Home Business Zimbabwe: Artisanal Miners Robbed in Broad Daylight – Zimbabwe Gold Monopoly as a Conduit to Canalise Foreign exchange and Cannibalise Our bodies-Autopresse.eu

Zimbabwe: Artisanal Miners Robbed in Broad Daylight – Zimbabwe Gold Monopoly as a Conduit to Canalise Foreign exchange and Cannibalise Our bodies-Autopresse.eu

Zimbabwe: Artisanal Miners Robbed in Broad Daylight – Zimbabwe Gold Monopoly as a Conduit to Canalise Foreign exchange and Cannibalise Our bodies-Autopresse.eu

Zimbabwe: Artisanal Miners Robbed in Broad Daylight – Zimbabwe Gold Monopoly as a Conduit to Canalise Foreign exchange and Cannibalise Our bodies

2020-11-20 12:28:07

Over the previous 20 years, the Zimbabwe economic system has been on a declining trajectory. Lengthy earlier than the present political and financial woes, gold and tobacco have lengthy been Zimbabwe’s most profitable supply of earnings and overseas forex. What was as soon as one in every of Africa’s most diversified and self-sufficient economies, has imploded and the state is struggling to make sure satisfactory assortment and administration of income.

The ZANU-PF led authorities insurance policies have precipitated huge inflation, forex upheavals and fixed power shortages which in flip, has led to a technique of de-industrialisation, GDP shrinkage, 80 per cent unemployment and an enormous exodus of the nation’s personal residents. The dearth of transparency and manipulation of gold costs aided by the state’s monopoly has had a unfavorable impression on greater than 500 000 artisanal and small-scale miners.

In January 2014, in flagrant pursuit of rentier revenue, the Zimbabwe Reserve Financial institution via its subsidiary entity Constancy Printers and Refineries arrogated to itself a authorized monopoly over the shopping for and promoting of gold from producers, massive and small. This report by Southern Africa Resource Watch seems to be at how state establishments in Zimbabwe have been used to serve non-public pursuits in robbing artisanal and small-scale miners of their gold.

It’s a story of how the Zimbabwe Reserve Financial institution siphoned billions from the economic system via the exploitation of artisanal and small-scale miners. The report reveals how the ruling elite in cahoots with the reserve financial institution and safety institution have been sucked into illicit gold commerce practices robbing artisanal miners of billions of {dollars} of hard-earned gold, leaving them in poverty. This state staged theft is undermining makes an attempt to formalize the artisanal and small-scale gold mining sector.

Read the full report

Leave a Reply

Your email address will not be published.