Why Post-Mugabe Zimbabwe Remains Mired in Misery

This was supposed to be Zimbabwe’s chance at a fresh start. Strongman Robert Mugabe, who died on Sept. 6 at the age of 95, was forced from office in late 2017 after a 37-year rule that left the economy in ruins. His ouster sparked celebrations in the streets and hopes of a recovery for the resource-rich nation. But his successor as president, Emmerson Mnangagwa, has failed to deliver on his promises of a revival. The southern African nation suffers from spiraling inflation and chronic shortages of foreign exchange, bread and electricity, prompting protests that have been brutally repressed.

Though Mnangagwa has declared Zimbabwe open for business, investors have stayed away and a drought has crippled agriculture and hydropower plants. The government lacks the money needed to kickstart growth because it has accumulated $9 billion in external debt and can’t borrow more until it settles its arrears with international lenders. The economy is at risk of contracting this year for the first time since 2008. Zimbabwe’s woes date back to Mugabe’s rule, when he allowed ruling party-backed militants to violently seize thousands of white-owned commercial farms starting in 2000. Agricultural exports and tax revenue collapsed, the central bank began printing banknotes so the government could pay its workers, and inflation skyrocketed to the point where prices were doubling every day.