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ECONOMISTS warned yesterday that the fast depreciating Zimbabwe dollar could further push up prices of basic goods and trigger fresh inflationary pressures on the economy. The economic experts noted that these were the same factors which triggered the 2007/2008 economic meltdown, which ended with 500 billion percent inflation and the collapse of the Zimbabwe dollar. Zimbabwe’s currency has suffered its worst battering on both the official and parallel markets in recent weeks, after the foreign exchange auction system struggled to fund allocated funds to companies.
The volatilities have also eroded consumers’ buying power, leaving most families struggling to make ends meet. The economists spoke as the Reserve Bank of Zimbabwe (RBZ) said the currency traded at US$1:$105,6965 of the auction system on Tuesday this week, a sharp 5,8% decline from late week’s US$1:$99,9301 exchange rate on the formal market.
Parallel market rates soared to between US$1:$180 and US$1:$200, from between US$1:$160 and US$1:$170 the previous week.
CEO Africa Roundtable chairman Oswel Binha said earnings would be eroded before year end unless government takes action. He said the auction system was on the verge of collapse.
“There is a need for some form of a rational regulation on the Zimbabwe banking system. The real market is the parallel market which is currently trading at over $200 against the US dollar. If the situation remains like this, inflation will be way on top of the roof in Zimbabwe, which will see business profitability being affected,” Binha said.
“This will erode salaries and affect disposable incomes. The continued depreciation of the Zimbabwe dollar is the manifestation of the insufficiency of the US dollar in the market.
“Another problem is that there is a phenomenon that the costs of production are pegged at the parallel market, but revenue is pegged using the official exchange rate. The discrepancy is putting pressure to initiatives to save the values of shareholders and protect their profitability.”
Economist Eddie Cross said the current state of the economy was of major concern.
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How many Ministers does it take to change a lightbulb?
The new game for COP26 Delegates
Let's just look at the impressive array of posts, titles and ministries in the Zimbabwe delegation. Then let's assess the current state of the economy and the environment.
The results are a massive mismatch. In fact, the list below must surely be the target for who to sack, fire, dismiss or even made to "Walk the Plank” for gross dereliction of duty. It's a list of SHAME, of a group of "hangers-on" who have a grand sounding titles but NO ABILITY. You're Fired is the only solution!
COP26 an Opportunity Squandered
""A government which is there to serve would never ever do this and sleep at night. No one with a conscience can! Criminals on the other hand would have no problem with it. Even Robert Mugabe did not go this low. The money used in this ego trip, no pun intended, is not seen as money which belongs to the people of Zimbabwe by the free loading wolves that call themselves a government. It is seen as easy money, money acquired in a bank heist. This is how criminals spend ill gotten loot, carefree and recklessly. I'm disgusted. Totally disgusted."" Chokwadi Chizere
Unfortunately, we seem to be unable to find any photographs of this delegation as a "team" - we do have a photo of some of these hangers-on disembarking from the chartered plane, but that's about it! So, was it a "Team Effort" or just for show - have some of these grandly entitled individuals got any ability, in their "chosen profession"? There are economists in various Ministries, there are Climate Scientists too - but what are they actually doing in Zimbabwe? There is scant evidence of any of these jokers achieving any impact on the dire state of Zimbabwe. ON all measures Zimbabwe is at the bottom of the charts - except inflation - where they have been at the top for some number of years. When Professor Steve Hanke's says that Mnangagwa is "Ignorant of Economics" it would appear that his Ministry of Finance is also in that description.
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The mainstream media can now assess Zimbabwe's COP26 performance in a couple of words - Booze Cruise!
This tragedy for the population of Zimbabwe is a result of 41 years of oppression, mismanagement, corruption, looting and extreme human rights abuse [ abductions, torture and deaths]. The [illegal] Zanu PF regime in Zimbabwe, can trick and fool their own populations due to a captured State TV, Newspapers and other media - but this counted for nothing when on Sunday 31st October, on the pretext of a COP26 invitation, two thoughtless bozo's, proudly proclaimed that the "party has started".
