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Home > HOME > Mugabe warns industry and the financial sector

Mugabe warns industry and the financial sector


Ranganai Chidemo

Sun, 21 Dec 2008 15:36:00 +0000

President Robert Mugabe, left, and First Lady Grace Mugabe, right, greet delegates at the Zanu PF party's 10th annual Congress in Bindura, Zimbabwe, Friday, Dec. 19, 2008. (AP Photo)



PRESIDENT Mugabe has indicated that his Government will take a controlling shareholding in all foreign-owned banks and manufacturing and mining companies, leaving existing foreign owners as minority shareholders.

Speaking at the 10th Zanu PF National Annual People’s Conference in Bindura, the president, who is also the first secretary of Zanu PF said the Government will seek to control the financial sector as some players have deliberately sabotaged the country’s economic sector.

He indicated that besides the assistance and cooperation that Zimbabwe was being rendered by friends and allies in the region and abroad, there is need to come up with local solutions to ensure that the sanctions do not do maximum damage.

“There are some people in the business community, companies and banks that are working in cahoots with the country’s detractors to undo the country’s achievements in the economic sector, through sanctions,” said President Mugabe.

“There is need for a total revolution in the manufacturing and industrial sectors,” he added and said that a programme is due to take off as soon as possible.

"The financial system is not under our control. It is in the hands of our detractors. Banks such Standard Chartered and Barclays, they do the bidding of their masters abroad," President Mugabe said.

"You can tell from the irregularities they have committed over the past few months."

President Mugabe took a swipe at those critics who were calling Zimbabwe the basket-case of Africa.

He said the Zanu PG Government had earned the country the title “Breadbasket of Southern Africa” during the 1980-90s, not Ian Smith and Western sanctions had reversed the gains made by the Government in education and the health sectors.

Zimbabwe passed the Indigenization and Economic Empowerment Act in March this year.

The legislation forces foreign-owned firms to sell at least 51% of the shares of every public company and other businesses to indigenous Zimbabwean businessmen.

It further specifies that no restructuring, merger or demerger shall be approved unless indigenous Zimbabweans hold 51 percent shares in the resultant business.

All government departments, statutory bodies and local authorities and all companies are mandated to procure 51% of their services from companies whose controlling interest is held by locals.

On Saturday President Mugabe accused banking corporations and manufacturing companies of externalizing foreign currency, depriving the country of vital resources which had sent the economy into a tailspin.

He indicated that the move, coming on the heels of the Fast Track Land Reform Programme, would complete the economic empowerment of the majority blacks in the country.

The President said the land reform was irreversible.

"We will never allow regression in regard to our land policy," he said. "The biggest issue is of land. The land has already been given to the people, it will not be returned to whites."

"We don't want a unity which is retrogressive."

President Mugabe scoffed at threats of forced ouster by Western countries.

"I won't be intimidated. Even if I am threatened with beheading, I believe this and nothing will ever move me from it: Zimbabwe belongs to us, not the British," he said.


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READER OPINIONS

kk kitake6@yahoo.co.uk
Subject: More trouble
Thu, 25 Dec 2008 13:49:35
Mafirekureva you are a good man and very honest. I have no doubt you appreciate what mugabe did in the past to liberate Zim but I believe if all Zims were as objective as you are, Zim would be liberated yet again. Zimbabweans must pull together in critisizing mugabe's madness.


n/a n/a
Subject: Banks
Wed, 24 Dec 2008 23:20:21
Mafirekureva- Can you go this site and learn what the West has been up to with regards to Zimbabwe?
Zimbabwe Under Siege
by Gregory Elich (2002)
(http://www.swans.com/library/art8/elich004.html)
Your views will change when you learn the extent Western imposed sanctions have had on the demise of the Zim economy, the accompanying bullying African Leaders have had to endure when they have supported Zimbabwe and how NGOs and civic groups in Zimbabwe have been roped into the regime change agenda. Zim running its own economic policies and mismanaging the economy? That is doubtful.
Another interesting article for you to read is:
A new start for Zimbabwe? by Ian Scoones
Ian Scoones, Challenges the myths about Zimbabwean agriculture and land reform
15 September 2008
(http://www.lalr.org.za/news/a-new-start-for-zimbabwe-by-ian-scoones.html)


