‘Economy has no respect for propaganda, guns or tanks’: Biti

Former Finance Minister Tendai Biti has castigated the Zanu-PF regime for failing to manage the crumbling economy in Zimbabwe while focussing on “propaganda or hijacked liberation narratives.”

This comes at a time when the economy is in free-fall with economic analysts already anticipating hyperinflation. The Zimbabwean dollar has lost its value, treading at around ZWL10 000: US$1.

A loaf of bread was on Thursday evening pegged at ZWL10 000.

Biti, the opposition Citizens Coalition for Change (CCC) interim vice president said the current leaders “have failed in absolute terms.”

He further accused the Minister of Finance Mthuli Ncube of being obsessed with Cowdray Park constituency where he is aspiring to be the Member of Parliament come elections on August 23 this year.

“The thing about the economy is that it has no respect for propaganda or hijacked liberation narratives. It does not care whether you have a ton of doctorates or degrees in genocide. It does not care whether you have guns or tanks. It will humble you,” the Harare East legislator said.

“The Zim dollar continues to take a pounding with some trades now exceeding 8000. The regime has lost control of its own currency with Mthuli Ncube’s obsession being Cowdray Park. The wholesale exchange market is a gimmick that will not reverse rot. They have failed in absolute terms.”

Meanwhile, US based Applied Economics professor Steve Hanke said Zimbabwe is on the verge of yet another hyperinflation episode.

“Today, I accurately measure #Zimbabwe’s monthly inflation at 102%. Its monthly inflation has exceeded 50% for the last 25 days. If this keeps up, Zimbabwe is on track to reach hyperinflation in 5 DAYS,” Hanke said.