COMMENT: Stop pegging prices based on the parallel market rates

GOVERNMENT has once again said it is committed to fighting corruption in both the public and private sectors. Addressing members of the Zimbabwe National Chamber of Commerce (ZNCC) at their dinner and awards ceremony in Victoria Falls last Thursday, Vice-President Dr Constantino Chiwenga said Government is seized with the level of corruption in both the public and private sector.

He said corruption is a cancer that retards progress and should therefore not be condoned at any level. “The Government through the Zimbabwe Anti-Corruption Commission remains committed to fighting this scourge and is calling on citizens to join in the fight,” said VP Chiwenga.

He said Government was also concerned about the rampant parallel market activities perpetrated by some uncouth elements whose machinations were bent on causing financial market distortions, thus reversing the macro-economic gains achieved so far.

“We therefore, warn all those involved in such shenanigans that the long arm of the law will catch up with them,” said Dr Chiwenga.

Recently the country witnessed exchange rate manipulation which has seen prices of most basic commodities skyrocketing as businesses pegged prices based on the parallel market rates.

We have said it before that we can only succeed as a country if we have a shared vision of where we want to go as a nation. Those who deliberately manipulate exchange rates to destabilise the economy are economic saboteurs who do not share our national vision of turning around the economy.

These individuals should not only be exposed but measures should be put in place to stop their nefarious acts which are motivated by greed.

The businesses on their part have not helped the situation by pegging prices based on the manipulated exchange rates. We are, however, encouraged by measures being taken by the Reserve Bank of Zimbabwe (RBZ) which has caused the arrest of some of the culprits.

The central bank has also engaged businesses in a bid to find a lasting solution to the challenges of the parallel market activities and the pegging of prices based on the parallel market rates.

Government has said it will not tolerate any acts of economic sabotage as it works on growing the economy in line with its vision that seeks to attain an upper middle-income economy by 2030.

It said the fight against corruption will be deepened until society is rid of the vice. We want to once again implore businesses to uphold business ethics and stop pegging prices based on the parallel market rates.