n/a n/a
Subject: Banks
Wed, 24 Dec 2008 13:00:26
President Mugabe is only proposing what is being practised in the West right now. In the UK, Brown has nationalised the following banks, RBS, Northern Rock, HSBC etc. In the US, Bush is busy nationalising banks and private companies. Everyone in the West is jettisoning free market economic practices and yet MDC-T's own economic/financial strategy for Zim is based on this model that has failed in the UK.US and other western countries. Refer to article in Times On Line
December 17, 2008
Fed throws out the rulebook
Gerard Baker, US Editor
Some of you Zims purport to be educated but from some of your comments, it appears you have a long way to go in understanding the complexities of the global financial systems and how they work. Is it not true that banks and some business people are deliberately sabotaging the Zim economy in cahoots with the regime changers? Where else but in Zim where prices pegged in foreign currency are subject to inflationary pressures? Bankers wherever they are rule the world. Google Money Masters and learn how global financial systems really work. Additionally, you need to understand that most economic policies pursued by developing countries are dictated to them by Bretton Wood institutes (IMF/World Bank).So blaming third world countries for economic mismanagement is a ruse because economic policies are prescribed to them.The Bretton Wood institutes have admitted that the structural adjustment programs (such as ESAP) which they imposed on third world countries in the 80s/90s were detrimental to health of those economies. Was ESAP not imposed on Zim in the 90s?
Zim, like many other countries in Africa, has had some political independence but never economic independence. Who pays the piper calls the tune.


Mafirekureva n/a
Subject: Editor/moderator
Tue, 23 Dec 2008 12:05:36
Maybe, maybe you are not so bad after all... you should be allowed to have your own view point as long as you allow others with different viewpoints to get their fair share of space in your publication.

In short, although I disgree with the general thrust of your publication, I think calling for your deportation is a bit too severe and a display of intolerance that we treat with justified revulsion in Zim.


Mafirekureva na
Subject: Editor/moderator, am I being censored???
Tue, 23 Dec 2008 06:57:36
I am submitting this contribution for the 5th...

I would laugh if this was not so tragic...

Can the 7 000 or so who where present at this gathering not see the madness here? And they ululated? What is happening to us, Zimbabweans?

This is the end of a nation, mark my words fellow Zimbabweans! This does not need discussion or lengthy comments except to say the Old Man has gone over the edge and is beyond redemption. Unfortunately he is taking the country with him (of cause, he said it’s his…).

I do not remember Standard or Barclays's names being discussed for irregular activities at the height of the financial crises. Just look at the list of banks that where caught with dirty fingers, all were local banks and none of the foreign owned ones were part of this mess (to the best of my knowledge). So what is it that the foreign owned banks have done wrong, managing their banks well??? Fellow citizens, this is sick! Right now how many banks are in Zimbabwe and how many are foreign owned (less than 10%, I believe)? Given that scenario, how can a mature person stand before around 7 000 people and claim that the financial system is not in the hands of Zimbabweans with a straight face? If indigenous banks are too few why not ask Gono to issue more licenses to “patriotic citizens” so that they can counter the machinations of these three or so foreign owned banks. Otherwise this issue of wanting to take over is going too far, very soon we may start taking over spouses of our enemies (someone says there is a precedence here) as well!!!

With this type of thinking as displayed by the Old Man, we do not need any enemies from outside, we are our own worst enemies.

Cry the beloved country!
When evil men plot, good men must plan. When evil men burn and bomb, good
men must build and bind. When evil men shout ugly words of hatred, good men
must commit themselves to the glories of love.

Where evil men would seek to perpetuate an unjust status quo, good men must
seek to bring into being a real order of justice

Martin Luther King Jr


n/a n/a
Subject: What next?
Mon, 22 Dec 2008 18:10:31
Now that Tsvangirai got his passport back what next? What's gonna be his next reason for dithering. Gore rino tichaona mashura


n/a n/a
Subject: Let only God
Mon, 22 Dec 2008 13:32:16
Only God can redeem Zimbabwe. The resources in Zimbabwe (land, minerals and its people) belong to God. We should ask ourselves who are indigenous Zimbabweans. Are white people who came in 1890 not indigenous Zimbabweans. Some of them migrated from the Cape Colony during that time and their ancestors probably came from Europe in 1700s. Can they be referred to as the British and not treated like Zims even though they hold that green passport which everyone has. Should people say go back to the Cape Colony. What about the Mfengu Xhosa who came with them or Malawians and Zambians who came later. Should people say go back also. Allow Jesus Christ to take over your souls. So we should ask God for help so he can reveal the truth to us. The blood of Jesus is the only one that can break the curses that came through war and such. Pray pray hard people for the salvation of the country. Jesus Christ the prince of Peace is coming soon and his love calls and warns you to repent and prepare. The urgency is greater we need to prepare peope at grassroots level for the second coming of Jesus Christ. Don't start crying that God you have forsaken us or start witch-hunting turn to your heart and repent. When the country goes through a time of judgement, it is the responsibility of men of God to blow the ram horn and call everyone for repentance and prayer. This is the tme for a mighty revival.


kk kitake6@yahoo.co.uk
Subject: Yes implosion, mark my words!!!
Mon, 22 Dec 2008 11:42:37
Nationalisation of private companies do work in certain circumstances but in the current situation characterised by corruption, greed, lawlessness, intimidations, hyperinflation, etc, it will never work. Consider the motive behind Bob's intention, looting. It is as if he is running out of time to destroy Zim and its people. Unless and until Zim government stop this kind of interference in the private sector, encourage FDI, fight corruption and establish an independent judiciary system, implosion is inevitable. Just for the record I am not Zimbabwean but a concerned neighbour.


