By Peter Vermaas / NRC Handelsblad
22-04-2009
Zimbabwe's central bank took hundreds of millions of euros from private bank accounts, including 300,000 euros from a bank account belonging to Hivos, a Dutch development organisation. Corina Straatsma, director of Hivos' regional office in the Zimbabwean capital, Harare, says 90,000 euros is still missing although the rest has been paid back.
Dr Gideon Gono, governor of the Reserve Bank of Zimbabwe (RBZ), released a statement on Monday admitting that the bank took hundreds of millions in foreign currency from private accounts without either the permission or the knowledge of the account holders. According to the statement, the government needed the money in order to fund loans to state-owned companies and buy grain and energy supplies. According to Mr Gono,
"the unorthodox measures helped keep the country afloat".
Hivos pressuring MDC
Hivos, which is largely dependent on subsidies from the Dutch foreign affairs ministry, is pressuring contacts within the Movement for Democratic Change (MDC) to try and get its money back. Last February, the MDC joined a unity government with President Robert Mugabe's long-governing ZANU-PF party. According to Ms Straatsma,
"The MDC is aware that Zimbabwe needs foreign aid and knows that this situation cannot continue indefinitely". Mr Gono promised that the RBZ will repay the money - estimated at 1.5 billion euros - it took from private bank accounts but he did not say when it would actually be repaid. Most of the plundered accounts belong to private companies and non-governmental organisations (NGOs) such as Hivos. Last year, the Global Fund to Fight Aids, Tuberculosis and Malaria said 5.64 million euros was missing from its bank account in Zimbabwe. The money has since been returned.
The Zimbabwean government will have to repay almost one billion euros to the RBZ before the central bank can itself repay the money 'borrowed'. However, the government does not yet have that money.
Local NGOs also affected
Apart from Hivos, Dutch aid organisation SNV also has an office in Zimbabwe. Although SNV's bank account was not raided, local manager Rik Overmars says numerous local NGOs had their bank accounts plundered. SNV is almost completely dependent on Dutch government subsidies.
Ms Straatsma has confirmed that many of Hivos' local partner organisations had money taken from their bank accounts. Hivos, in co-operation with the United Nations development fund, is attempting to get the money back. Ms Straatsma says the central bank's 'move' has not jeopardised Hivos' activities. The aid organisation opened a new bank account in neighbouring Botswana, and Dutch government subsidy money was paid into that account.
Governor under pressure
Analysts say Mr Gono's admission is an attempt to hold on to his job. In September 2008, just before a coalition accord was agreed with the MDC, President Robert Mugabe reappointed Mr Gono to a second five-year term as central bank governor. However, since Morgan Tsvangirai's MDC joined the unity government in February, there has been considerable pressure on Mr Gono to resign.
The central bank governor is one of the Mr Mugabe's close allies and his policies have been blamed for the severe economic turmoil in the country. There have been severe food, fuel and cash shortages as well as hyperinflation. The health, education and agriculture system has collapsed and the Zimbabwean dollar became next to worthless. The recent introduction of the US dollar as legal tender has helped bring prices down and there are some goods in the shops again.
South Africa's finance ministry is investigating the possibility of allowing Zimbabwe to use its currency, the rand, and allowing Harare to join the South Africa, Swaziland and Lesotho monetary union.
Just this week, the new Zimbabwean government called on foreign companies, and in particular South African companies, to invest in Zimbabwe. A government spokesman said,
"It's an investment well worth risking".
Tags:
bank account,
energy,
grain,
Hivos,
loans,
money,
NGO,
Reserve Bank of Zimbabwe
Actor,
27-04-2009
- U.K.
I for one did not find the GNU as the correct way forward but it gave respite to Zimbabweans who were being skined by Mugabe Regime. Unfortunately joining GNU amounted to playing with a loaded gun pionting to one's head. There is going to be more turnmoil in Zimbabwe it is all motivated by greedy and the Diamonds in Chiadwa. Mugabe regime cannot dream all Zimbabwe's resources being the armes of the government that will reduce poverty. The cronies want Zimbabwe's wealth for themselves and their families. These Evil doers are sons and daughters of the devil until their death Zimbabweans are going continue paying the price. They are shameless thugs without spine and brians. No one should forgive such evil. Thank to MDC NOW THE DIIRTY LINEN IS HERE FOR ALL TO SEE including A.U. and SADC that defended Mugabe. Can SADC and A.U. the stealing of NGO funds as well, where are they they should speak?
bhinyoto,
27-04-2009
- U K
SURELY,it sounds more like a disorganised mafia than a gvt running a country, every ation in their history has that defining moment in their history, and if this be our defination i am ashamed to be ZIMBABWEAN
margi,
26-04-2009
- UK
Please charge Mugabe, Gono, Grace and all Mugabes Comrades in The Government and the ones in the past who have benefitted including the Army, Airforce and Police Chiefs who have all gained at the expense of the Zimbabwe people. Good Luck Zimbabwe, always in our thoughts. Oh to return home.
Limnothrissa Miodon,
23-04-2009
- South Africa
Stealing aid money that was supposed to go to starving people is just another form of genoicide, especially when it is used to build Mugabe 26 bedroom mansion in Harare, and a house and fund his wifes shopping trips in Hong Kong.
Both Mugabe and Gono, and Grace Mugabe, should be in the Hague facing charges from the ICC and spend the rest of their lives behind bars!!!
Victor,
23-04-2009
-
Shame Shame on you. Btw, mess cannot be blamed on Gono. The blame lies squarely at Mugabe's door!
Kevin Watson,
pieceof.africa@lantic.net,
22-04-2009
- South Africa
Gideon Gono is a thief who should be prosecuted.
David Berridge,
22-04-2009
- Canada
It would be better to have the American dollar remain as legal tender in Zimbabwe. The Mugabe regime cannot keep the Zimbabwean economy functioning with such illiegal and desparate measures over the longer term. The South African rand will be held hostage to whatever desparate measures Mugabe plunges Zimbabwe into, and may even cause a higher inflation of the South African economy. There is an over abundance of American dollars in circulation now thatr Mugabe cannot by himself cause any direct damage to those countries around the world which use the currency as legal tender, or settle their international debts with it. In this manner, the people of Zimbabwe can be helped to whatever minimal extent is possible, until Mugabe leaves power through natural or other powers.
Finy,
22-04-2009
-
Well... i really am not surprised, these guys have been still since independence . This is not going to change any time soon. The so-called "unity govt" is USELESS as far as i am concerned. Best bet is Tsvangirai is regretting big time because nothing has changed instead its continues to spiral out of caontrol...etc
thai,
22-04-2009
- uk
Who would invest in this country really? it seems the unity goverment cant stop zanu stealing when and how it wants. nor can it stop the invasions and violence. i see only trouble ahead. where is the law and order, no wonder zanu refused to give up the police post. now we know.
Steve,
22-04-2009
- USA
So that was the "trick up their sleeve" the head of the central bank eluded to about how they were going to keep the country afloat when the German firm stopped selling them paper to print money. Steal from aid organizations. Now they expect foreign firms to invest in Zimbabwe. As I recall foreigners were chased out of the country and their assets were seized by the government not too long ago. Not really the best way to lure in foreign funds, people, and companies. I realize it is a "unity" government now but what is stopping Mugabe from stealing any wealth created?
