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how we have performed as an economy.
The jury is still out in terms of the actual statistics on the growth figures for the economy in general and for specific sectors in particular.
Indications though are that the economy is looking up on the macro-economic front with annual inflation receding to 3 percent in February, having started the year at 3,5 percent.
Lending rates have continued to hover at between 8 percent and 30 percent, figures that have remained steep for most borrowers though.
The 2011 budget indicates that the economy will grow by at least 9,3 percent, a figure many believe will be surpassed, all things being equal.
This year is already promising to be a better one in many respects though.
We are in the middle of the reporting season and most companies are upbeat about their performances this year.
We have seen such firms as Standard Chartered Bank and Kingdom recovering from previous losses and a good number even declared dividends.
This is a sure sign of confidence about the future.
Although there are still major concerns in terms of service provision by Zesa, NRZ etc, liquidity challenges, among others, the operational environment appears to be softening.
Power supplies have remained challenging, a problem that Zesa has tried to resolve through deals with such suppliers as Democratic Republic of Congo’s Snell under which 100 Megawatts have been secured.
We hope minds are being applied to find long-lasting solutions to the power challenges that have been a sore point for industry for too long a time.
The NRZ also needs to revamp its fleet and provide efficient service as the carrier for raw materials and finished goods.
Companies have had to use alternatives forms of transport which are usually costly.
Over the past few months Zimbabwe has hosted a number of local and international conferences to strategise on economic development.
These include the CEO Roundtable held in February, the Zimbabwe Investment Conference and the Euromoney conference held recently.
We anticipate that key deliverables agreed to at these meetings will impact the economy positively as the year rolls away.
These were certainly not mere talk shows we presume, hence we must see real results on the ground.
Probably the greatest indications of the good times ahead were the several lines of credit and other facilities that Zimbabwe has secured over the past fortnight or so.
The signing of the Bilateral Investment Promotion and Protection Agreement with Botswana, which had a US$6 million tied to it and the US$700 million from China in loans and grants should go some way in inducing liquidity in the market.
We also expect other external partners to take a cue from gestures from our big brother China.
Botswana’s facility will avail the much-needed funds to industry.
We are still waiting for statements of intend by South Africa and our other friends to be followed through with tangible action.
The economy requires at least US$8 billion it has been said, but the African Development Bank said the country requires at least US$14 billion to revamp infrastructure alone.
We hope, as the year progresses, these seemingly colossal figures will have been poured into the economy to achieve its full potential.
A number of investors from such markets as China and Germany have also displayed a keen interest to invest into the economy.
The Zimbabwe Investment Authority and its partners will need to follow-up on these while continuing to engage other potential investors.
Last week Government gazetted new regulations for the mining sector which we hope will be applied in a manner that will see the economy emerging the winner.
There’s obviously no need for mining firms or Government to unnecessarily flex muscles at each other but we need to handle things in a manner that will benefit the economy while addressing any previous disparities. The tobacco sector, expected to pump in millions into the economy, should be handled more carefully.
The circus obtaining at the floors presently should be dealt with in terms of the congestion and chaos that give the wrong impression about a crop tasked with achieving the single largest contribution to total foreign currency earnings. That at least 20 000 unregistered farmers have bull-dozed their way to the floors to sell their crop is an issue that should be handled expertly.
The Tobacco Industry Marketing Board should rise to the occasion and restore order while ensuring that those smaller farmers that have seen no reason to book their sales are well-versed with the rules of the game.
The number of growers has grown significantly from about 1 000 before land reform to the current 52 000 although the total quantity produced is still lower than the 232 million achieved at the sub-sector’s peak a decade ago.
There are still challenges peculiar to each sector that must be redressed for the economy to achieve its potential.
The Buy Zimbabwe conference held yesterday has the potential to increase production figures while ensuring the provision of high quality goods.
This is a project that needs to be taken seriously to influence the way we do business in this country.
“Going beyond words” was an appropriate theme for the one-day event because sometimes words tend to be hollow if not followed through with action.
Manufacturers are generally struggling to satisfy local demand and have, in some instances, been elbowed out by competition from imported products.
Gone are the days when customers were taken for granted if a business is to survive.
Many would certainly want to buy Zimbabwean products but let this not be just out of patriotism but to get real value for money.
There is real need for all the stakeholders to work out plans and strategies that will compel us to buy Zimbabwe.
The potential for success is there given what South Africa has done under its Proudly South African brand.
Zimbabwe can even achieve better because we are not starting from ground zero although our standards have had a thorough beating due to economic challenges.
In God I trust.
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