By Tendai Biti
In a scathing critique of the Zimbabwean government’s economic policies, Honourable Tendai Biti, a senior official of the Citizens Coalition for Change (CCC) Party, heavily criticized Finance Minister Mthuli Ncube and Reserve Bank of Zimbabwe Governor John Mangudya for their failure to control the runaway exchange rate. Biti expressed his disappointment over the Zimbabwe dollar trading at over ZW$7000 to US$1, which has further plunged workers into poverty and pushed companies into financial turmoil.
Biti, a former Finance Minister, highlighted that this economic mismanagement marked the third catastrophic occurrence in Zimbabwe’s economy since the turn of the millennium. The previous instances occurred in 2008 and 2019, and the current situation, according to Biti, began in May 2023.
Taking to his Twitter handle, Honourable Biti expressed his concern, stating, “Tonight some shops are now using a rate of 1US$ to ZWL$7000. Zimbabwe is now at that precipice where the exchange rate is in the self-fulfilling free fall zone that we saw in 2008. Sadly, they don’t panic, and they don’t care.” Biti criticized the regime further, pointing out that the official auction rate had plummeted to ZWL$3600, indicating a clear failure.
Biti called on the government to acknowledge its failure and apologize to the people of Zimbabwe for the disastrous de-dollarization experiment. He emphasized that the past five years under Mr. Mthuli Ncube’s leadership had been wasted, urging him to resign in shame. According to Biti, the upcoming election would be about saving Zimbabwe and the livelihoods of its citizens.
Biti also addressed the issue of corruption, looting, and incompetence within the Zimbabwean government, specifically mentioning senior officials, including President Emmerson Mnangagwa and his family. He attributed the country’s economic freefall to these factors. Biti’s call for citizens to reject the current government and vote for the CCC party led by Nelson Chamisa stems from their focus on policies that aim to revive the economy and prioritize the needs of the people.