Brian bossafricaine@yahoo.com
Subject: Keep going
Mon, 22 Dec 2008 10:54:21
Mugabe you are on the right path. The enemies of Zimbabwe have done enough damage already in Zimbabwe with sanctions why dont you just finish the takeover of all their enterprises. We bring you do this before you die Mugabe. There are young turks here who are hungry to come and rebuild these instituitions as owners and not custodians of foreign investors. Just hit them with a final blow to the head and finish the matter. They are ruthless and cruel people. We have come so far now lets truly finish what we started. May God see your vision through dear president. I know you have not lived so long and stayed in power by your own will.


Patrick Fletcher hajray@gmail.com
Subject: Mugabe warns industry and the financial sector
Mon, 22 Dec 2008 05:34:17
First, Tapera Ne-cholera Chavachigumbu, the suffering of Zimbabwean is not oblivious to anyone, and certainly not by your western governments that create this condition through illegal sanctions. That is not propaganda, that is a statement of fact. Secondly, it is the right of the government and leader of any sovereign nation to nationalize any and all things in its borders, the United States has just taken over its Banks, it has nationalized them. That is a statement of fact, not propaganda. Thirdly, the West is broke, just 4 weeks ago western countries assembly in China begging for bail-out money for their economies, to which China bluntly say NO to. The United States had was to bail-out Mortgage giants 'Fredie Mac' and Fannie Mai' because the Chinese has US$400 BILLION invested in these two entities. Had the United States not bail these two entities out, the Chinese would have lost their investment, and they, the Chinese, would have certainly retaliate. Necholera, that is a statement of fact, it is not propaganda. The United States is not a 'Super Power', it is what I call a Super Potential.


nationalist nkalanga n/a
Subject: No more options here
Mon, 22 Dec 2008 00:32:48
ZANU PF has reached the end of its thinking capacity. There are no solutions from lot that wont simply give up and go. Its time to explore other options before its way too late for our people. The introduction of new and young blood in the political system should be our primary focus now. That is the only sure way to create a vibrant and future focused society once again.


Tapera Necholera Chavachigumbu tnchig@yahoo.com
Subject: Mugabe warns industryand financial sector
Mon, 22 Dec 2008 00:28:56
Absolutely rubbish!!!!! People like TCJ and Patrick Fletcher speak with their feet in their mouths. Despite the suffering of people in Zimbabwe, it is amazing that you find them being oblivious to it but are quick swallow hook and sink Mugabe and Zanu's propaganda bait.
Typical of their gravy- train breed, they are beyond being saved - chakabaya chakatyokera.


na na
Subject: IMPLOSION?
Sun, 21 Dec 2008 23:59:05
KITAKE you like an ostrich with your head in the sand, to put it politely.
what do you think sanctions are doing to our country and what do you think the ultimate intentions of the west are, huh?
if you feel so sorry for Zimbabweans you would be out there demonstration against sanctions on our people by this Christian nation, especially at Christmas and waiving our ZIMBABWE flag and demanding an end to sanctions.
but then you probably not even a Zimbabwean. Just a stirrer-upper like so many others.


Patrick Fletcher hajray@gmail.com
Subject: Mugabe warns industry and the financial sector
Sun, 21 Dec 2008 22:18:07
Mr President, may I also say that with the financial crises that is hitting the West financial institutions, that now is the best time to take over Chartered and Barclays Banks for maximum effect. I don't think news of a takeover of these banks will be good for the West stock markets. I want to hear the West SQUEAL.


Patrick Fletcher hajray@gmail.com
Subject: Mugabe warns industry and the financial sector
Sun, 21 Dec 2008 21:57:11
About time President Mugabe takes control of the industry and financial sector, he can then divest those entities by seeking and obtaining non-western investment and Zimbabwean having a majority share of 51% or greater. Well done sir, once again a brilliant move.


Patrick Fletcher hajray@gmail.com
Subject: Mugabe warns industry and the financial sector
Sun, 21 Dec 2008 21:47:54
About time President Mugabe takes control of the industry and financial sector, he can then divest those to non-western interest with Zimbabwean having a majority share of 51% or greater. Well done sir, once again a brilliant move.


