Zimbabwe: Mugabe names new finance minister amid financial crisis

The Zimbabwean President, Robert Mugabe has replaced the country’s Finance Minister, Patrick Chinamasa with Home Affairs Minister, Ignatius Chombo.

The information was made public on Monday October 10, in a statement from the government which announced the cabinets reshuffle citing the ministerial switch as the headline of the list of appointment.

The move follows 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 as legal tender.

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

The new minister is seen as the only person who can deal with the country’s worsening financial and economy situation and bring things to normal for the nation to move higher.

Source: Reuters

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