Govt blacklists 51 contractors

BUSINESS REPORTER

Finance, Economic Development and Investment Promotion Minister, Professor Mthuli Ncube yesterday revealed that Government has blacklisted 51 contractors for illegally channelling funds to the black market as part of increased measures to stabilise the Zimbabwe Gold and contain inflation.

The blacklisting of contractors including Browline Transport (Pvt), Exceptional Office Fitouts and Shop Fitters, Diagno Pharm(Pvt) Ltd,Zambezi Bulk Plant Hire, and Avant Garde Group among other 46 companies, comes after the Financial Intelligence Unit (FIU) tracked them.”The action has been taken  in pursuit of the government’s  continued  efforts  to improve economic stability and restore  confidence  in the financial system  and provide  a conducive business environment.

“The  blacklisted companies have been under scrutiny  since  July 18 2022, when Treasury tasked  the Financial Intelligence Unit  to monitor all  payments of high valued government contracts  to identify  those involved  in illegal foreign currency dealings. This was meant to contain  market forces and align the  macro-economy  to the liberalised  forex market, whose exchange rate  is freely determined  by the banking system based on demand and supply,” Professor Ncube said.

He said the  introduction of  the Zimbabwe Gold (ZiG)  as a legal tender on April 5 2024,  further stabilised  the economy and brought about orderly pricing  in the market, a positive development that the government seeks to maintain.

“Government  remains  committed  to improving  the economy and will continue to monitor developments  in the market.The continued  implementation of the Value for Money  principle in Government has realised  savings  that have  enabled the implementation of programmes  and projects that benefit citizens.

The blacklisting listing entails that the above named companies  will be barred  from being suppliers or service providers  to government  as well as the government agencies and this extends to other companies connected  with the named directors,” Professor Ncube added.