Act now to restore trust in savings

Professor Albert Makochekanwa is right, Zimbabwe cannot hope to build a sustainable future if its citizens do not trust the financial system.

For too long, the scars of hyperinflation, volatile currency experiments, and opaque policy U-turns have destroyed the very idea of long-term saving.

The result is visible in every household.

Pensioners, once the backbone of the savings culture, were reduced to paupers after the 2009 dollarisation wiped out over US$3bn in household wealth.

Families today keep hard cash under mattresses or in foreign accounts, not because they lack patriotism, but because they have no faith that their money will survive another policy reversal.

This is why Professor Makochekanwa’s call for bold reforms is not just technocratic advice, it is a national imperative. Without decisive action, Zimbabwe risks condemning yet another generation to retire in poverty, while its financial institutions wither on the margins of the economy.

The blueprint outlined is clear and necessary.

Stabilise the currency. Restructure the ballooning US$21bn public debt. Reform the pension system to guarantee transparency, lower costs, and deliver real returns. Enforce regulatory independence and strengthen financial supervision.

Above all, show citizens, not in words but in actions, that their savings are safe.

Reform must also extend beyond institutions.

Incentives such as tax breaks, matched contributions, and government-backed guarantees can help rebuild confidence.

Financial literacy campaigns are essential to demystify pensions and empower households.

Diversifying pension fund investments into infrastructure, gold, and offshore assets—as South Africa, Botswana, and Nigeria have done—can deliver real returns while supporting national development.

The alternative is grim.

A society without savings is a society without a future.

It is a nation where every economic shock leaves citizens destitute, where retirement means poverty, and where growth is choked by a lack of patient, long-term capital. Zimbabwe has already lived this nightmare once. It cannot afford to repeat it.

Professor Makochekanwa’s proposals must not gather dust on conference tables.

They should form the backbone of a national savings revival strategy, backed by both government and industry. Rebuilding trust in savings is more than an economic reform—it is the restoration of the social contract between the state, financial institutions, and its people.

If Zimbabwe can summon the courage to act, pensions and savings can once again become engines of growth and security. If not, the scars of hyperinflation will continue to define the nation’s future as much as they haunt its past.