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Economist Tinashe Murapata has criticised the Zimbabwean government for implementing measures which authorities say are aimed at protecting the integrity and transparency of the value chain, as well as countering unfair competition from informal traders. Murapata argues that these measures, announced by Finance Minister Mthuli Ncube, are regressive and hinder economic progress.
The government says <a href="https://www.pindula.co.zw/2024/01/04/zimra-has-started-implementing-measures-announced-by-finance-minister-ncube/">the measures, enforced</a> through the Zimbabwe Revenue Authority (ZIMRA), aim to promote the use of the Zimbabwean dollar (ZWL) in the market. One of the measures restricts purchases from manufacturers, stating that only registered wholesalers can buy directly from them, excluding retailers and individuals. Additionally, informal traders are limited to purchasing from wholesalers and not directly from manufacturers. Individuals are also restricted from buying more than $1,000 worth of goods per month from wholesalers and are prohibited from buying directly from manufacturers.

<ul>
<li><a href="https://www.pindula.co.zw/2024/01/04/zimra-has-started-implementing-measures-announced-by-finance-minister-ncube/">ZIMRA Has Started Implementing Measures Announced By Finance Minister Ncube</a></li>
</ul>
Murapata argues that these measures contradict global practices in the distribution chain, which have evolved since the 1970s. Modern practices, such as just-in-time management, online shopping, and globalization, allow manufacturers to sell directly to consumers through online platforms, reducing costs and bypassing traditional distribution channels. This approach benefits consumers by lowering prices and eliminating the need for extensive warehousing. The economist said:
<blockquote>
The short sighted measures are not in congruent with world wide practices of the disruption of the distribution chains since the 1970’s. The minister is turning back the hands of time. Just in time management practices, online shopping and globalization is such that the manufacturer can sell directly to consumers through mostly online sales. Internationally that can be as much as 50% of goods, bypassing the entire distribution chain and consequently reducing the price to the final consumer. Vat is charged by the manufacturer.
Consumer prices have come down because the cost of storage for finished goods has reduced substantially over time. The manufacturer does not need to wait for the wholesaler to order, nor the wholesaler wait for the retailer. Thats why a tour of old manufacturing plants had hectares of space for finished goods warehousing. The product range was very limited. The cost of storage, bank financing was further borne by the consumer.
The liberalization of the market was such that a farmer or shop keeper in a remote part of Zimbabwe could bulk buy from the manufacturer. This direct demand from consumer reduced the storage/warehousing costs for the manufacturer, since, they need not wait for wholesaler to sell. This increases the stock turn. Therefore the manufacturer came up with extra merchandise and hues. They had more cash sells than credit.
This evolution happened around the world. Amazon and eBay are direct to customers platforms.
But direct to customers approach did not cannibalise the wholesaler. On the contrary, the wholesaler merged into a retailer of sort, because consumers demand variety and shop hop. Wholesalers naturally specialized in certain product lines or became competitive in pricing in particular product ranges. Typical of oligopoly competition.
Retailers were not worse off because they increased their margins on breaking bulk. Consumers buy a chocolate bar with 100% margin at a retailer and never at a wholesaler. That’s why retailers focus more on the aesthetic appearances of their shops than wholesalers. My favourite bread costs $4 a loaf. I’m enticed by the shopping experience and ambiance to buy. The same loaf at a wholesaler would never sell because my mindset at a wholesaler is fundamentally different.
The tuckshops in Zimbabwe serve a purpose- in many regards it’s Africa’s version of eBay and Amazon. They get product from manufacturer and break bulk to the bare minimum called tsaona. In turn they help manufacturer with cash cycle. Bank financing is expensive in Zimbabwe.
</blockquote>
Murapata warns that the government’s measures will lead to goods being rationed as manufacturers face increased storage costs and limited financing options. This may result in manufacturers focusing on fast-selling products and reducing production of slower-selling items. Consequently, informal traders will step in to import goods and fill the gap left by shortages from manufacturers.
The economist believes that the government’s approach hinders progress and fails to recognize the changing dynamics of the global market. He suggests that embracing direct-to-consumer models, like Amazon and eBay, can benefit both manufacturers and consumers, while wholesalers and retailers can find their niche in the evolving landscape.
