Mnangagwa admits failure

PRESIDENT Emmerson Mnangagwa has admitted the deteriorating state of the economy is due to decades of bad decisions made by the previous administration in which he occupied a key post.

BY TATIRA ZWINOIRA

Mnangagwa took over the reins last year after a military-backed operation led to the resignation of Robert Mugabe as President.
Asked by BBC reporter Mishal Husain during the World Economic Forum (WEF) annual meeting in Davos, Switzerland, on Wednesday whether the state of the economy was due to many years of bad decisions from a ruling party in which he was a central figure, Mnangagwa responded in the affirmative.

“That is correct. This is why we said going into the future, we would want to embrace the international community. We also want the international community to embrace us and to do so, we must look at what is necessary to be done in order for the international community to accept us, in order for the international community to say ‘today, Zimbabwe is suitable for investment’,” Mnangagwa said.

“So, we must look at constraints investors were saying these are the things that determined their bringing capital into any destination. As you are aware, capital can go only where it feels comfortable. Why is it not feeling comfortable in Zimbabwe? We must address those issues.”

International bodies, economists and business organisations have, in the past, blamed toxic legislations such as the Indigenisation and Empowerment Act for scaring away potential investors.

Despite receiving inquiries with approved projects of $3 billion and $2 billion in 2015 and 2016 respectively, none of these projects have materialised.

Mnangagwa said the country had long lagged behind, but then now, it was open for business as he was looking “at all legislation, which we have that has been constraining business coming into Zimbabwe so that there is ease of doing business in Zimbabwe.”
To date, the government has announced that the 51:49% indigenisation threshold would only apply to diamond and platinum mining in an ambitious bid to lure foreign investors into the economy.

Despite these efforts, investors are still holding back investment as evidence by the poor performance on the Zimbabwe Stock Exchange since November 2017.

Many investors remain sceptical over Mnangagwa, due to his role in the Mugabe-led administration.

Mnangagwa led a delegation to Davos, which was mainly staffed by government officials and a few private sector representatives, to lure investors into the economy.

Central bank governor John Mangudya told NewsDay from Davos that meetings with prospective investors were “going very well”.
“They (meetings) are going on very well. We are selling the narrative that Zimbabwe is open for business and that there are plenty of business opportunities in Zimbabwe. That these opportunities need to be exploited to transform the economy in order to increase production, productivity, employment opportunities and foreign exchange receipts from foreign direct investment, exports and international remittances,” he said.

The 2018 edition of WEF opened on Tuesday and ends today.

22 Comments

  1. ED and the citizens of zimbabwe failed and failed big as the people were putting trust in a wrong government and the wrong government enjoyed up until last november 2017 when everyone woke up from the deep slumber, but its now time for change and it has to be big big change to make up for the lost years, i hope our prayers will be answered.

    1. GET RID OF “MUGABE CONSTITUTION” ( COMMUNIST )

  2. A central figure, Mnangagwa responded in the affirmative that “state of the economy was due to many years of bad decisions from a ruling party”.

    President why did you, despite pressure from Mishal, skirt the issue of Gukurahundi? You seemed to be worked up when the subject was brought up. Why Mr President? As the journalist suggested to you, just say you are sorry. I believe a simple I AM SORRY from you will do and will calm a lot of people. just admit mani went. Yini ngawe anti?

  3. Comment…nonsense, siyai ngwena igadzire
    Nyika

  4. nonsense, siyai ngwena igadzire
    Nyika apo

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  6. josphat mugadzaweta

    zanu is a bunch of rootless cultural bastards, groping in darkness 4 lost identity. it is a kingdom of thieves in which there is no honourable. einstein put it clearly that the level of awareness that created a problem cannot be the same that can be used to solve. ED & co cannot thus fix our problems…. but vaende this year

