Mnangagwa to be sworn in tomorrow
Transition from Mugabe to Mnangagwa could mark a positive shift and bring foreign investment — experts
If Mnangagwa can arrest Zimbabwe’s economic decline, deliver clean elections next year and woo back bilateral support from Western states, new investment could begin to flow.
Zimbabwe’s former vice president Emmerson Mnangagwa will be sworn in as president tomorrow following the resignation of Robert Mugabe after nearly four decades in power, state broadcaster ZBC reported yesterday.
Mnangagwa, who fled for his safety after Mugabe sacked him two weeks ago, will land at Manyame Airbase in Harare at 6pm, ZBC said. Mnangagwa’s sacking prompted the military takeover that forced Mugabe out.
Mugabe’s downfall came suddenly for a man once feted across Africa as a liberation hero for leading his country to independence from Britain in 1980 after a war.
The 93-year-old had clung on for a week after the army takeover. He finally resigned moments after parliament began an impeachment process seen as the only legal way to force him out.
People celebrate
People danced in the streets of Harare and car horns blared at the news that the Mugabe era was finally over. Some brandished posters of Mnangagwa and army chief General Constantino Chiwenga.
Speaker of parliament Jacob Mudenda is due to hold a news conference at 1030 GMT.
Mugabe led Zimbabwe from relative prosperity to economic ruin, presiding over the forced takeover of white-owned farms at the end of the century, which devastated agricultural foreign exchange earnings and led to hyperinflation.
Alleged human rights abuses and flawed elections prompted many Western countries to impose sanctions in the early 2000s, that worsened the economic problems.
Most of Zimbabwe’s 16 million people remain poor, squeezed by chronic currency shortages and sky-high unemployment.
If Mnangagwa can arrest Zimbabwe’s economic decline, deliver clean elections next year and woo back bilateral support from Western states, new investment could begin to flow.
“The transition from Mugabe to Mnangagwa could mark a major and positive shift and put Zimbabwe back on the foreign investor radar,” head of equity research at emerging market bank Exotix Capital, Hasnain Malik, said in a note.
“Many of the ingredients of a great frontier market are in place in Zimbabwe: human capital, infrastructure, natural resources and diaspora.” However, there are doubts about Mnangagwa’s reform credentials, while a large section of the Zimbabwean public are hostile towards a man who, like Mugabe, is accused of participating in repression.