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He said apart from freeing up money to be used in other sectors of the economy, the ban would promote the local industry.
“We should not be importing cars. Cars do not add value for a country facing liquidity challenges. Harare has more than 100 000 cars each valued at an average of $4 000. That is liquidity parked in cars.
“We must ban second-hand car imports for the simple reason of locking liquidity. We need to change our consumption patterns,” he said.
Dr Kanyekanye, a past president of the Confederation of Zimbabwe Industries, said the imported vehicles were causing congestion on the roads of most cities.
He said it was a fallacy that the cars were cheaper than local ones.
“These cars after one year will cost as much as buying a new one due to maintenance,” he said.
But, he said, before the ban was effected, it was necessary to improve the public transport system and infrastructure.
Many Zimbabweans have resorted to importing second-hand cars from Asia and Europe as they cannot afford cars made by local manufacturers.
Whereas a small family car can be landed in the country at $5 500 after paying duty and other costs, a brand new car made here costs not less than $15 000.
Although local manufacturers have started offering finance schemes for vehicle purchases, most workers are not eligible because of the low salaries they get.
Dr Kanyekanye said second-hand cars were not the only items that needed to be banned.
He said there were many goods which were being imported which could be produced locally.
“I cannot understand why the country allows tomatoes or vegetables to be imported,” he said.
Dr Kanyekanye said industry was pushing for the securitisation of the county’s mineral wealth to solve the liquidity challenges in the economy.
He said minerals such as diamonds and gold can be used as leverage to get much needed foreign currency.
“Securitisation is being pushed by industry. Banks are unlikely to do anything unless there is a law,” he said.
Online Reporter