Showing posts with label Emmerson Mnangagwa. Show all posts
Showing posts with label Emmerson Mnangagwa. Show all posts

Wednesday, November 22, 2017

Zimbabwe Stock Market Crashes 35% As "Euphoric" Nation Awaits New Leader

Despite reported "euphoria" in the nation as former Mugabe deputy Emmerson Mnanagwa was expectd to arrive and be sworn in on Friday, Zimbabwe stocks fell another 10% today, having now erased more than third of the country"s market cap in the last few days.


Several hundred people gathered in anticipation of his arrival. Some carried signs with images of him, suggesting a certain level of organization behind the jubilant turnout.


Signs read "Welcome back, our hero" and "True to your word, you"re back. Welcome."



As The Washington Post reports, the morning after ecstatic celebrations over the resignation of the long-ruling President Robert Mugabe, the people of Zimbabwe awaited Wednesday the arrival of his former vice president, expected now to become the interim leader.


Emmerson Mnangagwa, believed to be in South Africa, was expected to arrive in the afternoon and then be sworn in Friday as the country"s second president since independence from Britain in 1980.


 


Mnangagwa is a longtime Mugabe ally, nicknamed "the crocodile" for his reputation for shrewd but often brutal tactics as the president"s enforcer. But when the 93-year-old Mugabe fired him earlier this month — likely to ensure the succession of Mugabe"s unpopular wife — the military moved in.


 


Even as the sense of euphoria in Zimbabwe lingers, the question looming over everyone is whether Mnangagwa will be an improvement over Mugabe"s nearly four decades of misrule that impoverished the once affluent country.




And judging by the stock market"s dismal reaction, investors are more anxious than the average Zimbwean...



Source: African-Markets.com


However, not every Zimbabwean is happy, as Blkoomberg points out, Zimbabwe Lawyers for Human Rights “notes with apprehension and concern’’ reports of arrests during military intervention that saw President Robert Mugabe resign to make way for Emmerson Mnangagwa, Harare-based human rights watchdog says in emailed statement.


ZLHR urges the military to refrain from torture, or abuse of pre-trial prisoners’ rights, adding that the military should “prevent the occurrence of any enforced disappearances or in-communicado detention."



So far in the current political turmoil Mnangagwa has used inclusive language, saying in a statement hours before Mugabe"s resignation that all Zimbabweans should work together to advance their nation.


"Never should the nation be held at ransom by one person ever again, whose desire is to die in office at whatever cost to the nation," Mnangagwa said.



We shall see.









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Tuesday, November 21, 2017

Zimbabwe President Robert Mugabe Resigns

Zimbabwe’s Speaker of Parliament Jacob Mudenda had barely finished reading the rules and regulations of how impeachment proceedings would proceed against President Robert Mugabe when the 93-year-old leader and former revolutionary surprised his colleagues by officially resigning the presidency – something he had been reluctant to do even after the military placed him under house arrest last week.


Both Reuters and the Associated Press confirmed that Mugabe had resigned, citing an announcement made by Mudenda.


 



 


"I Robert Gabriel Mugabe in terms of section 96 of the constitution of Zimbabwe hereby formally tender my resignation... with immediate effect," said speaker Mudenda, reading Mugabe"s letter.


"My decision to resign was voluntary on my part."


Zimbabwe"s Parliament has erupted in cheers as the speaker announces the resignation of President Robert Mugabe. The speaker stopped impeachment proceedings to say they had received a letter from Mugabe with the resignation "with immediate effect." It is an extraordinary end for the world"s oldest head of state after 37 years in power.



Mugabe’s resignation came days after the Zimbabwe African National Union-Patriotic Front party fired him as its leader and ordered him to step down. In his place, Emmerson Mnangagwa, 75, who Mugabe dismissed as vice president earlier this month, will take over as interim leader and the leader of ZANU-PF, the country"s ruling party. Mnangawa will also be ZANU"s candidate in presidential elections next year, the party said.


 



 


Mugabe came to power in 1980 after Zimbabwe gained its independence from the UK. He was ousted earlier this month after he fired Mnangagwa and appointed his much-younger wife, Grace, 52, in his stead. Mugabe, it was widely believed, was positioning Grace to succeed him as ruler of Zimbabwe.


