One year on, in­fla­tion still sky high

The Africa Report - - QUARTER -

The first an­niver­sary of the elec­tions that brought Pres­i­dent Em­mer­son Mnan­gagwa to power will take place on 30 July. Security forces killed sev­eral protesters in the im­me­di­ate af­ter­math of the elec­tion, and the po­lit­i­cal climate has re­mained tense with op­po­si­tion­ist Nel­son Chamisa re­fus­ing Mnan­gagwa’s of­fers of di­a­logue. In­fla­tion has been sky­rock­et­ing on the gov­ern­ment’s spend­ing and its com­mit­ment to use the US dol­lar as an of­fi­cial cur­rency. Harare rolled out a sur­ro­gate cur­rency, the RTGS dol­lar, in Fe­bru­ary, but it rapidly de­pre­ci­ated in value as the gov­ern­ment dragged its feet on tough re­forms. In April, Harare and the IMF be­gan the process of launch­ing a Staff-mon­i­tored Pro­gramme.

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