Wednesday, August 5, 2020

Mnangagwa says Zimbabwe’s economy is “dead”

Must read

African stars seek support for victims of Beirut explosion

Many African stars are rallying for support for victims of Tuesday’s bomb blast in the Lebanese capital Beirut. Former Chelsea and Ghanaian midfielder Michael Essien,...

Ghanaian students demonstrate over strict exams supervision

Final year students of the Tweneboa Kodua Senior High School in Ghana’s Ashanti region have demonstrated against strict supervision in the ongoing West African...

Iker Casillas retires from football

Former Real Madrid and Spain goalkeeper Iker Casillas has retired from football at the age of 39. Casillas made 725 appearances for Real during a...

SA Innovation Summit 2020 to take Africa to the World

For the very first time in its 13-year history, the SA Innovation Summit (SAIS) – the largest start-up event in Africa – will be...
Isaac Kaledzihttps://en.wikipedia.org/wiki/Isaac_Kaledzi
Isaac Kaledzi is an experienced and award winning journalist from Ghana. He has worked for several media brands both in Ghana and on the International scene. Isaac Kaledzi is currently serving as an African Correspondent for DW.
- Advertisement -

Zimbabwe’s President Emmerson Mnangagwa has described his country’s economy as “dead” as he promises to bring it back to life.

On Tuesday Mnangagwa told the country’s parliament that Zimbabweans will have to be patient with him whiles he works hard to bring the economy back from the “dead”.

Zimbabwe is facing serious economic challenges with surging inflation and lack of physical cash for business transactions.

After taking over from the late Robert Mugabe in 2017, many had hoped for better economy and significant transformation.

But it has been tough moments for Zimbabweans so far. President Mnangagwa said in a state of the nation address in parliament he is “aware of the pain being experienced by the poor and the marginalised.

- Advertisement -

Getting the economy working again from being dead will require time, patience, unity of purpose and perseverance.”

The main opposition Movement for Democratic Change (MDC) boycotted his speech.

Last weekend, Zimbabwe’s central bank banned mobile money agencies from facilitating cash withdrawals or deposits.

Only very few banks are able to provide depositors with physical cash.

- Advertisement -

Zimbabweans have now resorted to mobile money agencies who are reportedly selling cash at a premium illegally.

The country in 2008 abandoned its own currency after inflation peaked at 500 billion percent that year.

Zimbabwe introduced new measures last year and this year, and announced the return to its own currency called the Zimbabwe dollar.

The government banned the use of foreign currencies for local transactions hoping to rebuild the economy.

 

 

Source: Africafeeds.com

- Advertisement -

More articles

- Advertisement -

Latest article

African stars seek support for victims of Beirut explosion

Many African stars are rallying for support for victims of Tuesday’s bomb blast in the Lebanese capital Beirut. Former Chelsea and Ghanaian midfielder Michael Essien,...

Ghanaian students demonstrate over strict exams supervision

Final year students of the Tweneboa Kodua Senior High School in Ghana’s Ashanti region have demonstrated against strict supervision in the ongoing West African...

Iker Casillas retires from football

Former Real Madrid and Spain goalkeeper Iker Casillas has retired from football at the age of 39. Casillas made 725 appearances for Real during a...

SA Innovation Summit 2020 to take Africa to the World

For the very first time in its 13-year history, the SA Innovation Summit (SAIS) – the largest start-up event in Africa – will be...

Ghana: Businesses sack 42k workers, cut wages for 770k due to Covid-19

The shock caused by the COVID-19 pandemic has had considerable impacts on Ghanaian businesses, forcing many firms to cut costs by reducing staff hours,...