Dont panic: Gono

BULAWAYO - Reserve Bank Governor Gideon Gono has said he is not opposed to a drive to transfer ownership of foreign firms to locals but said it must be done properly.

He spoke after President Robert Mugabe’s Zanu PF, buoyed by a devastating election victory, threatened to forge ahead with indigenisation of the economy saying it was the mandate it had obtained from the people on July 31 as outlined in the party manifesto.

Gono clarified that he was not against the indigenisation policy.

“We will be insane, we will be out of our minds and un-Zimbabwean not to want to see the economy being in the hands of the majority of our people who yesterday were disadvantaged,” Gono said.

“That is as far as our political masters would say but where we come in is to say, yes, it’s a goal, but let’s do it properly.”

He said he was confident that the whole process, if  effected, would be done properly and in an orderly fashion.

“I speak without fear of contradiction or anything when I say they would not be any unstructured or chaotic or forced interventions in the banking sector outside the technical agreement and legal ways of doing things that we will agree to as chief advisors to government,” he declared.

Gono said nothing will take place without the blessing of the RBZ as required by the law.

The RBZ chief was in Bulawayo to allay growing fears here about the immediate return of the worthless Zimbabwean currency.

The RBZ governor flew into Bulawayo yesterday accompanied by a five-member team comprising of George Guvamatanga and Sam Malaba, the president and deputy president of the Bankers Association of Zimbabwe (BAZ) respectively, as well as staff from the central bank to calm jittery depositors who were making cash withdrawals in the wake of president Robert Mugabe and Zanu PF’s landslide victory last week.

The second largest city was thrown into panic, prompting an SOS call to the apex bank to come and help instil some confidence.

Gono was supported by Eric Bloch, the Bulawayo business community, Calistus Ndhlovu, the chairman of Zanu PF in Bulawayo and the local banking community.

Persistent fears of the return of the local currency has gripped the country in response to election promises by Mugabe.

Just like most cities in the country, there has been a bank run by depositors eager to withdraw
their savings from financial institutions.

Representatives of BAZ said their major worry was the return of the Zimbabwean dollar and the effect of the threats to indigenise the banking sector which they said had spawned severe uncertainty in the sector.

Comments (16)

I thought a FATWA was issued against the RBZ Governor.I remember Jonathan Moyo and gang burning this guy's effigy.Now this is the same being asked to go on a damage control exercise before our economy takes a nose-dive back to the Quadrillion dollars. Are we going to see 3 million jobs being created from the Zanupf economic blueprint or we were sold banana oil.Wait!! what about Mugabe's medical expenses?Who is going to pay for them?

Squarebasher - 8 August 2013

Gono all talk no action, zanu are dumbs and dumberers they don't care about the consequences of their actions until it's late, so Gono good luck with that mudhara, u fighting populists vs what is right....lol return of the effin zim dollar...gtfoh

obama4eva - 8 August 2013

Gono you talk sense but don't forget that you are working with people who are good at fast tracking programs without care about the repercations.They are good at campaigning and not at planning.You are going to be force into action against your will.

chimwango - 8 August 2013

Gono you talk sense but don't forget that you are working with people who are good at fast tracking programs without care about the repercations.They are good at campaigning and not at planning.You are going to be force into action against your will.

chimwango - 8 August 2013

We are waiting for you to convert our Zim dollars stuck in our bank accounts soon as you promised. Thank you

Alois - 8 August 2013

MUGABE DZOSERA ZIM DOLLAR

NADIA - 8 August 2013

Gono visit in the city was uselless nothing with sense he said wht he should have told people is when is the Zim dollr coming back the uncertanity is crippling future plans collectively and individual foristance l bank with Stanbic am failing to get a loan for my personal project because thy can borrow me US dollars and will be forced to repay them in Zim dollar most money which banks use to land people is from outside investors

bulawayo - 9 August 2013

I personally support our RBZ governor for his stance in banks.Banks are naturally not like a resource like gold or diamonds,infact banks thrive on their brands and the service they offer.I hope the President will reaappoint Gono when his term of office expires for the stability of the country and our livelihoods.

