Frozen for the past three months, screens at the Harare stock exchange on Thursday flickered back to life as trading resumed – but in US dollars rather than the Zimbabwean dollars rendered worthless by hyperinflation.There was just a single share traded – with business worth about US$30 – and it will be some time before the fourth-floor dealing room on Kwame Nkrumah Street will be back to normal.
But it was nevertheless another sign that Zimbabwe’s new coalition government – in which the opposition Movement for Democratic Change has agreed to share power with President Robert Mugabe’s Zanu-PF – is at least addressing the deep economic problems with some urgency.
On Wednesday the authorities began issuing foreign currency vouchers worth about US$100 (€80, £70) each to civil servants, as they began to make good promises by Morgan Tsvangirai, prime minister, to pay public sector workers – including teachers, doctors, nurses and policemen – in US dollars or South African rand.
But much more will be needed if the government is to reverse a decade-long decline during which food production has plummeted, gross domestic product has shrunk by two thirds and the currency has collapsed.
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