Once an shining example of economic progress, Zimbabwe"s economy began crumbling in the early 2000s as Mugabe seized land from white farmers and turned it over to friends of his government. The country"s currency experienced a hyperinflationary spiral that rendered the savings of millions of Zimbabweans worthless. The recent unrest has sent many Zimbabweans scrambling to buy bitcoin, which recently traded at $13,000 on Golix, the country"s primary bitcoin exchange. That"s a more than 50% premium over its global price. Bitcoin"s global price of around $8,000.


Mugabe baffled many of his countrymen on Monday when he refused to resign during a widely watched public address, insisting instead that he would lead the next Congress. In response, both opposition and Zanu-PF lawmakers said they would immediately begin impeachment proceedings.


The president furnished his resignation after only three cabinet ministers showed up for a cabinet meeting he called for Tuesday.


 



The BBC tweeted footage of Mudenda reading Mugabe"s resignation letter aloud:










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Sunday, November 19, 2017

"The President Is Gone" - Zimbabwe Ruling Party Officially Ousts Mugabe

Update 3: After a meeting with military officials, Mugabe"s resignation appears imminent...


 



 


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Update 2: Mugabe, who remains under house arrest, is meeting with the commanders of the country"s military shortly after lawmakers approved an ultimatum for the long-time strongman to either resign, or be forced...


 



 


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Update: Initial media reports about Mugabe"s ouster were confusing: While the country"s ruling party had voted to expel him, several sources quoted by western media outlets said the vote was only the trigger to start the process of removing Mugabe, and that he is still technically president of Zimbabwe. 


Fortunately, the ruling Zanu-PF party has issued a quick clarification: Mugabe - who has obstinantly refused to officially abdicate in accordance with the military"s demands - has until noon tomorrow to resign. If he doesn"t, he will be impeached.


 



Zimbabwe"s ruling party confirmed the news in a tweet...


 



 


 


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A day after thousands of demonstrators took to the streets of Harare to celebrate the imminent removal of Robert Mugabe, the country’s 93-year-old dictator who’d been effectively deposed during a surprise coup earlier this week, the country’s ruling party has officially voted to remove him from office and install his former deputy, Emmerson Mnangagwa, as interim leader.


As we’ve pointed out, Mugabe triggered his own downfall when he fired Mnangagwa last week to try and clear a path for his much-younger wife, Grace, to succeed him as leader of Zimbabwe. Mugabe tried to appoint his 52-year-old wife to Mnangagwa"s former position, which would"ve positioned her to be his successor. However, Mnangagwa’s sudden ouster outraged the leaders of Zimbabwe’s military, who decided to intervene and place Mugabe under house arrest.



Mugabe had resisted the military’s request to step down, so on Friday, the country’s 10 provincial committees resolved to oust Mugabe. That decision was ratified Sunday at a meeting of Zimbabwe’s central executives, according to the head of the country"s influential liberation war veterans.


Meanwhile, ABC reported that Mugabe"s wife Grace - who reportedly fled the country after the coup - has been officially expelled by ZANU-PF, the ruling party. Veterans leader Chris Mutsvangwa said now that Mugabe’s ouster is official, processes to remove the 93-year-old as President could now begin.


Attendants at the meeting sang and danced in celebration after unanimously voting to remove Mugabe.


 



 


After the vote, members of the central committee started singing “Chengetedza” by Jah Prayzah, a popular Zimbabwean musician. According to local media, the song has become an anthem for the de facto anthem of the movement to oust Mugabe.


 



 



Before voting, members of Zimbabwe’s central committee sung the national anthem.


 



 


According to one BBC reporter, journalists were asked to leave the room after the vote as the party set about formalizing the decision.


 



    In his opening remarks at a meeting of ZANU-PF"s Central Committee, Obert Mpofu, the official chairing the gathering, said the party had come together with "a heavy heart,” adding that Mugabe’s wife, Grace, and others in his orbit had taken advantage of his age and feebleness to loot the country’s national resources. Mpofu then hailed the beginning of "a new era, not only for our party but for our nation Zimbabwe,” according to ABC.    


