Professor Gift Mugano, a respected economist, global authority on International Trade and Finance has rubbished monetary measures announced by Finance Minister Mthuli Ncube saying they don’t work in Zimbabwe’s current situation.
Mugano says Ncube has no other options to rein in macroeconomic instability, hence the press statement which acted as clear testimony that government has run out of ideas.
He added: “All I can say is that tsoro yese ichabata Ncube yavekupisa.
“Takainonokera colgate vedu woye. No amount of meetings, statutory instruments or press statements can correct the current economic quagmire,” he says.
He called on President Emmerson Mnangagwa to reshuffle his cabinet.
Former Finance Minister Tendai Biti concurs:
“Solution is simple. Use the US$ as a transitional mechanism. Float Zim$. Eliminate Export surrender requirements.
“Pay civil servants US$. Deal with debt burdenDeal with Corruption.
“Pursue fiscal consolidation. Fund the social sector & attend to Gross Capital Formation.”
He added that the government owes Zimbabweans an apology:
“Regime owes Zimbabweans an apology for 2019 fiction contained in SI33 of 2019 & the botched de-dollarization process. Regime must genuinely compensate those who lost value in 2019 particularly pensioners.
“Today s announcement an acknowledgment of failure & will not address hyperinflation, food shortages & poverty levels affecting our people.
“It will not address the doctors & nurses strike nor low public wages eroded by inflation.
“It does not address skewered fundamentals & the disequilibrium in the economy.”
Renowned economist Steve Hanke is on record calling on the Zimbabwean government to dollarise.