Banks warned on profiteering

President Mugabe said banks should avail financial packages that encourage people to venture into business.
The Head of State and Government and Commander-in-Chief of the Zimbabwe Defence Forces said interest rates should not weigh down on people to the extent that it discourages them from starting businesses.

“We don’t want banks that survive on profiteering. The high interest rates that banks are charging are unbearable,” he said.
“We say no to high interest rates. Banks should also allow people to get financial facilities to grow their businesses. Mari dzinobva kumabank hadzifanire kutityora misana.”
President Mugabe said banks make money from deposits and so banks should ensure that people are able to deposit again adding that people should be assisted to prosper by banks.

“Stop throttling the people. Kana tichivadzipa tinoti mangwana mari yacho inobva kupi? Fifteen percent interest zvichikwira inobhadharwa nani,” he said.
He said small traditional businesses including grocery shops and bottle stores should get lending to develop into bigger businesses.

“Asi vanhu havafanire kuti vakapihwa mari iyoyo votenga muchovha. We want more people that start their own businesses,” said the President.
Turning to cotton, he said contractors should not steal from the people by taking more than they would have invested into the farmer adding that the matter was being looked at.

He said there should be value addition in cotton to make yarn which is in demand outside.
On small-scale miners commonly known as makorokoza he said they should not play hide and seek with authorities but they should organise themselves and get proper clearance to undertake their activities.

“Gold panners should be organised haikona kuhwanda nekuti vanohwanda pakapfuura vanhu . . . unohwandei isu tichikuona. Musahwande zvenyu nekuti tinoziva kwamuri. Rongekai monopihwa nzvimbo zvakanaka nenzira dzekuita zvinhu zvenyu zvakanaka,” he said.

Mashonaland West province is rich in minerals and has its fair share of panners who ply their trade in mostly disused mines and virgin claims where they sometimes engage in cat and mouse games with the police.