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NewsDay

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Zim’s economic development requires national solutions

Opinion & Analysis
It is these conditions that have a history of crippling Zimbabwe’s economy, taking us back to those structural adjustment programmes.

By Tina Tiny Shanduka

THE reputation of a State is a key factor in determining economic development especially where issues of re-engagement and opening up the economy for business are concerned.

A good State reputation has a tendency of attracting important bilateral and multilateral relations that are beneficial to the whole ecosystem of the State. However, at this moment Zimbabwe is not seductive enough to attract new economic ventures such as investment, business partnerships and international finance.

With regards to the current turn of events in the international system, re-engagement should be placed last on Zimbabwe’s economic development list after working out modalities befitting such in its backyard.

Re-engagement and foreign assistance are two sides of the same coin as these two come with terms and conditions.

It is these conditions that have a history of crippling Zimbabwe’s economy, taking us back to those structural adjustment programmes.

More so, Zimbabwe’s foreign debt continues to grow and the economic bail out rhetoric is losing relevance and significance.

Thus, the government of Zimbabwe should not place all hope and reliance on these aspects.

Even so, it is unrealistic to perpetually look to foreign direct investment as a major injection to the national fiscal.

A major economic drive should be premised on resource nationalisation as an alternative considering that Zimbabwe has natural resources in abundance.

Resource nationalism allows a nation to develop by taking advantage of its natural resources and use them wisely to build and rebuild the nation.

This is well captured in what is known as a developmental State, which is a model Zimbabwe should explore to achieve a middle-income economy by 2030.

Even in the entertainment industry, productions such as Black Panther offer clear insights into what a developmental State under resource nationalism can achieve.

Therefore, Zimbabwe should not rely solely on external funding for its development as this can be detrimental to the nation if exposed to desperation and exploitation.

Notably, there are no permanent friends in international politics inasmuch as some States may claim to be all-weather friends.

There will always that aspects of pursuing self-interest in the name of bilateral relations. This is so because States the world over have an inherent desire to dominate others, and will do anything to maximise power. Is Zimbabwe aiding other States to grow economically at the expense of its citizens?

There are two economic sectors that if properly managed, Zimbabwe will develop significantly. The agricultural and the mining sectors are the most important sectors where the riches of the nation lie and these sectors should be protected if Zimbabwe is to make it as a middle-income economy by 2030. The command agricultural programme, a commendable initiative, should be prolonged for the full economic resuscitation of the State.

Even so, a similar initiative should be undertaken in the mining sector to plug problems of illicit financial flows and smuggling of the precious minerals.

A strong intervention of the government in these sectors especially in promoting and supporting local entrepreneurs will make a huge difference to the economy compared to the rights given to the Chinese and Russians. But to realise progress and success in these sectors towards developing the nation, there is need to fight corruption aggressively.

The Asian tigers and Rwanda made it to where they are today by putting up a serious fight against corruption. Lucrative domestic policies and attractive foreign policies can be crafted but if corruption stands in the way, development is mere conjecture.

The revenue lost year-on-year due to corruption is so much that if properly accounted for, borrowing from the International Monetary Fund and other financial institutions will be a thing of the past.

Unless corruption is uprooted, most development efforts will be like pouring water in a holed bucket.

Lastly, the government of Zimbabwe should re-engage with its citizens before extending its ideas to external actors.

At the same time, for Zimbabweans, there is an important role to play in developing our nation, and the task should not be left solely to government. A divided house cannot stand and Zimbabweans should remain steadfast.

This calls for Zimbabweans to stand together and build the nation in anticipation of good things for the nation.

  • Tina Tiny Shanduka is a visually-impaired student at the University of Zimbabwe pursuing a masters in Politics and International Relations

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