Sanctions stall economic growth, says VP Mujuru

From Golden Sibanda in NYANGA
Vice President Joice Mujuru says a double digit economic growth rate is attainable if carefully planned and illegal sanctions are removed.
The Vice President was addressing the CEO Africa Roundtable 2011 Conference in Nyanga yesterday.
The conference runs under the theme “Towards a Double Digit Growth by 2030”.
VP Mujuru said Zimbabwe had immense potential to maintain double-digit economic growth in the next two decades.
“I also believe people work harder if they know their target . . . We need, therefore, to have a shared vision, known and acceptable to the majority, thus while appreciating the work that has gone into the Medium-Term Plan.
“I believe we need to revisit our long-term plan and develop consensus on it,” said VP Mujuru.
She said a double-digit growth rate and US$100 billion economy by 2030 was within reach if there was constructive dialogue and genuine consultations in policy formulation among stakeholders.
However, she pointed out that all this could amount to little if sanctions were not lifted.
“Indeed the rationale, if ever there was any, of maintaining the sanctions in place, two years into the inclusive Government is as clear as mud.
“If we are serious about sustainable development we need to address the issue of economic sanctions imposed on Zimbabwe as an economic rather than political imperative.”
VP Mujuru said there was also need to deal with corruption.
The Vice President said Zimbabwe should take advantage of its natural endowments in the tourism sector.
VP Mujuru said the economy had moved from a decade of decline to register 5,7 percent growth in 2009 and more than 8,1 percent last year.
She said it was not in the nation’s best interest to exaggerate political differences and the degree of political polarisation in Zimbabwe.
VP Mujuru stressed that without efficient and improved road, rail and airport infrastructure, sustainable economic growth would remain unachievable.
In the same vein she said responsible Government ministries should move with speed to address the issue of power shortages.
Investors, she said, should be courted to expand current generation capacity and start new projects to address the country’s power shortages.
Economic Planning and Investment Promotion Minister Tapiwa Mashakada said there was need to raise power generation from the current 1 300 megawtts to 15 400MW if the US$100 billion economy was to be achieved in a sustainable manner by 2030.
He said Zimbabwe’s economy would have to grow at an average of 14,2 percent annually.