By Edgar Gabarinocheka in Chakasara
It’s been an interesting week, with many discussing the challenges our currency faces and the supposed “path to mono-currency” that our economy is trudging down, almost like a weary traveler who has misplaced their map and is hoping to stumble upon a village. But let’s not get ahead of ourselves—Zimbabwe’s journey to adopting the Zimdollar (ZiG) as the sole currency is a tale as old as the country’s economic struggles, and frankly, it needs more than a new currency—it needs a fresh outlook. A fresh, usable, and trustworthy currency.
This brings me to a certain man named Chakanyuka, a former postman turned philosopher who now resides in Chakasara. Chakanyuka’s life used to be a linear tale of predictability, but life had other plans. A few years ago, his house went up in flames—a literal fire, not some metaphor for economic instability, although the two are frighteningly similar. He ended up living with his in-laws 50 kilometers away in Chegure, where his role in the household was as useful as a currency with no value. He had no say in farming days or crop selection, and as for meals? Let’s just say that “what’s for dinner” was often dictated by the whims of fate—or, in this case, the constant struggle of Zimbabwe’s economy. He was entirely dependent on the whims of others.
Yet, Chakanyuka, not one to be defeated by life’s setbacks, decided to rebuild. He decided that independence was something he had to reclaim, just like Zimbabwe must reclaim a working currency. He returned to his home, rebuilt it brick by brick, just as our economy will need to rebuild its currency—carefully, with strategy, and over time.
Which brings me to a ndari beer binge I attended last week, where I had an eye-opening conversation with Baba Shupi. You see, in Zimbabwe, we export platinum, gold, and tobacco—resources that should make us wealthier than a Scrooge McDuck swimming in his vault of gold coins. But, instead, we end up spending foreign exchange reserves—earned from these exports—on local luxuries like ndari beer. I asked Baba Shupi, with a grin, how it was possible that our foreign currency was exchanged for beer while the economy staggered on like a donkey in the middle of a desert. And he, with his typical wit, laughed and said, “In Zimbabwe, the only thing more valuable than foreign currency is a good drink.”
This, my friends, is where our economic theory kicks in: the Tragedy of the Commons. This theory explains how individuals, acting in their own self-interest, can deplete a shared resource, which, in our case, is the trust in our currency. Our export wealth is like a common pasture, but instead of growing our economy, we’re squandering it on immediate pleasures like Mbuya Moyo’s ndari.
Now, what Zimbabwe needs, more than a new currency, is a stable currency. A currency that inspires confidence, because a currency without confidence is like a school teacher without students. No one’s showing up to that class. You could keep adjusting exchange rates, tweaking policies, and giving speeches about stabilizing the currency, but if people don’t believe the currency will hold its value, they’ll turn to what they know will have worth—foreign currency, or worse, bartering.
Speaking of which, during my conversation with Baba Shupi, I tried to explain how a local currency aids a successful economy using simple Keynesian economics. Imagine this: if people believe in the ZiG, they will spend it—boosting domestic demand. If they don’t, they’ll hoard foreign currency like it’s the last packet of salt on the shelf. This spending, in turn, encourages businesses to invest and grow. But it starts with belief. In simpler terms, Zimbabwe is that kid in class who keeps saying “I’m going to do my homework later,” but never actually does it. Meanwhile, we keep passing around ndari beer like we’re investing in the economy’s future.
And, for a dash of Monetarist theory, let’s talk about inflation. Zimbabweans are no strangers to inflation—who hasn’t had the experience of walking into a shop and finding the price of bread has doubled since yesterday? This is the quantity theory of money in action—too much money chasing too few goods. It’s like the economy is at a wedding reception, everyone is having a great time, but the chicken and rice are running out faster than you can say “hyperinflation.”
But enough about theory—let’s talk about optimism. Despite the economic gloom, we have the rains. As I spoke to Chamu, the builder, who is helping Agriculture teacher Mapako repair the school granary, there was an air of optimism. Farmers are looking forward to a bumper harvest, and that’s no small thing in a country where agricultural productivity can be a lifeline. But again, this optimism is tied directly to the value of the currency. If farmers are unsure of how much their crops will fetch in the market, or if their profits are eroded by an unstable currency, they may not invest in better equipment, fertilizers, or seed varieties. And so, the cycle continues.
The Phillips Curve tells us there’s a trade-off between inflation and unemployment. But in Zimbabwe, it seems we have a trade-off between stable currency and economic independence. The solution? A currency people trust, a policy framework that balances fiscal discipline with investment in growth, and most importantly, the return of Zimbabwe’s economic confidence.
So, what’s the way forward? It’s time for all stakeholders to come to the table and work together to ensure that the Zimdollar (ZiG) doesn’t remain a fleeting experiment but becomes a currency that serves the people. Just as Chakanyuka rebuilt his life with bricks and mortar, Zimbabwe must rebuild its economy with collective effort, trust, and determination. We must create a currency that drives growth, fosters productivity, and, most importantly, earns the confidence of all Zimbabweans. If we fail to do so, we will continue to squander our foreign reserves on things like ndari beer, toasting to an economy that remains stuck in limbo. It’s time to take action—before we find ourselves raising our glasses to missed opportunities.
Edgar Gabarinocheka is a retired commerce teacher and pensioner based in Chakasara. With years of experience in the education sector, he brings a practical, grounded perspective to Zimbabwe’s economic issues, blending local wisdom with international economic theory. Edgar writes about a variety of topics, including the importance of a stable currency, the complexities of the Zimbabwean economy, and the need for strategic, inclusive solutions to national challenges. His deep understanding of both the local context and broader economic principles makes his opinion pieces engaging and insightful.
Disclaimer:
Edgar Gabarinocheka (VIO) writes in his own capacity, and his views are not the views of Ya FM or Great Dyke News 24, which only provide a platform to encourage productive and constructive debate on national and global issues.
