Bloomberg Report Says Cost of Hard Currency Crashes in Post-Mugabe Zimbabwe
By Blogger (Culled from Bloomberg)
Perhaps good days are fast coming to the wrecked southern African country, Zimbabwe, after the ouster of its sit tight leader, Robert Mugabe who held unto power for 37 years until he was forced to resign at age 93.
Zimbabwe, a black African country that has no currency of its own, depended solely on other foereign currencies to run its jaundiced economy.
A Bloomberg report says South African is depending on what bankers called bond notes to service the currencies (US dollar and South African rand) which she borrowed following a policy adoption of 2009.
But with the exit of the ex-war lord, the new President, Emmerson Mnangagwa is calling for the lifting of economic sanctions on Zimbabwe.
Suddenly the country's over priced forex began to tumble at the Zim stock exchange.
Both super power countries who always preach the change of power through democratic means as the only acceptable standards, were however okay with the action of the military which led to the dethronment of Mugabe.
Zim's military rolled out tanks and cannons into the streets of Harare and seized all organs of government days after former President Mugabe had dismissed his deputy (now President), Mnangagwa.
While they placed Mugabe under house arrest, the military who took control of the country's broadcast outlets insisted their action was not a coup but a move to protect the president from criminals.
With the intervention of South Africa's Jacob Zuma, the military gave one condition for return to civil rule - resignation of Mugabe.
The baobabic leader remained adamant until his own party, Zanu-PF, which he created 4 decades ago, decided to sweep the carpet off his hobbling feet by derobing him as its leader and declaring Mnangagwa as a new leader.
It is customary in the ruling party that the leader should function as the president of the country.
Mugabe had no option than to negotiate his resignation.
Mnangagwa, Mugabe's soul mate and colleague at arms since the anti Rhodesian minority rule days, now sits as the president of the economically wrecked country where a 90 percent of emoloyable populace have no jobs.
Can Mnangagwa make any difference?
Can he take Zimbabwe off its negative trajectory that it was being forced to take for 37 years by a government in which he was a key figure all through?