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

Economist Criticises Government Move To Restrict Purchases From Manufacturers

An economist has accused Finance and Economic Investment Ministry’s Permanent Secretary George Guvamatanga of promoting the cannibalisation of formal businesses after he dismissed claims by owners of formal retailers that informal shops (tuckshops) are killing their businesses.
The economic commentator, Tinashe Murapata, said the retail and wholesale sector is the largest contributor to tax through VAT and the electronic transfer tax. He said:
<blockquote>
The perm sec, in his apoplectic misfiring, was invariably accusing himself and Treasury of mismanaging the economy.
Worse, instead of protecting the guys who believed in his policies to the letter, he threw them under the bus.
The retail and wholesale sector is the largest contributor to tax through VAT and 2% electronic transfer tax.
They act as legal agents to the Treasury. Yet, today, there are clandestine operations that avoid paying VAT at all.
What then does it say about the Treasury promoting the cannibalisation of formal businesses? Businesses that on cue have followed what the President wants?
The banking sector has been reduced to a miserable US$1.2bn lending activity. 25% of its GNU highs. US$2bn deposits outside the banking sector.
The truth is that the Perm Sec is diverting attention. Government of Zimbabwe’s policy prescriptions told the patient to jump off a bridge. Unfortunately, the patient followed instructions.
</blockquote>
Guvamatanga made the controversial comments at the Zimbabwe Economic Development Conference (ZEDCON) in Victoria Falls.
Last week, one of the country’s biggest retail chains, OK Zimbabwe, said “tuckshops” are killing large-scale retailers as they are forced to price their products using the official exchange rate which makes the goods very expensive in US dollars.
But Guvamatanga contended that big retailers should come up with innovative measures and adapt to economic dynamics. He said:
<blockquote>
How do you complain about a tuck shop that pays five times more per square meter rent, does not have access to credit, and buys all the goods in cash right, because they do not have any access to credit?
Possibly they do not have better systems than what you have. And they do not have access to the cheaper foreign currency, they have to go to the parallel market.
You then come and say that you’re not able to compete because you have been taken out of business by informal tuck shops.
If I were on the board, I would fire you because you will be useless management. I would fire you.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Govt Promoting The Cannibalisation Of Formal Businesses - Economist

President <a href="https://www.pindula.co.zw/Emmerson_Mnangagwa/">Emmerson Mnangagwa</a> has <a href="https://www.pindula.co.zw/2023/09/30/president-mnangagwa-has-exempted-mutapa-investment-fund-companies-from-public-procurement-procedures/">exempted companies</a> under the <a href="https://www.pindula.co.zw/Mutapa_Investment_Fund/">Mutapa Investment Fund</a> (formerly the Sovereign Wealth Fund) from the Public Procurement and Disposal of Public Assets Act in Zimbabwe. This means that the companies under the fund, including <a href="https://www.pindula.co.zw/TelOne/">TelOne</a>, Kuvimba Mining, <a href="https://www.pindula.co.zw/Petrotrade/">Petrotrade,</a> and Noczim, are no longer required to follow the procurement procedures outlined by the Procurement Regulatory Authority of Zimbabwe when acquiring goods and services.
The decision <a href="https://www.pindula.co.zw/2023/09/30/president-mnangagwa-has-exempted-mutapa-investment-fund-companies-from-public-procurement-procedures/">to exempt these companies from open public procurement procedures</a> was announced in General Notice 1546 of 2023, published in a government gazette on September 29, 2023. The notice seen by Pindula News states that the exemption was granted because the mentioned public entity operates in competitive markets and is deemed to require an exemption under the specified grounds of the Act. 
Some commentators have criticized the exemption of companies under the Mutapa Investment Fund from public procurement procedures, suggesting it could lead to looting and personal gain. Journalist <a href="https://www.pindula.co.zw/Mduduzi_Mathuthu/">Mduduzi Mathuthu</a> expressed concern saying:
<blockquote>
A scandal! Guess who will be supplying those companies? The family!
