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Amidst Zimbabwe Financial Crisis, President Robert Mugabe Names New Finance Minister

Zimbabwean President Robert Mugabe has replaced Finance Minister Patrick Chinamasa with Home Affairs Minister Ignatius Chombo in a cabinet reshuffle, the government said in a statement on Monday.

The move comes against the backdrop of a severe hard currency shortage that has dealt a fresh blow to confidence and investment in the southern African economy, which uses the U.S dollar.

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The shortage of foreign exchange has forced some businesses to buy U.S. dollars on the black market, a situation blamed for a recent spike in prices and shortages of some basic goods.

But Mugabe, without giving evidence, accused some people of manipulating the currency to “trigger inflation and cause panic buying.”

 

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Written by How Africa

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