30 US$8,467,464,700. In Zimbabwe dollar terms, this figure is even more astronomical: Z$55,038,520,550,000 at the current inter-bank rate 37 , and much higher at the unofficial rate. If only the actual losses are accepted, and not the losses of earnings, then this would amount to US$3,733,020,640, or Z$24,264,634,160,000 [inter-bank rate]. 38 Both extrapolations are massive amounts of money. These estimates seem to be in the range suggested by a number of economists when considering the damage to the agricultural economy, and the economy in general. Craig Richardson has estimated that nearly US$5 billion in wealth “vanished” from the agricultural sector between 1999 and 2000. 39 The figure from the current study is of course calculated on a longer time period than merely 1999 to 2000, and, although it does reflect loss of earnings, it does not reflect actual capital losses to the economy, or the knock-on effects of the losses experienced in the considerable portion of the economy, directly or indirectly associated with commercial agricultural. As Craig Richardson points out, by way of example, prior to 1997 an average of 1,600 tractors were sold annually, but this had declined to 8 in 2002. Richardson, however, estimates that total agricultural revenue, from 2000 to 2003, was about US$1,017 million, but, using the 1999 figure as a stable estimate of revenue [which is not necessarily justified] this could have been in the order of US$3,408 million. So, clearly these respondents are being conservative in estimating their losses. Macro-economic considerations apart, it is evident that enormous losses were experienced by the commercial farming sector, and all of it was avoidable if a rational policy had been adopted in respect of land reform. Most certainly all of these losses could have been greatly minimized. Finally, the amount of the damages, for which the Zimbabwe government should be liable, given its overt validation of human rights violations attendant to the Land Reform Programme, would have catastrophic consequences for an economy already in precipitate decline. 3.6 Losses experienced by farm workers Estimating the losses experienced by commercial farm workers is a much more complex task. It has been estimated that there were about 350,000 families employed full-time in the commercial 37 38 39 Charles M.B. Utete (Utete Commission), Vol. 1: Main Report, 2003]. This suggested that only 176 commercial farms were still operating in 2003, and 4,324 farms had been “acquired”. Of course, the current inter-bank rate [US$1=Z$6,500] does not reflect the actual exchange rate, and, if the real parallel market rate was calculated, then the figure would be massively higher. Again this figure would be massively higher. See again Craig J. Richardson, “Property Rights, Land Reforms, and the Hidden Architecture of Capitalism”, DEVELOPMENT POLICY OUTLOOK, No. 2, 2006. American Enterprise Institute. A Preliminary Report on Human Rights Violations on Commercial Farms, 2000 to 2005.