ZimExpo
Zimbabweans in US want to serve their country

The ZimExpo in Atlanta, Georgia, in the United States, was undoubtedly one of the highlights of the Reserve Bank’s mission to Zimbabweans in the Diaspora.
If members of the Reserve Bank team had been elated by the keenness of Zimbabweans in Dallas to send money home through Homelink, invest in Zimbabwe and contribute to Zimbabwe’s economic recovery, they were overwhelmed by the enthusiasm for all of these objectives expressed in Atlanta.

The ZimExpo drew together hundreds of Zimbabweans from different parts of the United States and elsewhere. Many discovered friends they knew from back home, who they had not known were in the United States. There was time for exhibiting, time for speeches and time for partying.

For the Reserve Bank Homelink-Kumusha-Ekhaya team there was the opportunity to reach out to Zimbabweans from all over the United States in both formal and informal settings.

There was an opportunity to explain to them what Homelink was all about, to let them know of positive developments in Zimbabwe’s economy and to make them aware of the many uses their money could be put to back home for the benefit of their families and themselves.

At the exhibition members of the team manned a Homelink-Kumusha-Ekhaya stand. Visitors to the stand could take away Homelink leaflets and booklets published in English, Shona and Ndebele, a Homelink newspaper already published back home as a supplement to various newspapers, a monetary policy document, Homelink flags, T-shirts and caps.

They could also watch a video documentary featuring Homelink and various scenes from back home.

Members of the team explained to those visiting the stand what Homelink was all about.

Support and enthusiasm for the new Homelink money transfer system was immense. Many of those spoken to made clear their wish to send money home through the new system not only to help their families and invest for their own benefit but to assist Zimbabwe’s economy.

A speech delivered on behalf of Reserve Bank Governor Gideon Gono by Mr Lovemore Chihota, who is a businessman and member of the Reserve Bank board, was not only well received but given an unexpected boost by other speakers.

Most of the speakers in their presentations urged Zimbabweans living in the United States to help their country in various ways, including by sending money home and investing in Zimbabwean companies.

Prior to introducing the speakers, one of the expo organisers, Mike Makoni, called on members of the audience to give something back to their country and invest money in Zimbabwe, rather than in the United States, which was not in real need of it.

Addressing visitors to the expo, Mr Chihota said the Reserve Bank team had come to present and explain to Zimbabweans living in the United States the new money transfer system and underscore the central bank’s commitment to playing a pivotal role in ensuring Zimbabwe’s economy was free of “opaque financial flows” and conformed to anti-money laundering best practices.

He said the team’s visit was also to inform Zimbabweans about the current macro-economic policy framework in Zimbabwe and highlight investment opportunities in the country’s economy.

He briefed listeners on efforts to involve all sectors of the economy in collective efforts to map out a comprehensive economic turnaround programme. He told the gathering about the Reserve Bank’s 35-member advisory board, made up of representatives of various sectors of the economy and society, which meets regularly to direct monetary policy formulation and implementation.

Mr Chihota said the Reserve Bank recognised that Zimbabweans living abroad had an indispensable role to play in contributing to Zimbabwe’s turn-around programme. It had formalised and broadened the operations of money transfer agencies, supported by an enabling regulatory framework, to enable them to play that role.

“Efforts are also underway to further cater for the interests of Zimbabweans in the Diaspora through structured investment vehicles in the money and capital markets, real estate, mining, manufacturing and other lucrative entrepreneurial ventures that provide a resounding basis for a better future for family, friends and other loved ones resident in Zimbabwe,” he said.

Mr Chihota outlined some of the measures that had been taken to tackle inflation. These included an aggressive ‘disinflation’ programme, substantial support for the productive sectors of the economy, fiscal discipline and re-engagement of the international community.

“The future of the Zimbabwe economy looks bright. The recovery efforts are already showing remarkable benefits in turning around the fortunes of the country,” he said, adding that these were “but the first steps in the million-mile journey towards restoration of lasting economic stability in Zimbabwe”.

In a powerful speech in which he highlighted the sacrifices that many people, including his own father, had made for Zimbabwe’s freedom, Iowa lawyer Nyaradzai Kadenge asked members of the audience what they were going to do for their country.

He said they had heard the Reserve Bank speech and part of its solution. “It’s not difficult. We have access to one of the world’s leading currencies. Send money home,” he said, “Send money home.”

Another speaker, Munyaradzi Munyaire, told of his success as an athlete and the scholarship he obtained that assisted him. He said he was now doing the same for others, running a world-wide scholarship scheme that linked talented people all over the world with scholarships being offered by universities.

He said he had recently been in Zimbabwe and identified 100 Zimbabweans for such scholarships. “That is what I am doing for my country,” he said.

Savannah Global Capital Investments Chief Executive Albert Jakachira said shares in leading Zimbabwean companies were being sold cheaply in US dollar terms. Shares in OK Bazaars were going for the equivalent of three-tenths of a US cent, while Astra shares cost the equivalent of only 2,2 cents, he said.

He said his company intended to invest in United States and Zimbabwean companies. He invited Zimbabweans in the United States to buy into his company and begin reaping the rewards in 24 months time.

Reserve Bank of Zimbabwe exchange control division chief Moris Mpofu was kept busy at the ZimExpo dinner on Sunday by a stream of people anxious to know how to go about investing in Zimbabwe or seeking answers to various other questions related to their desire to do something for Zimbabwe.

Judging by the response of those attending ZimExpo it would appear that many Zimbabweans in the United States not only want to send money home safely, reliably and quickly but to invest in Zimbabwe, trade with it and use their skills and business opportunities for the mutual benefit of themselves and their country, Zimbabwe.