adminis great news from any angle. From being a laughing stock in the region to now achieving average growth rates of 8 percent per year is something we should not take for granted. Most economies in the region have barely recorded half that growth figure over the review period.
Granted, Zimbabwe is coming from a very low base while these economies may be way ahead in terms of economic fundamentals but the fact that we have managed almost double-digit growth is a feat we can only celebrate and seek to consolidate.
The economy went through a traumatising patch in the last decade and even those with the wildest of dreams had not anticipated the pace of recovery that we are experiencing now.
Of course, it is still fraught with so many challenges which such policies as the National Trade Policy and the Industrial Policy launched by President Mugabe a fortnight ago, the Medium Term Plan and the Budget are seeking to address.
The details and strategies contained in these key documents, if implemented to the dot, have potential to take the economy to the next level. In this instance, I will choose not to dwell on how we have previously fared when it comes to implementation, in the hope that this time around, there is total commitment to get things right.
Zimbabwe’s economy is expected to grow by 9,4 percent this year while inflation, presently at 4,3 percent as of February, is expected to remain in the single-digit territory. Indications so far are that this is quite achievable.
Renewed investor interest needs attention while those miffed by the indigenisation programme are still reluctant to place their dollar on the table.
Economic indigenisation is a natural occurrence in this country which any dissenting mind will need to accept soon rather than later. In the same vain, we feel the Government has a huge responsibility of clearly articulating the issues surrounding the subject for the benefit of the investor and other interested parties.
Some of the fears and reservations presently obtaining could be a result of lack of adequate information on the subject and the implementation matrix.
We have always emphasised the need to have such polities clearly enunciated where there could be ambiguity or failure to interpret by investors or any stakeholders,
Where indigenisation is concerned, the statement has been made loud and clear that there is no going back. Therefore, what is critical is not confrontation but efforts
by Government and investors to understand each other in terms of the direction the policy is taking for the economy’s ultimate benefit.
Zimbabwe needs to maintain positive economic growth to improve the welfare of its citizenry while claiming its rightful position as a regional powerhouse.
Southern Africa needs a healthier Zimbabwe because of its geographical position and also because the country is a major customer to the rest of the region while it
is also a source of various products and services that the region and other international markets yearn for.
Therefore, growth will augur well for the country and the region at large.
We note that such tobacco-producing giants as Brazil are currently banking on this country to augment supplies to the international markets while the platinum or diamond equations cannot produce any answers if Zimbabwe is taken out of the mix.
This only goes to show how this country as an important player in global economies, putting a heavier burden on Government and other stakeholders to ensure the country performs well and makes real strides or leaps towards realising its full potential in all sectors of the economy.
Recent statements by Finance Minister Tendai Biti that revenue flows continued to constrain growth against a background of the economy requiring US$14 billion to recovery to 1990 level are cause for concern.
It is our hope that increased economic activity borne out of the current efforts, and a softening stance by multilateral and bilateral partners will produce results. The debt resolution strategy launched three weeks ago is largely expected to unlock external financing as the country retires its constricting US$9,1 billion debt.
The debt has been the major ulcer afflicting the economy but the Accelerated Arrears Clearance, Debt and Development Strategy should redress the situation.
Feedback
The instalment a fortnight ago on the need to celebrate corporate heroes elicited a lot of responses from readers who felt the importance to celebrate those that are doing well in the corporate sector and other spheres of the economy could not be overemphasised.
Many felt the economy had gone through a real metamorphosis that had only been made possible by people with the country at heart.
From being one of the worst performing economies with the highest inflation level even after including countries at war, Zimbabwe has over the past three years transformed to be a force of note in the region.
This had been made possible by those that have not given up but have worked tirelessly to achieve results that culminated in a 9 percent economic growth rate in 2011.
Many felt it was critical to acknowledge these efforts also as a strategy to re-energise those bent on seeing the economy move forward.
The likes of Kenias Mafukidze and his US$100 billion economy by 2040 target has given impetus to economic growth.
It is through such efforts that Zimbabwe has, against all odds, managed to achieve feats that only dreams are made of. All pockets of positive energy being directed towards the economy need to be acknowledged and supported while impediments by institutions or individuals will need to be dealt with to rid the economy of any retrogressive tendencies.
Hurbert Nyambuya had to this to say:
As I sit reading this article, you made me reflect upon a lot of things in life. It’s true there are so many who have done a lot for this economy in various corporates, and at times they go unnoticed.
It is about time Zimbabweans recognised people who have made a difference to the well-being of our society, and even you as a journalist, you have made immense contributions to the economy and the way we see things from another perspective outside of politics.
There are people who have risen through the corporate ladder, others have been entrepreneurs and have done a lot.
In the oil industry, as an example . . . do we remember the fuel queues of yesteryear? Do we remember the food shortages, and what caused them? I stood in Bon Marche at Sam Levy’s when some people ordered the slashing of prices by 50 percent and I remember telling one gentlemen who was commandeering the operation that “this exercise will hurt our economy”, he wouldn’t listen . . . what happened after is now part of a history we don’t want a repeat of.
Will our industries ever recover, the big a question is HOW?
We make huge mistakes all the time, and being someone whose background was in manufacturing, and one with a passion for value addition to everything coming out of Zim, I think we need a think and focus on VALUE ADDITION.
The synergies are key, but where people do not just seek self-enrichment, but recovery of our economy.
Let’s celebrate our heroes while they are still with us.
Ranzi Rusike wrote:
I have read your article in the Herald Business with interest. A very good article indeed, particularly for our commerce and business development and for the future.
Could you please indicate the entrepreneurial companies run by the women executives for my information.
I would also appreciate some examples of the opposite to these successful leaders for good lessons on the bad and the good models.
The above email suggests the need to highlight those that have impeded growth. In this instance we may not need to mention names of individuals or institutions but we are all aware as a country and as individuals of where we have fallen short or betrayed our country so what is critical is to repent and work and improving the economy and supporting those in the forefront of the processes be they business, Government or individuals.
Allow me to make a special mention to a woman that has achieved so much for her company and the economy at large and yet she does not make noise about it.
There are many, some of whom I mentioned two weeks ago but I would have done grave injustice if my list did not include Kingdom Bank chief executive Lynn Mukonoweshuro.
This woman is in a class of her own. She has steered the Kingdom ship through murky waters that threatened to drown it at some point but she emerged a victor.
Banking is not exactly a feminine purview going by the statistics, particularly at her level, but Mrs Mukonoweshuro stands out as one corporate leader with immense ability to make a difference in this economy.
She has a wealth of knowledge and expertise and yet she remains as humble as they come. Her ability to appeal to men and women sitting in a board meeting and also do the same to pupils and teachers at an Eaglesvale High School speech night speaks volumes of what she is made of.
She represents women of Africa quite well.
In God I trust.
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