President Emmerson Mnangagwa has said the worst of the country’s economic woes is over as Zimbabwe is witnessing a revival of its manufacturing sector that is filling up supermarkets, with an economic growth projection this year of 7 percent.
Under President Mnangagwa’s watch, prices have stabilised, with inflation rapidly slowing down while an above normal rainfall season is set to bring a bountiful harvest and revive the agriculture sector.
Apart from that, projections in the crucial mining sector indicate that the country is primed to surpass its target of a US$12 billion economy by 2023 with increased capacity utilisation in the manufacturing sector set to drive economic growth towards Vision 2030 to make Zimbabwe an upper middle income economy.
Over the past four years, the Government has managed to cut down on public expenditure and attracted foreign direct investment and is now highly ranked as an investment destination of choice.
In a post on social media platform Twitter, the President said “in 2017, 5% of stock in Zimbabwe’s supermarkets was locally manufactured. Today, 45% of our supermarket supplies are proudly made in Zimbabwe. The worst of our economic woes are now behind us. Zimbabwe shall rise once again”.
With the key agricultural sector on the rebound, thanks to good rains, Zimbabwe will save up to US$40 million per month and therefore save foreign currency, while improvements in the global prices of minerals such as platinum, gold and copper have risen bringing more revenue for the country.
The plentiful rains have also filled the country’s dams, something that will ensure enough water for irrigation as well as hydro-electricity generation from Kariba Dam, something that would be crucial to the ongoing industrial revival.
Recently, the President said the country was on track to meeting its targets, notwithstanding the Covid-19 pandemic which at some point forced Government to impose lockdowns with consequent effects on economic growth.
However, the President said the country should draw inspiration from its heroic past and continue on the path to economic rejuvenation.
“The diverse and often painful experience at the front during the protracted war for liberation of our great country never reversed or discouraged the resolve the sons and daughters of the soil had to continue the fight to bring about a new, liberated, sovereign and independent Zimbabwe.
“Likewise, at this juncture of these unprecedented times of the Covid-19 pandemic, we must fight on. We have an obligation for the sake of present and future generations to complete the course to bring about more prosperity to Zimbabwe as envisaged in our National Vision 2030 and its subsidiary policy, the National Development Strategy-1,” the President said.
Among the multi-million dollar projects that Zimbabwe is pursuing is a joint venture between the country and China’s largest steel making giant Tsingshan worth more than US$1 billion which is expected to be a game changer for the mining industry not only in Zimbabwe but in the Sadc region as a whole.
The project, whose ground-breaking ceremony has been earmarked for May this year in Manhize, near Mvuma, is one of the ventures taking off on the back of President Mnangagwa’s “Zimbabwe is Open for Business” thrust.
Since 2018 the Second Republic has completed 185 infrastructure development projects, such as dams, with work in progress on another 186.
The huge strides in social investment programmes include schools, clinics, roads, boreholes and bridges being commissioned or upgraded with work continuing on water supply schemes, dam construction, more road upgrades and construction of bridges.
Several houses were completed and have already been occupied while others are awaiting allocation with many more still under construction in several areas.
Last year, the Ibrahim Index of African Governance (IIAG) ranked Zimbabwe as one of the few countries on the continent that have recorded improvements in the categories of Human Development; Foundations for Economic Development and Security and Rule of Law.