Mpofu said Mugabe was responsible for "many memorable achievements.”


Mugabe, who remains under house arrest, was reportedly supposed to meet Sunday with the military for a second round of talks to negotiate his departure. It’s unclear if this meeting has taken place.


While Zimbabwe lawmakers have voted to begin the process of Mugabe’s ouster, he technically remains the president of Zimbabwe. However, the vote greatly increases the pressure on him to abdicate, the BBC reported.


Veterans leader Mutsvangwa expressed his excitement over Mugabe’s ouster in an interview with local media.


“The president is gone! Long live the new president!”


 



 


Shortly before the vote, local media captured this iconic video of demonstrators tearing down a billboard advertising the Zimbabwe Youth League, a pro-Mugabe group.


 



 


Mugabe has ruled Zimbabwe since the country won its independence from the UK in 1980. Under his watch, the economy has imploded, leaving 95 percent of the workforce unemployed, according to Zimbabwe Congress of Trade Unions estimates, and forcing as many as 3 million people into exile.


While Zimbabwe"s ruling party led the effort to oust Mugabe, opposition lawmakers had threatened to begin impeachment proceedings if he was not swiftly removed, according to Fox News.


"If Mugabe is not gone by Tuesday, then as sure as the sun rises from the east, impeachment process will kick in," said Innocent Gonese, a member of the opposition MDC-T party.


Hope for a better future crested on Sunday. But whether life will measurably improve for the people of Zimbabwe remains to be seen…


 



 


 









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Thursday, November 16, 2017

Zimbabwe Stock Market Crashes - What Happens After Mugabe?

In the last two days, the Zimbabwe stock market has crashed almost 10% as a "not-military-coup" has ousted 93-year-old President Mugabe - the question is, what happens next?


Bloomberg reports that Zimbabwe President Robert Mugabe’s refusal to publicly resign is stalling plans by the military to swiftly install a transitional government after seizing power on Wednesday, two people familiar with the situation said.


That uncertainty is clearly showing up in Zimbabwe stocks...



The military wants Mugabe, who’s under house arrest, to agree to step aside so it can claim its action isn’t a coup and head off tension with the Southern African Development Community, which includes Zimbabwe and South Africa, the people said. The group previously intervened when the army took over in Lesotho.


However, as a reminder, Pedzisayi Ruhanya, the director of the Zimbabwe Democracy Institute, warns,


“Mugabe wants to die in office and is not interested in seeing his successor."


 


“He is not a student of democratic processes.”



Bloomberg goes on to note that the new rulers, headed by armed forces commander Constantino Chiwenga, plan to try and negotiate the establishment of a transitional government with the opposition until elections can be held to restore stability, the people said.


But first they want a deal with Mugabe, whose 37-year rule left an economy that has halved in size since 2000, a severe cash shortage that’s choking businesses and a collapse in government services.


The military has declined to comment on its plans.


“The military, or the people who are now in charge, obviously they have some respect for Mugabe -- he is someone who has led them for so many years,”Alex Magaisa, a Zimbabwean law lecturer who helped design the southern African nation’s 2013 constitution, said in a interview with Bloomberg Television in London.


 


“I think there is still some residual sympathy for him. They wouldn’t want to be seen to be mistreating him.”



The operation to take power had been planned for weeks but was accelerated after Mugabe fired his deputy Emmerson Mnangagwa, according to the people.



Many ordinary people simply hope that the authorities can improve daily life in Zimbabwe, where an estimated 95 percent of the workforce is jobless.The country doesn’t even have its own currency and relies mainly on the dollar.


“I hope and pray this takeover will bring lasting solutions for us,” said James Saunyama, as he collected his weekly allocation of $50 in coins from a bank in Harare.


 


“We’ve endured enough so this takeover must give us better and improved lifestyles going forward.”



The new rulers also want to repair relations with Western countries, who used to be among the biggest investors in the country, and international lenders, the people said.


They will seek investment from the more than 3 million people who left Zimbabwe because of the economic collapse including the white farmers driven off their land, the people said.


