of the economy.
Of course, these have failed to quench the thirst for capital but at least there has been something to keep the economy going.
The lending terms have remained constrictive but we commend the desire by the sector to see the economy ticking amid challenges relating to supply and demand.
On the tourism front, Zimbabwe has achieved much, epitomised by its winning the bid to host the UNWTO General Assembly in 2013.
This is highly commendable and will naturally endear the country to tourists and decision-makers, while the sector strives to impact the economy significantly.
With these positives in the bag, Zimbabwe is ready to move a step further in consolidating gains registered so far.
Macro-economic stability, policy consistency, more funding and political stability can easily combine to yield positive results that will certainly improve the standard of living in this country while impacting on the global rankings. Zimbabwe has fared badly on the latter but this was more to do with perception rather than fact.
Zimbabwe still needs to put up a spirited public relations campaign until the world realises that this country is not synonymous with mediocrity, but is a major powerhouse in the making.
The perception on many fronts is too negative and the danger has always been that perception is usually as good as fact when it comes to making decisions.
We would not want investors, tourists, potential funders and other interested parties to shun the country on that basis.
2012, which begins in two days’ time, feels better and looks brighter so we should all do the best we can as Government, industry, civil society, political parties, and individuals to ensure we achieve that which we must in the least cumbersome manner.
There is no stopping in terms of economic growth but history will remind us that it is very easy to undo gains made hence we should not press any wrong button but make decisions that will not harm the economy.
God certainly has plans to prosper this country and there has already been prophecy in this regard.
Have a blessed and prosperous 2012. You guys have been great!
In God I trust!