Skip to main content
SpringerLink
Log in

Multinationals and Foreign Investment in Zimbabwe: A Development and Human Rights Perspective

  • Chapter
Zimbabwe

Abstract

Zimbabwe, up to 2009, was frequently described as the fastest shrinking economy outside a war zone. Its decline has been discussed and debated in detail, and solutions sought for its problems by other countries, mostly western, for nearly a decade. The country’s economic decline was driven by a government bent on political survival, buoyed by the support of regional governments; yet the innovative people of Zimbabwe devised ways to survive the state’s tortuous economic policies.

This is a preview of subscription content, log in via an institution to check access.

Access this chapter

Log in via an institution
eBook
USD 16.99
Price excludes VAT (USA)
  • Available as EPUB and PDF
  • Read on any device
  • Instant download
  • Own it forever
Softcover Book
USD 16.99
Price excludes VAT (USA)
  • Compact, lightweight edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info
Hardcover Book
USD 54.99
Price excludes VAT (USA)
  • Durable hardcover edition
  • Dispatched in 3 to 5 business days
  • Free shipping worldwide - see info

Tax calculation will be finalised at checkout

Purchases are for personal use only

Institutional subscriptions

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Notes

  1. Most research on Zimbabwe estimates the Gross Domestic Product (GDP) contraction since 1999 to be just over one-third of the economy. See World Bank (WB), “Zimbabwe—Country Brief,” March 2008, http://go.worldbank.org/RFP74M2PK1. The accelerated economic decline in 2008–2009 has not been measured. Hyperinflation and the plunging rate of the Zimbabwe dollar made statistics a guessing game over the past decade. As a result, many of the estimates used by economists are based only loosely on facts.

    Google Scholar 

  2. Sebastien Berger, “Zimbabwe Inflation Hits 231 Million Per Cent,” Telegraph.co.uk, October 9, 2008, http://www.telegraph.co.uk/news/worldnews/africaandindianocean/zimbabwe/3167379/Zimbabwe-inflation-hits-231-million-per-cent.html.

    Google Scholar 

  3. Simba Makoni, in answer to a parliamentary question in August 2000, said that in the first four months of 1998, Zimbabwe spent US$260 million, but this had sharply risen to US$4 billion in 2001, rising again in 2002. “DRC War Costs $10bn,” Daily News, August 31, 2000.

    Google Scholar 

  4. C. Mangongera, “Will Mugabe Survive This Time Around,” Zimbabwe Independent, August 10, 2007.

    Google Scholar 

  5. Dianna Games, “Making Up for Wasted Time after Zimbabwe’s Lost Decade,” interview with the CEO of the Zimbabwe Stock Exchange, Emmanuel Munyukwi, Business Day (South Africa), March 18, 2010.

    Google Scholar 

  6. Dumisani Ndlela, “Zim Manufacturing Sector Declines Further,” Bizcommunity.com, July 23, 2008, http://www.bizcommunity.com/Article/410/19/26645.html.

    Google Scholar 

  7. International Monetary Fund (IMF), “IMF Concludes 2003 Article IV Consultation with Zimbabwe,” Public Information Notice No. 03/89, July 28, 2003, http://www.imf.org/external/np/sec/pn/2003/pn0389.htm.

    Google Scholar 

  8. Celia W. Dugger, “Cholera Epidemic Sweeping Across Crumbling Zimbabwe,” The New York Times (Africa), December 11, 2008, http://www.nytimes.com/2008/12/12/world/africa/12cholera.html.

    Google Scholar 

  9. WHO, “Global, National Efforts Must Be Urgently Intensified to Control Zimbabwe Cholera Outbreak,” News Release, January 30, 2009, http://www.who.int/mediacentre/news/releases/2009/cholera_zim_20090130/en/index.html.

    Google Scholar 

  10. Jono Waters, CEO of Zimbabwean financial newswire service Zfn at the Zimbabwe: The New Investment Frontier conference, Johannesburg, South Africa, October 21, 2008.

    Google Scholar 

  11. Synodia Bhasera, “RTGs—Wise Technology Put to Wrong Use,” Financial Gazette(Harare), October 18, 2008, http://allafrica.com/stories/200810240230.html.

    Google Scholar 

  12. S. Gammon, managing director of Imara Capital Zimbabwe, speech made at the Zimbabwe: The New Investment Frontier conference, Johannesburg, South Africa, October 21, 2008.

