Zimbabwe Central Bank Governor Decries Diamond Industry Secrecy

Economy
10/02/2016 23:18

The Africa Report writes that John Mangudya, governor of the Reserve Bank of Zimbabwe, has bemoaned the secrecy surrounding the country's diamond industry saying it was difficult to monitor the diamond industry, unlike other sectors such as tobacco farming whose operations were transparent. "If you look at tobacco for example, Zimbabweans grow tobacco, from rural, A1 up to A2 (category) farmers. It is marketed at the auction floors, we all know about it," Mangudya told a symposium on Zimbabwe's economic outlook for 2016. "But we don't know the same information from diamonds. We don't know how much was produced. We don't know how much was exported. It seems we are exporting both the products and proceeds. We need to improve on transparency and accountability... so that we have a positive outlook," he said.

Mangudya last week said $2 billion had been externalised by Zimbabweans last year. Out of the $1.8 billion externalised, he said $1.2 billion was siphoned out by corporates with outward individual remittances accounting for the balance.