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Energy Mutodi Criticises Mthuli Ncube For Sleeping On Duty

Energy Mutodi Criticises Mthuli Ncube For Sleeping On Duty

Former Deputy Minister for Information, Publicity and Broadcasting Services, Energy Mutodi, has accused  Finance Minister Mthuli Ncube of being too slow to respond to negative economic developments.

Speaking in the National Assembly, Mutodi, who is the Goromonzi West MP (ZANU PF), asked Ncube why it took him such a long time to realise that buying and selling foreign currency has become the primary business in the country.

Mutodi also asked Ncube why Zimbabwe continued to use bond notes when he (Mthuli) has previously stated that “bad money drives out good money” before he became a Cabinet Minister.

Below is the full text of Mutodi’s submission to the National Assembly:

Hon. Mutodi: Thank you Madam Speaker Ma’am. My point of clarity to the Minister is that before his assumption of duty as a Minister of Finance, he indicated that bad money drives out good money.

He was referring to the use of a surrogate currency, the bond notes that we are using.

Surprisingly, the Minister has maintained the use of bond notes. This means the use of dual currency for the economy.

What measures have we put in place as a country to ensure the sustainability of this dual currency?

We know it very well, he is a professor of economics but a dual currency needs to be delicately managed to ensure that we do not lose public confidence in the banking sector.

The Minister must clarify the measures that he has put in place to ensure that the dual currency is sustainable.

Madam Speaker Ma’am, we have seen recently an exchange rate driven inflation. I want to thank the Minister and His Excellency the President for the temporary hold on bank lending.

However, we need clarity on what is going to be done to ensure that critical manufacturing companies continue to survive and be able to provide goods on supermarket shelves.

Why did it take a long time for authorities to realise that the primary business on the market was now buying and selling foreign currency?

In the first place, who is supplying the RTGS dollars to the parallel market? Is it the banks?

Is it the contractors that Government has engaged in the road rehabilitation programme? Who is actually supplying the RTGS?

With the contractors, it is clear that when you want to do a major project like road development, obviously you need a long-term loan to finance it. How are we financing the road projects Madam Speaker Ma’am?

If you are financing from our fiscal budget, is that not contributing to the exchange rate driven inflation because the contractors are being paid in RTGS and they seek the USD on the black market?

That affects the ordinary person who is earning a ZW$40.000 salary. Obviously, they are paying rentals and fuel in USD. We need clarity on that Honourable Minister.

The last issue I will talk about is the economic planning investment. Are we planning the economy? Are we estimating our macro-economic variables on time?

How our money supply, our interest rates, inflation and other factors are going to perform over time such that not only the local people but also international investors can have confidence in our economy?

Also, the political risk factor, if you are driving towards attracting investment. We are competing for Foreign Direct Investment with other countries in the SADC region and Africa at large.

How have you dealt with the political risk factor? Are we sure that the lack of title deeds on farms is helping us in any way?

I humbly submit Madam Speaker Ma’am.

More: OpenParly

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23 Comments

Dr Hercules 1 month ago

He ll lose tht parliamentary seat, ZANU PF does not tolerate the truth. He shud just shut up kkkkk


Chimboti Pizza 1 month ago

Taura zvako Energy, vakomana vakunyanyorara pabasa


ELECTRICIAN SERVICES 1 month ago

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Peter moyo 1 month ago

sober comment


Jah🇿🇼Tsvarue-07 1 month ago

Well said...


😖😖 1 month ago

to : Mtodi
wakunhuwa Rufu. chengera soon soon unoita accident or kufa ne Covid


gure 1 month ago

Mtodi,chinoz naMohadi are my CCC projects.Ndakavapfekera muZanu of.Vari kugona basa..dirai jecha boys


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veez 1 month ago

ko hauchaimbe here Mtodi?


Tsibo 1 month ago

Yeah thank you so much Mr Mutodi nekutaura chokwadi


Minister 1 month ago

It's better to be fired for telling the truth than keep on waiting for this timing bomb. As long as Mtuli does not act now it will be too late brace for hard and difficult days to come. Elections and economic instability plus political violence are intertwined..,.. usually drought spice this situation. The good part of it there is an internal factionalism taking place wait and see Nzou dzichibayana. Mahadi Mutodi na VP vanozivana kuside one !!


JC 1 month ago

Oooh c'mon guys...he needs a rest ..we've been on a one economic formulae to another...hes dreaming another...for the moment, dira uzadze wangu🍻


dispenser 1 month ago

I don't mind political organization yu belong ,I admire the more people who stand the truth . well-done Mr Mutodi , Mohad,Chinotimba. may the Lord bless yu for a heart feeling mind . In this regard l mean ,being partzen does not solve our problem . There are those who are even in CCC who don't have mind of development , they want posts for their selfishness gain . As for Zanu we don't talk


The Mberengwean 1 month ago

On point boss

Mangethe 1 month ago

I guess u r at 40

Skuz Apo 1 month ago

makuona chokwadi now


𝗠𝗮𝗿𝗮𝘃𝗮𝘇𝗮 1 month ago

𝗬𝗮𝗵 ,𝗬𝗮𝗵, 𝘁𝗵𝗲𝗿𝗲 𝗶𝘀 𝗮 𝗴𝗼𝗼𝗱 𝗽𝗼𝗶𝗻𝘁 𝗶𝗻 𝗵𝗶𝘀 𝗰𝗼𝗻𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻. 𝗠𝘁𝗵𝘂𝗹𝗶 𝗶𝘀 𝗲𝗶𝘁𝗵𝗲𝗿 𝘀𝗹𝗲𝗲𝗽𝗶𝗻𝗴 𝗼𝗿 𝗶𝘀 𝗯𝗲𝗶𝗻𝗴 𝘆𝗼𝘆𝗼𝗲𝗱 𝗳𝗿𝗼𝗺 𝗭𝗮𝗻𝘂 𝗽𝗳 𝗵𝗲𝗮𝗱𝗾𝘂𝗮𝘁𝗲𝗿𝘀.


Dhuterere 1 month ago

I think Mutodi is trying to clean his name from wrong doing so that he will join another party to retain his seat next year


Mutoriro Movement 1 month ago

Mutodi knows very well that come 2023 elections, he stands no chance of re-elected to an MP again. There haachisina chekunyengerera but just to expose his buddies.


@ZANU pf 1 month ago

you and chinotimba and mohadi your days are numberedmakuwanza chokwadi instead of propaganda


VYBZ KARTEL 1 month ago

They were and are still part of the problem bedeviling Zimbabwe. The Old-People's-Home blood flowing in their arteries is the one making our beloved being cursed.

VoteraiChamisa. VOTERAI CCC.


aaaa 1 month ago

kkkkk DIRA RIZARE 🥃🍾


cute 1 month ago

kkkkk taura hako bt hokoyo


Asalif 1 month ago

you are close from being fired @ Zanu pf you . Chinotimba and Mohadi your days are numbered quart my words . truth yenyu yavakuwandisa



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