Zimbabwe Economic Revival Elusive Ahead of Vote

Zimbabwean Regina Ruona joined a long queue at a bank in the capital Harare to withdraw her late husband's pension.


Zimbabweans queueing outside a bank ...
Zimbabweans queueing outside a bank …

But she was told bank notes have run out.

Bank note shortages are a symbol of the financial ruin that occurred during the decades-long rule of Robert Mugabe.

President Emmerson Mnangagwa promised to tackle the country’s economic woes, quote, “head on.”

But the promised economic revival never came.

“We used to have a strong currency and could afford a decent living, but life has become more difficult over the past 10 years.”

Ruona’s late husband’s monthly pension of 24,000 Zimbabwe dollars, that’s just over $5, is barely enough to buy about 4 pounds of sugar and half a gallon of cooking oil.

Her predicament is shared by millions of Zimbabweans struggling with rising prices after the Zimdollar weakened 85% this year.

At 101.3% year-on-year in July, Zimbabwe has one of the highest inflation rates in the world.

Unemployment remains high, with only 30% of Zimbabweans holding formal jobs.

During working hours, Harare’s pool parlors and sports betting halls teem with unemployed youth hoping for instant wins.

Tendai Mubaiwa is a 33-year-old father of two.

“There is nothing to do in the townships, so, we play pool for a living. We play three tournaments every week, and winners can get up to USD 250, but you have to put in USD5, sometimes USD 10, as a joining fee. As you can see most of the players are quite young.”

Economists say Zimbabwe’s dire economic conditions could galvanize voters against the ruling party in the election later this month.

Political analysts have warned that Zimbabwe could head for another disputed vote, with the opposition being denied state media airtime and some of its rallies being blocked by the police.

While Mnangagwa has played up progress in areas such as infrastructure development.

Citizens’ Coalition for Change leader Nelson Chamisa, Mnangagwa’s main challenger, has promised to grow Zimbabwe’s economy.

He also promised to fight corruption and end the country’s isolation by the West over allegations of human rights abuses and electoral fraud.

Critics say Chamisa has not explained how he would fund his election promises.

Post published in: Business

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