by Peacemaker Zano
The triad of social equity, economic growth and political freedom has always been the key for prosperous governments. Failure in one of the three areas, would mean an overall fail. However, the advent of the new dispensation in the country brought in many changes in the political, social and economic landscape meant to positively revive the country’s economy.
Firstly, President Emmerson Mnangagwa has made it possible to build a fairer society as well as deepening democracy, while at the same time achieving greater economic development.
It is unfortunate that Zimbabwe has been living in isolation from other nations for many years, negatively affecting its efforts of developing its economy. The new dispensation introduced its new economic order, by presenting policies that are investor friendly, meant to sustain economic growth and foster innovation and entrepreneurship.
When President Mnangagwa declared that Zimbabwe is open for business, a number of global investors registered their interest to invest in the country. It is imperative to note that every country lives in a global village, and for that reason, no country can develop when isolated. Hence, it is an indisputable fact that Zimbabwe cannot prosper without others.
When President Mnangagwa appointed his Cabinet in September this year, he chose technocrats whom he knew would turn around the fortunes of the country. For instance, the Minister of Finance and Economic Development, Professor Mthuli Ncube is working extra hard to mend the nation’s economy for the betterment of its citizens.
In efforts to resuscitate the economy and achieve vision 2030 of making Zimbabwe a middle income economy, Minister Ncube has introduced measures to contain the country’s budget deficit which among others include expanding the revenue base, by introducing a two percent (2 %) transfer tax and other cost containment measures which also includes stopping the purchase of Government vehicles for Ministers and legislators until a different vehicle acquisition scheme is initiated.
Also, President Mnangagwa engaged with a number of global leaders in an endeavour to lure Foreign Direct Investment. To that end, the United States of America Assistant Secretary of State for African Affairs on Zimbabwe economic prospects, Tigor Nagy said he was very much encouraged by some of the economic reforms, and was very optimistic of Zimbabwe’s economic rebirth. He said the US was now looking for some tangible models of moving forward and working together with Zimbabwe.
He said, “I can tell you that Zimbabwe is another country that the American business community could be very excited about based on concrete achievements.”
In addition, Government is adopting strategies which are expected to modernise and unlock more investment opportunities across economic sectors. For example, modernisation of the agricultural sector will accelerate the pace of agricultural development in the economy.
The main emphasis on agricultural modernisation will be to broaden the industrial base through rapid development of basic goods in these industries. Thus, there must be an improvement in agricultural produce (raw materials) that can be processed into finished goods in industries. In some cases, the strategy for modernization of agricultural sector is widely referred to as the 'Green Revolution'. In other nations, the Green Revolution is being pursued vigorously to boost their economies. For example, the Green Revolution helped to enhance the Indian economy in 1967.
With all the economic reforms that Government is working on, Zimbabwe’s economy is poised for growth. Meanwhile, the nation should continue to use its vast natural resources to boost the economy. The economic reforms will certainly give Zimbabwe a chance to develop.
Just like China, which became one of the strongest and fast developed countries which managed to solve its poverty issues for a population of over 700 million people over a period of about 40 years, Zimbabwe is on the right path economically to achieve a middle class economy by 2030.