Mark Bohlund, Africa economist with Bloomberg Intelligence in London, expects Zimbabwe’s economic challenges to persist even if there is a power shift and the country adopts more orthodox economic policies.


“Expectations for quick progress toward receiving financial support and potential debt relief should be tempered,” Bohlund said.


 


“The huge challenges ahead and continued political uncertainty is likely to deter inward investment for many years to come.”



We leave it to Pedzisayi Ruhanya to sum things up...


“The chaos happening in Zimbabwe and ZANU-PF is what happens when the end of an authoritarian era approaches."










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Wednesday, November 15, 2017

Zimbabwe "Coup" Escalates: US Embassy Closes, Explosions Rock Harare, Military Seize State Broadcaster

Following at least three explosions across Zimbabwe"s capital city tonight - following what appears to be the start of a military coup as tanks rolled in - the US embassy in Harare has been closed. Additionally, reports state that troops have deployed on the streets and have seized the state broadcaster.


As we detailed earlier, The Associated Press said it saw three tanks with several soldiers in a convoy on a road heading toward an army barracks just outside the capital, Harare, while Reuters reported that four tanks were seen heading toward the capital.



And here is Al Jazeera with a brief explainer of the political crisis in Zimbabwe that threatens to sweep Robert Mugabe from his post:


Zimbabwe is facing a political crisis with the ruling Zanu-PF party, as a very public showdown over who is likely to succeed President Robert Mugabe plays out.


 


The current standoff is between the Youth faction, loyal to his wife, Grace Mugabe, and the former liberation fighters, loyal to Emmerson Mnangagwa, the vice president who was fired last week. Al Jazeera"s Hannah Hoexter explains.



But the situation appears to have escalated notably in the last few hours as The Telegraph reports, several loud explosions echoed across central Harare in the early hours of Wednesday after troops deployed on the streets of the capital and seized the state-owened Zimbabwe Broadcasting Corp.


“I was woken up at about 1.10 a.m. by a distant explosion that shook the bed -- two others since then,” Roger Stringer, who lives in Harare’s Mount Pleasant suburb, said by phone.



AP notes that Zimbabwe"s ruling party is accusing the country"s army commander of "treasonable conduct" for his threat to have the military step in and calm political turmoil.


The statement issued Tuesday night says the unprecedented comments made a day earlier by army commander Constantino Chiwenga were "clearly calculated to disturb national peace and stability" and were "meant to incite insurrection."



Additionally, the U.S. Embassy in Zimbabwe says it will be closed to the public on Wednesday because of "ongoing uncertainty" in the capital. The embassy announced the closure on Twitter early Wednesday. The embassy says it will remain "minimally staffed."



Additionally The US State Department has issued a warning urging all US citizens currently within #Zimbabwe to shelter in place until the current diplomatic crisis is over.


As a result of the ongoing political uncertainty through the night, the Ambassador has instructed all employees to remain home tomorrow.


 


U.S. government personnel have been instructed to shelter in their residences tonight and work remotely from home on November 15. The embassy will be minimally staffed and closed to the public.


 


U.S. citizens in Zimbabwe are encouraged to shelter in place until further notice. Please monitor news and embassy notifications.


 


In case of emergency involving U.S. citizens, U.S. citizens should call Consul Amy Diaz at +263 772 102 179.


 


Even demonstrations intended to be peaceful can turn confrontational and escalate into violence. Avoid areas where demonstrations are taking place and exercise caution when in the vicinity of any large gatherings, protests, or demonstrations.



Given the relatively closed nature of markets in Zimbabwe there is little evidence in markets to reflect the potential chaos, however we do note that Bitcoin has suddenly surged as the situation has escalated and we have noted previously, cryptocurrencies have become a more ubiquitous solution for money transfer in Zimbabwe in recent weeks...



 


This is the first time since his rule began that Zimbabwe is seeing an open rift between the military and 93-year-old President Robert Mugabe.









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Tuesday, November 14, 2017

Military Coup Reportedly Under Way In Zimbabwe

Zimbabwe is on edge amid speculation that a military coup is in progress, with army tanks seen outside the capital a day after the army commander threatened to "step in" to calm political tensions over the president"s firing of his vice president. The Associated Press said it saw three tanks with several soldiers in a convoy on a road heading toward an army barracks just outside the capital, Harare, while Reuters reported that four tanks were seen heading toward the capital.