    Google Scholar 

  13. D. Munatsi, CEO of African Banking Corporation, speech made at the Zimbabwe: The New Investment Frontier conference, Johannesburg, South Africa, October 21, 2008.

    Google Scholar 

  14. U.S. Department of the Treasury Office of Foreign Assets Control, Zimbabwe: What You Need To Know About U.S. Sanctions, November 23, 2005. http://www.treas.gov/offices/enforcement/ofac/programs/zimbabwe/zimb.pdf.

    Google Scholar 

  15. Australian Government Department of Foreign Affairs and Trade, “Zimbabwe: Targeted Sanctions Regime,” 2002, http://www.dfat.gov.au/un/unsc_sanctions/zimbabwe.html.

    Google Scholar 

  16. Jeslyn Dendere, “Price Distortions Likely—NECF,” Zimbabwe Independent, September 18, 2008, http://allafrica.com/stories/200809190996.html.

    Google Scholar 

  17. Jan Raath, “Zimbabwe State Employees To Be Paid in US Dollars,” The Times, February 19, 2009, http://www.timesonline.co.uk/tol/news/world/africa/article5762439.ece.

    Google Scholar 

  18. Banya Nelson, “ZSE Restarts, Trades in US Dollars,” Mail & Guardian Online, February 19, 2009, http://www.mg.co.za/article/2009-02-19-zse-restarts-trades-in-us-dollars.

    Google Scholar 

  19. Ntungamili Nkomo and Patience Rusere, “Zimbabwe Leaders Talk 2011 Elections—But Others Say Country Not Ready,” Voice of America, voanews.com, March 8, 2010, http://www1.voanews.com/zimbabwe/news/Zimbabwe-Leaders-Talk-Election-In-2011-But-Critics-Say-Country-Not-Ready-For-Another-Poll-86932532.html.

    Google Scholar 

  20. Andrew Meldrum, “Tycoon Flees Zimbabwe after Falling Foul of Mugabe,” The Guardian, June 9, 2006, http://www.guardian.co.uk/world/2006/jun/09/zimbabwe.topstories3.

    Google Scholar 

  21. Stuart Doran, Zimbabwe’s Economy: A Report Card Mid-2009, Discussion Paper 8/2009 (Johannesburg: The Brenthurst Foundation, 2009), http://www.thebrenthurstfoundation.org/Files/Brenthurst_Commisioned_Reports/BD0908-Zimbabwe.pdf.

    Google Scholar 

  22. Sure Kamhunga, “Zimplats Expansion Faces Further Delays,” Business Day (South Africa), April 13, 2010, http://allafrica.com/stories/201004130314.html.

    Google Scholar 

  23. Oscar Ncala, “Bill Giving Potential Suitors For Zim Steel Mill Cold Feet,” Engineering News, October 5, 2007, http://www.engineeringnews.co.za/article/bill-giving-potentialsuitors-for-zim-steel-mill-cold-feet-2007-10-05.

    Google Scholar 

  24. The Economist Intelligence Unit, “Zimbabwe: Manufacturing,” Views Wire, June 20, 2007, http://www.eiu.com/index.asp?layout=VWArticleVW3&article_id=742296259&region_id=&country_id=1250000325&channel_id=180004018&category_id=410004041&refm=vwCat&page_title=Article&rf=0.

    Google Scholar 

  25. Solidarity Peace Trust, A Difficult Dialogue: Zimbabwe-South Africa Economic Relations Since 2000, a preliminary report, October 23, 2007, http://www.solidaritypeacetrust.org/reports/difficult_dialogue.pdf.

    Google Scholar 

  26. Patrick Bond, Uneven Zimbabwe: A Study of Finance, Development and Underdevelopment(New Jersey and Eritrea: Africa World Press Inc, 1998).

    Google Scholar 

  27. Brendan Ryan, “Anglo ‘Shaken Down’ in Zimbabwe,” Fin24.com, June 26, 2008, http://www.fin24.com/articles/default/display_article.aspx?ArticleId=2347629.

    Google Scholar 

  28. Brendan Ryan, “Camec’s Zimbabwe Platinum Project Threatened,” Miningmx, July 18, 2008, http://www.miningmx.com/platinum/674062.htm.

