Bond notes: Gono speaks out

FORMER Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono has broken his silence on the recent decision by his successor, John Mangudya to introduce bond notes into the economy.

Former Reserve Bank Governor Gideon Gono  Pic Shepherd Tozvireva
Former Reserve Bank Governor Gideon Gono Pic Shepherd Tozvireva

Gono left his job at the expiry of a turbulent 10-year tenure in 2013, after presiding over a record-breaking inflationary era widely blamed on his quasi-fiscal operations as central bank chief.

During the period, Gono printed bearer cheques in a bid to contain a revolting economy, a move which drove basic commodities off supermarket shelves and onto the black market. The ex-governor has vehemently defended his decisions insisting he was merely taking instructions from his principal, President Robert Mugabe.

However, as debate continues to rage among Zimbabweans who have expressed strong resentment towards the return of their own currency, Gono’s silence has been conspicuous.

Following repeated attempts to solicit for his take on the bond notes controversy by, Gono poured his heart out, saying Mangudya was merely trying to tackle problems unique to his time.

Zimbabweans feel bond notes will bring back the turmoil that marred the former governor’s tenure.

“Generally, governors avoid dabbling into each other’s tenures, so I really can’t comment much except to pray for immediate and urgent solutions,” Gono said.

“The governor is receiving unfair attacks and brickbats from across the board and my hope is that he does not get discouraged.

“I do, as I think my predecessors also do, understand and support him even if we have not met to share ideas since he took office due to mutually busy diaries.

“No predecessor wants his successor to fail, and I’m no different. He (Mangudya) is operating in a different era from mine and no two periods are the same.”

The country’s opposition has thrashed the decision to introduce bond notes, saying this was an attempt by a cornered Mugabe-led regime to “rig the economy”.

Gono blamed the current uproar surrounding the pending introduction of bond notes to what he said was political disunity among Zimbabweans.

“The period 2000 to 2008 was characterised by unprecedented political animosity and conflict among Zimbabweans politically compared to anything ever seen in the 1990s,” he said.

“This lack of unity among Zimbabweans clearly adversely affected the economy and how the governor reacted to the ensuing challenges which probably a previous, current or future governor would not be confronted with.”

Gono added: “Political disunity in relation to economic issues reduces confidence in an economy and more so in one that desperately needs investment, jobs, production and stability.

“These and other unique factors during one’s given tenure make period comparisons academic.

“ . . . I always hold Zimbabwe’s economy and the well-being of all its people very dear and close to my heart such that I hope and pray that the proposed measures (bond notes) work to avoid Zimbabwe sliding into another casino status number two; this time round, in US$ terms.

“I think we need to delve deeper than we have done so far in finding and prescribing solutions to avoid curing symptoms only instead of the real causes of our current liquidity problems.

“Liquidity problems are fatal to any economy just like lack of adequate blood in our bodies leave vital organs of our bodies functionally dead.”

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  1. Gono is a financial criminal and economic saboteur. As such he has no moral authority to lecture his victims on bond notes. Gono committed financial and economic genocide by producing the highest hyperinflation ever which wiped out our savings, pensions and rendered the zwd worthless. Furthermore Gono stole money from FCA Account holders amounting to $1.3b. Now Gono’s successor John Mangudya not to be undone wants to introduce his own John Bonds after stealing money from RBZ’s Nostro Accounts. Instead of speaking up Gono should first apologise to the people of Zimbabwe for inflicting financial genocide on them. In a normal country Gono would not be enjoying his freedom. He would be in jail. In China Gono would have been shot dead by a firing squad for committing these heinous crimes to human beings.Gono is adding salt to injury by supporting his partner in crime, Mangudya. Gono should shut up and go to hell!

    1. How true. Well said

    2. CONCUR.WELCOME BACK DR 0000000000000000000000000000000000000000000. THOUGH YOU HAD GONE GONE!

  2. The last man to talk about bond notes is Gono, if we don’t have others to speak then lets just zip it. Gono its not disunity its arrogance and greedy on party of the ruling party. These guys are not ashamed to go for holiday in expensive resorts yet they are the least productive people where do they get the money? I expect to see Strive Masiyiwa in the Mauritius or Deseryt sands of Dubai because he has a productive company not Mugabe, Mzembi, Chinamasa’s children who at most are at school but are holidaying in Thailand eh, these are the people who have destroyed the nation.