Missing the point completely but used to lying in his public position as a spokesman [propaganda] in Zimbabwe, Nick Mangwana celebrated the booze buying duo as a positive event [at a Climate Conference no less?]. Not fully appreciating that social media was already full of [illegal] President E D Mnangagwa, with his 100 hangers-on in his private jet was hitting the Carbon Dioxide tonnage to arrive at this Climate Event. In this case the sh*t really did hit the fan! With International Coverage of this utter hypocrisy!
The Times - United Kingdom, Daily Mail Article, Metro Article, Scottish Sun, Celex s205, eminetra and Inews Article regarding Booze all covering this absurd display of childish excess [so far!]. UPDATE: It gets worse, the UK TV BBC Comedy Programme, "Have I Got News For You" on Thursday night on the 4th Novembebr 2021 Mocked the Zimbabwean Delegation with this video clip - Total International Mockery - a tragedy for the real Zimbabwe and their diaspora [click the text here to see it on our Twitter Account]. At least the iNEWS team gave a mention to the hundred of Zimbabwean [and other] Protesters outside who were extremely vocal [ with singing protest songs to music and drums] about the long list of failings of this [illegal] Zimbabwean Zanu PF Government [Junta or Cabal or Mafia are better descriptors]. To that list they now have Climate Ignorance and Self Aggrandisment !
On the Tuesday the 2nd November the protesters listened with incredulity to Mnangagwa's [scripted] speech. The News Channel "Zim Eye" captured to mood with a Live Video as Mnangagwa trotted out his platitudes and request for more money. He also shoe-horned into his talk on the Environment, with a complaint about the [Targeted] Sanctions [he claimed were on Zimbabwe, but in practice they are on the criminal individuals and corporations looting Zimbabwe]. The protest group were completely unimpressed.
The tragedy however, is that Zimbabwe needs so much support and assistance now. All entirely due to 41 years of corruption, mismanagement, human rights abuse and environmental ineptitude - allowing indiscriminate mining practices.
Zimbabwe is a disaster - all down to the Zanu PF regime. Even their pleas for Climate Change assistance - are hollow due to their Environmental ignorance. Funds sent by well-wishing agencies and other Governments have never been spent on alleviating damage caused, for instance, by Hurricane Ida. The degradation and deforestation allowed by Chinese Mining Organisations in Zimbabwe, clearly demonstrate an 'administration' devoid of any concept of soil erosion and mining pollution. These are not "Climate Emergencies, but a callous disregard for the duty of "Stewardship", the protection of "Mother Earth", Gaia and all other concepts to do with balance and harmony with Nature.
In complete contrast, and without a script, but from the heart Chief Ndiweni was being interviewed many times with the protest group [Video on Twitter courtesy of Valarie Karimakwenda], regarding the solutions to the clearly man-made [Zanu PF junta] crises in Zimbabwe. The sewage in the streets, the lack of available drinking water, the rationed electricity supply, the state capture of the Institutions and such like. In fact the Zimbabwean Government appear to have failed every single one of the United Nations Sustainable Development Goals [UNSDG's] - Every one! As part of the protest consortia, we have produced a petition to Boris Johnson, which will be re-presented on Thursday November the 11th to 10 Downing Street, as evidence of the multitude of failings of this Zanu PF regime in its 41 year tenure CLICK HERE TO READ. This petition will be annexed with a critical write up of the performance of the Zimbabwe Zanu PF regime at COP26 - not a very good performance at all.
As a group we had sought to plea with Alok Sharma [President of COP26] and Vicky Ford; MP [and Minister for Africa], to permit Chief Ndiwendi to be allowed to speak at the COP26 meeting - not with the current President - as his knowledge and passion for the Zimbabwean Environment is without parallel. However we received no response to our e-mails.
