Gono, the Zimbabwean Napoleon

Gono, the Zimbabwean Napoleon

GONO

• The small minds in charge of our economy

• Overcoming the 'Messiah Complex'

New Zimbabwe.com columnist Chido Makunike wrote about overcoming what he called the "Messiah Syndrome". Ex-banker, Takura Mudekunye writes in support, but shifts the argument to the financial sector

By Takura Mudekunye

WHEN Gideon Gono was appointed RBZ Governor, hopes were raised that we had at last got a hands on solution to our economic problems. Coming directly from the banking sector, expectation was that someone with practical experience of the problems facing the banking sector and the economy at large would make a comparatively positive contribution to the economy than the PhD theorists so fond of providing "analysis" to the press at every opportunity.

The President literally gave Gono a blank cheque to do what he felt appropriate to right the economy and in no time at all, the Reserve Bank Governor had literally become the Ministers of Finance, Industry, Trade and Energy, Environment and Tourism rolled into one. As in Animal Farm where "Comrade Napoleon is always right" Gono with the able assistance of the state controlled media was projected as the man with all the answers. Regretably, even the privately owned media tripped over themselves in efforts to idolise the Governor.

However as Zimbabweans, we would do well to keep in mind the following words from the great American president Abraham Lincoln: "Most men can overcome adversity so if you truly wish to test a man's character, give him power." It soon become clear to those of us familiar with the goings on behind the scenes in the Banking Sector during the turmoil that beneath the facade of congenial facial features and media friendly image lay a ruthless, ambitious, self centred and vindictive individual driven by a quest to become the unquestioned economic tsar of the country.

There have been cases of all the bank CEO's being summoned to the Central Bank by Gono only to be kept waiting for up to five hours at the end of which they have been given copies of various policy announcements which could easily have been sent to their offices by fax or through messengers. No apologies, nothing! Where else in the world have you seen the Internal Desk of the Intelligence Services as well as the CID fraud squad operating from and being given instructions from the office of a Central Bank Governor? Only in Zimbabwe!

"Having the kind of economic power that Gono currently yields in the hands of one man leaves the system open to manipulation and abuse"

TAKURA MUDEKUNYE

This strange set of bed fellows has set the stage through which warrants were issued for the arrests of several bank executives while others were forced to step down from companies which they ran due to "mismanagement". While it is a fact that more than ten financial insitutions have suffered upheavals of varying degress, it is interesting that despite all the talk of illegal dealings and criminal behaviour in these organisations only the executives of ENG and Century have criminal charges hanging over them. And in an economic environment where companies across all sectors have collapsed, it is highly debatable whether those financial institutions that did collapse did so because of mismanagement or because of the hostile economic situations and unworkable economic policies applied by the current Government.

The net result however is that control over these financial insitutions as well as those unaffected by the turmoil has effectively passed from the shareholders and management of those banks and institutions into the hands of the Reserve Bank and effectively Gono himself. In addition, the over regulation of the foreign currency market and the introduction of the Productive Sector Facility which is run from the Central Bank has led to Gono spreading his tentacles even to companies outside the banking sector. And we have not had anyone even from the usuallly vigilant independent media question whether it is right and is in the national interest for one man to have so much of the country's economic activity in the palm of his hand and subject to his personal whims.

Ultimately as the so called economic turnaround begins to unravel and more questions are asked, it is clear that only strong and transparent governance systems that are subjected to checks and balances will deliver economic prosperity. Just as concentration of power continues to be abused in the political sphere with disastrous results, having the kind of economic power that Gono currently yields in the hands of one man leaves the system open to manipulation and abuse that can only ensure continued economic stagnation. PASI NE MESSIAH SYNDROME MU ECONOMY!!
Takura Mudekunye is a Zimbabwean banker
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