COMESA deal vital: Moyana

The economy could grow to dizzy heights if a trade deal is clinched the Common Market for Eastern and Southern Africa, says Kombo Moyana, former Governor of the Reserve Bank of Zimbabwe.

Moyana, who was guest of honour at this year’s edition of the Kwekwe Expo, said the country’s industries should be linked with a vibrant and effective external market. The expo whose theme was “Rebranding Kwekwe as a Preferred Investment Destination,” was organised by locals in order to market the small mining town and excite potential investors.

“We have the deepest and widest range of products which can be used by the over 450 million people in the COMESA region,” said Moyana. “All we need to do is communicate with COMESA and find users for our products. This is the best way we can improve utilisation of our industry.”

He also rubbished calls for the re-introduction of the Zimbabwean dollar saying there is still need to create a strong industry base and stabilise the economy.

At present Zimbabwe’s industry utilisation capacity is pegged on an all time low of between 10-15% The country’s foreign currency reserves are still low while the export base is still small. Other economists say these areas should be improved first before re-introducing a local currency.

Post published in: News

Leave a Reply

Your email address will not be published. Required fields are marked *