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The article reprinted below is currenly in 2 African News Outlets at present [so far]: All Africa.Com and NewZimbabwe.Com now Nhanda Radio - this certainly smacks of hypocrisy and profligate excess from the corruption ridden nation of Zimbabwe
""PRESIDENT Emmerson Mnangagwa is taking a bloated entourage of over 100 people to the 26th edition of the United Nations Climate Change conference in Glasgow, Scotland, including family members, friends and Zanu-PF youths who will enjoy a two-week long stay in the UK on taxpayer’s funds.""
This was revealed by Centre for Natural Resource Governance (CNRG) director Farai Maguwu.
The trip will be Mnangagwa’s first to the UK and the only one by a Zimbabwean state leader in 25 years as a result of a diplomatic tiff that arose during the chaotic land reform programme early 2000s.
“Our ‘sanctions-afflicted’ Zimbabwe is sending a delegation of more than 100 people to COP26 in Glasgow, some are already there whilst others are packing their bags. Of the 100 plus delegates, more than 60 have nothing to do with Climate Change,” Maguwu revealed in a series of Twitter posts.
“Among the non-technical members who constitute majority of the delegates are relatives and friends of powerful officials responsible for selecting those attending the jamboree. Some technical staff could not travel to Scotland because spaces had been taken by non-technical climate tourists,” he said.
“Zimbabwe’s delegation is said to be more than double that of South Africa whose population is more than four times bigger than ours whilst their economy is thousand times better and healthier than ours. Our non-technical delegates on the other hand have found yet another reason to spend what we do not have. Cyclone Idai victims still crying for help to build back better their lives ruined by the climate induced disaster,” he added.
“Amazing what we can do in spite of sanctions and what we claim we cannot do when it comes to developing our country and investing in our people.”
Presidential Spokesperson George Charamba’s mobile number was not being picked while Information ministry permanent secretary Nick Mangwana did not respond to questions sent via WhatsApp.
Without revealing who will make it, Lands and Agriculture Ministry permanent secretary John Bhasera told Journalists Tuesday, Zimbabwe will be sending a “strong delegation” to the summit.
Mnangagwa is elated to be headed for UK himself, having earlier declared: “I am eagerly looking forward to my first visit to the United Kingdom. COP26 meeting of nations comes at an extraordinary time in world history,” Mnangagwa said Tuesday.""
Police Brutality is common; to subjugate the majority of the population. A true "Police State" [See image above]. This is precisely the reason that ZHRO, ROHR Zimbabwe, MDCA and ZAPU delivered a petition to the gates of 10 Downing Street on the 21st October 2021. We will be presenting a second petition at 14:00 on the 11th November, again to 10 Downing Street.
Nhanda Radio [see Web link in the opening sentence above] adds a little more to this story of "excess":
“Countries like the US and China also send big delegations to COP conferences but these are composed largely of technical staff. Each person in their delegations has a specific task to carry out.
“Our non-technical delegates on the other hand have found yet another reason to spend what we don’t have. Cyclone Idai victims are still crying for help to build back better their lives ruined by the climate induced disaster.”
In an interview with Nehanda Radio, opposition MDC Alliance secretary for International Relations Gladys Hlatshwayo said President Emmerson Mnangagwa was using the COP26 as a launchpad to siphon the country’s resources out of the country.
“Mr Mnangagwa and Zanu PF continue to plunder the resources of our country at the expense of suffering citizens. When it comes to citizens’ demands for socio- economic rights including access to health. education etc, they are quick to talk about sanctions.
“It is becoming clear that we have a dearth of leadership in this country. We need new stewards of the country’s resources and not these roving bandits who see every international trip as an opportunity to squander the national purse. It is really sad!” she said.
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Steve Hanke is a professor of applied economics at The Johns Hopkins University and senior fellow at the Cato Institute. He is a columnist at Forbes and a regular contributor to The Wall Street Journal. Over four decades Hanke has advised dozens of world leaders from Ronald Reagan to Indonesia’s Suharto on currency reforms, infrastructure development, privatization, and how to tame hyperinflation. You can follow him on twitter @steve_hanke.