</blockquote>
Former Petrotrade Board chairperson <a href="https://www.pindula.co.zw/Tinomudaishe_Chinyoka/">Tinomudaishe Chinyoka</a>, however, mentioned that procurement regulations sometimes hinder the competitiveness of government-owned companies, and an exemption might not necessarily be a bad thing if implemented properly. He said:
<blockquote>
From my limited experience, procurement regulations make it hard for government-owned private limited liability companies to be competitive. You can’t even cough without running a tender for it. And, being forced to buy things an 4 times their price just because that was the lowest bid you received to the mandatory tender is not how to run a business. So, with that limited experience, I don’t think this is necessarily a bad thing. The devil will be in the detail of how things actually work. Sometimes, not everything is amended to facilitate corruption.
</blockquote>
 Former Local Government Minister <a href="https://www.pindula.co.zw/Saviour_Kasukuwere/">Saviour Kasukuwere</a> criticized the move as an abuse of power and raised concerns about potential corruption. He said:
<blockquote>
Mnangagwa’s Presidential Decrees Open Door to Massive State Asset Looting The recent renaming of the Sovereign Wealth Fund into the so-called “Mutapa Fund” by presidential decree and the subsequent transfer of selected state enterprises into that fund has shocked many and naturally attracted serious concern regarding the motives behind such a brazen move, especially without the consent of parliament, which is still to convene and is meant to protect the interests of citizens. Further to that, there is the recent promulgation, again by presidential decree, of a new statutory instrument that seeks to exempt the Mutapa Fund from the Public Procurement and Disposal of Public Assets Act (Chapter 22:23). There is no debate that public procurement procedures and the disposal of public assets have a profound impact on a nation’s developmental trajectory. Any country that wishes to maximize benefits from its assets and resources in a responsible manner and is also serious about accountability and transparency, therefore, needs to ensure that it has the appropriate laws, policies, and regulations in place to safeguard such public assets and resources from fraud and abuse. 
</blockquote>
Apostle Joel expressed strong condemnation, calling it industrial looting and a betrayal of accountability and transparency. He said:
<blockquote>
Gold Mafia/Industrial Corruption Inc Zimbabwe ED has now officially personalized Zimbabwe after substituting the Sovereign Wealth Fund of Zimbabwe with a new one named Mutapa Investment Fund. ED’s hunger and thirsty to build his dynasty has manifested for all to see. Remember, the prophecy of inauguration of shame, dishonour. Remember, the throne of disgrace, humiliation. Cursed!! Leprotic!! Ahithophel wisdom. Corrupted wisdom. Whatever ED does is cursed, and offensive to the Zimbabwean citizens. The Mutapa Fund has assumed ownership of several state firms, and these companies are exempted from open public procurement procedures. Welcome to Industrial looting never witnessed in this country, even, when it was still Rhodesia. None has boldness to investigate, or stop this train of corruption, since all state institutions are captured. After zanufying Southern Africa, except for the few nations standing for righteousness and justice, vene is now personalizing Zimbabwe . This is very worrying. Accountability and transparency have been thrown out of the window. The Holy Scriptures have been fulfilled. To expect a bad man not to do wrong is madness. A man without God has no morals, and is not accountable to anyone. Pro 16:12 KJ2000 It is an abomination to kings to commit wickedness: for the throne is established by righteousness. Brothers and sisters, we are now open for business.
</blockquote>
Member of Parliament (MP) for the <a href="https://www.pindula.co.zw/Mt_Pleasant/">Mt Pleasant</a> Constituency in Harare, <a href="https://www.pindula.co.zw/Fadzayi_Mahere/">Fadzayi Mahere</a> argued that the creation of the Mutapa Fund is illegal and allows for unprecedented looting. Fadzayi Mahere who is a member of the opposition Citizens Coalition for Change (CCC) said:
<blockquote>
The uncomfortable truth is that the creation of the Mutapa Fund is illegal. Mr Mnangagwa doesn’t have the power to amend an Act of Parliament. The new looting vehicle is ultra vires the law &amp; the Constitution. This dispensation is going for broke. Shameless. The looting that’s about to take place is stratospheric. Most parastatals &amp; public entities incl ZUPCO, Netone &amp; many others now fall under the unconstitutional Mutapa Fund. These entities are now exempt from the legal obligation to go through public tender procedures. Tragic.
