Zim dollar way to go


EDITOR — FOR as many years I have been carefully looking at the factors undermining the value of our local currency and am left convinced that the Zim dollar is a victim of the politics of economics. It is the tug of war between politics and industry without giving due care to understanding that both politics and industry must be of service to the people that is undermining our local currency. 

Our currency is not the enemy. Our Zim dollar is just as good as money used in other countries. We must acknowledge, there is an economic war in Zimbabwe. Adopting the US dollar in favour of the local currency, as demanded by many, will boomerang into our faces. We don’t have a worthless local currency. That is not true. 

What we have are many factors at play overwhelming the known school of economic factors. The latter is heavily leaned on without understanding that the economy does not operate in isolation. 

Today, our currency is under siege but we don’t have a weak currency. How do you see worthlessness in our currency and not our minerals? We cannot choose to be weak. A heavily battered local currency undermines our strength. We are not weak people. We are not lazy people. 

Let us apply simple economics for everyone to understand what is happening. There is nothing like a worthless currency. It is capitalistic exploitation to weaken our currency for the West to have an edge over us. The economics theory that a weak currency attracts investments is devalued thinking. 

This is how we fail our African economies. When we choose to be weak, we become weak for the so-called strong to reign supreme. This leaves the supposedly powerful West to control every aspect of our lives. This creates imbalanced trade by leaving us open to manipulations. Others choose to be strong while we feel comfortable in second best. What real strength is in weakness that people connive to shun their currency?

 Matter of fact, this opens floodgates to abuse. Our strength is in what we control. The economy is not the value of our currency. Business is not overpricing. The US dollar stifles economic growth while goods and services are costly in this foreign currency. 

There is nothing like inflation in Zimbabwe. Actually, we have a genetically modified currency bug made to weaken our Zim dollar. Our local currency has the potential to be among the strongest currencies. Let us apply ourselves to strengthening and protecting our currency.

Our Zim dollar is at the heart of our economy. Only us can make it stronger. This speculative and rent-seeking behaviour to undermine our local currency and think that preferring the US dollar will spur economic growth will plunge us into poverty. 

What is the use of filling the retail shops with goods sold in US dollars, which the majority, who are paid in the local currency, can’t afford? 

— R. Mahuhushe


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