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Is Makamba singing for his supper or from his heart when he sees no evil except what is on the plate?



Makamba applauds IMF report, credits government 

by TateguruTv | Sep 23, 2022 | Local News | 0 comments

Hosia Mviringi

Business mogul and politician James Makamba has come out strongly in support of the government economic policies which have earned accolades in the recently published IMF Zimbabwe Staff Report for the 2022 Article IV Consultation which is generally known as the Staff monitoring program.

He described the report as a reflection of the positive policy intervention by the government of Zimbabwe as ably led by President Mnangagwa.

Dr Makamba revealed that the current stability and relative growth being experienced in the Zimbabwean economy is testimony to the commitment by President Mnangagwa to walk the talk towards the promised Vision 2030.

“When President Mnangagwa set the goals for the attainment of Vision 2030 as espoused under the NDS1 economic blueprint, he knew what was involved in the process to the attainment of that goal.
The President has delivered on his promise to stabilise the economy under TSP (Transitional Stabilisation Program), and subsequent economic growth that is being experienced today. The level of locally manufactured goods on supermarket shelves is testimony of that remarkable progress,” said Dr Makamba.
President Mnangagwa is on record pronouncing measures that his government was putting in pace to stabilise the local currency and make it the preferred currency for local transactions.

Said the President then in that regard;

“So as we go forward, you shall begin to see the policies that my government will begin to put in place to make our currency strong and attractive. When one is holding the US dollar, they must be tormented and feel the urge to seek for the Zimbabwean dollar. That’s the trajectory we are taking as a country.”

True to his word, the President has delivered on this front as the local currency is fast becoming the hottest property that every transacting individual is seeking before making any purchases.

The result has been a phenomenal firming of the local unit on the hitherto marauding parallel forex market to the point of near convergence with official rates.

Dr Makamba was particularly full of praise for some of the market instruments that were introduced by the Reserve Bank of Zimbabwe such as the Gold Coins and the upward review of interest rates to the current 200 percent, which he said were instrumental in taming excessive money supply growth which had become the major driver of inflationary pressures on the economy.

“The upward review of the interest rate to 200 per cent has the net effect of suffocating speculative and consumptive borrowing at the expense of productive borrowing. This trend, which had created an influx of the ZWL$ on the market, resulting in surplus local currency chasing very little hard currency, has largely been responsible for loss of value by the local unit,” said Dr Makamba.

“The RBZ economic ingenuity can also be seen on the introduction of the Gold Coin as a secure investment vehicle. Where corporates and investment funds were stampeding for foreign currency as a store of value, these are now making a beeline to invest in a fungible instrument in form of Gold coins. The gold coin has sucked liquidity from chasing foreign currency towards a more secure non-inflationary instrument,” he added.

Dr Makamba alluded to the economic fact that redirecting available liquidity towards productive industries will have a long term positive effect of stabilising the country’s balance of payment position through import substitution.

The IMF report credited the Zimbabwean fiscal and monetary authorities for focused interventions especially in the face of a devastating Covid-19 pandemic which threatened livelihoods and the economy at large.

“The authorities’ swift response to the pandemic, including through containment measures and economic and social support, helped contain its adverse impact. The output recovery that resumed in 2021 would continue, albeit at a slower pace, with growth projected at about 3.5 per cent in 2022 and 3 per cent over the medium term in line with potential. While the authorities aim to limit the 2022 budget deficit at 1.5 per cent of GDP, nominal revenues and expenditures are underpinned by the assumptions of large price increases that deviate from the Reserve Bank of Zimbabwe’s (RBZ) objective of curtailing inflationary pressures.”

“Reflecting good rainfall and relaxation of containment measures, real GDP rose by 6.3 per cent in 2021. A tighter policy stance since mid-2020 (relative to 2019) has contributed to reducing inflation to 60.7 per cent year on year at end-2021,” said the IMF report.

Makamba expressed optimism with the direction that the economy is taking saying that he hopes for a day the business sector in Zimbabwe begins to demand payment in local currency.

“The business community in the country should now compliment government effort in strengthening the local unit by insisting to be paid in local currency. This will boost business and stakeholder confidence in the ZWL$ which is our source of national pride as a people,” said Dr Makamba.

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President Cyril Ramaphosa

President Cyril Ramaphosa will tomorrow , Wednesday, 22 March 2023, deliver the keynote address at the first day of the three-day National Conference on the Constitution which is titled Reflections And The Road Ahead.

The event will take place at the Gallagher Convention Centre in Midrand, Gauteng, under the theme “Reflections on the Constitution: Rule of law, accountability, social and economic justice”.

The conference gives the nation an opportunity to reflect and engage in dialogue on the past 25 years of the Constitution, nation building, gender equality, youth economic empowerment, service delivery and social stability, with the objective of charting a way forward that builds on the gains of democracy.

As a platform for deliberating on continuous, robust debate on the purpose and effectiveness of the Constitution, the National Conference on the Constitution intends to broaden the discourse on the Constitution and encourage members of the public to participate in the conversation on constitutionalism and the state of democracy in the country.

Some of the focus areas in the programme include:

• Transforming and building an independent and resilient judiciary;
• Transforming and growing the economy as a constitutional imperative;
• Progress on land reform: restitution and distribution;
• Governance and electoral reform;
• Effectiveness of constitutional and independent statutory bodies in strengthening
constitutional democracy.

The conference will be attended by prominent figures of South African society including academics, members of legislatures, constitutional and independent statutory bodies, mayors, political parties, youth, students, business leaders, religious leaders, representatives of the legal fraternity, traditional leaders, media and others.