  3. what else can you say Mr Gono. Just shutup and continue with your political ambitions

  4. shayadzamugabe

    After all, mangundla and gono are like 6 and 9 same size of brain hence same confusion.

  5. Hachiputse Ukama

    The major problem with beautiful country of ours is the 92 year old kules at the helm of state and government! Why cant he just go???? He is the largest bond note and bearer cheque .. in fact he is the greatest liability this beautiful country has ever heard! Endai munofudza nguruve dzedu kwaZvimba kule muchitaurira vanazukuru venyu anaChatunga ngano grrrrrrrrr

  6. I cannot believe that anyone in his right mind would seek any comment from this idiot and give any merit to it. Gideon Gono is the worst reserve bank governor ever in any economy. He single handedly
    destroyed the Zimbabwe economy and reversed all indigenisation gains in the financial services sector, apart from impoverishing millions of Zimbabweans in the process.

    So please, let this idiot rot in hell where ever he is and spare us any of his utterly useless views. You can use this space for better issues than this nonsense from GG.

  7. Gono clarified the point that he was taking notes from Mugabe so what is wrong with Gono.

  8. Gono is a cow of Bashan, he cuased untold sufferring to Zimbabwe due to his bad policies. So he should just shut up

  9. Gono iMbudzi yemunhu, Zimbabwe is still recovering from his tenure of terror.

    1. Hey, please….! What did goats ever do to you??

  10. Just to hear Gono speak again is unbearable torture

  11. Canaan Tinosvika Chete

    Mwari watinonamata haarare hope these people should know, tanzwa nenhamo. Mwari vachatinzwa zvavo ngatirambei tichinamata ava varikuita zvavo izvi ngavaite nguva inokwana. People should fear God mhani…

  12. guys no matter what you do. Mugabe is the problem. he has to go nomatter what . until you get rid of bob all these other measures do not matter.

  13. Cde Mzvinavhu(Prof)

    Gono should just shut up. He has no advice to give to this suffering nation. He is a liability! Period!

  14. To my surprise all these former governors end up being businessman. Moyana,Tsumba and Gono are living examples.Were these businesses acquired legally or by hook and crook.If Gono is saying he was merely carrying out instructions akatumwa kunouraya munhu anouraya here.We all agree that he led this country to the pigs.The most Honorable thing he can do is to just admit and move on not to reopen suffering citizens’ wounds.

  15. The real problem is Mugabe , Gono and Magudya are just being caught in cross fire because the can’t dare tel Mugabe the truth that this doesn’t work it’s just a pain stop and not medication .Mugabe is too old to be the leader of a nation like Zimbabwe he better go and be a Headman in Zvimba.

  16. Gono is a clown, a disgrace, getting fat from corruption money. may he rot in peace

  17. asisenzeni ndawonye bantwana benhlabathi. udubo ngohlethu sonke akulandaba ungowakosibanda loba wakodlodlo.asihlanganiseni amakhanda njengamazimbabwean silungiseni izinto.

  18. Cash crisis is a symptom of an economic crisis, which is a result of a fraudulent election, no matter how much you deny rigging. The economy always tells the truth.

  19. umuzi nxa usulunxiwa uyawubalekela kumbe uyawuvuselela.tshela mina mzala.

  20. Mugabe wants bond note for either of the two obvious reasons. Either he wants the 2008 chaos to resurface and force another GNU which may catapult him beyond 2018 for fear of an obvious and glaring defeat, or, he is not aware his advisors want him to blunder again and pave way for war veterans backed Mnangagwa. Away from these two reasons, there is no justification for bond money whatsoever. Why not lean towards Rand and Pula?

  21. Leave this Gono thug alone. He has no clue on what it means to run a central bank. I am sure he will be called to answer for his malpractices when Zimbabwe finally got independent. That is if he still alive. Gono presided over a dying economy and he continued to table emotional monetary speeches, the same in the same style Saddam Hussein’s spokesmen used to tell how Iraqi was winning when in fact it was loosing the war against the American led invasion.

  22. Mugabe leads a party whose office bearers are beneficiaries of whatever little is availed by the economy and who may want the status quo to continue. His departure may not change anything. Focus should be on the party and not an individual.

