Wednesday, January 25, 2006

Gono Losing a Fighting Battle

Gideon Gono, the governor of the Reserve Bank of Zimbabwe is ineffectively battling to cull inflation. In his most recent monetary policy review statement issued yesterday, Gono contintinued his trend of railing against corruption which he said has reared it's head everywhere.
"Talk of gold and other precious minerals there is corruption, talk of fuel distribution there is corruption, talk of agricultural inputs, talk of distribution of national funds there is corruption, talk of export and import invoicing there is corruption.

If we do not stamp out this growing cancer especially among people in positions of authority and influence, the so-called chefs, if we do not stamp out the indiscipline as we go about our business we will soon discover too late though that policy formulation and implementation, monitoring and decisions will be based on self interests, racial overtones, regional and tribal considerations at the expense of national interests."
I wonder if any of the "chefs" listened closely enough to shy away from their avaricous lifestyles. As a matter of fact I wonder if Gono himself was listening to his own reprimand. He is the alleged owner of a petrol station in Malbereign at which the precious commodity never runs out. Just over a week ago the reserve bank which runs an elaborate fuel "coupon" scheme (through which they sell fuel coupons for foreign currency) was telling everyone who was buying petrol coupons that there was no petrol in the country. A window staffer at the Homelink Center at the Reserve Bank on Samora Machel Avenue speculated that it could be weeks before supplies were reestablished. Interestingly a fuel tanker was seen making a delivery to the "Gono Station" were supplies never run dry within minutes of the Reserve Bank's announcement of the absence of fuel.

Something will have to change and it'll have to change fast. With exports slowing by alsmost ten per cent, and no indications of the IMF easing it's stance on Zimbabwe, the economy is headed for certain doom. In the statement Gono said he expects inflation to peak at 800% in March although he hopes a tighter monetary policy will help things cool off later in the year.

I am once again reminded of that great quote from Chinua Achebe, "Things fall apart."

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