The ManicaPost
AT a time when Government is working round the clock to ensure economic stability and growth, recent developments point to the existence of saboteurs who are also working tirelessly to reverse all the country’s economic gains.
This explains the appalling and unjustified increase in basic commodity prices as well as the skyrocketing parallel market rates.
As consumers, our rights are being violated by these cartels as we watch.
Whilst the economy has in recent years recorded an increase in foreign currency earnings – itself a sign of a growing economy – the mismatch between the Central Bank’s auction facility and the parallel market rate continues to widen, contrary to economic fundamentals.
There are clearly cartels and economic saboteurs who are fighting Government’s efforts to stabilise the economy.
It has also been noted that a number of businesses that are thriving due to the existence of the auction facility are the same entities driving the parallel market for greedy purposes and fuelling arbitrage.
Faced with such a scenario, it is refreshing to note that authorities have said they will not relent on efforts to restore confidence in the local currency and tame price distortions caused mainly by unscrupulous entities manipulating the exchange rate.
Writing in his weekly column in The Sunday Mail, our sister paper, President Emmerson Mnangagwa said Government is working towards addressing the exchange rate and price hikes. He added that it seems like businesses are squandering Government’s incentives to profiteer.
There is no justification, for example, of benefiting from the auction facility and then going on to charge your goods at the parallel market rate.
In addition, some businesses are disconnecting point-of-sale machines and pegging their goods at exchange rates that are as high as $4 000:US$1 in an effort to discourage the use of the local currency.
In other cases, stock-outs of some basic commodities, including sugar, have been reported in some shops, with suspicions high that such commodities are now being diverted to the black market.
Recently, Treasury removed duty on all imported basic goods to help stabilise prices and ensure that all products are available on our shelves.
Elsewhere in this paper, the Reserve Bank of Zimbabwe Governor, Dr John Mangudya also highlights that the recent introduction of the digital gold coins is one of the initiatives that are expected to ensure exchange rate stability and preserve the value of the local currency.
Government has also committed to protect the consumer and ensure stability in the market, with a committee that is led by the Ministry of Industry and Commerce currently monitoring and investigating the recent spate of price increases.
Indeed, it is high time for a multi-stakeholder approach in addressing the price distortions with the Government, private sector as well as the National Competitiveness Commission and the Consumer Protection Commission coming up with sustainable recommendations on levelling the business environment for the benefit of the consumers.
This important and urgent intervention to push for social and economic justice should also see those found on the wrong side of the law facing the music.
The customer is the king and should always be treated as such.
