President Emmerson Mnangagwa has said that the country will not abandon its own currency, the Zimbabwean dollar (ZWL), anytime soon, adding that no country has ever developed without its own currency.
Delivering a speech soon after his inauguration for a second term as the country’s president, Mnangagwa also said that Zimbabwe will expand its economy using local resources, relying on increased beneficiation and value addition of products.
“The past five years have delivered valuable lessons on our intricate economy, especially the fact that a national currency that is supported by a vibrant, productive sector is indispensable to sustainable development. No country has ever developed without its own currency,” the president said.
“Further, we can only develop and grow the economy based on our own internal resources.”
Mnangagwa also called on industry and business people to be patriotic and to always seek a balance between profit and the plight of the people.
The president’s comments come amid growing calls for Zimbabwe to dollarise its economy.
The Zimbabwean dollar has been in a state of free fall in recent years, and its value has plummeted against the US dollar.
This has caused significant hardship for Zimbabweans, who have seen their salaries and savings lose value.
Addressing the doubt that Zimbabweans had on the viability of the Zimbabwean Dollar, Mnangagwa urged everyone to believe in themselves and “our abilities as Zimbabweans and as Africans.”
He said development and national prosperity based on what the country had was more sustainable and durable.
“We must take pride in who we are and what we can do for ourselves as a people. The numerous mineral resources in our country must be sustainably exploited to leapfrog our industrialisation and development,” said the president.
“The lives of our citizens and the fortunes of our country as a whole must be improved. We expect nothing less. “
According to Mnangagwa, Zimbabwe’s economy must realise maximum benefits from increased beneficiation and value addition.
As such, he claimed that his new administration through the Responsible Mining Initiative will make sure there is greater stewardship of the country’s finite natural resources.
“These must benefit both present and future generations. Riding on our abundant resources as well as the skilled and hardworking people, Zimbabwe is poised to take its place as a competitive manufacturing jurisdiction in Africa,” Mnangagwa said.
The president also called upon industry and business people not to take advantage of consumers by unnecessarily hiking prices.
“I exalt industry and common stakeholders to be patriotic and always seek an intricate balance between profit and the plight of our people. Profiteering, optimistic tendencies and greed will not move our country forward. Together, let us grow our country’s manufacturing base to use, and consume what we produce,” said Mnangagwa.
