Nevanji Munyaradzi Chiondegwa
No nation has ever prospered using the currency of another country.
We need our own currency to determine our destiny.
Professor Mthuli Ncube is an economist who us being pushed to play political cards and make political expedient decisions because of a toxic opposition.
The argument that Tendai Biti was the best Finance Minister of all time does not even rise to the level of nonsense for anyone who is a student of Economics.
Biti demonetised our Zimbabwe Dollar thus effectively murdering it and committing Economic Genocide!
His failure to introduce an alternative currency, and instead forcing the country to deplete its foreign currency reserves should alone be the basis of dismissing the claim.
I remain convinced that dollarization is not the answer to our economic challenges.
Reserve Bank of Zimbabwe Governor, Dr John Mangudya once said that Zimbabweans do not understand Economics and the Economy.
I agree with him, most of the so-called educated populace in Zimbabwe lacks the basics of how an economy operates.
Bad money drives out good money and the moment we dollarise along our ZWL, we are bound to have a good money/bad money situation.
The moment we accept the US dollar as legal tender our production costs are going to shoot up and our exports become overly expensive and thus not competitive.
The overall effect is that our products both locally and abroad will be more expensive and with consumers having a wider range of choice, they will be shunned.
This is then going to affect the production of our local companies and bring about an industrial capacity utilisation decline and therefore an economic decline.
Imports, especially from South Africa, which is our biggest trading partner will be cheaper than locally made products.
This in turn will make Zimbabwe one giant supermarket for South African products.
The country will need lot of foreign currency compared to the time when ZWL was in use. And by and large an export of jobs to neighbouring countries and including loss of skills.
A decline in infrastructural development compared to now will be witnessed.
Those born to criticize will ask which infrastructural developments but they all know that if the current developments being done were there for the past 20 years we were suppose to be in a better position.
The same people who spread propaganda that it is not sanctions will not want to run Zimbabwe under the same restrictive measures. During GNU, Biti and the late Morgan Tsvangirai went around European and Western capitals, begging for the sanctions to be lifted.
Most people talk about achievements during GNU but what infrastructural development was brought by GNU?
What productive industry did he fund? Was ever money put into mining and Agriculture, the backbone of our economy?
Dollarizing will lead to minimum pay for Civil servants of around USD400 but the consequences will be to deplete the National Purse.
Remember Biti left 273 dollars in Zimbabwe government coffers. The highly praised finance minister with no substance at all.
If you dispute tell me one highway or clinic constructed during GNU.
Until as a people we de-centre USD as a store of value for gold or some other mineral which as a commodity has intrinsic value, we will always be downtrodden. We have no USD, itself a fiat currency, an American paper! Better be paid in gold coins!
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