News / National
Ministry engages industry over price hikes
09 May 2023 at 06:01hrs | Views
The Government is engaging the manufacturing and retail sectors with a view of establishing their operational challenges and arresting business malpractices causing unprecedented consumer price hikes.
This follows the recent arbitrary price increases that have seen prices of basic commodities shooting up dramatically beyond the reach of many low income earners.
In a statement yesterday, the Minister of Industry and Commerce Minister Dr Sekai Nzenza said all stakeholders concerned were being engaged as the Government seeks to find a lasting solution to this situation.
"Following the observed spike in prices of basic commodities, the Ministry has held frank and fruitful engagements with manufacturers, suppliers, and retailers of basic commodities over the past week in a bid to find a lasting solution to the observed matter," she said.
The Minister also set the record straight there were no shortages of basic commodities in the economy.
"The Ministry, in liaison with relevant arms of Government, continues to advocate for the availability of foreign currency to productive sectors of the economy and to achieve macro-economic stability.
"We also assure the private sector that issues brought forward in our engagements are being attended to for the benefit of the consumers."
Dr Nzenza also issued a stern warning to errant business people that are demanding payment of some basic goods exclusively in forex.
"It has also come to our attention that some suppliers of basic commodities have been observed demanding payment exclusively in foreign currency for certain basic commodities in violation of the dual currency pricing system adopted by the Government.
"Furthermore, a few manufacturers of basic goods have been observed selling goods that are below the prescribed weight and volume and corrective action will always be taken to protect consumers."
The Ministry of Industry and Commerce is among others mandated to safeguard and promote consumer welfare in the economy.
Zimbabwe continues to witness increases in investments, exports, production and capacity utilisation, which have all contributed invaluably towards the country's economic growth trajectory
Currently, the shelf occupancy of locally manufactured goods stands at 80 percent, a development which is set to continue bolstering Zimbabwe's comparative, competitive and adaptability advantages to move the economy up the value chains.
This follows the recent arbitrary price increases that have seen prices of basic commodities shooting up dramatically beyond the reach of many low income earners.
In a statement yesterday, the Minister of Industry and Commerce Minister Dr Sekai Nzenza said all stakeholders concerned were being engaged as the Government seeks to find a lasting solution to this situation.
"Following the observed spike in prices of basic commodities, the Ministry has held frank and fruitful engagements with manufacturers, suppliers, and retailers of basic commodities over the past week in a bid to find a lasting solution to the observed matter," she said.
The Minister also set the record straight there were no shortages of basic commodities in the economy.
"The Ministry, in liaison with relevant arms of Government, continues to advocate for the availability of foreign currency to productive sectors of the economy and to achieve macro-economic stability.
"We also assure the private sector that issues brought forward in our engagements are being attended to for the benefit of the consumers."
Dr Nzenza also issued a stern warning to errant business people that are demanding payment of some basic goods exclusively in forex.
"It has also come to our attention that some suppliers of basic commodities have been observed demanding payment exclusively in foreign currency for certain basic commodities in violation of the dual currency pricing system adopted by the Government.
"Furthermore, a few manufacturers of basic goods have been observed selling goods that are below the prescribed weight and volume and corrective action will always be taken to protect consumers."
The Ministry of Industry and Commerce is among others mandated to safeguard and promote consumer welfare in the economy.
Zimbabwe continues to witness increases in investments, exports, production and capacity utilisation, which have all contributed invaluably towards the country's economic growth trajectory
Currently, the shelf occupancy of locally manufactured goods stands at 80 percent, a development which is set to continue bolstering Zimbabwe's comparative, competitive and adaptability advantages to move the economy up the value chains.
Source - The Herald
