In a bold and controversial move, Nelson Chamisa’s Citizens Coalition for Change (CCC) has declared its intention to immediately switch from the troubled Zimbabwe dollar to the stable United States dollar if they emerge victorious in the upcoming elections. CCC’s deputy spokesperson, Gift Siziba, made the announcement during a lively manifesto discussion on X (formerly Twitter) yesterday.
Siziba emphasized that the CCC’s first priority upon assuming office would be to discontinue the use of the bond note and adopt the US dollar as a temporary measure. This decision, according to Siziba, would be implemented while the government addresses the underlying economic fundamentals that have plagued Zimbabwe’s currency for years.
One of the CCC’s primary concerns is the foreign currency auction system, which they propose scrapping entirely. Siziba argued that this system has resulted in colossal losses of nearly two billion dollars, due to rampant looting and resource siphoning. The party believes that by abandoning the auction system, they can curb corruption and ensure a more equitable distribution of resources.
Furthermore, the CCC has pledged to tackle the pervasive issue of illicit financial flows and both domestic and international debts head-on. Siziba asserted that their government would prioritize the reinforcement of Zimbabwe’s economic interests within the country, as illicit financial flows have been draining valuable resources. The party plans to implement measures to combat theft and corruption, while also addressing the issue of debt transparency and settlement.
Economist Gift Mugano supported CCC’s stance, highlighting that the party is in sync with the market’s sentiment. Mugano noted that the latest data from the central bank indicates that over 90% of transactions are now conducted in US dollars, effectively rendering the Zimbabwe dollar obsolete. He praised CCC for recognizing this reality and expressed agreement with their approach.
The CCC’s announcement was made during a spirited Twitter discussion hosted by the Accountability Lab Zimbabwe, under the theme #MaPromiseManyama. The discussion aimed to delve into the manifestos of various political parties in anticipation of the upcoming polls.
While the CCC’s proposal has both fervent supporters and vocal critics, there is no denying that their stance on monetary reforms and cracking down on illicit financial flows has struck a chord with many Zimbabweans. As the election draws nearer, all eyes will be on Chamisa’s party to see if they can deliver on their promises and bring about the change they envision for the struggling nation.