Finance Ministry blacklists 51 govt suppliers

The Treasury has blacklisted 51 government contractors for engaging in black market activities after receiving payments in local currency. 

Treasury boss Mthuli Ncube stated that this move aligns with the government's efforts to stabilize the economy and encourage growth.

"Government has blacklisted fifty-one contractors for unlawfully diverting funds received for payments for goods and services to the illegal foreign currency parallel market. This action has been taken in pursuit of the Government's continued efforts to improve economic stability and restore confidence in the financial system," he said.

Ncube added that these companies have been monitored by the Financial Intelligence Unit since July 18, 2022, which tracked high-value government contracts to identify illegal foreign currency transactions.

"The 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 realized savings that have enabled the implementation of programs and projects that benefit citizens," he said.