Online Reporter
The Herald, 12 March 1981
ZIMBABWE show outside investors that it is a dependable nation, Senator Garfield Todd told the Upper House.
Speaking during the debate on the Government’s economic policy document, Growth with Equity, Senator Todd said that if the country wanted the co-operation of foreign investors, it would have to merit their confidence.
He stressed that it was not enough to produce “attractive plans”. Zimbabwe also had to show that it had “what it takes to be a dependable nation” and that it could, for example, maintain a steady 8 percent growth rate.
Senator Todd said he did not think outside investors looked on the Zimbabwe Government as a communist one. The policy document provided for “a socialist and egalitarian society, and he supported a policy of socialism provided it was based on realism.
He described Growth with Equity and other documents prepared for the forthcoming donors’ conference as “a splendid achievement” bearing in mind that independence had been achieved only a year ago.
The Government could not wait until it had achieved better economic conditions before it began to distribute benefits to the people because there was a state of expectation which had to be met.
Lessons for today:
Todd stressed that Zimbabwe must demonstrate dependability, not just produce “attractive plans.” In a global economy, consistency, credibility, and predictability still matter. Investors, local or foreign, respond to policy stability, rule of law, transparency and reliable economic performance.
He emphasised that Zimbabwe must show it “has what it takes” to sustain growth. Ambitious plans (Vision 2030, national development frameworks, etc.) must be backed by practical action, measurable progress and disciplined economic management. Vision without implementation won’t build confidence.
Todd supported egalitarian policies as long as they were realistic. Social protection, equity, and redistribution are important but they must be matched to available resources. Social programmes must be sustainably financed to avoid debt crises or economic instability.
