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1,800 Zimbabwe Workers Lose Jobs as Companies Shut Down

The National Social Security Authority says at least 10 companies are closing down in Zimbabwe every month. (File Photo)
The Zimbabwe Congress of Trade Unions (ZCTU) says more than 1,800 workers lost their jobs in the first quarter of this year in the country due to the deteriorating economic situation under President Robert Mugabe’s Zanu-PF party.

ZCTU secretary general, Japhet Moyo, says more workers are believed to have lost their jobs with indications from the National Social Security Authority (NASA) that at least 10 companies are closing down in Zimbabwe every month.

“I was working on our own statistics yesterday when I realized that from January to April this year 1,891 workers lost their jobs. The sectors affected are the motor industry, timber, cement, engineering, agriculture, security, mining, and furniture. So, really the politicians do not have a solution to this problem,” said Moyo.

Moyo says the economic situation is deteriorating at an alarming rate in the country as Zanu-PF’s 2013 election promises of creating 1,2 million jobs are diminishing due to the harsh economic environment worsened by policy inconsistencies.
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The black economic empowerment program, which the ruling party is said to be shelving at the moment as a result of lack of foreign direct investment, has largely driven away international investors.

The Zanu-PF government insists that the Zimbabwe economy is likely to grow by 6 percent this year though international finance institutions like the World Bank say it will only grow by 2 percent.

A NASA senior official is quoted in the independent Financial Gazette as saying the figure could be higher than reported since some firms shut down without reporting to the relevant authorities.

NASA estimates that more than 120 companies may close down by the end of this year due to lack of capital and other factors, leaving thousands of workers jobless.