THE various policy initiatives adopted by Government have got the country’s economy firmly set on a growth trajectory which can withstand any shocks that may be encountered in the future, President Mnangagwa has said.
Writing in his weekly column in The Sunday Mail, his last instalment for the year, President Mnangagwa said the economy’s recovery and growth were a result of the policy initiatives adopted by the Second Republic since coming into office.
“The Transitional Stabilisation Programme (TSP) and its sequel, the National Development Strategy 1 (NDS1), have seen our economy lurching from recovery to growth,” he said.
“We are now on a sustained growth trajectory, whatever the frequent shocks we encounter along the way, whether these are endogenous or exogenous. What the year 2022 revealed and stressed was the importance of quick, creative policy responses to any such shocks.”
The President said the economy had responded to measures undertaken under the TSP and NDS1 with the manufacturing sector increasing capacity utilisation from as low as 30 percent or even below, to over 66 percent at present.
He added that the economy had performed admirably in a focused and targeted way.
“We are seeing expanded mining activity across the board, including in new strategic minerals such as platinum, lithium, oil and gas.
“Even old mines and operations are either re-opening or expanding respectively, thus creating many jobs especially for our youths.
“Artisanal gold miners have surpassed expectations, both by output and their integrity record on gold deliveries. More gold is now being delivered than ever before, the greater part coming from small, artisanal miners,” President Mnangagwa said.
Some of the milestones recorded in the mining sector include the multi-billion-dollar commissioning of the Dinson Iron and Steel Plant in Manhize, Chirimhanzu and the Karo Mining Holdings platinum mine in Mhondoro.
The TSP was adopted in 2018 as a two-year programme and outlined policies, strategies and projects that guided Zimbabwe’s social and economic development interventions simultaneously targeting immediate quick-wins and laying a robust base for economic growth for the period 2021-2030.
It’s successor, the NDS1 (2021-2025), is aimed at realising the country’s Vision 2030 and its objectives include; strengthening macroeconomic stability characterised by low and stable inflation, as well as exchange rate stability; achieve and sustain inclusive and equitable real GDP growth; promote new enterprise development, employment and job creation and strengthen social infrastructure and social safety nets among others.
President Mnangagwa said economic saboteurs who cause chaos in the market for personal gain would be dealt with decisively in the year ahead and beyond.
“The year also revealed that indiscipline and selfishness in the market must be fought with all vigour, and without fear or favour. There will always be bad players in our midst who deviously seek to profit from crises they either create or find in the economy or in the world.
“Where we have so many exogenous shocks hitting us in unremitting succession, such bad players increase and threaten our economic recovery and growth. Bad apples will be removed.
“Even measures and facilities meant to assist the economy, such as the introduction of a local currency, or the foreign exchange auction system, are wilfully distorted and hijacked to create mayhem in the market.
“Such disruptions must be dealt with swiftly and decisively so a clear message is sent to all players in the market that cutting corners or inventing them invites sure ruin. Going forward into the new year, Government will not hesitate to act whenever and wherever fair market rules are flouted.”
President Mnangagwa said the new policy of getting mining royalties part in cash and part in commodities was aimed at setting up mineral stockpiles that can always be leveraged for critical financial inflows into the economy.
He justified the policy move saying it would counter the harsh, illegal sanctions imposed on the country by some Western countries who enjoy disproportionate influence on the global credit lending system.
The President said the tourism sector had made a phenomenal recovery from Covid-19 related setbacks and had used the period of the pandemic to invest in new projects while expanding existing ones.
“That far-sightedness which projected beyond the global pandemic, is now paying off. Zimbabwe has become such a preferred destination both for tourists and airlines that we are facing capacity constraints and bottlenecks we just have to address.
“I am aware of several greenfield tourism projects which will soon take off, thus improving and spatially dispersing our tourism product,” he said. – The Herald
