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President Mnangagwa: We have a collapsed economy, collapsed currency

President Mnangagwa: We have a collapsed economy, collapsed currency.

The Herald reports that Mnangagwa was addressing the World Economic Forum meeting this week in South Africa.  President Emmerson Mnangagwa has said that Zimbabwe was rising from its knees. He cautioned however that reviving such an economy was not an easy task. Mnangagwa reportedly said:

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My country is in a different situation, it has a collapsed economy, none of my colleagues here have a collapsed economy, we have a collapsed currency, none of my colleagues here have a collapsed currency. So we are building and reconstructing that collapsed economy. To do so, we have to interrogate what we need to do, what resources are at our disposal to reconstruct our economy under sanctions….

We realise that government is not in the business of doing business, so it is critically important that we have conversations with the people over there (investors), but we must create conditions in our jurisdictions where they can feel that their capital is safe. We must have the right regulatory institution.

His remarks come when the country is implementing currency reforms that have resulted in the reintroduction of the Zimbabwe dollar the country had ditched in 2008 following a record high hyperinflation.

The reforms, through Statutory Instrument 142 of 2019 resulted in the banning of all foreign currencies for all domestic transactions.

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