Zimbabwe President Mnangagwa blasts price hikes

December 19, 2017
| Report Focus News

President Emmerson Mnangagwa has condemned business leaders who are wantonly adjusting their prices at the expense of the ordinary consumers, saying such practices cannot be allowed to continue as they are retrogressive to the targeted positive trajectory in the new dispensation.

Unjustified price hikes and the continuation of the multi-tier pricing system have relegated consumers to harsh situations that have eroded their disposable income and undermined their buying power.

Over the last seven months, the country has witnessed a sharp escalation of prices of basic commodities ranging from rice, chicken meat and beef products, as well as margarine and cooking oil.

Within this context, President Mnangagwa says government is deeply concerned with the profiteering tendencies which some businesses have adopted at the expense of the ordinary consumer.

Addressing delegates at the 6th edition of the Buy Zimbabwe Annual Awards held in the capital on Monday night, the President said such practices cannot go unchallenged.

The President also urged relevant stakeholders to disengage in counter measures such as foreign currency dealing and externalisation of funds.

The new trajectory tone set by President Mnangagwa has resulted in the country assuming bold measures to revive the country’s economy.

It is hoped that through various revival strategies, the local industry will benefit from policies that promote development such as the National Competitiveness Bill and robust value addition.

Buy Zimbabwe Chairperson Dr Anxious Masuka says this positive outlook is expected to feed into the success recorded in promoting local products through the Buy Zimbabwe initiative.

The 6th Buy Zimbabwe Annual Awards attracted over 300 delegates as companies that excelled in promoting consumption of local products were rewarded for their efforts.