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Tuesday, November 29, 2022
HomeNewsMnangagwa Says Zim Has Witnessed Unprecedented Economic Growth

Mnangagwa Says Zim Has Witnessed Unprecedented Economic Growth

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President Emmerson Mnangagwa has painted a positive picture of the country’s economic situation saying his administration has set Zimbabwe on an unprecedented path to socio-economic growth.

Speaking during his State of the Nation Address (SONA) and the opening of the Fifth Session of the Ninth Parliament of Zimbabwe at the New Parliament Building in Mt. Hampden, Mnangagwa said the country should jealously guard the dropped September month on month inflation.

“The period since my last address to this Parliament has seen unprecedented socio-economic growth as well as the accelerated implementation of the National Development Strategy 1. Tight monetary and fiscal policy measures to stabilise the economy, and curtail speculative borrowing and other rent-seeking behaviour, are bearing fruit.

“Gold coins valued at ZW$9.5 billion were sold as at 30th September, 2022. Smaller denominations of the gold coins have been unveiled by the Reserve Bank of Zimbabwe to broaden access and inclusivity. Month-on-month inflation for September significantly declined to 3.5% from 12.4% in August, 2022. Every Zimbabwean must jealously guard this stability. Meanwhile, foreign currency earnings amounted to US$7.7 billion for the 8 months up to 31st August, 2022. This reflects a 32.4% increase from the US$5.8 billion recorded over the corresponding period in 2021,” said Mnangagwa

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In agriculture, Mnangagwa said the Presidential Input programme will support the Pfumvudza concept per household with specific crops based on region.

“The Presidential Input Programme is targeting 3 million farmers for enhanced production of cereals, oilseeds and legumes. The programme will support five Pfumvudza/Intwasa plots per household, with specific crop input packages based on agroecological regions. The Zunde RaMambo/Isiphala SeNkosi Programme has been extended to also cover Headmen and Village Heads. Our traditional leaders are constantly with our people at grassroots level. Hence, my Government will render all possible support to them,” he said

Mnangagwa said the commissioning of the US$17 million Biological Oxidation (BIOX) plant at the Cam and Motor gold mining operation in Kadoma in April had seen an increase in gold production.

“Output growth is evident in gold, coal, chrome, PGMs and related minerals. The commissioning of the Cam and Motor Mine Biox Plant; Radnor Mine and expansion of Blanket Mine, among others, coupled with contributions from artisanal miners, have resulted in increased gold production.

“Investments in the lithium sector are pleasing and encompass extraction through to value addition. Government is decisively dealing with illegal mining and smuggling of precious minerals. All players in the sector are once again urged to operate legally and in an environmentally sustainable manner. The economy is growing faster than power supply,” Mnangagwa.

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In the energy sector, Mnangagwa said the Hwange Unit 7 is expected to be commissioned by year end with a further 300 MW from Unit 8 expected to come on-stream by the second quarter of 2023.

He added that efforts are on-going to expand the country’s energy mix, with focus on renewable energy.

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