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CCC Statement On Its Alternative Economic Policy {Full Text}

CCC Statement On Its Alternative Economic Policy {Full Text}

The opposition CCC has issued a statement on the economic policies it will implement when it comes to power.

The Nelson Chamisa-led party has in the past been accused of lacking a plan and clear policies to be a serious alternative government.

Pindula News publishes the statement by CCC spokesperson Fadzayi Mahere in full below:

FIX THE ECONOMY – HIGHLIGHTS OF THE CCC ALTERNATIVE

The illegal and grossly irrational economic measures announced by Mr Mnangagwa on 7 May 2022 point to an economy that has imploded.

As the alternative and a government-in-waiting, we wish to put forward an alternative CCC economic policy approach which will solve the nation’s economic crisis at its root.

Rethinking the economy

The CCC will offer a break from the present predatory order and a bridge that will accelerate the transformation and make Zimbabwe a stable, democratic and development-focused, modern nation.

We will reshape Zimbabwe through the creation of a shared vision and a sustainable transitional framework that will be the foundation of transforming the structure of our economy, eliminating poverty and enabling the pursuit of sustained, equitable and shared growth.

The new economic framework will be underpinned by a new governance culture and the creation of a consensus state.

Core features of the new governance culture will include respect for the rule of law and constitutionalism, building strong, independent institutions, devolution and equal development, the creation of a rights-based society, eliminating corruption, infrastructure transformation and the development and urbanization of rural areas.

Restoring confidence

The social contract between the state and citizens in Zimbabwe has broken down.

There is a lack of confidence or trust in the State, government and public institutions.

The lack of confidence finds expression in the thriving parallel market, acute hyperinflation which officially stands at 96% year on year, although economic experts have said it is much higher, in the region of 265%.

This is partly because the State and its institutions are corrupt and inefficient.

The lack of confidence and trust in the State and the failure of the State to meet its social obligations to the citizens has resulted in the majority of citizens operating outside the ambit of the State.

Poverty has compounded these problems. The World Bank reports that 49% of the Zimbabwean population lives in extreme poverty.

A CCC government will restore confidence in the government through ethical leadership, the creation of a consensus state where there is wide consultation with key stakeholders before policies are created or changed, the building of a shared and inclusive society and the creation of an economic environment that promotes opportunities for widespread prosperity, especially for the ordinary citizen.

Anchoring the economy on the democratic developmental state model

In addressing the economic challenges faced by Zimbabwe, the CCC accepts that tough decisions will have to be made.

In this regard, the ability of our Government to widely consult and negotiate with local partners will be key.

We will build the capacities of strategic state entities to ensure that they can effectively implement economic policies.

As we have learnt from other successful developmental models e.g. Estonia, we recognize that policy trade-offs will be essential.

Pillars of CCC economic framework

Under a CCC government, the economy will be anchored on macro-economic stability, fiscal discipline, resolution of the debt crisis, financial service sector reform, pension reform and social protection, currency reform, industrialization and alteration of the accumulation model, rationalization of the land reform program including securing land tenure for those who hold agricultural land, agro-industrial transformation, mining sector reform including beneficiation, job creation and formalization of the economy.

Zimbabwe Emergency Economic Rescue Program

Since the end of the GNU in August 2013, Zanu PF has pushed the economy into a state of disequilibrium and dislocation through ballooning debt, fiscal deficits, rampant and uncontrollable expenditure and stagnation. Correcting the wrongs of Zanu PF’s flawed economic policy is a necessary pre-condition to moving forward.

In this regard, upon assuming office, a CCC government will embark on a short-term stabilization agenda upon which our economic recovery program will be anchored.

This will entail restoring macroeconomic stability and fiscal consolidation. Given the current budget deficit, fiscal adjustments will be necessary.

Fiscal adjustments will be achieved through a number of measures including fiscal consolidation by, inter alia, the pursuit of a primary balance and restoration of balanced budgeting, rationalization of expenditure and improving the expenditure mix, building capacity on revenue management and strengthening public finance management systems, taking measures to reduce debt and improving debt management to reduce the risk of inflationary pressures, crowding out of private sector activity and continued liquidity shortages, expediting State-Owned Enterprise reform, rationalization of the public service and the elimination of ghost workers to reduce the employment cost to 30% of total expenditure, expansion of the revenue base through increased productivity and expansion of the economy, for the short to medium term – scrapping the bond note and strengthening the multiple currency regime, Central Bank Reform including the urgent audit of RBZ assets and liabilities, export promotion, narrowing the current account and rationalizing the capital account, accelerating ease of doing business reforms and promoting policy coherence.

Financial Sector Reform

Upon assuming office, a CCC Government will immediately embark on a process to transform Zimbabwe into an attractive financial services centre adopting models similar to Mauritius and Botswana. We will create a vibrant venture capital sector to assist entrepreneurs.

The CCC will introduce policies and incentives to attract international capital into the local venture capital sector with an emphasis on creating new businesses in key areas such as tech, manufacturing, agro-processing, and mining beneficiation, among others.

We will strengthen the existing development banks and institutions through recapitalization programs, bringing back international development finance institutions.

