Business Reporter<\/p>\n\n\n\n
<\/p>\n\n\n\n
Zimbabwe’s Finance Minister Mthuli Ncube has reported that the country’s economy has grown by 2% despite facing an El Ni\u00f1o-induced drought, which has been declared a national disaster by President Emmerson Mnangagwa.<\/p>\n\n\n\n
This growth marks a significant improvement compared to the negative 7% growth experienced during the last major drought in 2019.<\/p>\n\n\n\n
Ncube emphasized that the government’s response to the current drought has been more effective than in previous years. He noted that while approximately 9 million people are in need of food aid until March 2025, supermarkets in Zimbabwe are well-stocked with food. The primary issue facing citizens is not access to food but rather affordability.<\/p>\n\n\n\n
To address this, the government has opened borders to allow individuals with funds to import food, ensuring that supplies are available in shops.<\/p>\n\n\n\n
The Finance Minister also highlighted the role of Zimbabweans in the diaspora, who contribute around US$2 billion annually in remittances. This influx of funds provides additional resources for families back home, helping to mitigate some of the economic challenges posed by the drought.<\/p>\n\n\n\n
Looking ahead, Ncube acknowledged the significant debt overhang facing Zimbabwe and reiterated the government’s commitment to international financial institutions and bilateral creditors.<\/p>\n\n\n\n
He stressed the need for economic and governance reforms to alleviate the debt burden, which he described as an “albatross”.<\/p>\n\n\n\n
Implementing these reforms is crucial for enabling Zimbabwe to secure more credit and improve its economic stability.<\/p>\n\n\n\n
Overall, Zimbabwe’s ability to achieve economic growth during a challenging drought period reflects a more robust response compared to past crises.<\/p>\n\n\n\n
However, the ongoing issues of food affordability and debt management remain critical areas that require attention as the country navigates these challenges.<\/p>\n\n\n\n
An economics analyst stressed that this growth claimed by Minister Ncube was inconsequential since many people in the country were unable to fend for themselves.<\/p>\n\n\n\n
Unemployment has reached unproportional levels with many youths engaged in drugs and Substance abuse. Pensioners monies have been eroded by inflation that has battered the local currency “left, right and center”.<\/p>\n\n\n\n
That supermarkets are stocked is from one’s point of view, but some groceries are only found in foreign stocked informal stores.<\/p>\n\n\n\n
To make matters worse, the newly introduced Zimbabwe Gold (ZiG) currency is not acceptable in these shops and more over it is scare.<\/p>\n\n\n\n
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