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Business Reporter
THE Zimbabwe National Chamber of Commerce (ZNCC) will next Tuesday host ministers and economic experts in Bulawayo to deliberate on currency challenges facing the country with the aim of adopting a common position on the way forward.
Finance and Economic Development Minister Professor Mthuli Ncube, Reserve Bank of Zimbabwe Governor Dr John Mangudya, Industry and Commerce Deputy Minister Mr Raj Modi, Institute of Chartered Administrators of Zimbabwe president, Mr Tapiwa Chizana and Minister of State for Bulawayo Provincial Affairs, Mrs Judith Ncube are among the scheduled panellists.
Other speakers include renowned economist Mr John Robertson, Labour and Economic Development Research Institute of Zimbabwe director Dr Godfrey Kanyenze and National University of Science and Technology Faculty of Commerce Dean, Dr Peter Nkala.
The initiative comes at a time Zimbabwe is grappling with acute foreign currency shortages exacerbated by the domestic cash crisis.
This has seen stakeholders either blaming use of foreign currency or bond notes while some allege deliberate sabotage by speculators.
ZNCC said the half-day dialogue series would run under the theme: “Enterprise Development, Corporate Entrepreneurship and Sustainable Growth”.
The event seeks to deliberate on among others, the maintenance of parity of the US dollar, Real Time Gross Settlement and its sustainability, domestic financing of the fiscal deficit, and re-engagement with multilateral institutions.
The event will also come up with a common position on the best currency framework to adopt as a nation as well as deliberating on the best conditions for re-introduction of a local currency.
“ A number of factors are being blamed for causing the current cash crisis we are immersed in as a nation; these include but are not limited to: twin deficits (trade imbalances and fiscal imbalances), low external inflows, overreliance on the US dollar for all transactions and low confidence in the economy,” said ZNCC.
It noted that exports constitute the main source of liquidity within the economy while the increase in exports has been much slower than imports save for the fiscal year 2016, which saw the import bill declining by over $1 billion.
“As a nation, we have recorded cumulative trade deficits averaging $26 billion since we dollarised at an average of $3,7 billion annually,” it said.
The targeted audience include Government leaders, bankers, insurers, asset managers, stockbrokers, business membership organisations, State-owned enterprises and parastatals, business executives in the private sector as well as civic society.
derick.khumalo