March 2010 Vol 9, Featured Articles, National News
Pressure Mounts for Reserve Bank of Zimbabwe Governor Gono to Resign Post
Political sources said Gono has come under mounting pressure from some in the former ruling ZANU-PF party to step down after blasting Harare's indigenization and black empowerment program as a form of cronyism
Political sources said Gono has come under mounting pressure from some in the former ruling ZANU-PF party to step down after blasting Harare's indigenization and black empowerment program as a form of cronyism
Pressure on Reserve Bank of Zimbabwe Governor Gideon Gono to resign mounted on Tuesday following a recommendation from the International Monetary Fund that the country strengthen central bank governance and sniping from former allies in ZANU-PF over Gono's criticism of the party's indigenization initiative.
Upon concluding so-called Article IV Consultations with the Harare government this week, the IMF called for improved central bank governance, warning that risk is on the rise in Zimbabwe's financial system. The IMF recommended the establishment of an RBZ governing board and downsizing of bank operations and staff.
Political sources said Gono, who has presided over the collapse of his institution to the point where its assets are being auctioned off to satisfy creditors, has come under mounting pressure from some in ZANU-PF to step down after blasting Harare's indigenization and black empowerment program as a form of cronyism.
One top ZANU-PF official told VOA that Mr.Gono must go, calling him "a buffoon who practices Road Port economics," a reference to the Road Port Bus Terminal in Harare where Reserve Bank Officials were formerly said to have engaged in huge foreign exchange deals that fueled the country's recent hyperinflationary episode.
Sources said South African President Jacob Zuma, who met with Gono while conducted a round of mediation of differences within Harare's unity government last week, urged the central bank to consider stepping down in the national interest. The Movement for Democratic Change formation headed by Prime Minister Morgan Tsvangirai has long been calling for Mr.Gono’s departure.
Gono’s powers could soon be curtailed in any case by central bank reform legislation that awaits the signature of President Robert Mugabe. The bill includes language granting Gono immunity from prosecution for actions taken in good faith on instructions from above, such as improperly funding government operations.
Economic Planning Minister Elton Mangoma, who took part in the IMF policy review, confirmed that the IMF is particularly concerned about RBZ governance.
More Featured Articles
CAUGHT CHEATING? HOW TO MOVE FORWARD AFTER BEING UNFAITHFUL
We all learn to look out for signs that our man is cheating, or subtle hints that he might be seeing someone else on the side, but what if you are the one that cheated? Assuming that you still want to work on your current relationship, we have 7 ways to move on successfully after you’ve been unfaithful. This is not a “loop-hole” and is not praised, but the reality is 14 percent of married women have had affairs at least once during their married lives and 17 percent of divorces in the United States are caused by infidelity. If you fall into this category, and don’t want to be part of the divorce statistic, take a look at these helpful steps.
Sure signs she's cheating on you
MARRIAGES often break down on account of husbands not being loyal to their wives.
Who wants to be a monkey?
A student has been left feeling a little red-faced after an embarrassing incident with a monkey made her a global star. Charmian Chen, who just happens to be a model, was visiting the Sacred Monkey Forest Ubud in Bali last month when two of the primates decided she was a little overdressed.The 22-year-old student, from Taiwan, was on holiday on the tropical Indonesian island feeding long-tailed macaques when she was singled out.
UK Made No Deal To Fund Zimbabwe Land Reform - Lancaster House
The British Parliament's Africa All-party Group’s latest report, “Land in Zimbabwe: Past Mistakes, Future Prospects” claims that Britain never made nor betrayed any promises on land reform made at Lancaster House as claimed by President Robert Mugabe. Some of the “most interesting evidence of all” came from ZANU-PF and the Zimbabwean embassy in London did not claim that there was a secret deal that the UK would provide funds to pay for land reform.
Zimbabwe's political parties begin maneuvers ahead of possible elections
HARARE, (Xinhua) --Maneuvering has started between Zimbabwe's two major political parties following revelations that fresh elections will most likely be held in 2011, with or without a new constitution.
Disputes and uncertainty mar Zim’s brilliant potential
Zimbabwe continues to both fascinate and frustrate. Its full mining potential has hardly been touched and ongoing disputes over ownership and certification, added to the impact of sanctions, continue to disrupt production. M J Morgan examines the key issues.
Zimbabwe split over $5.7 billion debt plan
HARARE // When the finance minister, Tendai Biti, assumed office in a unity government formed in February 2009, he took over stewardship of a contracting economy, saddled with a US$5.7 billion (Dh20.9bn) debt owed to international financial institutions finance minister, Tendai Biti, assumed office in a unity government formed in February 2009, he took over stewardship of a contracting economy, saddled with a US$5.7 billion (Dh20.9bn) debt owed to international financial institutions.
Old Mutual throws a wobbly over diamond investment
A Jjittery Old Mutual is considering dumping its 5.2% of scrap dealer New Reclamation Group, which has controversially partnered Robert Mugabe's government to mine diamonds in Zimbabwe's eastern Chiadzwa diamond fields.
Rageh Omaar: journalism with passion
BEFORE joining the Witness team at the launch of Al Jazeera English, Somali-born reporter Rageh Omaar worked for the BBC for over 12 years. An international correspondent covering stories from all over the world, he reported on the Kosovo War, and the Ethiopia-Eritrea conflict. He was named BBC's Developing World Correspondent and then in 2001, as the BBC's Africa Correspondent.
Namibia struggles on
Windhoek - A young Namibian woman in jeans and T-shirt carries her textbooks and a laptop bag, her headphones connected to a mobile phone in her pocket, looking like a university student anywhere in the world.
KP Chair Hirsch Speaks of Zimbabwe, Israel and Changes to the Process
In his first interview as Kimberley Process Chair, Boaz Hirsch tells IDEX Online that Zimbabwe is “on the agenda” and that he wants to form a workgroup to resolve problems. However, ending the requirement for unanimous decisions is not on the table.
