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We Cannot Grow Our Economy On The Basis Of A Foreign Currency - President Mnangagwa

We Cannot Grow Our Economy On The Basis Of A Foreign Currency - President Mnangagwa

Zimbabwean President Emmerson Mnangagwa has said the Southern African country cannot grow its economy on the basis of a foreign currency which it does not have control over.

He made the remarks of Saturday while addressing dozens of ZANU PF supporters at a rally held in Epworth to launch the party’s campaign for the March 26 by-elections. Mnangagwa said:

We know that there is no country that prospers without their own currency. We are on that path. We are supporting our own currency which will help to grow our economy. We cannot grow our economy on the basis of a currency which we have no control upon. So that’s where we are going.

His remarks come as government workers including teachers are demanding the restoration of their 2018 salaries that were United States Dollar-denominated.

Some teachers have refused to report for duty since the resumption of schools on the 7th of this month saying they are incapacitated. They are demanding US$540 which they were being paid in 2018.

Reacting to Mnangagwa’s speech, Robson Chere of the Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ) said the president is clearly “carefree and indifferent on the plight of teachers.” Added Chere:

We will resist any attempts by any means necessary, even by the highest office, from stopping us to demand a living wage. We will continue mobilizing teachers get the USD so that teachers can actively participate in this economy.

Progressive Teachers’ Union of Zimbabwe (PTUZ) Secretary-General, Raymond Majongwe echoed Chere’s remarks adding that while the government was choosing not to pay teachers in U.S. dollars, the government is charging in U.S. for every service it is providing.

Zimbabwe was using a multi-currency regime from 2009 until 2019 when the Zimbabwe dollar was reintroduced and declared the sole legal tender, for some time. The local currency has steadily lost value, effectively reducing workers’ wages.

Prosper Chitambara, a senior researcher and economist at the Labor and Economic Development Research Institute of Zimbabwe says high inflation is the reason why teachers are not interested in the local currency.

More: VOA News


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28 Comments

Tiritose Matetakufa 3 months ago

The Zim dollar is a worthless currency whose value against the USD& other currencies is manipulated by government; with the economy not growing. Market forces are the ones which determine the exchange rate not Mangudya; what he is trying to do was proven not to work a long ago even America the world economic superpower does not manipulate the value of the USD; the market is the one which determines the actual value saka zviri kuitika muZimbabwe hazvisi kushanda and hazvi shande


Vybz Kartel 3 months ago

One mutungamiri anoziva zvaari kutaura


GogasveEpworth 3 months ago

Kudombo

Vybz Kartel 3 months ago

Uripi kudombo, overspill, solani?

GogasveEpworth 3 months ago

Ko ma Title deeds ekadumba kangu nekatsime kangu. Ndibvurewo iwe Vybz unenge unodya navo mundiro imwe.

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Zvadhakwa 3 months ago

Izvozvi muchanzwa zvonzi tine rally ye official opening yeBerchnough bridge. Munavaona vakuru venyu ava. Zvese zvavanotaura ingano dzatsuro nagudo


Tk 3 months ago

Haya vakomana vanoveza zvimbuya havana chavanoziya akomana naiwawa marara awo mabond avanoramba even kuvapa duty voti tivake nyika makamunhongepi mkuru wenyu uyu anowawata zvobhowa nxaaa dhemeti mhani


Maravaza 3 months ago

No person can prosper using a currency that does not keep value. Five thousand dollar withdrawals is a sanction on its own.


Dhuterere 3 months ago

You can nt lead a gvt wth double standards and expect pple to treat you seriously first its the gvt demanding USD frm citizens when paying for passports, duty, fuel, healthcare just to mention a few bt you say you want to promote your local currency when the Rbz prints and dumps rtgs currency for USD on the runaway Blackmarket. Top gvt officials get benefits in USD and expect other civil servants to be paid in a valueless currency. Just use the rtgs whatever for change even an ecd kid wont treat you srs if you give them rtgs semari


