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The head of the SADC observer mission Bernard Membe speaks during a press conference in Harare, on August 2, 2013/AFP

Africa

Mugabe party surges towards victory amid calls for calm

Investors have expressed fears that may mean rolling back the power sharing government’s efforts to stabilise the economy after crippling hyperinflation and joblessness.

“It’s back to extreme volatility,” Iraj Abedian, the CEO of Pan African Investments, told AFP from Johannesburg.

“We can expect fairly radical positions that will have populist support, but which will have huge implications.”

Abedian said foreign owned banks were likely in the firing line for seizures that would, like land and mining grabs, lead to chaos.

“The land grabs caused chaos in the agricultural sector and it took ten years for it to settle down. The financial sector would have a similar impact. It would cause chaos, but ZANU-PF and Mugabe seem to like that,” added Abedian.

Mugabe Africa’s oldest ruler is a former guerrilla leader who guided Zimbabwe to independence in 1980 from Britain and white minority rule.

But his military backed rule has been marked by economic meltdown and international diplomatic isolation.

Former union boss Tsvangirai won the first round of voting in 2008, but was forced out of the race after 200 of his supporters were killed and thousands more injured in suspected state backed intimidation and attacks.

Some Western analysts said this could be Tsvangirai’s last bid at the top job.

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