President Mnangagwa said the Second Republic has managed to tame the runaway inflation which was being caused by fictitious mobile money created mostly through Ecocash.

He was speaking in Gweru while addressing ZANU PF Midlands Provincial Coordinating Committee (PCC) members.

“We realised that Ecocash was behind all this so we studied this thing and got to their server and found everything, every corruption and takatora tsvimbo ndokurova, it was painful to others but we said we only allow limited mobile money and it must reflect in the account,” said President Mnangagwa.

He said this was the reason why Government introduced auctions, the “one for SMEs and another for big sharks”.

Read: Govt suspends ecocash, one money

“We were all confused as to what was happening until we set up a committee and we discovered there was up to $8,4 billion circulating outside the banking system, which money in financial terms, is phantom money, which is some sort of ghost money whose source no one knows,” said President Mnangagwa.

Phantom income sometimes referred to as phantom revenue, is typically an investment gain that has not yet been realised through a cash sale or a distribution.

Read Also: Ecocash, Telecash, One Money exposed for printing money

“We also discovered that there were people on the streets, a lodger who does not own a house but in his or her mobile phone there is $86 million, which he or she is trading, not employed, no one complaining of losing money, it was confusing,” he said.

President Mnangagwa said the Second Republic was also worried with the level of corruption, especially in local authorities. He said his administration will leave no stone unturned to eradicate corruption.

Successes
President Mnangagwa told members of the PCC in Gweru that he used to attend the meetings before he became Head of State, adding that as President, he now has an appreciation of developments in all the provinces outside the Midlands.

“Today, you also have the privilege of getting an appreciation of what we have achieved so far in two years as the Second Republic. I also have to tell you that you ought to do better than this or that province because I know what’s happening in all the provinces . . . whether you are number one as the province or not because during my time we used to always think we were number one,” he said. President Mnangagwa said the major highlight of the Second Republic in the last two years was its ability to reduce Government’s salary bill, which for years used to gobble over 90 percent of the budget.

“We have now managed to reduce our budget deficit, which is now only at 4 percent. The wage bill is now about 50 percent and the other 50 percent is being channelled to developmental projects and this is why we introduced devolution,” he said.

The Head of State and Government said the Second Republic has also managed to embark on road construction like the Harare-Beitbridge-Chirundu Highway which the old dispensation only talked about without implementing. “We have the then Minister of Transport here, Cde (Jorum) Gumbo and he knows the story about this highway. Those who travel around can testify to the work that we have done on the highway. We have been using our own resources,” he said.

The President said the country has also managed to tame the inflationary environment with prices of goods and the local currency now stabilising. He urged party members to work hard and remain united ahead of the 2023 elections. Sunday Mail

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