</blockquote>
Economic commentator Tinashe Murapata drew parallels with historical nationalization efforts, saying: 
<blockquote>
The confusion that is Mutapa Investment fund. What is happening is nationalization of commercial assets with direct control and command by the centre. Many of these assets were private, had private shareholders, parastatals, ran at arms length and now all directly bundled under the command of Mutapa. This is nothing new. This happened in Africa in the 1960’s where companies were bundled up through nationalization and a joint venture with a preferred private investor was pursued. It reminded me very much of Tiny Rowland – the preferred private investor and his foray in Africa. Herein my abridged essay on Tiny Rowland and what happened at the time. Striking parallels.
</blockquote>
The <a href="https://www.pindula.co.zw/Amalgamated_Rural_Teachers_Union_of_Zimbabwe/">Amalgamated Rural Teachers Union of Zimbabwe (ARTUZ)</a> expressed concern about the possible stripping of national assets. Said the union:
<blockquote>
On 17 December 2021, VP Chiwenga responding to allegations of a Coup plot by Chief Murinye, declared that Zimbabwe has one Monomutapa referring to @edmnangagwa Now the Mutapa Investment fund is being exempted from Public Procurement laws and procedures. Are Mutapa’s assets going to remain national assets? If these are national assets then the Procurement Act should be religiously applied on the Mutapa Investment.We are deeply concerned that Zimbabwe will be stripped of her assets.
</blockquote>
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Reactions To Exemption Of Mutapa Sovereign Fund From Procurement Procedures

The Permanent Secretary of Information, <a href="https://www.pindula.co.zw/Nick_Mangwana/">Nick Mangwana</a>, has claimed that some banks lied that NOSTRO accounts did not have United States dollars (USD) and that triggered mass withdrawals by depositors.
BancABC and FBC Banks were accused of limiting <a class="MarkdownLink_linkifiedLink__KxC9G">cash withdrawals</a> and prohibiting certain transactions, but they later dismissed the reports as fake. <a class="MarkdownLink_linkifiedLink__KxC9G">Mangwana</a>‘s comments are believed to refer to the earlier statements by the banks in which the restrictions were announced. In a Twitter post seen by Pindula News, Mangwana said:
<blockquote>
A “Bank Run” is when a large number of depositors simultaneously try to withdraw their funds from banks immediately. This is what was caused by the recklessness of a couple of banks which for reasons best known to themselves lied that what was in the Nostro accounts was not USD. Stop It!
</blockquote>
<a href="https://www.pindula.co.zw/Fadzayi_Mahere/">Fadzayi Mahere</a>, <a href="https://www.pindula.co.zw/Citizens_Coalition_for_Change/">Citizens Coalition for Change (CCC)</a> spokesperson, responded to Mangawa’s post saying it was confirmation that banks had actually issued the statements which they later denied. She said:
<blockquote>
So those bank notices were not fake news? Thanks for confirming. Citizens, we are in trouble. 
</blockquote>
Tinashe Murapata, an economic blogger, disagreed with Mangwana’s comments, stating that banks were attempting to prevent mass withdrawals contrary to his claims that they triggered them. He said:
<blockquote>
You’re not helping the situation perm sec (Nick Mangwana). Banks are actually trying to avoid a run but for reasons known to you, you are inflaming the situation. The problem with propaganda here is that depositors have a right to their money. They’re not being irrational considering what has happened this last few weeks. The message from GOZ is to calm the waters and NOT play politics. Perhaps start by actually sharing the data of what is in the system. What we have is end of March. We are now June. Nobody cares to communicate the real time truth. I implore you, on these sensitive matters to communicate with empathy or to keep quiet. Remember most people keep their money under mattresses because they don’t trust GOZ. Therefore, what are you communicating with this tweet? Other than withdraw your money from banks quickly….
</blockquote>
Banks are attempting to prevent a run on their institutions by limiting <a class="MarkdownLink_linkifiedLink__KxC9G">cash withdrawals</a> and prohibiting some transactions. This is intended to ensure that there is enough cash to meet the demand of depositors and to prevent a situation where everyone tries to withdraw their money at once, which could lead to a collapse of the banking system.
However, the imposition of restrictions on <a class="MarkdownLink_linkifiedLink__KxC9G">cash withdrawals</a> and certain transactions has caused widespread panic among depositors. Some individuals who were contemplating depositing their money have refrained from doing so since they were not sure they would be able to withdraw whenever they want to. 
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Mangwana: Banks Lied Nostro Accounts Didn't Have USD, Causing Mass Withdrawals

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