AS is the norm with world leaders travelling outside, President Emmerson Mnangagwa this week reassured Zimbabwean nationals living in Azerbaijan that they were a treasured asset.
Addressing Zimbabweans domiciled in Azerbaijan ahead of the official opening of the United Nations Climate Change conference, Mnangagwa challenged diasporans to repatriate their expertise to Zimbabwe.
The contribution of Zimbabwean diasporans towards remitting foreign currency in a country that is experiencing a tight liquidity squeeze is palpable, he noted. However, while foreign currency remittances from Zimbabwe’s diaspora have been growing, the country has also been experiencing a skills flight.
Medical practitioners, engineers, teachers, accountants and architects have continued to flock to other countries in search of the economic freedoms that they have been denied back home.
Statistics from the International Monetary Fund indicate that diasporans contributed 14% of the foreign currency receipts Zimbabwe recorded in 2022. While Mnangagwa’s overtures to the diasporans was commendable, they expose an intractable economic and political crisis that has compelled millions of Zimbabwean citizens to flee the country.
Ironically, while this crisis is evident based on scores of Zimbabweans outside the country, Mnangagwa’s administration has tried to conceal it to the outside world.
It has ignored addressing the elephant in the room. Decades of economic stagnation, political instability, rampant public corruption and the collapse of social services are some of the challenges gripping the country.
These, among other debilitating circumstances characterising Zimbabwe’s economic environment, have pushed citizens to flee the country. Coupled to that, it has also been evident that the Zimbabwean government, while in desperate need for foreign direct investment, has struggled to foster trust with the diaspora community.
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In other countries, governments have deliberately set aside diaspora funds to encourage diasporans to invest back home among other sweeteners. Such incentives also include granting diasporans their electoral rights.
But that has not been the case with Zimbabwe. And this is a crucial point the Zimbabwe National Chamber of Commerce has highlighted to the Treasury ahead of the 2025 National Budget presentation.
“Diaspora bonds offer a way to tap into the significant wealth of Zimbabweans abroad, who may be interested in contributing to the country’s development while earning returns on their investments,” the body observed in a position paper. “For the Diaspora Bond to succeed, the government must work to build trust with the diaspora community. Zimbabweans abroad must have confidence in the government’s ability to use the funds effectively and repay the bond.” The onus is on Mnangagwa’s administration to offer inducements to diasporans to contribute effectively towards national development.
Importantly, fixing the political and economic crisis would be key towards arresting the headwinds of skills flight buffeting the nation.
