Chronicle Editor
There is a public outcry as incomes are being eroded by exorbitant prices of basic commodities as a result of speculative pricing. Retailers are now chasing the black market rates hence the constant adjusting of prices each time the rates change.
Workers’ salaries have been eroded hence the urgent need for Government to come up with measures to stop this price hike madness. Government should address the country’s pricing model which at times defies logic.
It is these outrageous prices being witnessed in the market that are forcing consumers to turn to imports. Some people are now driving to Botswana or South Africa to buy groceries because it is cheaper there.
The Zimbabwe National Chamber of Commerce (ZNCC) and the Confederation of Zimbabwe Industries (CZI) have asked Government to protect local industry from cheap imports but members of the same organisations seem to be insensitive to the plight of consumers.
The ZNCC and CZI have said Government needs to do more to protect local industry from cheap imports and we are saying they also need to reciprocate this by ensuring local products remain affordable to the majority of consumers.
The pegging of prices based on the black market exchange rates has to be stopped immediately as it is threatening to erode the economic gains so far registered in reviving our industries and stabilising the economy.
It is very logical for Government to protect local companies because we need these companies to create jobs but this should not be at the expense of consumers.
The local companies, as already stated, have an obligation to ensure whatever they produce remains affordable to the majority of consumers.
What is required now are businesses that strictly uphold business ethics as opposed to profiteering at the expense of consumers.
Government, industry and retailers need to urgently engage and find a lasting solution to the prices hike madness.
It is a fact that the majority of workers are being paid in local currency and these are the hardest hit by what is obtaining in the market.
Government has said it is perturbed by the sudden change in exchange rates on the parallel market which is eroding workers’ salaries including those of civil servants which were increased by 100 percent last month.
Many companies are paying salaries in local currency yet 70 percent and if not more of transactions are in United States dollars.
Most families can no longer afford even the basics hence the need for Government to act fast and address this unfortunate development.
The dual currency system will not work as long as there is speculative parallel market rates.
Zimstat has said the cost of living increased by 11 percent last month alone, a very disturbing development which calls for urgent intervention bv the Minister of Finance and Economic Development Professor Mthuli Ncube.
Online Reporter