The CCC will implement broad measures to strengthen oversight over the financial services sector by establishing an independent body, separate from the Central Bank to supervise financial institutions.

We will seek amendments to the Banking Act to enhance good corporate governance and strengthen corrective measures and stop measures that prejudice depositors.

Currency Reform

Zimbabwe has an ongoing currency crisis that is adversely affecting the economy and resulting in irrational outcomes such as multi-tier pricing and a multi-tier foreign exchange rate. To resolve this, the CCC will adopt both short and long term measures.

In the short term, the CCC will immediately scrap the bond note, return to the multiple-currency regime, rationalize the capital account, increase productivity, and grow the national GDP in order to build substantive reserves for the country.

We will also ring-fence USD bank balances to protect depositors against any further shocks.

The CCC recognizes that in the long term, it is not sustainable for Zimbabwe to continue to use a basket of multiple currencies as legal tender.

We are alive to the fact that the USD does exacerbate the challenges of high-cost structures as well as adversely affect Zimbabwe’s exports.

In the long term, we believe a complete solution to the Zimbabwean currency crisis lies in a currency model built on regional integration.

Central Bank Reform

The CCC will amend Banking legislation to establish an independent Central Bank with a governor, a single deputy governor and a strong monetary policy committee.

We will ensure that the Central Bank sticks to its core function of monetary policy as well as the management of the national payments system.

The CCC will enact legislation that prevents the central government from borrowing from the Central Bank and put an end to murky debt assumptions by the citizens.

Restoring savings

A CCC Government will restore a savings culture in the country. We will create an environment that protects the interests of savers.

Citizens must not face punitive measures from the financial system which makes them averse to savings.

In this regard, we will implement measures to promote financial inclusion including for the rural economy, establish a credible Credit Reference Bureau, restore the operation of savings accounts and promote savings instruments including paid-up permanent shares and other savings paper to ensure that savings are at least 25% of the national GDP, monitor fee charges and lending rates to avoid arbitrage and usurious rates, restore mortgage finance facilities, return consumer lending and credit finance.

Fiscal Reforms

Fiscal consolidation is one of the most urgent and critical elements of stabilizing the Zimbabwean economy.

In this regard, a CCC government will reintroduce balanced budgeting to limit the exposure of the Government to the Central Bank, rationalize the public service, suspend all costly quasi-fiscal activities, rationalize Government expenditure, build capacity on budget management, expand the revenue base through measures to improve productivity and introduce a citizen portal for feedback on public services.

Conclusion -a CCC Government will create economic opportunities for all

The CCC will promote a market-led, entrepreneurial society that is socially just and inclusive.

This includes policy formulation that will deliberately take into account those who have previously had unequal access to opportunities by reason of gender, ethnicity, region, race and other points of disadvantage.

We will do this mindful of the fact that creating opportunities requires the construction of a stable and growing economy. This also requires the state to ensure that there is adequate housing, a sustainable and clean environment, food and the realization of all socio-economic rights that will improve the daily life of all citizens.

Fadzayi Mahere National Spokesperson

More: Pindula News


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42 Comments

ngorima mushava 1 month ago

so if you come into power what will happen??? how many blueprints dzamakatiudza ,which one have implemented??


Ccc 1 month ago

Iwe John chibadura asi ur wekwa mutare kai


Honour 1 month ago

Uyo anonzi Mahere uyo ngachiroorwa hatidi vatungamiri vasina dzimba ( marriage )

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POP'S aKa the genius 1 month ago

its yellow everywhere....even my teeth haaa Chamisa u rock me blind....you are unstoppable i believe in you.... You are my third Jab...the boaster😍


Maths 1 month ago

Multicurrency system cannot work in the long term but short term. We need our currency. Where and how are they going to get the US$?


Bhangu 1 month ago

Inga pakanzie in the long run they will start a local currency with regional partinaships ...amuverengi kungotaura

Us Dola rizere vanhu avana confidence nemabanks chete ...KO paye rakabvepi

kopo 1 month ago

Chinokanganwiwa nezanu kt zvese izvi ndezve pasi pano uye zvichapera ,,Think of the likes of Mugabe, Sibusiso Moyo, Perrence Shiri, Zimondi, Jonathan Moyo ,vana Shamu ,,,guys vanhu vakamborira ava bt zvese back to zero


Dmao 1 month ago

This is a very strong economic blueprint. We now await the governance and security sector blueprint to seal off the bright vision


Tkt 1 month ago

Kune vano ziva vano ona kuti hapana difference iripo paPolicy yana msoro bhangu ava neyana Kh.ule.
The thing is opposition simple.
The same way you are running down tge current policies simply because you aren't at the helm us what you recieve in your dream reality
Time shall tell, not until then will you know that you know nothing.
#ED-Dira_Hako_Rizare_Wangu🍸


Bhangu 1 month ago

If you read well ....all the measure are there to correct the current state of economy we have....and you say zvakafanana aah ..zvakatosiyana izvi ...iwe ndiwe usingaverenge uchinzwisisa chete

Machiavelli 1 month ago

Fore telling failure? What about the past and present failure?

