Accelerated economic growth
Morris Mpala, MoB Capital Ltd
A COUNTRY called Zimbabwe has economically stagnated over the years for reasons that have been documented before. For the Zimbabwe economy to come up fast and do catching up there is need to seriously look at the following.
Rule of law and country risk
The premise of existence and business lives is adherence to the laws of the country and an impartial legal system is a confidence booster towards economic recovery. We need to close political legitimacy issues and manage reputation by adhering to international standards (not just to follow blindly but scholarly). We need to settle debts, observe human rights, increase all human freedoms, strengthen banking/insurance sectors and protect the vulnerable.
Entrepreneurship, property rights
There is a need to re-align educational/vocational curricula to feed into the demands of industry to sustain re-industrialisation (including services industry) and increase entrepreneurial thrust on subjects despite them having to follow business ownership or employment in future. Let’s observe the existence of ownership and respect towards ownership of property to encourage and protect all types of investments as it encourages economic activities and that is growth.
Nurturing great ideas, fight corruption
Zimbabwe should be a haven that nurtures and encourages fresh, new ideas that solve economic ills of the country. Seek local relevant solutions to challenges as opposed to outside the country, which are not fit for purpose. Learn from others where possible. Walking the talk on corruption with exemplary conduct from strategic political/economic actors is important. Talk is cheap. Decisive action required across the board.
Production systems, labour laws
This economy needs cost effective and efficient modem systems that sustain firms. This includes up-scaling production to increase economies of scale in order to increase competitiveness. Relaxed but not abusive laws that strike a balance between human capital retention and sustainability of business are critical.
Knowledge economy, ICT-based systems
The economy derives value from processing of data/info.
Accelerated economic growth
Knowledge is the new capital. Knowledge is power. Leveraging on ICTs to gain an advantage or for minimal competitive edge is the way. We need to increase investments into the sector.
Arrest illicit financial outflows, smuggling of minerals, intellectual property (human capital included), imports smuggling and siphoning of resources from the public sector. This can be done through promoting international best practices for both public and private sector. Let us follow the rules religiously from the board room down to a mere employee. An independent RBZ is key to monitoring Government expenditure.
Think not, act
Action only. No time to think but to act outside the box. Be unconventional because these are not your ordinary times. Listen to your figures. Attend to all economic ratios. Remember little knowledge is very dangerous. Be guided by all statistics and collecting, processing and presentation of statistics must be real time and tell a true story that can be interpreted. Invest in skills that allow the economy to statistically interrogate and provide answers to the economic challenges. Continuous learning increases artistry in productions and or service provisions.
A culture of excellence, demand for precision, mutual respect and co-existence brings about economic equilibrium to all. We just need to be a good people in all facets of life. Let’s say no to mediocrity, laziness, misplaced priorities, wheeling and dealing, and mis-directed energies. By and large we just need to change our mindsets towards ourselves, each other and towards economic matters. Let’s mould hard workers, empathetic and selfless children for a grounded foundation that withstands tomorrow’s challenges and snap up opportunities as they arise. Ask for accountability and responsibility to public resources and those in charge in general. Above all let’s equip ourselves with emotional intelligence as we balance divergent aspirations.
Let us approach this phase with a motherly spirit of wanting what’s best for everyone else in Zimbabwe. We all know mothers know best and you can never go wrong using a motherly approach to managing things. A united approach is magical to increasing economic activity without which we waste resources through bickering and delayed action. Have one agenda that accommodates divergent voices of reason for checks and balances.
Identify these and run with them to the best of our ability. Do a SWOT analysis, apply PEST, abuse Game Theory and have an Art of War approach to business at hand while Government creates a conducive environment for prosperity. A systematic, robust scientific approach to accelerated economic transformation is coordinated based on a defined model that will support accelerated growth. Without a framework we are directionless and we have time constraints. There is need to work 24/7, lose pride, increase productivity ratios, work smarter but harder and get dirty.
Value addition, win-win partnerships
Where we can let us add value before exporting.
We need bold, decisive transformational leadership in industry and commerce not to mention policy makers. Negotiate deals that are favourable and aligned to our objectives and aspirations for both international and local players. If it doesn’t make any economic sense, let’s walk away.
FDI, local investments
Engage international stakeholders with equal measure to our local ones. The need to create and distribute wealth equitable cannot be overemphasized to mitigate destructive tendencies of aggrieved part of the society. It goes with saying by effecting lean, mean, effective production systems in a very conducive environment, that is, increased ease/cost of doing business.
The economy as they say is 75 percent politics and 25 percent fundamentals. Thus politics should modernise, industrialise, mechanise and revolutionize.
Let those with ears do the noble thing for this journey is going to be bumpy and will need a lot of sacrifices at all levels from literally each and every one of us.
IF YOU LIVE IN BULAWAYO PLEASE CONSERVE WATER
IF YOU LIVE IN ZIMBABWE PLEASE USE ELECTRICITY SPARINGLY SWITCH OFF SWITCHES (SOS)
IF YOU LIVE ON PLANET EARTH PLEASE PRESERVE THE ENVIRONMENT