africa Economy Government Opinion Zimbabwe

Zimbabwe’s new cabinet sparks hope to rebuild its wrecked economy

Approximate reading time: 2 minutes

Since the country went to the polls on July 30, political uncertainty became apparent due to events which emerged shortly after the election.

It seemed the country’s future was on the brink of collapse as tension rose high between the main two political parties. It was a dark moment for optimistic citizens and, the international community who projected economic advancement for the country.

Recent developments in appointing cabinet ministers prove the government’s agenda to prioritise reviving the economy. Mnangagwa’s efforts to restore normality in Zimbabwe hasn’t gone unnoticed. The newly elected president axed many of the old faces to make way for fresh minds. The new administration appears well-balanced economically, politically and socially.

Some of the appoints to ministerial positions include former banker, Mthuli Ncube as finance minister. He once served as chief economist and vice-president of the African Development Bank. Ncube is a well-regarded economist globally and he seems a perfect fit to tackle the task at hand. Speaking to reporters after the swearing in ceremony, Ncube said,

“We want development as quickly as possible. I think the issue of money, we need our own currency which is valued as compared to other currencies, then bond notes must go”

“I will be rolling a plan on the arrears clearance and the whole debt restructuring process, coupled with that is building credit lines globally. Internally I make that on the expenditure side we live within or means or move towards that.”

Winston Chitando, former president of the Chamber of Mines of Zimbabwe retains his position as minister of mines and mining development. Chitando has also held senior positions in several mining firms such as Hwange Colliery Company and Mimosa Mining Company.

Zimbabwe’s economic stress could be near to an end, it is safe to say the country is transitioning and will likely attract new investments in the near future.

Advertisements

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.