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Financial and Economic News Production Practices in Zimbabwe 1980-2018

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Financial and Economic News Production Practices in Zimbabwe 1980-2018 COPYRIGHT AND CITATION CONSIDERATIONS FOR THIS THESIS/ DISSERTATION o Attribution — You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use. o NonCommercial — You may not use the material for commercial purposes. o ShareAlike — If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original. How to cite this thesis Surname, Initial(s). (2012). Title of the thesis or dissertation (Doctoral Thesis / Master’s Dissertation). Johannesburg: University of Johannesburg. Available from: http://hdl.handle.net/102000/0002 (Accessed: 22 August 2017). FINANCIAL AND ECONOMIC NEWS PRODUCTION PRACTICES IN ZIMBABWE 1980-2018 By COLLEN CHAMBWERA 217044982 Supervisor: Prof. Nyasha Mboti Co-supervisor: Prof. Ylva Rodny-Gumede A Thesis submitted to the Department of Communication in the Faculty of Humanities at the University of Johannesburg in fulfilment of the requirements for the Doctor of Philosophy in Communication Studies. APRIL 2020 Abstract Emerging from strong capitalist base, the Zimbabwean economy from 1980 adopted a dual model characterised by a co-existence of capitalism and socialism. An economic identity crisis ensued with socialism largely in rhetoric and capitalism remaining the main economic system. Socialism was conveniently applied where the government stood to benefit, for example keeping already existing state owned enterprises while nationalising those deemed strategic. An economic crisis that was already evident in 1980 intensified in the following decades and still persists. The crisis has only taken different shapes and intensity over the years. The press being an indispensable part of the capitalist system has been there to interpret the economic identity crisis and the economic crises. Surprisingly there is a dearth of studies interrogating how the Zimbabwean financial press has interpreted Zimbabwe’s economic identity crisis and the various economic crises the country has gone through. This study analyses how two financial newspapers, state controlled the Business Herald and privately owned the Financial Gazette, represented the economy from 1980 to 2018. It interrogates how the dual nature of the economy, capitalist and socialist at the same time, has influenced how journalists report the economy. It further interrogates how the wider contextual realities precipitated by the economic schizophrenia influenced news production practices at the two newspapers. The thesis argues that there are unique circumstances that apply to the production of economic news that have been ignored in studies of the Zimbabwean press. It establishes that the usual dichotomy of publicly owned press versus privately owned is not as clear- cut in the production of financial and economic news. Allegiance to the capitalist system is key to financial and economic news production at the two newspapers. While other influences play a role, the very nature of the financial press as a key capitalist enabler has a hegemonic influence on how financial and economic news is produced in Zimbabwe. i Acknowledgements It is an extremely difficult task to acknowledge everyone who has played a role in the successful completion of this thesis, they are too many. There are many who have been there spiritually, academically, and socially. There is neither me nor thesis without the one who gives life, the Most High God, possessor of heaven and earth. For I am His workmanship, created both for His will and good pleasure. My heartfelt thanks go to my supervisors, Nyasha Mboti and Ylva Rodny-Gumede. I like to call them co-creators of this work because without their excellent academic guidance this thesis would not have taken shape the way it did. Through their generosity I attended several conferences all over the world that have helped me become better at what I do. I would like to acknowledge staff in the Department of Communication Studies who have been immensely supportive and played no small part in my academic mentoring. It has been a pleasure to work with all of them, Mariekie Burger, Pier Paolo, Shanade Barnabas, Antoinette Hoffman, Varona Sathiya, and Lindsay Leslie. Colin Chasi may have left the department, but I acknowledge his great mentorship. My appreciation further goes to the entire School of Communication. Special mention to Sarah Chiumbu, Nicole Stremlau and Keyan Tomaselli. The financial support I received from the University of Johannesburg through Global Excellence Stature (GES) funding made my PhD journey less stressful. For that I am grateful. I have had the privilege of interacting with great fellow students in the School of