‘Hello 2008, Zimbabwe’s worst nightmare’

Zimbabwe Chamber of Informal Association, (ZCIEA) has condemned government’s move to introduce bond notes saying this will evoke memories of the 2008 economic meltdown. Addressing journalists in the capital on Wednesday, ZCEA President Lorraine Sibanda denounced bond notes saying their introduction will not improve the economy, but only to remind people of Zimbabwe’s worst nightmare memories.

“According to us as informal economy workers, bond notes and bearer cheques are the same, the difference is just the name, and therefore, with this in mind, we totally disown bond notes.

“Our government might forget but we will never forget the zillions that we lost as a nation of ordinary citizens,” she said.

Sibanda also commented on the International Labor Organization, (ILO), and recommendation 204 of 2015 on the transition of the informal economy into a formal structure for purposes of economic development.

She said, “Transition of the informal to the formal is essential to achieve inclusive development and decent work for all.

“The ILO recommendation 204 scope narrows to transform informal economy work with the view to promote decent work, decent life and economic growth without expanding poverty. This also speaks to social security cover, respect of human rights, job security and opportunity to work,” said Sibanda.

However, the ZCIEA president urged the government to use the South African currency, Rand, than the surrogate currency, already dismissed by economic analysts as the tipping point of Zimbabwe’s economic meltdown.

“Randfication of the economy is a better option. If Swaziland, Namibia, Lesotho and other countries using Rand are benefiting why not follow suit,” queried Sibanda.



Bond NotesInternational Labor OrganizationLorraine SibandaZCIEA