  23. what we can expect is poverty on top of more poverty and us the people sandwiched between poverty on top of poverty on top and an extremly corrupt and brutal regime on both sides. TOITACEI NHAI VANHU TOITACEI

  24. Gono and Mangudya I take it that they are proffessional people. Why not just do the right thing and resign. Tell the boss that what he is saying they can not do and resign with dignity

    1. You believe if there were sanctions you would have had the privilege of holding a US$ in your hand in Zimbabwe? What currency do you think your Dear Leader takes with him when he goes on the many trips to Singapore and other joints? I like people who always find scapegoats instead of facing their challenges head-on. Our problem is man-made by greedy, thoughtless and clueless leadership.

  25. Anti-Sanction

    the country has been under illegal sanctions and these are the cause of all these economic crises we are facing. if only we could rally behind our government and show the world that we are aware of the Westeners strategy, we definitely win the battle. its not about mugabe, gono etc

  26. Pamberi ne Zimbabwe.

  27. Ndokumbirawo small pin charger guyz.Zve Zimbabwe hameno ngavaite

  28. Gono must be sincere and say Zanu PF has failed. This voodoo economics he wants to lecture us on is not going to be listened to. Mangudya has also failed. Cash vanishing under a multi currency regime?? impossible. This is the highest form of failure. He will regret the day he left CBZ. These foolish governors must just tell the political leaders the truth. Why would a doctorate governor prematurely announce the introduction of bond notes?? Now look cash shortage is ravaging because people have started hoading in preparation of the bond note menace. Now he wants to arrest those who are not Banking. I hope we will hear most ministers have been arrested because they are the main culprits.

  29. Anti-Sanction

    pasi nemasanction ndo akonzera zvose izvi

  30. Masanction api aunotaura iwe Anti-Sanction. When Smith declared UDI, Rhodesia was placed on international sanctions that made people then to be innovative mabasa aiwanikwa industry yaifamba masanctions ariko South Africa became a strategic partner. Come 1980 Zanu PF took control economy was performing service delivery was wonderful things have taken a nose dive. Roads are dilapitating, councils are being run down government officials are corrupt including the president himself he awards corrupt people with posts. Zanu PF has failed Mugabe has failed he must go. Look East policy yakalooter madiamonds maChina haana investment yaari kuita havavke zvikoro, kana zvipatara munzvimbo dzavanoitira business. Mabasa hakuna makambani arikuvhara people are going for months without salaries. Government is behind these cash shortages. Mazvitadza izvi ipai vamwe mukana. Ushe madzoro.

  31. I CAN understand why Mangudya has not met with Gono

  32. Bearer cheques….again

    Gideon Gono is such a disgrace and and took part in the looting.

    A man of such potential.

    And to say that disunity caused the problems 2006-2008 is nonsense. It was looting, a failed and rushed land reform, and crazy economics.

  33. I think these measures are non political like many of you guys see it, we need to have confidence in some of these policies with e exception of indeginisation ofcz. l dnt thnk anybdy wld enjoy wat Zimbabweans are going thru even Mugabe himslf, these desperate measures r evidence of tt. The economy cannot prevail wit e current cash shortages n already we hv seen countries warning their citizens of travelling to Zim cz we r facing cash problems, tt in itslf will affect e tourism sector. Lets just hv sm bit of confidence wit wat Mangudya is doing here, already e world bank n Imf r behind e move. From a financial n economic point of view l support e move.

  34. Gono pliz stop talking u have totally failed your tenure . We don’t want any advice from u pliz .

  35. the thing that is killing our country is greed we need to burn down these greedy pigs like mangudgya busy stealing our money and banking it overseas you won’t enjoy not even a cent of it coz stealing from the poor is a sin burn em

  36. Why do they all blame the people for their mistakes in office, we as Zimbabweans give you power when we vote, but you blame us when you fail to use that power wisely. Lets not talk about politics and economics in the same sentence for a chance, i don’t think Zimbabwe has 14 million politicians. Its not time for a change but its the time for these politicians to do their jobs because you have been feeding yourself and forgot what you were elected for. There are over 17000 graduate every year in Zimbabwe but instead of finding work a degree is equivalent to a grade seven certificate because instead of creating a million jobs you have actually taken away a million jobs. The problem is that you are busy spending money that we work hard to make and trust you with and claiming there is no money, if a thorough audit was to be done on each and every ministers finances we will be shocked at their yearly expenditure. We are undoubtedly a very rich country in terms of minerals but where is all the money form these minerals going. The government is too involved in our economy. We need to see how much the government is spending before we can trust any of them, because we might claim the country is our whilst we are being oppressed by our own people.
    #we are now slave of our own Government

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