Come clean on RBZ operations

This is the period when RBZ, to a large extent, took over the functions of the Ministry of Finance using the argument that the country was in an extraordinary economic situation and therefore extraordinary measures were needed.

Numerous claims have been made by both insiders and outsiders about how officials at the bank, among them, naturally, bank chief Gideon Gono himself, dabbled in activities that, at face value, were corrupt.

These claims against RBZ officials include: abusing the Fidelity money printing facility during the days of hyperinflation when local dollars were used to scoop up foreign currency on the black market; abuse of the farm mechanisation programme; siphoning of gold bullion; shady allowances and payouts to individuals and institutions; raids on foreign currency accounts and opaque property acquisitions.

These are by no means slight allegations and should be given the attention they deserve. In other countries, where transparency, accountability and professionalism are the hallmarks of governance systems, the boat would have been rocked long back. A central governor worth his salt would not have lasted two days in office following such allegations.

Disturbingly, this is not the case within Zimbabwe. While attempts have been made in the past to bring Gono before Parliament to answer to the numerous allegations against him, nothing significant has come of it. He has used legal and other technicalities to wiggle out of the probe.

No-one here is saying Gono, as the head of RBZ, is guilty. A probe is not an indictment platform. It is a process meant to garner facts and help establish the truth for the benefit of the country, its institutions, business sectors and the people.

In that regard, Gono should have been the first person to volunteer to help establish the truth. He has been at the helm of that institution for a long time and is the treasure trove of institutional memory.

The fact that he is reluctant to avail himself and RBZ for investigations leaves us with the impression that some people out there are determined to hide the truth, as many observers have already said. It should not be forgotten that Gono is President Robert Mugabe’s personal banker – and has been for many years.

If the truth were to be told, Gono should have been placed on suspension the moment allegations of high level fraud and corruption came to the fore. That would have helped investigators do their job without hindrance. Leaving him to run the bank has given him ample opportunity to cover his tracks and destroy vital evidence.

Now that the Zimbabwe Anti-Corruption Commission has been furnished with a dossier listing some of the alleged excesses at RBZ, we hope serious investigations will begin. The ZACC has been accused of doing a shoddy job in the past, and we hope things will change this time around.