PRESS STATEMENT: THE DANGERS OF OVER-RELIANCE ON BOOKISH ECONOMIC THEORIES AND BRETTON WOODS INSTITUTIONS – A CALL FOR PAN-AFRIKAN ECONOMIC SOVEREIGNTY
Date: 4 February 2025

The recent economic turmoil in Zimbabwe, marked by the closure of five OK Zimbabwe branches and the retrenchment of 347 CBZ Holdings employees, is a clear indication that our economy is bleeding. The continued job losses and business closures are a direct result of economic policies that prioritize the satisfaction of foreign institutions over the real needs of Zimbabweans.

Finance Minister Mthuli Ncube’s obsession with the International Monetary Fund (IMF) and World Bank is misguided and detrimental to our economic sovereignty. The Bretton Woods institutions have never been the saviors of Afrika; instead, they have systematically trapped us in a cycle of debt, structural adjustment programs (SAPs), and economic stagnation. Their so-called “solutions” have never worked for Afrika, and they never will because their interests are not aligned with ours.

A Pan-Afrikan Call for Economic Independence

Afrika’s liberation struggle was never just about political independence—it was about total economic emancipation. The same revolutionary spirit that drove the land reform program in Zimbabwe must now be applied to economic governance. Just as we reclaimed our land from settler-colonialists, we must now reclaim our economy from foreign manipulation and neo-colonial control.

For decades, Afrika has been subjected to economic theories that do not take into account the realities of our societies. We have been told to liberalize markets, privatize state assets, and peg our currencies to foreign benchmarks—all while our industries collapse, our youth remain unemployed, and our natural resources are looted by foreign corporations.

It is time to reject these bookish economic theories that serve the interests of global capital while destroying our local economies. We need to shift towards organic, homegrown economic solutions that empower the people, build strong industries, and create sustainable wealth.

A New Economic Path for Zimbabwe and Afrika

Instead of wasting time in endless IMF meetings, Mthuli Ncube should be meeting with local business leaders, industrialists, trade unions, and economic thinkers who understand Zimbabwe’s realities. Our solutions must be centered on:

1. Currency Stability & Economic Sovereignty
   We must strengthen our own currency through strategic economic planning instead of relying on IMF-driven monetary policies that only serve to weaken us.
2. Industrialization & Value Addition
   Zimbabwe and Afrika must move away from being mere exporters of raw materials and invest in industries that process our resources locally. This will create jobs and boost our economies.
3. Empowerment of Small and Medium Enterprises (SMEs) Local businesses need access to capital, tax incentives, and protection from unfair competition. SMEs are the backbone of any economy and must be prioritized over foreign interests.
4. Labour Protection & Job Creation
   Policies must be put in place to prevent mass retrenchments and ensure that Zimbabwean workers have job security and sustainable livelihoods.
5. Afrikan Financial Independence
   Afrika must develop its own financial institutions that serve the interests of Afrikans, rather than relying on Bretton Woods institutions that keep us in perpetual economic slavery.

Conclusion

We can no longer afford to be dictated to by institutions whose sole purpose is to maintain the economic subjugation of Afrika. Just as we fought for our land, we must now fight for our economic independence. It is time for Zimbabwe and Afrika to chart their own economic destiny, free from the shackles of neo-colonialism and predatory capitalism.

We call upon the government of Zimbabwe to prioritize the needs of its people over the demands of the IMF and World Bank. Our economic future lies in our own hands—not in boardrooms in Washington or Brussels. We must think Afrikan, act Afrikan, and build Afrikan solutions for Afrikan challenges.

For a truly independent Zimbabwe, for a sovereign Afrika!

Issued by:
Linda Tsungirirai Masarira
President – Labour Economists and Afrikan Democrats (LEAD)