Once upon a time…. we used to settle our debts with a handshake and an agreement that you had in excess something I needed and I had more of something you needed, so we shook on it and a bargain was struck ..… wait; it is not a folk tale, it just might be the future….
Our crazy economy and its surrogate bond currency might be in for quite some change…. (no pun intended)
A High Court judge made headlines for offering to goats as settlement in divorce proceedings….
….and the goat drama begun because shortly after;
The Ministry of Education was featured in the Sunday paper saying how schools must be flexible in matters of tuition fees and not just turn away pupils. Parents and guardians can pay for their wards’ fees using livestock or do chores for the school in lieu of tuition.
The Newspaper article carried the headline Pay Fees With Goats:
And as you can imagine goats have broken Zimbabwean internet, people have way too much free time on their hands….
Oh yeah and so far its only schools that have been mandated to accept goats so don’t get carried away…
To be honest though having parents selling their livestock to raise school fees is nothing groundbreaking but now it seems is somewhat implied that you just walk to the school leading your goat by the leash and hand it to the school headmaster.
What the ministry is proposing makes sense but then it’s not the kind of thing one wakes up and casually announces like “oh yeah, if you don’t have money you can bring in your goats as fees” and it does not really solve the root problem. Anyway how are the goats going to be converted into actual cash for the schools? I am guessing some livestock auction will have to happen; sounds simple enough but if people sell their goats because of not having money, whom oh whom is going to buy them? Some schools are probably going to end up with goats they cant find buyers for or selling them at less than market value, and another thing how exactly is the price of livestock going to be evaluated there’s bound to be lot of chicanery going on, people being the way they are; and in the interim where would the goats be kept, and what would happen if a goat dies? So many questions….
Imagine the unlikely event of every parent bringing a goat, cow or chicken; what a circus act schools would turn out to be and small wonder goat jokes are trending….
If the ministry has everything figured out they ought to say as much and explain how everything ought to work instead of vague newspaper quotes with room to a whole of misinterpretation.
Maybe our future currency is livestock; a legal framework to allow movable assets to be used as collateral or security when acquiring a bank loan, is on its way to being passed into law.
Banks only consider immovable property as collateral and if you don’t got none you won’t get a loan hun; no matter how lucrative the venture you need financing. The logic behind it doesn’t need any economist to figure out; you use immovable property as security because it guarantees one doesn’t up run away with it because hellooo immovable.
Enter The Movable Property Security Interest Bill; which seeks to make movable assets such as livestock, motor vehicles, furniture as collateral for bank loans. If the bill passes for a law this will make it a somewhat easier to get a loan but I am curious though who gets to keep the collateral, the thing with movable property, it can be lost, stolen, it depreciates and possibly dies, I’m no legal expert but I foresee an increase in civil and criminal lawsuits….
Banks best be using the super profits they made to build kraals and pens to hold their loan repayment securities.
I had a dream of the future and it kinda smells like dung…..