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New Perm Sec For Ministry Of Finance Believes Non Exporters Have No Right To Demand USD From Banks

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We first published this on the 31st of August 2017. A year later, the then Barclays Zimbabwe CEO, George Guvamatanga is now the newly appointed Permanent Secretary in the Ministry of Finance and Economic Development. We are republishing this post because of the significance of that shift in events.

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Anyone who doesn’t export has no right going to their bank to demand their money in cash, said Barclays CEO, George Guvamatanga recently. The Barclays Zimbabwe chief was speaking at the Mobile Money and Digital Payments conference in Harare where he was commenting on the ongoing cash crisis in Zimbabwe.

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Earlier, Guvamatanga had questioned why people are making long queues at banks to withdraw cash instead of using plastic money. Asked by a member of the audience why he was ‘criminalising’ the act of collecting one’s cash from the bank, Guvamatanga explained that it didn’t make sense for Zimbabweans who aren’t exporting anything to expect cash at their banks.

Here’s what he said (edited for brevity):

Let’s face something here, you cannot have something that you have not created. We have to understand that when you want the US Dollar, you need to have exported. Farmers and small scale miners should get all their money in cash because they have exported. A civil servant cannot go to the bank and demand all their money in cash because he has exported nothing.

…Same applies to me, if I’m working here and I get my money  credited to my account, I cannot go to the bank and demand all of it in cash. We have to understand that for us to have that cash, someone should have exported.

If you have not exported, all you have is your RTGS money. Use wipe! Use EcoCash. Use Telecash. Because you have not exported. The money cannot just appear from nowhere.

…We can’t continue saying “.it’s my money it’s my money”. Yes, it’s your money but it’s RTGS… That reality we should face it as Zimbabweans otherwise we have a problem.

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49 thoughts on “New Perm Sec For Ministry Of Finance Believes Non Exporters Have No Right To Demand USD From Banks

  1. Childish thinking, seems is a very typical way of thought these days in Zimbabwe. Maybe Mr Mugabe’s educational drive in the 80’s/90’s failed to teach adult thinking. Government is very typical of this type of “clever” thinking

  2. I am surprised that Barclays has a CEO who doesn’t understand the meaning of money. Even if he was trying to explain something in a certain context, for that level of management, one should try to do it in a more informed intellectual manner.

  3. Maybe the issue is that his promotion was via experience not necessarily academics. Barclays Zimbabwe has a number of such individuals. “Rose through the ranks” or something like that. Great insurance for loyalty but very little value on any other plane. White monopoly capitalists sometimes put black faces to front their businesses and this manifests itself when the “fronters” open their mouths.

  4. He is right, you cannt expect to get US dollars by doing nothing!!

    And Edwin Chabuka, your headline is a click bait, dont be naught!!!

    I also get the anger and fustration from people, especially those who thought they were going to be millionaires through bond burning and converting it into US dollars.

    Zimbos in Zimbabwe right now are the most lazy and crucade people l have ever met(majority of them). They spent a lot of their time at Makandiwa and Magaya ministries praying for miracles, and some at n’anga. You need to ask yourself what production work you have done in 1hr to gain something.

    1. Well done! Very true. Whatever people may wish if the country does not have US dollars you cannot get it out of the bank. Zim cannot create US DOLLARS

    2. So my friend you are telling me that I am doing nothing by being a civil servant? Serving !@$*#%& people like you! Ahhhh…….Somebody help me track down this MacdChip fellow.

  5. This delivery is poorly thought out Mr Guvamatanga. Ask God for forgiveness. This thinking is very dangerous. Uninformed, provocative, degrading, dehumanizing and very unpatriotic to the long-suffering masses. Better you shut up or better still join politics, which is a dirty game!

  6. anageorge madofo shuwa! munhu mukuru anozviti ceo kutadza kupindura mubvunzo uri simple kusvika point yekuendorser competition’s products. kkkkkkk haaa ndaseka

  7. Sad Reporting from techzim, why are you not reporting his later remarks qualifying his remarks. he was candid and he was blunt in his delivery but until we accept the reality we are in, we will go no where as a nation. We are not the custodians or makers of the US dollar. If we want US dollars, we have to export, period.
    secondly the conference you are talking of, was held on the 3rd of August, your team reported on the event then. But then you start saying “recently”. no wonder you didn’t give the date of the conference in you article. If you have waded into the Barclays deal, just say so.
    We expect good, impartial reporting from you. Not such stupid nonsense. If have no news just say so.

  8. May have Gotten bankers job thru some close relationship. He is insensitive and sadly immature about public commenting.

  9. Yet another blithering idiot … clearly he’s in Zanu PFs pocket ….. it is not as simple as he would like to make it out to be. Sooooo Mr ‘Crever Banker’ …. no ICT kit is made in Africa, and none therefore is exported, but you say we can have no claim to any currency as we are not exporters …. so try running your office with no SIP, PC, Software, printer, cartridges or paper …. Idiot!

  10. How would gold miners and farmers export their products if they did not have transporters to carry the produce, mechanics to fix their equipment, doctors and vets to cure their sick employees and livestock, or accountants to balance their books, or construction workers to erect buildings or retailers to provide food and clothing, bankers to enable them to make payments………? We all play a part in this economy.

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