Reserve Bank of Zimbabwe governor John Mangudya says he prays for Zimbabweans every morning so that God helps them understand economics.
Zimbabwe’s annual inflation stands at 934%, according to independent economists but Government figures claim a 676% inflation rate as of March.
Appearing on Wednesday before parliament’s budget and finance committee, led by Felix Mhona, Zanu-PF’s Chikomba Central MP, Mangudya said:
I pray for Zimbabwe each morning, saying, ‘Oh God, help Zimbabweans understand economics.
Mangudya slammed mobile money agents for operating like “Ponzi schemes” which he likened to “Sodom and Gomorrah”.
He asserted that the country’s economic challenges are not a result of missteps but emanate from a “demon” which, operating like coronavirus, has to be traced and dealt with. Said Mangudya:
There’s a demon in this country causing economic instability. It’s like coronavirus but we have to trace it. We have to understand the root cause of our economic challenges. We should not spend a lot of time focusing on symptoms.
Mangudya said coronavirus has badly affected Zimbabwe at a time when the country was left out of relief loan funds for the pandemic because it owed the World Bank and African Development Bank.
He conceded that there is nothing that Zimbabwe can do as it is considered high risk.