Chamisa says to introduce full dollarisation before bringing back local currency

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By Alois Vinga

CITIZENS Coalition for Change (CCC) political party has effectively backed the need for Zimbabwe to adopt its own currency but maintained that such a strategy must only be implemented in a conducive environment.

The question of whether Zimbabwe can sustain a full scale US$ economy has been a subject of debate for years with some sections of the society demanding the greenback’s use due to its stability in the wake of rising inflation and disciplinary challenges in the markets.

However, monetary authorities have maintained that adoption of the US$ will lead to several challenges which include expensive exports in the regional markets among other issues.

But presenting the CCC party’s Rapid Accelerated Transformation of the Economy Plan Tuesday, Chamisa said if he wins the 2023 elections he would initially switch to US$ use and thereafter adopt the local currency again.

“We will start with full dollarisation and then create a conducive environment and the right confidence levels for the adoption of our local currency.

“As part of our de-dollarisation road map we will make sure that we meet the following: (i) fiscal consolidation; (ii) current account surplus; (iii) 6 months import cover (forex reserves); (iv) stable exchange rate; (v) single digit inflation; and (vi) productive and competitive economy,” he said.

The opposition leader also committed to building a “well-functioning economy, powered by production and stable macroeconomic environment” which will provide dynamic social services which “inter alia” includes a robust health and education system, well-functioning welfare system and a highly rewarding civil service.

Chamisa said he would develop demand-driven policies informed by inclusive politics anchored upon an “inclusive dialogue” with all political actors, economic players, labour, business, civil society and academia with a view to build a new consensus and buy-in.

“Our policies will be predictable, consistent and guarantee certainty – this will help citizens, economic agents, workers, business and investors to plan with certainty.

 “The corrupt will be an endangered species and extinct. We will eliminate corruption, enforce rule of law, foster political tolerance, constitutionalism and respect of property rights, which, combined, are critical ingredients required to attract investment, savings and production,” he said.

The opposition leader also committed to resolve the debt crisis in Zimbabwe by engaging the multilateral community and opening Zimbabwe to the world.

“We will make Zimbabwe an entrepreneurial society- new industry, new factories and new companies and new sectors and employing more,” he added.