T.C.J n/a
Subject: Vana vaNehanda naKaguvi makaitwa sei?
Sun, 21 Dec 2008 19:42:44
Here is a gallant son of Zimbabwe who is dying to fulfil the wishes of our ancestors beheaded by the British because of the Zimbabwean heritage they thought it rightfully belongs to us. Now some of you stand against their wishes, did they die in vain? Keep marching President Mugabe kudzamara taitora Zimbabwe.
Its puzzling to learn that some of these people who criticise President Mugabe’s policies don’t even know what a share is, or even dream of it. I have learnt in the UK, that the main source of inheritance is ownership of wealth e.g. houses and shares in international corporations. If you don’t understand its not a problem, let me tell you that this is for future generations not you.
Struggle means that everybody has to sacrifice today in order to live better tomorrow. My advise to Mr Gumbura is do everything you can to get yourself clean water because we are in a struggle. There is bigger issues more pressing than today’s clean water. Munosara patsime gold nemaDiamonds zvichienda mhiri yegungwa imi muchingoti ‘thank you boss’.
Who is America to decide for Africa?
Please allow me to comment on America’s interference in African affairs through Jendayi Frazer’s utterances in the Mail & Guarding (21 December 2008), which quoted her saying that the power sharing process has run its course. This is intended to influence SADC and the Africa Union decisions. America is the greatest threat to African unity.
This confirms President Mugabe’s fear that it is Tsvangirai’s handlers who are not happy with the power sharing deal not himself. In self conscience, this should be haunting him. We now know the real reasons for the MDC-T’s refusal to enter the government of national unity. The AU have since dismissed such interference by the so-called super powers and the west. Who is America anyway to draw such conclusions for AFRICA? What interests does the US have in Zimbabwe?
America was the world’s largest economy in terms of population and industry, today China is the SUPER POWER. The whole world now knows the US has no savings, but a huge deficit, so were are the dollars?
America was perceived a super power in science all along, No Russia has been the leading SUPER POWER.
Actually, its America that has run its course as the power shifts to the east, the US is now a toothless tiger. This is because it has lost credibility in its Human Rights and democratic record. It is also losing many battles including those against China, Russia and mostly importantly, changes in TIME. It is obviously struggling to live with this reality but has no choice at all.
African institution can no longer be undermined in this way, the AU made it clear in Egypt and the sooner the US recognises this fact the better for our relationship with the next administration.
True Democracy (2008)
God Bless Africa.


vusi sawubona97@gmail.com
Subject: President Mugabe is our messiah
Sun, 21 Dec 2008 19:15:16
President Mugabe is an inspiration to millions of brown people (i call us brown because our skin color is brown and not black). He is a true hero and a true son of Africa. President Mugabe is the light of the continent and a legendary hero like no others.

Mr. President I am one of your biggest supporters and i support you because you are everything to us, you are our hope to stop pinks (those who call themselves whites) madness in Africa.

We have all the right to dislike those countries and their citizen for the centuries of hell they fed us and still feeding us.

Zimbabwe is the first African country to be totally free of domination and that is thanks to you.

i call on every person to help preserve Zimbabwe has the first Africa country totally free of pink white countries.

i want to add that who ever threaten president Mugabe will face the full anger of the African people and we will hit them hard all over the continent if they dare to invade Zimbabwe.

watch this video from me in support of president Mugabe and the African people on youtube.

here is the link:

http://www.youtube.com/watch?v=fattRszTEUk&feature=channel_page


just past the link to your browser and connect to the video


James David GUMBURA jg@cimas.co.zw
Subject: Well Done!
Sun, 21 Dec 2008 17:56:55
Well done sir! But before we take over Banks, could we just have clean water to drink please? Lets start by fixing the water and cholera sir before we move into banks. Once again, well done for an inspiring speech.


kk kitake6@yahoo.co.uk
Subject: More trouble
Sun, 21 Dec 2008 17:18:55
This is unbelievable. The economy has already collapsed and these new policies are gonna cause implosion, totally!!!. I feel sorry for ordinary Zimbos coz its gonna get worse before it gets better.


Alton Hadzisa hadzisa@yahoo.com
Subject: Don't say you were not warned
Sun, 21 Dec 2008 16:51:40
Nathan Shamuyarira was right when he said Zanu PF formulates and directs govenment policy in Zimbabwe. All people in business must take heed otherwise they will find themselves in the unending anguish that befell their silly commercial farmers in 2000.
If the bankers and industrialists want to end up and taxi drivers or BBC's (British Bum Cleaners) in UK let then ignore what the old man is saying.


Zimbabwe massive zimbabwelive@aol.com
Subject: Well Done!
Sun, 21 Dec 2008 16:09:21
That`s it, let`s keep killing what we have left! Pamberi neZanu. Keep bringing on these fantastic government policies, what is the ten year government plan. We are a shining example for Africa, when we nationalized the farming industry, it worked out very well. Water supply, electric, waste and sanitation services, let`s not forget the health delivery system, you must admit, we have done very well.

Fantastic job, keep it coming!



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