According to Reuters, two other tanks were seen parked beside the main road from Harare to Chinhoyi, about 20km from the city. Eyewitnesses also saw military vehicles blocking major roads outside the city.



The alleged coup takes place one day after Zimbabwe"s army chief demanded a "stop" to the purge in President Robert Mugabe"s ruling Zanu-PF, following the sacking of vice president Emmerson Mnangagwa. Mnangagwa was well-supported by the Zimbabwean national forces. On Monday, Amry General Constantino Chiwenga told a media conference attended by at least 90 senior army officers at the army headquarters in Harare on Monday that: "The current purging which is clearly targeting members of the party with a liberation background must stop forthwith."



According to New Zimbabwe.com, Chiwenga recently returned from a trip in China to find Mnangagwa fired from government and expelled from Zanu-PF. The report said that the army had been seen to be backing Mnangagwa to succeed Mugabe, 93, but the nonagenarian"s wife Grace had emerged as a top contender. Mnangagwa was kicked out of both government and the ruling party last week following accusations that he was plotting to topple Mugabe from power. 


This prompted the army chief to accuse Zimbabwe"s ruling party of expelling senior officials who participated in the 1970s war against white-minority ruled Rhodesia, saying "counter revolutionaries" were plotting to destroy the party. This was the first time Zimbabwe"s military directly criticised the infighting in Zanu-PF and marked a rift between Mugabe and an institution that has been a key pillar of his power.








"The current purging and cleansing process in Zanu-PF which so far is targeting mostly members associated with our liberation history is a serious cause for concern for us in the defense forces," said Chiwenga, at a press conference, reading from his statement.


 


He then warned those "behind the current treacherous shenanigans that when it comes to matters of protecting our revolution, the military will not hesitate to step in. The current purging of which is clearly targeting members of the party with a liberation background must stop forthwith."



It appears that one day later, Chiwengae has made good on his threat, with tanks deployed around the capital. Local media also reported that heavily armed military personnel had sealed off state TV broadcaster ZBC.



As AP adds, while it is routine for tanks to move along that route, Tuesday"s timing heightens unease in this country that for the first time is seeing an open rift between the military and 93 -year-old President Robert Mugabe.


Meanwhile, reports on the ground from Zimbabwe suggest that a coup may indeed be taking place. A flurry of photos – shared by journalists across Twitter – show a fleet of the armoured vehicles making their way to the country’s capital.  The convoy has taken to the streets just a day after the head of the armed forces said he was prepared to “step in” to end a purge of supporters of ousted vice-president Emmerson Mnangagwa.




A journalist in Harare has told News24 that "it seems the army is angry". He says the situation is a bit "tense" in the capital.



Some on Twitter are saying that although a coup is almost never a good thing, it brings an end to Mugabe"s much despised regime.


Meanwhile, in a sign that events may turn violent, earlier on Tuesday, The Zimbabwean reported that Zimbabwe’s Zanu-PF youths said they were “prepared to die” in defence of President Mugabe’s government. In a statement on Tuesday, Zanu-PF’s secretary of the youth league Kudzai Chipanga said that Zanu-PF youths did not take lightly the military’s threats.


“We as Zanu-PF youth league are a lion which has awakened and found its voice, therefore we will not sit idly and fold our hands whilst cheap potshots and threats are made against Mugabe,” Chipanga said.


* * *


Here is Al Jazeera with a brief explainer of the political crisis in Zimbabwe that threatens to sweep Robert Mugabe from his post:








Zimbabwe is facing a political crisis with the ruling Zanu-PF party, as a very public showdown over who is likely to succeed President Robert Mugabe plays out. The current standoff is between the Youth faction, loyal to his wife, Grace Mugabe, and the former liberation fighters, loyal to Emmerson Mnangagwa, the vice president who was fired last week. Al Jazeera"s Hannah Hoexter explains.




Readers can track live updates from the alleged coup at the following live feed.









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