Friday 25 October 2019 was a public holiday in Zimbabwe (Anti-Sanctions Day) as the country made a case for the removal of sanctions imposed by the United States of America (USA) in particular. This was a bold attempt to garner some international and regional support to assist in lifting sanctions against Zimbabwe. Piggy recalls that the USA, through the Zimbabwe Democracy and Recovery Act (ZIDERA), imposed sanctions on the country in 2001. The USA has indicated that it wants to see more on reforms and has cited corruption, bad governance and human rights abuses as the main culprits.
Trump’s administration has also been very clear that under its New Africa Strategy that countries receiving any form of USA assistance must (i) invest in health and education, (ii) encourage accountable and transparent governance, (iii) support fiscal transparency, and (iv) promote the rule of law. All in all, the anti-sanctions campaign is being viewed as some form of blame-shifting on the part of the Zimbabwean administration whereby the economic demise in the country is being blamed on sanctions.
Piggy has also noted a similar blame-shifting game amongst households and individuals when it comes to issues of retirement planning, saving or investing in general. Here are some excuses that individuals give when it comes to planning for retirement;
- I have a good retirement fund at work
- I have a retirement fund and retirement annuities, that should be enough
- I have lots of time before I need to worry about retiring
- I have heard that Retirement Annuities (RAs) are a waste of money
- I can’t afford to save for retirement now
The most popular excuse is that they do not have enough money to save or invest. Really?
From the info-graphic above, it is clear that it is not a question of having enough money, it is all about priorities. Even at national level, governments need to “cut the coat according to its cloth” and not overspend. Further, debt management is essential. Zimbabwe continues to be under debt distress given that external debt is estimated around USD8.0bn. In conclusion. here are some reasons why people find themselves broke;
Listen to our daily podcast: What is Piggy Saying?
What is Piggy Saying? is an insights and analysis show that covers Economics and the Stock Market in Zimbabwe.
Join a piggybankadvisor.com WhatsApp based social trading group today by contacting the Administrator on +263 78 358 4745
Download the piggybankadvisor.com Android App using the link; https://play.google.com/store/apps/details?id=com.piggybankadvisor.piggybankadvisor