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Nkosana Moyo savages govt

Politics
FORMER Industry and International Trade minister, Nkosana Moyo, has lashed out at President Robert Mugabe’s government, saying its financial indiscipline and failure to grow the economy had largely contributed to the current financial crisis.

FORMER Industry and International Trade minister, Nkosana Moyo, has lashed out at President Robert Mugabe’s government, saying its financial indiscipline and failure to grow the economy had largely contributed to the current financial crisis.

by XOLISANI NCUBE

Nkosana Moyo
Nkosana Moyo

In a message posted on his Facebook page this week, Moyo who quit government in a huff in 2001 and relocated to South Africa, said the Zanu PF government had failed to create opportunities for economic growth.

“The fundamental issue about Zimbabwe is that the government has failed to create an environment conducive for economic growth,” Moyo said.

“Government has an insatiable appetite for spending money they do not have. It should be clear to most, if not all that the two above things cannot live side by side for any length of time. The liquidity crunch is primarily due to corruption and mismanagement.”

Moyo said he left his Cabinet post to join his family in South Africa, after he was frustrated by Zanu PF’s lawlessness and seizure of white-owned farms and businesses by ruling party activists. After his shock resignation, Mugabe chided him for being “spineless”.

Zimbabweans are currently experiencing a crippling economic crisis coupled by cash shortages and this has seen people spending valuable time in bank queues trying to access their money.

Moyo’s hardtalk over government’s uncontrolled expenditure comes shortly after former Finance minister Tendai Biti labelled the Zanu PF regime as having a penchant of “eating a rat like you have caught an elephant”.

Early this year, government had to cut down its economic growth projection to 1,2% from 2% due to a shrinking economic base and depressed investment environment.

Finance minister Patrick Chinamasa, recently told Parliament that government is spending in excess of 90% of its total monthly revenue on salaries, leaving a meagre 10% for capital projects.