HARARE – Outspoken professor of economics Gift Mugano has stepped down from the Zisco Steel board after being censored by some sections of the Zimbabwe government for criticising the country’s myriad economic policies, ENN reports. In his resignation letter from the chairmanship of Zisco Steel, addressed to the Zimbabwe Minister of Industry Sekesai Nzenza, Mugano challenged Government to remain open to divergent views on various policies and pieces of legislation in line with the promised mantra of the Second Republic in order to take the economy forward.
After Robert Mugabe’s ouster from power in November 2017 through a military assisted operation, he was replaced by Emmerson Mnangagwa, a former Minister of State Security cum Vice President, who made a promise to the world that under his leadership, Zimbabwe had graduated into a second republic whose rallying mantra running under was ‘Zimbabwe is Open for Business’. After winning the disputed 2018 presidential elections through a Supreme Court judgement, president Mnangagwa’ s government has rolled out a number of economic policies to the detriment of the economy. These policies included pronouncements that led to the loss of value of the bond note against the United States dollar after government reneged on its 1:1 exchange rate promise between the US dollar and the bond note; the introduction of a 2% transactional tax in a depressed economy and against industry advice, and the introduction of a local currency without putting necessary economic fundamentals in place to stabilise the currency.
Professor Mugano was consistent in criticising some of the above economic interventions on merit, and has advised government on many economic issues through commentary and analysis. He has chosen to continue contributing towards Zimbabwe’s macro-economic issues for the benefit of all Zimbabweans ahead of micro-issues that will only benefit State Owned Enterprises.
You can download Professor Gift Mugano’s resignation letter here.