Communication, and more closely in the Department of Communication. I would like to acknowledge and appreciate them all. My family that has been there supporting me all the way, many thanks. To friends who have been there encouraging me and providing the much needed relaxed conversations, many thanks. Special mention to Allen Munoriyarwa, Samukelisiwe Miya, Linda Zwane, Grace Gambiza, and Constance Kasiyamhuru. I acknowledge support I received from staff in the Department of Media and Society Studies at the Midlands State University in Zimbabwe. Special mention to Lyton Ncube and Albert Chibuwe who were especially helpful in shaping ideas of this research, and Tanaka Mhlanga for selflessly sharing his office space from where this research was conceptualised. To God be the glory. ii Abbreviations ACCOZ Association of Chambers of Commerce of Zimbabwe ACP African, Caribbean and Pacific ADB African Development Bank AIPPA Access to Information and Protection of Privacy Act AMI Africa Media Investments ANZ Associated Newspapers of Zimbabwe APP Argus Printing and Publishing Company ASEAN Association of South East Asian Nations BACOSSI Basic Commodities Supply Side Intervention BBC British Broadcasting Corporation BOP Balance of Payments BSA Broadcasting Services Act BSAC British South Africa Company CBZ Commercial Bank of Zimbabwe CEO Chief Executive Officer CGPA Commercial Grain Producers’ Association CIO Central Intelligence Organisation CNN Cable News Network CSO Central Statistics Office CZI Confederation of Zimbabwe Industries DRC Democratic Republic of Congo EBF Economic Business and Financial EMCOZ Employers Confederation of Zimbabwe ESAF Enhanced Structural Adjustment Facility ESAP Economic Structural Adjustment Programme EU European Union FDI Foreign Direct Investment Fingaz Financial Gazette FTLRP Fast Track Land Reform Programme GDP Gross Domestic Product GMB Grain Marketing Board GNP Gross National Product GNU Government of National Unity iii GPA Global Political Agreement IDA International Development Association IMF International Monetary Fund IMPI Information and Media Panel of Inquiry LOMA Law and Order Maintenance Act MDC Movement for Democratic Change MDC-T Movement for Democratic Change-Team MIC Media and Information Commission MOI Ministry of Information MTP Medium Term Plan NCEAZ National Commercial Employers’ Association of Zimbabwe NDP National Development Plan NYSE New York Stock Exchange OECD Organisation for Economic Co-operation and Development OGIL Open General Import License POSA Public Order and Security Act PTC Posts and Telecommunications Corporation RBZ Reserve Bank of Zimbabwe RF Rhodesia Front RISCOM Rhodesian Iron and Steel Commission RPPC Rhodesia Printing and Publishing Company SAP Structural Adjustment Programme SAPPHO Southern Africa Printing and Publishing House SI Statutory Instrument STERP Short-term Emergency Recovery Programme TB Treasury Bills TTL Tribal Trust Lands UDI Unilateral Declaration of Independence UK United Kingdom USA United States of America VMCZ Voluntary Media Council of Zimbabwe WEF World Economic Forum ZANLA Zimbabwe National Liberation Army ZANU PF Zimbabwe African National Union Patriotic Front iv ZANU Zimbabwe African National Union ZAPU Zimbabwe African People’s Party ZCTU Zimbabwe Congress of Trade Unions ZIDERA Zimbabwe Democracy and Economic Recovery Act ZimAsset Zimbabwe Agenda for Sustainable Socio-Economic Transformation ZIMPREST Zimbabwe Programme for Economic and Social Transformation ZMMT Zimbabwe Mass Media Trust ZPC Zimbabwe Promotion Council ZSE Zimbabwe Stock Exchange ZUD Zimbabwe Union of Democrats ZUM Zimbabwe Unity Movement v Table of Contents Abstract ....................................................................................................................................... i Acknowledgements .................................................................................................................... ii Abbreviations ............................................................................................................................ iii CHAPTER 1 ............................................................................................................................... 1 INTRODUCTION ....................................................................................................................... 1 Contextualising the Study ...................................................................................................... 1 Significance of the study ........................................................................................................ 6 Business News in Zimbabwe: A Brief Early History ............................................................ 10 Setting the Scene: Political
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