By Staff Reporter
Renowned United States economist and currency expert Steve Hanke has mocked President Emmerson Mnangagwa for running down the country. The economist Professor Steve Hanke lashed out at President Mnangagwa for presiding over the economic demise of this country through blundering and continuing to hold on to the Zimbabwean dollar when he is fully aware that it is not working.
Writing on his microblogging site Twitter, Professor Hanke said that President Mnangagwa has proven to be a masterclass in economic stupidityProfessor Hanke
“Zimbabwe’s President Mnangagwa is giving a masterclass in economic stupidity and corruption. With annual inflation at a whopping 1298%/yr, he continues to try to push Zimbabweans to use the Zim dollar. He is leading Zim to ruins.”- Professor Hanke
Mnangagwa Leads In Economic Stupidity, Corruption- Says Prof Steve HankeProfessor Hanke
Hanke who is Professor in Applied Economics at John Hopkins University says even Mnangagwa’s move to cut the Reserve Bank of Zimbabwe’s borrowing powers will not save the country.
“Zimbabwe Pres. Mnangagwa has ordered the central bank to stop borrowing foreign currency. This will do absolutely nothing to stop Zimbabwe’s third episode of hyperinflation in fifteen years, which started on June 12th,” he says.
Mnangagwa faces a tough bid for re-election in the August 23 polls.
The value of Zimbabwe’s currency is falling dramatically by the day, prices are rising and businesses are demanding USD for goods and services.
Consumers have had their local currency value eroded, with an increasing number of basic goods now beyond their reach.
In May, the Zimbabwe National Statistics Agency (ZIMSTAT) reported that month-on-month inflation rose significantly to 15,7% on the back of a sharp increase in prices.