“With No Fiscal Stability Nothing Works,” Says Cross
“My first call on my bucket list for Zimbabwe was fiscal stability and discipline, the second was monetary stability and predictability. This week on Monday the informal rate of exchange for the RTGS dollar was 1.90 to 1. That is an effective devaluation of 12 percent in a week,” wrote former MDC MP, Eddie Cross.
“Two to one looks as if it’s just around the corner. Inflation will follow – that is why these fundamental macro-economic issues are so important to everyone. In fact, I will be blunt – unless you get these right, nothing else works.”
Yes, “fiscal stability and discipline, the second was monetary stability and predictability” are very important but they are not the most important challenge in Zimbabwe. Dismantling the Zanu PF dictatorship to create an open dynamic and democratic system of government is the number one priority.
Mr Cross and his fellow MDC leaders had the golden opportunity to implement the democratic reforms which would have completely dismantled the Zanu PF dictatorship. They five years in the GNU and yet failed to get even one reform implemented.
Yes, MDC’s presence in the GNU did bring some much needed fiscal and monetary stability but with even that was only to a very limited extend because there was very little foreign investment. With no meaningful political reforms on the ground, every could see that Prime Minister Morgan Tsvangirai was nothing more than a glorified Office Messenger with a fancy title and so too were the other MDC ministers. Mugabe and his Zanu PF cronies had all the political power.
With no reforms in place, Zanu PF went on to rig the 2013 elections and restore its iron grip on power. The very day the elections results were announce the Zimbabwe Stock Exchange index tumble by a warping 35%, everyone was fearful of the economic chaos that was certain to follow.
Whatever economic gains Zimbabwe had made during the GNU they were lost as soon as Zanu PF returned to power.
“Seek ye first the political kingdom and all things shall be added unto you,” said Dr Kwame Nkrumah, first President of post-independent Ghana.
Mr Eddie Cross and his fellow MDC friends failed to understand the essence of Dr Nkrumah’s message. SADC leaders tried their best to remind the MDC leaders of the need to implement the democratic reforms but their advice fell on deaf ears.
“I will be blunt – unless you get these right (fiscal and monetary stability), nothing else works!” Even with the benefit of hindsight, he still does not get it – without political stability nothing else matters! – SOURCE: zsdemocrats.blogspot.co.uk
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