Pressing reset on Zimbabwe’s economy
Zimbabwe’s Reserve Bank governor announced his new monetary policy last week, introducing a raft of reforms. But it’s unclear how far these will go towards reviving the struggling economy
Last year, mine employee Prince Nedziwe received a letter from Metallon Corp informing him that the gold producer had been forced to close its Mazowe mine, where he worked at the smelter facility, due to financial difficulties. He found himself without a job and unable to provide for his family. "My situation is really hard and we are living in poverty," Nedziwe tells the FM. "I last received a salary in October, and promises from the company to pay our packages have not been honoured so far. "Management said the mine would be closed until 2021, and this has left us in a sorry state. I can’t pay for school fees for my children and we can’t even afford health care. It is a daily struggle." When he does get some cash, he buys products from Gushungo Dairy, owned by former president Robert Mugabe’s family, to sell on to zama zamas (also known as artisanal miners). Nedziwe’s is not an unusual situation: he is a part of the estimated 80% of Zimbabwe’s population that has resorted to infor...
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