The law and the numbers

3 03 2014

“Chinamasa’s Job on the Line” blared the title page of the Financial Gazette, the weekly financial newspaper, on sale yesterday. Now the newspaper billboards in this country are as about as misleading as anywhere but the FinGaz or Pink Paper (the cover is printed on pink newsprint) is a little less sensationalistic than the rest of the competition and it does like to take itself a bit more seriously. So I bought a copy at the traffic lights (I made sure other vehicles could get past) and well, I needed some paper to start the braai (barbeque).

Patrick Chinamasa is the current Minister of Finance who has the unenviable job of finding enough money to keep the government running when it is obviously broke. Apparently President Mugabe had told him if he wasn’t up to the job he’d find someone else to do it.

Chinamasa’s background is not in finance. I’m not sure what history is but he certainly had an easier run in his former portfolio as the Justice Minister. Mind you, it’s easy to run a ministry like that when you control the police so you effectively ARE the law. Paradoxically the previous finance Minister was Tendai Biti who actually is a lawyer and did a good job with extremely limited resources.

The FinGaz also notes that Chinamasa came back empty-handed from a recent world tour to source finance for the beleaguered government. No real surprise this as apparently potential investors are concerned about the 51% law which requires all Zimbabwe companies to have a majority indigenous shareholder. Despite being born here I am not indigenous – all locally born blacks are considered indigenous as is anyone born after independence in 1980. Well, Comrade Chinamasa likely has an insurmountable problem ahead of him. The laws of economics (which is just a branch of mathematics) are inviolate unlike his previous ministry where the law was wide open to manipulation and interpretation. And even our good friends the Chinese don’t want to help out.

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