keeprich - 9 August 2013

Guys I have an idea. Why dont we say those who benefited in the land reform should give a chance to those who do not have land when it comes to sharing the spoils of the companies that we are going to grab from foreigners. I know it may be to far fetched, but who knows? We may also benefit. Those with land concetrate on farming. Those who will benefit from industries concentrate on that and those benefitting from mines do the same. Lets at least avoid a situation where one owns a farm (not productive), factory (not productive), buses (all without wheels) and a Mine (with flooded shafts). LETS AT LEAST SHARE PLEASE. lol

Bambo - 9 August 2013

GONO,This time you are in for a disaster ,The policies that were outlined by ZANU during the campaigns has created this problem which is permanent ,People have learnt from experiance ,they are not going to bank instead you will see more withdrawals and maybe the money you will have control over are salaries of civil servants & infact you are also in agreement with this indeginisation policy so people have a right to panic .BANKS are soon going to close down coz of none deposits ,no investments from the public & high bank charges that are going to prevail becoz of shrinking client base,They is no 5 sensed investor who will risk his money which can be taken over night by VULTURES who change policy in their favour so that loot everything knowily that they won't be any punishment,What remains at the end of the day is that the economy is driven by investors & the working class which is being frustrated by these policies ,POLITICS & ECONOMICS don't go hand in hand ,MR GONO if you bring back the ZIM dollar l tell you it will became worthless within a week of i'ts circulation becoz people have become QUALIFIED forex dealers & they are good at it .You will INDEGINISE banks but l think you will get immovable property owned by these banks not the money it will be long gone by the time you ammend the constitution in order for you to do this,

CASHTALK - 9 August 2013

Surely if Zimbabweans are serious can not risk time listening to that moron doctor remember he is the greatest thief. If memories of the past can be revisited he needs to explain to the nation what happened to people's deposited funds during the dollarization he just gave an ultimatum to the populace to say all the money people had in their accounts was useless and needed to be thrown in to the dust bin. People's pension funds were eroded just like that with out any compensation. The same devil has resurfaced to utter nonsense the truth is that these guys can reintroduce the Zim--dollar any time, investors can't build confidence on what they are parroting, they have no better options to deal with the looming sanctions.

Chisa FFT - 9 August 2013

Your old PRESIDENT promised us that GONO will convert our ZIM DOLLARS STUCK IN BANKS in 2009 AN WOULD GIVE US US$ proper money. we want it NO ELECTONEERING hatisi kamwana kanonzi NYARARA NDOKUIGIRA MACHIPS KONYAYARA THEN YOU BRING BACK NOTHING. TELL YOUR PRESIDENT TO DELIVER WHAT HE PROMISED

ERATHQUAKE31JULY - 9 August 2013

One thing I don't like about Gono is thta he has already benefit from the system through the same cahotic means which he now sees as counter productive simply because it's now the so called majority. I have no kind words, let the impossible be done for others ok?

kechipiri - 9 August 2013

I too pray that Gono is re-appointed at the end of his office term. He is educated, very knowledgeable, strategic, principled and knows how to drive the economy in its worst state. Would hate to have some new entrant play guinea pig with our economy given where we are.

Dadiso - 16 September 2013

I too pray that Gono is re-appointed at the end of his office term. He is educated, very knowledgeable, strategic, principled and knows how to drive the economy in its worst state. Would hate to have some new entrant play guinea pig with our economy given where we are.

Dadiso - 16 September 2013

I too pray that Gono is re-appointed at the end of his office term. He is educated, very knowledgeable, strategic, principled and knows how to drive the economy in its worst state. Would hate to have some new entrant play guinea pig with our economy given where we are.

Dadiso - 16 September 2013

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