United States (US) economist, Steve Hanke, says President Emmerson Mnangagwa is not only corrupt but "totally ignorant" when it comes to economic issues.
In a tweet, Hanke said the Zimbabwe dollar has depreciated by 93% against the United States dollar since the local currency was reintroduced in 2019. He said:
Corrupt @edmnangagwa brought back the Zimbabwean dollar 2yrs ago. Since then, the Zim dollar has depreciated by 93% against the mighty USD. President Ed is not only corrupt but, when it comes to economics, he is totally ignorant. https://twitter.com/steve_hanke/
This comes as the forex rate has plummeted on the black market, with the currency changing hands for up to Z$200 per US dollar, while the official rate is pegged at Z$90.
Meanwhile, the Confederation of Zimbabwe Industries (CZI) – the largest representative body for local business, has warned that the country’s currency is in danger of collapsing as businesses resort to United States dollar transactions.
In a tweet on Tuesday, Hanke said threats by the Zimbabwean government to suspend businesses using black market rates will end in tears. He wrote:
"Zimbabwe's currency is in a "death spiral". Now, the corrupt government is threatening to suspend all businesses using black-market exchange rates to price goods. I’ve seen this movie before. It has a tragic ending."
Zimbabwean authorities have in recent weeks arrested scores of foreign traders accused of manipulating the volatile Zimbabwean dollar by trading on the black market.
But in a letter to its members, CZI said it had cautioned the government against clamping down on firms and traders. It said: The greatest risk facing the economy right now is an inappropriate policy response to the rising parallel market premium. Clamping down on informal exchange trading in the absence of a viable formal market will have catastrophic consequences for the economy.
"Every day I publish Hanke's #InflationSatellite. It's an interactive map that contains my accurate, up-to-date #Inflation measurements & black market (read: free market) data for 40+ countries. It is updated daily & currently contains data as of 10/13/21 Zimbabwe heading for the top od this unenviable chart with 98% Inflation - so far. Steve Hanke on Zimbabwe's Inflation Horror
In the midst of this attack on Mnangagwa's poor leadership, vision and past record of failure, the OCCRP have exposed yet more corruption in Zimbabwe - with apparent Government involvement.
More Corruption in Zimbabwe - Direct link to OCCRP Research
Steve Hanke on Twitter Yet More Zimbabwe Corruption
Kudakwashe Tagwirei, who is close to Zimbabwe’s president and his inner circle, leveraged his privileged access to fuel and mining markets to strike a lucrative partnership with commodities giant Trafigura. Sanctioned by the U.S. and U.K. for corruption, Tagwirei continued to do business by relocating his network to Mauritius.
Key Findings
- Tagwirei has earned at least $100 million in fees from a partnership with Swiss-based Trafigura. Together, they have profited extensively by dominating Zimbabwe’s fuel market since 2013.
- Trafigura quietly extended $1 billion in loans to the Zimbabwean government, at exorbitant interest rates.
- As controversy grew, Tagwirei moved his business network offshore to Mauritius, where he secured a new near-monopoly fuel deal with the government. He is still active in mining and fuel deals in Zimbabwe.
- Government officials appear on key company records and Tagwirei’s own correspondence, indicating that there might be more powerful people behind the network
The payments made to Tagwirei raise a red flag, according to Global Witness’s Natasha White.
“Red flags include the personal involvement of politically exposed individuals in such deals. It would be extremely concerning if payments have been made into a personal account of Tagwirei by Trafigura, whether or not he was sanctioned at the time,” she said.
https://www.zhro.org.uk/human-rights-uk/77-petition-to-stop-mnangagwa-going-to-cop26
This article explains the insensitive invitation and links to both an online petition to oppose Ed's visit and the physical petition hand over to Boris Johnson on the 21st October 2021, the UK Prime Minister to block Mnangagwa and his 70 strong "team" of hangers-on and "security staff" LOL
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