Jinn 3 months ago

@Dhiterere Ichokwadi Mambo

Nelson 3 months ago

I really second mister president that no country prosper without its currency yes its true but a lot of work to be done first , black market is our major challenge


suu whoop 3 months ago

that's not economics and it's not a fact

Mr ndhlumbi 3 months ago

If ED does not want 2 use USD & if he is confident in the RTGS, I HAVE A DOZEN OF QUESTIONS to ask him. However, let me just ask 1 question. Why does his Government allow fuel to be charged in USD in almost all service stations. The price of goods & services is directly affected by the price of fuel. THEREFORE NO ONE CAN DENY THAT THE ZIMBABWEAN ECONOMY IS CURRENTLY RUNNING UNDER USD. PRIDE NEKUVA NEMARI YEDU YAKANAKA BUT ZIMBABWEAN DOLLAR HARICHASHANDE MUZIM BOYZ (#MUNYU_HAUCHAVAVE). KURAMBA IZVI ZVAKAFANANA NEKURAMBA KUT MWARI MUKURU KUPFURA SATAN JUST BCOZ U R A SATANIST GETTING BENEFITS FROM LUCIFER. Every economy needs its own currency but muno 4 now that economic theory does not apply clearly bcoz the Zim $ is not stable. THE TOP GOVERNMENT OFFICIALS WILL BENEFIT FROM USING THE ZWD THROUGH UNDER PAYMENT OF SALARIES, PENSIONS, TOBACCO, MAIZE & MANY MANY MORE WHILE THE REST OF THE COUNTRY IS SUFFERING. THUS WHY ED IS SAYING THAT, EVEN ANY EDUCATED BLIND PERSON CAN C THAT, SIMPLE AS THAT.


Chikandamina 3 months ago

Nyaudzosigwi chaidzo taneta,ndaapinde hake.


WILLIAM SONBOY CHINEMBIRI 3 months ago

I WANT TO SIDE WITH THE PRESIDENT THAT A COUNTRY CAN ONLY PROSPER WHEN USING ITS OWN CURRENCY. SO FAR SO GOOD.

BUT OUR RTGS HAVE BEEN RENDERED USELESS BY THE BLACK MARKET RATES. AT THE MOMENT ZIMBABWE IS USING RTGS AND US$. THIS MEANS EVERY PERSON CHOOSES THE CURRENCY HE WANTS TO USE. CIVIL SERVANTS HAVE CHOSEN TO BE PAID IN US$ OR RTGS EQUIVALENT TO US$540.

OUR RTGS HAVE BEEN RENDERED USELESS BY THE BLACK MARKET WHICH GOVERNMENT HAS DISMALLY FAILED TO CONTROL.

IF OUR GOVERNMENT WANTS TO USE RTGS ONLY, IT MUST FIRST STAMP OUT BLACK MARKET.

YOURS FAITHFULLY
CDE KUFA KWANGU ZVAROVA
[ THE BLACK MARKET ]


Gidza 3 months ago

Dozens vanenge vari vanhu vangani pachi Arithmetic counting? Ndiri serious kuda kuziva.


Two Boy 3 months ago

Dozen is a group of 12 items. Dozens are sets of 12. This is the arithmetic side. In English, however, dozen has other meaning not related to 12. When we refer to people as dozens, we mean that they are many. No actual is counting is done.

Makelanwi 3 months ago

So this old Fella is boasting that we have our own currency.At the moment hatina currency,Manyepo ayo,Makamboona currency inodonha daily.


Sir 3 months ago

Haa sekuru dzirimo here kumusoro umo or mune mvura nemari yenyu yakaora iyoyo inoitei musoro wakaramba kubuda vhudzi


Sponono 3 months ago

We are actually going nowhere, Come 2023 Shuuuuuuuuu Madhara ku penjeni, Mukomana Opinda Zvake achi shaina, Yellow chete chete


get sense 3 months ago

might sponono you hv decided to come into your senses 😂😂😂

Vybz Kartel 3 months ago

Uchiri kurota nanhasi

😴 3 months ago

Hurument must charge for all its services in ZimDollar. No to selective Ginyanomics.


Shaman 3 months ago

Did the epworth residents get the promised title deeds?


Lil teeng 3 months ago

Kana tavaka ma flats tova rentesera vachibhadhara US30 per room. Asingagone hatidi kumuonapo

Sir 3 months ago

Haa mazitanda evanhu aya anonyepa iwaya

Tk 3 months ago

Ngavabvunze vekumbare on the last election ya 2018 vakanzi tikuda kuiita brook chaiyo bur vavoter bva zvavharana

Daily prophecy 3 months ago

@Shaman they didn't get them
That was propaganda that was used hanzi tikuda kutanga tavaka maflats kuitwa maGrade 1 chaiwo
PROPAGANDA is still working in this century


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