Minister of Finance, Professor Mthuli Ncube has said that Zimbabwe is on a journey and the government knows the country’s destination. He said that the ongoing reforms are meant to address the challenges which have been hindering the achievement of desired goals.
The minister writes at a time when he just introduced Statutory Instrument 142 of 2019 which bans the use of all foreign currencies for domestic transactions. It also reintroduced the Zimbabwe dollar that was ditched a decade ago after a record high hyperinflation.
Ncube says that Zimbabwe has a very long journey to go. He says:
When embarking on an arduous journey such as the complete reformation and rebuilding of an economy, it is however crucial you know what your destination is. We know what our destination is: It is middle income status. It is prosperity for the people of Zimbabwe.
He also said that it was not enough having a picture of what tomorrow looks like. Ncube added:
Most importantly, you must take control of as many factors as possible. You must have control over your destiny.
This week, Zimbabwe took back control of its economic destiny.
In fact, it had always been apparent to us that for true stability, stability upon which economic growth can be built, our own currency was necessary.
The minister further argues that getting rid of the multi-currency regime gives the government control of monetary policies.
Zimbabweans are divided over the return of the Zimbabwe dollar with some arguing that it will fail.
More: The Herald
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Professor Mthuli Ncube is the Minister of Finance and Economic Development.He was the Chief Economist and Vice President of the African Development Bank ,financial, economics, investment, and public policy expert, entrepreneur and academic. Professor Ncube divides his time between the private sector in Switzerland and... Read More About Mthuli Ncube