  7. Tears of Gugurawundi

    Putting your trust on failed ED cabal is suicidal , these guys failed and am not expecting any change from them.At that time why didn’t they advise Mugabe in the right way.
    As a matter of fact these guys initiated these programmes of economic destruction , looted our resources and did a lot of shenaniganism , corruption , created hatred among st ourselves as brothers and sisters.Mugabe didn’t initiate any economic destruction programs it is them . The truth is lets have a new government with new leaders and let these Zanu pf crones test how it feels to be out of power like Mugabe.If there are willing to see the nation prosper they should know that someone else must lead zanu has failed.
    This nation will be a glory with a leader who is either Shona or Ndebele , i prefer someone from Binga to lead this nation you will see a lot of beauty
    Truly they cant reform when there are in power.No matter what they tell the international community what is on the ground does not tally what they say out there.
    we cant also trust them from how they got into power.they did not get into power the right way.
    I never liked how Mugabe has been cheating us in elections , but i did not want him to resign under duress.
    God is for us all , if they tell us the truth on how Mugabe went out then we can think of having faith in them.
    For now we are holding onto their historical behavior , their background is tainted with bad things as such they do not deserve to lead this peace loving nation
    I appeal to all those with progressive minds to vote wisely so that we can have a new test.
    In the case Tsvangstone does not recover in time , God bring us a better solution to this and not take our cheated true hero of black independence.

  8. Tears of Gugurawundi

    This nation will be a glory with a leader who is NEITHER Shona or Ndebele , i prefer someone from Binga to lead this nation you will see a lot of beauty

    1. fucken’ senseless Tribalist!! Why are are u looking at tribes ..Zimbabwe just needs a capable leader..

  9. Tears of Gugurawundi

    Jonna argued that he had accepted his mistakes, including the Tsholotsho Declaration that Mnangagwa was part of. He accused Mnangagwa of dumping them at the 11th hour and having been behind the stillborn formation of a party after the Tsholotsho debacle,” the source added.

    EXTRACT FROM ZANU PF POLITBURO MEETINGS IN 2017

    From this one can tell that Ed has chameleon traits , dont trust such people.

  10. Tears of Gugurawundi

    Biggie , you are not men enough , deal with facts in issue and tell the world which tribe i belong to.

  11. Right to say it

    When one applies for a job , the first thing the employers look at is the background of the person, therefore these two tribes have a bad background which is promoting tribalism , so to quell that lets have someone from a neutral tribe to lead us .

    Shonas are known for corruption anywhere Mr Biggie , you like it or not , winds of anti corruption will pounce on you soon.

    1. Umkhonto ka Shaka

      Shonas maybe known for corruption but they have numbers too unlike a Tonga who might be our Moses to take us to Canaan he/she will not get their votes because of tribalism. Yes,Tribalism,I reiterate that as evidenced by Chief Charumbira who addresses a chiefs meeting in Shona, in Parliament they speak in Shona but if another tribe addresses the same gathering in their language they will shout “atinzvi”.

  12. Saying “I am sorry” is clearly not part of the Zanu PF culture, they just expect to be automatically forgiven and let bygones be bygones. This smacks of arrogance and a sense of omniscience. The journalist clearly brought out the lack of accountability.

  13. ” MUGABE CONSTITUTION ” KRAP

    1. THE SOONER YOU ALL UNDERSTAND HOW YOU INTERPRET COMMUNIST KRAP CONSTITUTION THE BETTER
      THAT INCLUDES MNANAGWA

  14. ediot u must go u n party

  15. Don’t bring the tribal issue.This has been the monkey on our shoulders since the Lobengula period which manipulative Rhodes exploited on it.Mugabe distroyed the country but it doesn’t mean that anyone good from his tribe God knows which should not rule Zimbabwe. Zimbabwe belongs to everyone who lives and was born in it.

    1. it is baffling to notice that we Zimbos are our own worst enemies.
      Judging by the level of tribalism in our contribution to any issues being debated, I can see ourselves going nowhere with the idea of building a successful and prosperous nation. Most of our individual contributions cannot even hide the animosity among st our tribes. We want to propel our nation into the new modern era of the global village and yet we rather prefer to live in the primitive age. A progressive person thinks more of being Zimbabwean more than identifying with politics of tribes or regions. Come on brother let us join hands together to rebuild Zimbabwe. Lives are too short, let us make and leave meaningful contribution to our beautiful country for the good of our children.

  16. at least we have mr chamisa in the waiting room chamisa for president 2018 we are tired of all these old hags

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