LIVINGSTONE MARUFU
The captains of the industry have told the government to get the economic fundamentals right instead of accusing the businesses of sabotaging the economy through speculative pricing and hiding goods from shop shelves.
The development comes at a time when the prices of basic commodities have skyrocketed in the past weeks due to the depreciation of the local currency against the greenback.
The manufacturers are said to be supplying the goods to informal traders who solely pay in US$.
But Confederation of Zimbabwe Industries (CZI) president Kurai Matsheza told Business Times that the industry supplies both informal and formal traders.
“Firstly, we are not sabotaging the economy or anyone as we thrive to ensure that consumers get affordable goods but the thing is that fundamentals seem not to be rightly placed that’s why we continue going round and round,” Matsheza said, adding, “the authorities should get the fundamentals right to ensure businesses operate properly”.
He said none of its members was sabotaging the economy but the business “wants to survive the onslaught of the current economic headwinds”.
“If we find one of our members trying to sabotage the economy we will notify the authorities and the perpetrator will face the music,” Matsheza said.
CZI said the suppliers will give basic goods to anyone who has money to buy but those with cash would be preferred.
The Zimbabwe National Chamber of Commerce president Mike Kamungeremu said businesses are punching above their weight to survive the economic headwinds.
“When people start to accuse each other of sabotaging the economy, it means something is wrong somewhere and should be addressed,” Kamungeremu said.
On Tuesday, the government accused retailers of sabotaging the economy.
In a post-Cabinet Press briefing, Information and Broadcasting minister Monica Mutsvangwa said the prevailing shortages of basic goods in retail shops were artificial.
She said it had been observed that the prices of basics in the formal retail sector were relatively high in both United States dollars and local currency compared to the informal market.
“This is an indication of speculative forward pricing. Consumers are being forced to buy goods that they don’t need in formal retail outlets which are refusing to mix the United States dollar transactions with Zimbabwean dollars,” Mutsvangwa said.
She said to address the crisis, Zimbabwe was being assured that the Quality Assurance and Trade Measures Department in the Industry and Commerce Ministry was conducting an enforcement blitz on the quality and measurements of basic commodities and issuing appropriate fines.
The government last week suspended import duty on basic goods for six months as it moves to cushion citizens in the wake of rising prices.
