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Steve Hanke is a professor of applied economics at The Johns Hopkins University and senior fellow at the Cato Institute. He is a columnist at Forbes and a regular contributor to The Wall Street Journal. Over four decades Hanke has advised dozens of world leaders from Ronald Reagan to Indonesia’s Suharto on currency reforms, infrastructure development, privatization, and how to tame hyperinflation. You can follow him on twitter @steve_hanke.
United States (US) economist, Steve Hanke, says President Emmerson Mnangagwa is not only corrupt but "totally ignorant" when it comes to economic issues.
In a tweet, Hanke said the Zimbabwe dollar has depreciated by 93% against the United States dollar since the local currency was reintroduced in 2019. He said:
Corrupt @edmnangagwa brought back the Zimbabwean dollar 2yrs ago. Since then, the Zim dollar has depreciated by 93% against the mighty USD. President Ed is not only corrupt but, when it comes to economics, he is totally ignorant. https://twitter.com/steve_hanke/
This comes as the forex rate has plummeted on the black market, with the currency changing hands for up to Z$200 per US dollar, while the official rate is pegged at Z$90.
Meanwhile, the Confederation of Zimbabwe Industries (CZI) – the largest representative body for local business, has warned that the country’s currency is in danger of collapsing as businesses resort to United States dollar transactions.
In a tweet on Tuesday, Hanke said threats by the Zimbabwean government to suspend businesses using black market rates will end in tears. He wrote:
"Zimbabwe's currency is in a "death spiral". Now, the corrupt government is threatening to suspend all businesses using black-market exchange rates to price goods. I’ve seen this movie before. It has a tragic ending."
Zimbabwean authorities have in recent weeks arrested scores of foreign traders accused of manipulating the volatile Zimbabwean dollar by trading on the black market.
But in a letter to its members, CZI said it had cautioned the government against clamping down on firms and traders. It said: The greatest risk facing the economy right now is an inappropriate policy response to the rising parallel market premium. Clamping down on informal exchange trading in the absence of a viable formal market will have catastrophic consequences for the economy.
"Every day I publish Hanke's #InflationSatellite. It's an interactive map that contains my accurate, up-to-date #Inflation measurements & black market (read: free market) data for 40+ countries. It is updated daily & currently contains data as of 10/13/21 Zimbabwe heading for the top od this unenviable chart with 98% Inflation - so far. Steve Hanke on Zimbabwe's Inflation Horror
In the midst of this attack on Mnangagwa's poor leadership, vision and past record of failure, the OCCRP have exposed yet more corruption in Zimbabwe - with apparent Government involvement.
More Corruption in Zimbabwe - Direct link to OCCRP Research
Steve Hanke on Twitter Yet More Zimbabwe Corruption
Kudakwashe Tagwirei, who is close to Zimbabwe’s president and his inner circle, leveraged his privileged access to fuel and mining markets to strike a lucrative partnership with commodities giant Trafigura. Sanctioned by the U.S. and U.K. for corruption, Tagwirei continued to do business by relocating his network to Mauritius.
Key Findings
- Tagwirei has earned at least $100 million in fees from a partnership with Swiss-based Trafigura. Together, they have profited extensively by dominating Zimbabwe’s fuel market since 2013.
- Trafigura quietly extended $1 billion in loans to the Zimbabwean government, at exorbitant interest rates.
- As controversy grew, Tagwirei moved his business network offshore to Mauritius, where he secured a new near-monopoly fuel deal with the government. He is still active in mining and fuel deals in Zimbabwe.
- Government officials appear on key company records and Tagwirei’s own correspondence, indicating that there might be more powerful people behind the network
The payments made to Tagwirei raise a red flag, according to Global Witness’s Natasha White.
“Red flags include the personal involvement of politically exposed individuals in such deals. It would be extremely concerning if payments have been made into a personal account of Tagwirei by Trafigura, whether or not he was sanctioned at the time,” she said.
https://www.zhro.org.uk/human-rights-uk/77-petition-to-stop-mnangagwa-going-to-cop26
This article explains the insensitive invitation and links to both an online petition to oppose Ed's visit and the physical petition hand over to Boris Johnson on the 21st October 2021, the UK Prime Minister to block Mnangagwa and his 70 strong "team" of hangers-on and "security staff" LOL
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WASHINGTON (Reuters) - U.S. disappointment with Zimbabwe’s government keeps growing amid the heavy-handed response of authorities to any form of opposition, a senior State Department official said on Monday following a crackdown last week against protesters.
“The disappointment just keeps getting worse and worse, unfortunately,” said the official, speaking on background to reporters. “The government seems to be getting even more violent in their response to any form of opposition.”
The official said Washington had made clear to the government of President Emmerson Mnangagwa what it would take to improve relations between Zimbabwe and the United States. U.S. officials have previously called on Mnangagwa to change Zimbabwe’s laws restricting media freedom and allowing protests.
Mnangagwa’s government last week banned anti-government protests by the opposition Movement for Democratic Change, which accuses the authorities of political repression and mismanaging the economy. Police fired tear gas to disperse crowds and barred access to the MDC’s Harare offices.
In March, President Donald Trump extended by one year U.S. sanctions against 100 entities and individuals in Zimbabwe, including Mnangagwa, saying his government had failed to bring about political and economic changes.
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Statement from Professor Danwood Chirwa, Dean of Law at the University of Cape Town on the assault and arrest of UCT Law Alumnus Doug Coltart by police in Harare, Zimbabwe on Friday 23 August 2019
In the spirit of the maintenance of the rule of law, and following in the footsteps of many distinguished Law graduates of the University of Cape Town over its long history, I draw attention to the following events late last week.
The Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ) held an approved protest on Friday 23 August against current teacher salaries.
The protest was the first “PayDay Funeral”, marking the beginning of monthly protests to demand a living wage for Zimbabwe’s teachers.
Mr Doug Coltart, who obtained his LLB from the University of Cape Town in 2013 (and son of UCT Law alumnus Sir David Coltart, LLB Class of 1982), went to the protest as ARTUZ’s attorney, to provide support to its members who had received threats prior to the approved march.
Coltart was arrested, apparently (and by media reports) in response to nothing more than his asking the police why one of the protesters was being arrested. Coltart stated on Twitter “This was a peaceful lawful picket. Police were notified. ARTUZ has received threats … so I went to provide legal backup.”
Along with some union members, Coltart was handcuffed, assaulted and detained, until bail was granted after a court appearance a day later.
I condemn this brazen abuse of power by the Zimbabwean police and salute the commitment of Mr Coltart to his duties as an officer of the Court.
Professor Danwood Chirwa
Dean of Law | University of Cape Town
