Zimdollar collapse a harbinger of worse things to come

Zim dollar

THE Zimdollar this week recorded its biggest single day drop off since its reintroduction in June 2019 of 26% to $1 888,01, against the United States dollar on the official market.

On the parallel market, the Zimbabwe dollar depreciated almost similarly by 33% to $4 000, against the greenback, in the same timeframe.

It proves two things.

One, the fake official exchange rates from the foreign currency auction and interbank market is no longer holding, and two, the parallel forex market exchange rate rose by at least 9% a day this week.

When it reintroduced the Zimdollar, government was told this would happen by economists, businesses, activists, the opposition, multilateral partners and every other noteworthy person.

Even some, and we say that cautiously, in Zanu PF have complained about the fall of the Zimbabwe dollar.

Instead of addressing the problems, the government has resorted to threats.

At this point, it is not farfetched to say that it seems the only thing the government can “fix” is us the citizens, and it has started vaguely reminding us of how the entire security apparatus is at disposal.

That is why we are reminded about the most famous line from the greatest literary fictional detective, Sherlock Holmes, created by the 19th century British author Sir Arthur Doyle.

“When you have eliminated the impossible, whatever remains, however improbable, must be the truth.”

Yes. If the government is seeing these macro-economic developments, is not acting and instead threatens the people, what does that tell us about the people running it? That they have no clue what they are doing, that they are greedy, vainglorious sycophants who don’t care about the damage they are causing the rest of us.

Why would they?

As recently as March, Zimbabweans had a front row seat in the Gold Mafia investigative documentary by Al Jazeera, showing how our so-called elected leadership and those closest to it were looting national resources at an alarming rate and laundering money on a global scale.

With millions of US dollars at their disposal, and in the absence of accountability, why would they care if millions of their citizens are struggling to put one meal on the table per day?

Clearly, Zanu PF, government officials and those linked to them live lavish lifestyles and, thus, do not face the same problems the ordinary man endures.

In the Gold Mafia documentary, President Emmerson Mnangagwa’s ambassador-at-large, Uebert “Angel” Mudzanire told us that the President is spending US$240 million on his re-election campaign.

That does not seem like someone who can relate to the modern-day problems facing the nation. Rather, it is a representation of someone so out of touch with the harsh realities of everyday Zimbabweans. And it will only get worse.

The options for our young people are dwindling with each passing day.

Young women should not aspire to be the side chicks of corrupt individuals and the young men must not continue looking for the easy way out to live — hustling — with no productive output that moves the nation forward.

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