Changes we need to grow our economy

EDITOR — I have been following the dialogue on the economy after the coming into force of the new dispensation. Your readers may have not have been aware of the fundamental changes that must be made to grow the economy.

It is important to understand what went wrong before the new dispensation. Yes, the printing of money destroyed the fundamentals of the economy. There was no justification to print money. After the introduction of the multi-currency system, the US dollar should have remained as the reserve currency managed by the Reserve Bank of Zimbabwe.

A local currency now called the bond should have been introduced not in notes, but coins. The US dollar should not be used for daily transactions, but for paying for imports by the RBZ through banks.

The drivers of the economy are engineers and farmers. Farmers should produce raw materials to be used by engineers to produce products in factories. Any foreign currency generated through mining and farming exports must be used to modernise factory equipment or machinery to produce highly technological quality products for the domestic market and for export.

A survey conducted in the UK by the Financial Times newspaper of 100 top companies revealed that they were being run by 90 percent of people who were engineers and highly scientific graduates from directors to chief executives. In China, any foreign investment is required to transfer technology to Chinese engineers. In Zimbabwe, we emphasised on indigenisation — 51 percent ownership — instead of transfer of technology to our engineers. The economy can only grow if our engineering and science graduates are employed, not roaming the streets.