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Mnangagwa exults in Zim’s inflation tumble

Emmerson Mnangagwa
President Emmerson Mnangagwa

By Nkosana Dlamini

President Emmerson Mnangagwa has emphatically declared Zimbabwe’s economy is on a miraculous mend after the country’s inflation dropped to two-digit levels for the first time in just over two years.

The Zimbabwe National Statistics Agency Tuesday reported that consumer prices rose 56.37% from a year earlier, compared with 106.6% last month.

The country’s inflation accelerated end of 2018 when Finance Minister Mthuli Ncube’s unpopular economic reform measures triggered extensive price increases.

Inflation shot up to 837.5 percent some two years later with prices of goods and services shooting through the roof.

This also saw businesses and crisis-weary locals gravitating away from the use of the local currency to the US dollar which still remains the country’s de facto currency.

The local currency, at one time at par with the US dollar upon reintroduction 2016, hit rock bottom when the parallel market started dictating the exchange rate.

But drastic control measures later decreed by government through Treasury have managed to tame the country’s volatile exchange rate and renewed some measure of predictability to the system.

Spurred by a bumper yield from the just ended cropping season, Mnangagwa sees a miraculous turnaround of the national economy.

“More good news for Zimbabwe,” Mnangagwa declared on his official Twitter handle Tuesday.

“Inflation dropping, exports rising by 9.5% since April, biggest harvest in 20 years.

“Zimbabweans – we are on the cusp of greatness!”

The opposition MDC Alliance has often jeered at the Zanu PF led authority for celebrating what it finds as false victories on the economic front in a country where the average citizen is struggling to put a modest meal on the table while hospitals operate without kit as basic as bandages.

The government workforce also remains downhearted following continued failure by Treasury to award it living wages.

 

Tags : Mthuli NcubePresident Emmerson MnangagwaZimbabwe inflation
Staff Reporter

The author Staff Reporter