Zimbabwe’s economy is experiencing the worst inflation rate in the world (50,000%, according to BBC) and basic goods are often unavailable at stores. As Alex Shkolnikov blogged a few weeks ago, Zimbabwe has started printing a 10,000,000 dollar bill, and it’s currently worth just under 4 U.S. dollars at the black market exchange rate. It’s difficult to imagine how people manage to survive when a banana today costs 15 times what a four bedroom house did 7 years ago. Many rely on foreign remittances, but there are also local solutions, many of which are led by young people.
As Thandazile Mpofu discusses in “In Spite of the Odds: Young Entrepreneurs in Zimbabwe” – an honorable mention winner in CIPE’s 2007 Youth Essay Competition – many young people in Zimbabwe see entrepreneurship as a way to make a living. In a place where economic opportunities seem completely absent, young people are taking their futures into their own hands – because they have to. However, they face numerous challenges to success in addition to the dire economic conditions: a lack of business management skills and limited access to finance, among others. Yet, with the proper support and education, they could build businesses that would have a positive impact on their own standards of living and those of their fellow citizens.
Zimbabwe’s problems, both political and economic, are enormous. But, this essay shows that young people are leading efforts to improve the business environment and economy in Zimbabwe. A growth in entrepreneurship won’t eliminate all of the challenges facing the country, but it’s a start, and shows that there is hope even in the worst of circumstances.
Published Date: February 08, 2008