ZANU yakoniwa. Timboedza Zvimwe. Tatambura veduwee

Tkt 1 month ago

Kune vano ziva vano ona kuti hapana difference iripo paPolicy yana msoro bhangu ava neyana K****.
The thing is opposition simple.
The same way you are running down tge current policies simply because you aren't at the helm us what you recieve in your dream reality
Time shall tell, not until then will you know that you know nothing.
#ED-Dira_Hako_Rizare_Wangu🍸


Chawabvunza 1 month ago

CCC Political Party has now come of age.We have seen their policy on the economy. We are now looking forward to seeing Defence and Security Policy and other policies.

[ VOTE CCC FOR REAL CHANGE ].


John chibadura 1 month ago

Iwe ndiwe munhu asina kana chaanoziwa!😂😂

Adv Nero 1 month ago

ohhh 😯😮


Machiavelli 1 month ago

VanaChibadura, taurai paatadza, kwete kungos****podza. Zvinoda imi veZANU, who think an economy can thrive without credit. Even communist economics wasn't that backward.

You are taking us back to barter trade- exchange small grains for maize! My foot.

Zvikoni zvikoni mimba haibve negosoro.
Quit while you are still ahead

putin 1 month ago

toita zvekuratidza kt takaitor nechisimba ska hatifi takupai nyika **** nyika inotogwa nema zanu umwe achibva umwe wopinda hke


putin 1 month ago

toita zvekuratidza kt takaitor nechisimba ska hatifi takupai nyika **** nyika inotogwa nema zanu umwe achibva umwe wopinda hke


Ghetto eye 1 month ago

you are not god the creater if god says yes ha panaano anopikisa muzive izvozvo


zanu 1 month ago

pfeee pfeeee tsvagai mari siyanai nezvekuda zvisiri zvenyu imi hamutongiiiiiiiiiiiiii kn zvakadiiiiii


VYBZ KARTEL 1 month ago

ENDAI KUMUSHA MUNOCHERA MBEVA HAMUFE MAKATONGA NYIKA INO ZVIROTO ZVIROTO NGAZIPERERE MUDZIMBA


MWANA WAVYBZ KARTEL 1 month ago

Sure Baba!

Border Gaze 1 month ago

Ngaachiroorwa musikana uyu (Fadzai)


MuPfungwe Chaiye 1 month ago

@Border Gaze iwe tanga wagona kunyora zita rako mushe tizochitaura yeroora raFadzi

Curious Reader 1 month ago

She's married already

Chahototo 1 month ago

tangai mambova nemastructures then we will take u seriously


CitizenJoe 1 month ago

There is light at the end of the 42 year dark tunnel.
Also remove the power from the president and ministers to stop the abuse of power. All decisions should be debated in parliament and made by concensus.


Kdhe 1 month ago

Iwe ndiwe **** manje😂😂 zvonzii kana president nemaminister wayorerea masimba? Zvobatsirei

Dr Hercules 1 month ago

Hoping they won't disappoint like ZANU pf


Dr Hercules 1 month ago

Hoping they won't disappoint like ZANU pf


hhjgg 1 month ago

chahototo kamsuri kako


Machiavelli 1 month ago

There's an inclusive Economic Blueprint that's people centred.

We the people are tired of economic predators who prioritise their own looting needs at the expense of all and sundry.

If ZANU were to present their economic achievements for the last 42years there would be plenty space left over at the back of a postage stamp


Chaplin 1 month ago

Ndizvo zviroto izvozvo Hamutongi veduwe


chifuse 1 month ago

continue dreaming.


Mafirakureva 1 month ago

This is a better dream than the 42 year dream that has become a nightmare

Mjolo naFadzie 1 month ago

Ngaachiwanikwa mwana uyu makore afamba...


Mafirakureva 1 month ago

Ndoo zvinongofungwa chete. No substance. No wonder we are in this mess with people like you polluting our minds

Tozivepiko 1 month ago

Forty two years after independence Zanu Pf ichiri muhope. Hapana chavagona kunze kwe ku looter ma resources e nyika


Chahototo 1 month ago

muchazviitira kuhope izvozvo.


Vax 1 month ago

CHIHOHOTO hapana zvozivikanwa shame on u😛😛😛

Tozivepiko 1 month ago

Forty two years after independence Zanu Pf ichiri muhope

𝙼𝚊𝚛𝚊𝚟𝚊𝚣𝚊 1 month ago

𝙰 𝚐𝚘𝚘𝚍 𝚋𝚕𝚞𝚎𝚙𝚛𝚒𝚗𝚝....𝙸 𝚠𝚒𝚕𝚕 𝚝𝚊𝚔𝚎 𝚜𝚘𝚖𝚎 𝚝𝚒𝚖𝚎 𝚝𝚘 𝚊𝚗𝚊𝚕𝚢𝚣𝚎 𝚒𝚝 𝚖𝚎𝚊𝚗𝚠𝚑𝚒𝚕𝚎 𝚌𝚘𝚖𝚖𝚎𝚗𝚝𝚜 𝚛𝚎𝚜𝚎𝚟𝚎𝚍.



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