Break the FX impasse
Yesterday, George Guvamatanga, the permanent secretary in the Ministry of Finance, Economic Development, and Investment Promotion, escalated tensions between the business community and the government when he revealed that Treasury has reneged on its promise to to release funds meant to support the financially troubled local companies.
Guvamatanga, on the other hand, charged that the business community was abusing the market by underreporting the amount of cash received from the United States dollar transactions.
We implore the government and business community to stop breathing down each other’s necks and instead find a way to collaborate for the sake of the nation’s economy.
The economy is not helped by the strained relationship.
“…we have actually studied this and what we have seen with most of these companies is that they are not declaring their cash sales in United States dollars,” Guvamatanga said.
