ED To Engage Businesses Over Price Hikes - Report
The president has said he will soon engage with businesses to address malpractices in the industry like constantly hiking prices. The President said it is not his wish for the government to be involved in business operations but clear failure has been noted. Said Mnangagwa:
Soon, I shall be calling for a meeting with the business community so we agree on clear ground rules which ensure fair play in the market. It is not the intention of Government to interfere with the operation of business. However, where clear failures become evident and rampant in the market, the hand of Government will inevitably show. To avoid this, I urge our business community to demonstrate leadership, empathy and patriotism while recovery takes root
The president also noted that wages were eroding on a daily basis as he said price increases were unjustified against static or declining wages:
The whole situation becomes completely unjustified and untenable when only prices of basic commodities continue to escalate against static or even declining wages. Surely a generalised price escalation should and must have a bearing on wage levels in the economy.
ED urged businesses to act within the “broader goal of economic recovery, tripartism and sustainable long-term macro-economic stability“. The latest wave of price increases was caused by a rapid increase in the black market exchange rate that saw the RTGS$ trading at almost $21 per dollar these past few days.
More: The Herald