    Google Scholar 

  29. David Connett, “Standard Chartered At Centre of Zimbabwe Sanctions Inquiry,” The Independent, June 15, 2008, http://www.independent.co.uk/news/business/news/standard-chartered-at-centre-of-zimbabwe-sanctions-inquiry-847312.html.

    Google Scholar 

  30. Paul Lewis and David Pallister, “Shell Ready to Quit Zimbabwe as Mugabe Cronies Hoard Fuel,” The Observer, July 6, 2008, http://www.guardian.co.uk/world/2008/jul/06/zimbabwe.southafrica1.

    Google Scholar 

  31. David Robertson, “Outrage Over £200m UK Investment in Zimbabwe,” The Times, June 25, 2008, http://www.timesonline.co.uk/tol/news/world/africa/article4207971.ece.

    Google Scholar 

  32. Katherine Glover, “Nestle Zimbabwe Conveniently Dumps Grace Mugabe Farm as Supplier,” BNET, October 5, 2009, http://industry.bnet.com/food/10001037/nestlezimbabwe-conveniently-dumps-grace-mugabe-farm-as-supplier/.

    Google Scholar 

  33. Dumisani Ndlela, “Global Ad Agency Dumping Firm Over Mugabe Campaign?” Biz-Community (Cape Town), June 23, 2008, http://allafrica.com/stories/200806240582.html.

    Google Scholar 

  34. Basildon Peta and Daniel Howden, “Zim Regime May Lose ‘Licence’ to Print Money,” Independent Online, July 24, 2008, http://www.iol.co.za/index.php?sf=126&set_id=1&click_id=68&art_id=vn20080724112235174C689499.

    Google Scholar 

  35. Sean Poulter and Ian Drury, “We’re Eating Zimbabwe’s Food … As Its People Starve.” Daily Mail, June 25, 2008, http://www.dailymail.co.uk/news/worldnews/article-1029223/Tesco-Morrisons-Waitrose-condemned-selling-Zimbabwes-produce-people-starve.html.

    Google Scholar 

  36. Michael Holman, “Should UK Banks Do Business in Zimbabwe?” Times Online, November 1, 2005, http://www.timesonline.co.uk/tol/comment/article585360.ece.

    Google Scholar 

  37. Martin Zhuwakinyu, “Business Deals Struck with Mugabe’s Gvt Will Be Reviewed, MDC Warns,” Mining Weekly, June 24, 2008, http://www.miningweekly.com/article.php?a_id=136380.

    Google Scholar 

  38. Alyson Warhurst, “Engagement vs Divestment: Forcing Multinational Corporations to Pull Out of Totalitarian Countries Can Yield Disastrous Results,” Bloomberg Businessweek, August 11, 2008, http://www.businessweek.com/globalbiz/content/aug2008/gb20080811_573922.htm.

    Google Scholar 

  39. Bernard Mpofu, “US$1bn Stimulus Package for Industry,” Zimbabwe Independent, March 19, 2009, http://www.thezimbabweindependent.com/index.php/business/22229-us1-billion-stimulus-package-for-industry.

    Google Scholar 

  40. Nelson Banya, “Gono: Zim Must Repay Debt, Reform Economy,” Mail & Guardian Online, March 15, 2009, http://www.mg.co.za/article/2009-03-15-gono-zim-must-repay-debt-reform-economy.

    Google Scholar 

  41. Dumisani Muleya, “Zimbabwe: Mugabe Makes Surprise Plea to ‘Friends’ for Foreign Funds,” Business Day, March 20, 2009, http://allafrica.com/stories/200903200096.html.

    Google Scholar 

Download references

Authors
  1. Dianna Games
    View author publications

    You can also search for this author in PubMed Google Scholar

Editor information

Editors and Affiliations

  1. North-South Institute (NSI), Ottawa, Canada

    Hany Besada (Senior researcher, Development Cooperation) (Senior researcher, Development Cooperation)

Copyright information

© 2011 Hany Besada

About this chapter

Cite this chapter

Games, D. (2011). Multinationals and Foreign Investment in Zimbabwe: A Development and Human Rights Perspective. In: Besada, H. (eds) Zimbabwe. Palgrave Macmillan, New York. https://doi.org/10.1057/9780230116436_10

Download citation

Publish with us

Policies and ethics

Search

Navigation