For most people, the dream of becoming a billionaire is not associated with the thought of living in poverty. But in Zimbabwe, Robert Mugabe’s inability to manage the economy appropriately has had the unexpected side-effect of making everyone a billionaire many times over. The inflation rate in Zimbabwe is currently around 15,000,000%, according to a recent BBC news item, and a few days ago a tin of baked beans was selling for 256 billion dollars (Zimbabwe currency). By now the price will be much higher.
To keep pace with inflation, shops need to put up prices several times a day. The amount of a typical supermarket worker’s pay paid at the start of the month is now not sufficient to cover the cost of a bus fare to work for one day. In a country where everybody is a multi-billionaire, the majority of people are now unemployed and impoverished, dependent on the funds sent home by friends and relatives living in other countries.
Although the army and police have been staunch supporters of the Mugabe regime, it is becoming increasingly difficult to keep soldiers and policemen satisfied with their pay which, being in the local currency, becomes worthless very quickly. Some observers think that hyperinflation is likely to bring down the government when elections and sanctions were unable to do so.