News / National
Mugabe signs Competitiveness Commission Act
25 Jun 2017 at 12:23hrs | Views
PRESIDENT Mugabe has signed into law the National Competitiveness Commission Act which will see the establishment of the National Competitiveness Commission to regulate ethical business conduct in Zimbabwe.
The new legislation repeals the National Incomes and Pricing Act. According to a Government Gazette published last Friday:
"The functions of the commission shall be to develop, co-ordinate and implement key income and pricing policies that will enhance Zimbabwe's global competitiveness.
"To review all existing and new business regulations to ascertain their impact on the cost of doing business and recommend amendments or repeals where appropriate to enhance competitiveness."
The gazette furthers states that the commission will review all price changes by Government, statutory corporations and local authorities. The commission shall consist of at least nine commissioners appointed by the Industry and Commerce Minister in consultation with the President.
"In appointing the commission the Minister shall endeavour to secure that at least 60 percent of the commission's board members come from employers and employees in industry and the business community," reads the Act.
Researchers, academics, economists, legal practitioners and accountants will also sit on the board. There are about 40 national competitive councils or commissions in the world with countries like Egypt, Brazil, South Korea and Saudi Arabia having reaped huge benefits from the system.
According to economic expert Dr Gift Mugano the Act was a welcome development considering that one of Zimbabwe's main weaknesses was competitiveness.
"Already, the Office of the President and Cabinet, since September 2015 to date, has led in the process of doing business reform agenda under the Rapid Results Initiative. The OPC's work is actually addressing the second objective of the National Competitive Commission which focuses on reviewing of all existing and new business regulations to ascertain their impact on the cost of doing business and recommend amendments or repeals where appropriate to enhance competitiveness. What it means is that the work of the NCC partially began in September 2015."
The new legislation repeals the National Incomes and Pricing Act. According to a Government Gazette published last Friday:
"The functions of the commission shall be to develop, co-ordinate and implement key income and pricing policies that will enhance Zimbabwe's global competitiveness.
"To review all existing and new business regulations to ascertain their impact on the cost of doing business and recommend amendments or repeals where appropriate to enhance competitiveness."
The gazette furthers states that the commission will review all price changes by Government, statutory corporations and local authorities. The commission shall consist of at least nine commissioners appointed by the Industry and Commerce Minister in consultation with the President.
"In appointing the commission the Minister shall endeavour to secure that at least 60 percent of the commission's board members come from employers and employees in industry and the business community," reads the Act.
Researchers, academics, economists, legal practitioners and accountants will also sit on the board. There are about 40 national competitive councils or commissions in the world with countries like Egypt, Brazil, South Korea and Saudi Arabia having reaped huge benefits from the system.
According to economic expert Dr Gift Mugano the Act was a welcome development considering that one of Zimbabwe's main weaknesses was competitiveness.
"Already, the Office of the President and Cabinet, since September 2015 to date, has led in the process of doing business reform agenda under the Rapid Results Initiative. The OPC's work is actually addressing the second objective of the National Competitive Commission which focuses on reviewing of all existing and new business regulations to ascertain their impact on the cost of doing business and recommend amendments or repeals where appropriate to enhance competitiveness. What it means is that the work of the NCC partially began in September 2015."
Source - zimpapers