The conference will be held as follows:

Date : 22-24 March 2023
Time : 08h30
Venue: Gallagher Convention Centre, Midrand, Gauteng

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Here are the facts:

THE COCA COLA COMPANY (TCCC) acquired THE ENTIRE ISSUED SHARE CAPITAL OF CADBURY SCHWEPPES PLC resulting in the control and management of the global Schweppes businesses into TCCC value chains including Schweppes Zimbabwe Limited (SZL), a company incorporated in terms of the laws of Zimbabwe.

Mr. Brian Musekiwa, a Zimbabwean-born professional based in Texas, USA, said: “I had no idea of the SZL matter and its intersection with the SMM Holdings Private Limited (SMM) affair until I joined the Justice Under Rule of Law’s (JUROL) corporate heritage and legal literacy campaign powered by the Banking on Africa’s Future (BOAF) of which I am a paid up member. I have followed the SZL saga with keen interest not because of the Zimbabwe angle but because TCCC is a global corporate icon and just the idea that this company was party to an extortion and corrupt deal involving the payment of $2.7 million to Chinamasa, Mnangagwa’s key 2017 coup ally, is chilling leading any person like me to want to know if there exists any causal link between the complicity of TCCC’s alleged corrupt practices and conduct in relation to the affairs of the SZL localization and upgrade program concluded with Africa Resources Limited (ARL), a private company incorporated in terms of the laws of the BRITISH VIRGIN ISLANDS (BVI) and wholly owned by Mr. Mutumwa Mawere, a Zimbabwean born South African naturalized citizen, who Mnangagwa and Chinamasa using Messrs. Edwin Manikai and Afaras Gwaradzimba as surrogates, and the extrajudicial and the unconscionable theft of the control and management of SZL and other juristic entities using an unprecedented draconian and barbaric law called the Reconstruction of State-Indebted Insolvent Companies Act that was authored by Mnangagwa to bridge him to state power.”

Mr. Cornwell Mutetwa, a Zimbabwean businesan said: “I naively thought that the reconstruction project was solely premised on the affairs of SMM as a company and not on the person of Mawere and his alleged interests in companies like SZL.

I am pleased that Mr. Mucha Mugore, a member of BOAF-JUROL, inspired by findings in his MBA dissertation research on how public power was abused in expropriating Mawere’s relationships with not only SMM but many separate and distinct juristic entities, provoked in a whatsapp group that the record of this sad chapter in the corporate history of Zimbabwe must be corrected preferably in form of a memoir written by Mawere.

I was encouraged and remain so that I have flins myself being part of this noble project that has enabled me to interface with Mr. Mawere who has generously downloaded critical information that hitherto has not been in the public domain. I had no idea that Coca Cola Holdings Netherlands (CCHN) was directly and indirectly involved in the affairs of SZL until I read this:

Having understood that it was the Zimbabwe Competition and Tariffs Commission (TCTC) was weaponized to have jurisdiction beyond its mandate to regulate competition issues to become relevant in prescribing localization matters, I began to understand that under the late Mugabe’s watch the governance system was already broken.

My memory was then provoked to appreciate why the former Minister of Indigenization, Hon Kasukuwere, had a hand in the SZL matter and used his public office to cause ZCTC to require as a condition for approving that the control and management of SZL be divested and deprived from TCCC using public power.

It is against this background that the extortion inherent in the extract below from a meeting between SZL’s then SA-based legal counsel, an employee of Coca Cola South Africa Pty Limited, a private company incorporated in terms of the laws of SA, can properly be understood:

It was made clear to CCSA that unless a payment of $2.7 million was paid to the order of Fidelity Life Asset Management (FLAM) and SMM under Chinamasa’s control through his appointee, Gwaradzimba, the ARL purchased equipment imported from Europe and delivered to SZL as part of the upgrade project, would not be released to an SZL controlled by CCSA until a ransom amount of $2.7 million was paid to the order of Chinamasa.

On the advise of Gwaradzimba whose relationship with SMM was a consequence of a decree and an order issued by Chinamasa with no judicial involvement, CCSA according to Mr. Mokwena, in his capacity as the legal counsel of both SZL and CCSA, was advised by Gwaradzimba and accepted his advise to part with a bribery of $2.7 in million to cause Chinamasa to exercise public power to issue a notice removing SZL from the purported and unlawful and invalid control by Gwaradzimba using the order issued by Chinamasa in relation to SMM affairs only.

It is chilling that Chinamasa used public power to issue a notice dates 26 January 2006 and through his appointee was rewarded with a secret gift of $2.7 million to the prejudice of ARL and its sole shareholder, Mr. Mawere.”

Mr. Peter Makoni, an attorney and a member of BOAF-JUROL, said: “I have had the opportunity to read and understand the sequence of events leading to the confiscation of equipment acquired by ARL using the personal agency of Mr. Mawere as set out below:

It is clear from the fax above that neither FLAM nor SMM under reconstruction were involved in the SZL matter as promoters and sponsors to permit any lawful payment of a bribe of $2.7 million to Chinamasa using cronies like Gwaradzimba and Manikai.

Having concluded that Chinamasa was unjustly enriched to the tune of $2.7 million based on fraudulent representation that the $2.7 million that ARL, a company whose affairs fell outside the jurisdiction of Zimbabwe and, therefore Chinamasa and his surrogates, in exchange for a government gazette to divest and deprive ARL of the control and management of the upgrade equipment that was conveyed by Petter Trading Pty Limited as ARL’s agent, received pocket money to be used for ulterior motives in the amount of $2.7 million from CCSA.

It would please anyone interested in building a future of not only Zimbabwe but Africa that is characterized by the respect of the rule of law to take notice of the documents in the flipbook below:”

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