Renewal of Zimbabwe

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Imagine a Zimbabwe with a strong economy and no inflation to write home about.
Imagine a Zimbabwe without any corruption to talk of, a Zimbabwe without a black
market and where you can walk into a bank and get any amount of foreign currency
that you want. Imagine a Zimbabwe with supermarkets full to the brim not only with
all the basic necessities but with all the luxurious goods that you can think of at
affordable prices. Imagine a Zimbabwe where even the President and cabinet ministers
are taken to court and justly tried if they break the law and there is justice for all without fear or favour. Imagine a Zimbabwe where there is freedom of the press and the caliber of journalists is such that they report the truth all the time and they unearth all sorts of skeletons in the cupboards to curb corruption and unethical and unprofessional behavior. Imagine a Zimbabwe where most people have a good lifestyle. Imagine a Zimbabwe where there are no power cuts, no water shortages, no commuter fare hikes every week and an efficient health delivery system. Imagine a Zimbabwe where all civil servants and Parastatal employees are paid market salaries that correspond to the cost of living and that can sustain them and their families as well as enable them to invest in any asset of their
choice. Imagine a Zimbabwe with the latest up to date communication technologies
enabling efficient communication. This Zimbabwe is possible not only in my dreams but in reality if whoever comes into power ensures that Zimbabwe develops in all sectors, through good governance and responsive policies.

Good governance is a result of good political governance, good economic governance,
good corporate governance and good administrative governance interacting to create an
environment within which growth, development and poverty reduction can take place in
a country. Whoever comes into power should practice the following key political
governance values which are areas of concern for sustainable development in Zimbabwe.
First and foremost the rule of law as well as the rights, liberties and freedoms of the individual can only be upheld where there exists a judiciary that is independent, ethical, professional and protected from Executive branch interferences by the constitutional separation of powers. Secondly a free, independent and responsible media can make a valuable contribution to fostering transparency in the management of public affairs and public resources, to keeping in check governmental excesses, corruption and mismanagement, to empowering people and providing independent information. Thirdly it is important to keep public bureaucracy insulated from political interference, in particular economic management should be shielded from the deleterious impact of political patronage. There is also crucial need for control mechanisms to nurture accountability, competence and honesty and to prevent bureaucrats from becoming a law unto themselves. Last but not least good political governance would be incomplete if it does not have a democratic constitution and does not practise fair and open democratic processes. Some of these democratic rights being, freedom of assembly and association, freedom of political participation, democratic elections and transition from political power as well as an independent electoral commission.

Whoever comes into power should recognize the important contribution that good economic and corporate governance values and practices can make to economic growth and development, notably, through promoting market efficiency and controlling wasteful spending both of which have a positive impact on the encouragement of private financial in flows. The key desirable economic and corporate values that will result in development in Zimbabwe are firstly integrity of the monetary and financial sector through monetary and financial transparency, independence of the Reserve Bank and effective regulatory and supervisory institutions. Secondly there should be sound macro-economic and public financial management and accountability with emphasis being put on macro-economic stability, budgetary discipline, fiscal transparency, equity and efficiency in public revenue mobilisation
and public resource use. Thirdly there should be sound, effective and reliable accounting and auditing systems. This is achievable through the establishment of comprehensive, integrated and reliable accounting systems which would provide for, inter alia, the independence of the supreme audit institution and the communication of reliable and objective reports to the public authorities and the general public. All these economic and corporate governance values and practices would be of no use if there is no effective corporate governance framework to ensure transparency, accountability, effectiveness, efficiency, integrity and fairness. Therefore
it is imperative that there be a legal framework protecting property rights as well as the rights and obligations of companies, their boards, management, shareholders and stakeholders. As well as a regulatory framework for effective supervision and transparent financial disclosure.

Good governance largely depends on effective and excellently functioning institutions. By institutions I mean both formal and informal organisational structures, practices, value systems, norms, patterns of behavior and relationships which contribute directly or indirectly to the process of socio-economic and political development. It is common knowledge that weak, complex and inefficient institutions create incentives for corruption, reduce productivity and
hinder development. Therefore if all the good things we want to happen in Zimbabwe are to happen it is imperative that whoever comes into power ensures that all institutions meet the vital requirements for successful development and poverty elimination. I personally think that Zimbabwe’s development has got to be based on a market economy, therefore it is important that whoever comes into power establish and put in place institutions that are most likely to support a market-based development strategy.

Firstly it should be noted that market freedom requires regulatory vigilance so
there is need for strong regulatory institutions to take care of market imperfections and market failures as well as to lower transaction costs and to mitigate the consequences of imperfect communication. A strong, effective and efficient regulatory institutional framework is called for to regulate the conduct of business in goods, services, labour, assets and financial markets. Effective rules and procedures must be enacted and enforced to promote competition and social responsibility in such critical areas as communications, consumer’s goods and services, health, food and environmental protection. The effectiveness
of regulatory institutions, including central banks, is largely a function of their degree of independence and professionalism. However it is important to bear in mind that regulatory institutions can easily become sources of red tape and economic inefficiency and prone to corruption and collusion with the regulated businesses and so it is imperative that whoever comes into power ensures that the regulatory institutions are run ethically and professionally. Secondly a market economy needs institutions for macro-economic policy and public management since governments can seldom rely on the market to be self stabilising. Such institutions must develop the capacity to design and implement excellent fiscal and monetary policies that are market and growth friendly. The role of independent audit agencies in ensuring
transparency and accountability in the management of revenue and expenditure can hardly be overstated. Thirdly it should be noted that the establishment and enforcement of secure and stable Property rights was a key factor behind the economic growth and development of countries in the Western world. Therefore effective property rights institutions should be set up in Zimbabwe and whoever comes into power should ensure that, on the one hand, the state uses its power to enforce contracts and property rights and on the other does not behave in a predatory or confiscatory manner towards the private owners of those rights. Herein lies the philosophical underpinning of the minimalist state, that government is best that governs least. Lastly it is important for Zimbabwe to have in place
well-functioning, transparent and representative systems for acceding and transmitting political power as well as institutionalised avenues that will allow the voices of civil society and the private sector not only to be heard but to be responded to. Hence the need for institutions
for conflict resolution and management.

I didn’t choose to be Zimbabwean, just as I didn’t choose to be born but I am proud to be who I am in spite of the economic decay in the country at the moment and my aim is to try and bring to the policy makers’ attention how the country can be improved in all those areas that make me disadvantaged to be Zimbabwean. It was with this thought in mind that I spent hours researching for this article about ways to renew Zimbabwe with the hope that it would come to the attention of policy makers. Your constructive comments on this article will be greatly appreciated ladies and
gentleman even if you comment anonymously because your point on how to renew Zimbabwe
might just provide the breakthrough that Zimbabwe so badly needs.