LACK of confidence in the rule of law and foreign currency exchange rate issues are blocking investors from coming to Zimbabwe, United Kingdom ambassador to Zimbabwe Melanie Robinson has said.
Writing on her Twitter account, Robinson said that sanctions were not affecting the Zimbabwean economy.
“…True for British companies. We have $1,9bn existing investments. But British companies repeatedly say the impediments to more investment are (foreign currency) FX/exchange rate issues, lack of investible 99-year leases and weak confidence in the rule of law. Sanctions play no role.”
Since President Emmerson Mnangagwa’s ascension, Zimbabwe has heightened its re-engagement efforts with Europe and the United States, whose relations with the southern African nation had soured during the reign of long-ruling despot, the late Robert Mugabe.
Mnangagwa has tried to hire international lobby groups to pile pressure on the US to remove economic sanctions on Zimbabwe and also through direct engagement but many, including Rwandan President Paul Kagame, are on record saying the ruling party should focus more on reforms and local engagements before reaching out to a sceptical world. Ahead of Rwanda’s liberation day celebrations on July 4 last year, Kagame told journalists that for Mnangagwa to lead the country on a path to recovery — out from the present political and economic quagmire — he had to win local support.
“You need to work hard to change the perception. You can’t bribe your way through. You can’t just sweet-talk some people and think, even if they say ‘ok, we agree with you’, things will be fine, no. You keep doing your best,” Kagame said back then.
Recently, British Labour party MP, Katey Hoey sensationally claimed that Mnangagwa is destroying the country like what his predecessor Mugabe did.
Hoey said Mnangagwa has failed to run Zimbabwe.
“It has been a privilege to chair the All-Party Zimbabwe Group in Parliament and speak up for that beautiful country now in the grip of @edmnangagwa destroying it just like Mugabe.”
Hoey was responding to MDC leader Nelson Chamisa, who had savaged Mnangagwa’s government for firing doctors.