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Mega deals vs media hype in Zim

SO AFRICA's richest man, Aliko Dangote, has plans to invest in Zimbabwe.

READ: Africa's richest man bets on Zim opportunities

This is music to my ears and I am sure many Zimbabweans are hoping the announced deals will come to fruition. But this does not mean we must not be cautious in reporting about such plans.

I am only hoping because I have been disappointed several times by announced deals that never materialised. A good example is the Essar/Ziscosteel project that never went through after our government bungled the agreements.

Despite the hype that followed the signing of the US$750m deal that ended with President Robert Mugabe officially launching the project, it is yet to come to fruition, five years later.

I think the use of the phrase "mega deals" every time our government talks to investors is irresponsible exaggeration, especially when said investor, Aliko Dangote, for example has not stated the amount of money to be invested.

Visits by investors won't solve the country woes

Given what has happened in the past, I think the media must be cautious not to hype the government to failure. It is also imperative for the media to tell people that visits by potential investors cannot solve the country's problems. In Shona we say "totenda maruva tadya chakata" (we only thank the flowers after we have eaten the fruits), meaning we do not celebrate things that are not finalised and have not been realised.

I am not sure whether it is out of desperation or what, but the hype with which some sections of the media report on events leaves much to be desired.

Dangote held several high-profile meetings with government officials and announced that he is investing in a cement plant which would translate into 1.5 million tonnes of cement to guarantee cement availability in the region. However, as I said earlier, he is still to pen any deal and is still to establish a location with the required limestone reserves - and yet the media is already hyping the "deals".

Do we ever learn? After the launch of the Ziscosteel deal most publications ran big headlines such as "New steel giant born". One cannot blame the media for hyping the deal - after all, President Mugabe had presided over the launch of New Zimbabwe Steel (formally Ziscosteel). But after the post-launch debacle, one would expect the media to show greater caution when dealing with similar issues.

What some sections of the media do not realise is that daily hyping of deals that are very far from fruition may erode their credibility to the masses. It could boomerang not only on them, but also on the men that are supposed to facilitate those deals.

Have they forgotten the Essar/Ziscosteel deal, which they hyped since day one but five years later is yet to be finalised? Yes, the responsible ministers are the ones who have been saying the matter is a done deal several times, but won't it be good for the media to take such ministers to task when they come again years later, talking about the finalisation of a deal they said had already been done and dusted?

I remember back in March 2014 the media reported that Industry and Commerce Minister Mike Bimha had told parliament that the transaction finalising the takeover of Ziscosteel would be signed within the next month (April 2014), but up to now nothing has been finalised.

Headlines that throw caution to the wind

Media that does not scrutinise and question things is very dangerous. When we continue to see such headlines which throw caution to the wind, we know the media is compromised.

It is fine to celebrate good tidings, but it should be done with caution, especially given the country's record when it comes to such issues. If the media continues to hype deals that never happen, who will trust them? I don't, and I know many people don't.

The media does not realise that this is a wake-up call. Today a few people are sceptical; tomorrow many more will also doubt their credibility.

The media needs to be relevant to the masses who want information and analysis from us, not unnecessary hype about things that might never happen.

* Malcom Sharara is Fin24’s correspondent in Zimbabwe. Views expressed are his own.

          
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