Economic Analysts castigate continued imposition of sanctions on the country

By Davison Vandira

Zimbabwean companies have been urged to take a leaf from other firms that have remained resilient in the face of illegal economic sanctions.

The call comes in the wake of sanctions imposed on the country  for almost two decades, with some local companies included on the  list.

Labour and Trade Economist Dr Prosper Chitambara is of the view that while some companies such as the Zimbabwe Defence Industries, the Industrial Development Corporation and Agribank have been recently removed from the sanctions list, it is their resilience over the past decade which should inspire other local entities.

“In spite of the negative effects of sanctions business entities and the country at large have remained resolute to support the country’s productivity endeavours,” he noted

Despite the country and some local firms remaining resolute in the face of illegal sanctions, what is worrisome is the fact that companies not on the sanctions list have been affected in one way or the other.

In fact, the sanctions have severely affected the implementation of the country’s development agenda.

“Sanctions are a reality within a Zimbabwean spectrum and their effects are being pronounced in a negative way especially on the economic front where the country has not had equal opportunities in accessing capital and other critical raw materials to support productive sectors of the economy. These punitive measures have resulted in massive disruptions of international trade and markets as Zimbabwe cannot freely move its products to European markets as well as access raw materials from these source market,” he added.

Another economic analyst, Mr Takudzwa Chisango noted how the country has lost critical access to capital for both the private and public sectors.

“The effects of sanctions cannot be down played when one notices that all avenues of accessing credit for Zimbabwean owned firms have effectively been sealed by sanctions and this have affected the country’s productivity,” said Chisango.

Zimbabwe relies heavily on exporting its minerals and other resources for foreign currency generation but due to the illegal embargo, markets have been closed with the only option being to go through middlemen and other costly avenues.

The post Economic Analysts castigate continued imposition of sanctions on the country appeared first on ZBC NEWS.

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