Govt’s economic stabilisation measures paying off: Innscor

Nelson Gahadza Business Reporter

CONGLOMERATE Innscor Africa says the measures introduced by the Government to tame inflationary pressures and monetary policy interventions of the Reserve Bank of Zimbabwe have achieved the desired objective of stabilising the economy.

In response to the unfolding inflationary pressures, several monetary policy interventions, particularly in respect of local currency, interest rates and money-supply management, were introduced at the end of 2021.

“…despite the resultant short-term softening of consumer demand, these interventions have, for now, achieved the desired result of stabilising the local trading environment,” Innscor chairman Mr Addington Chinake in a statement of financials for the year ended June 30, 2022.

Mr Chinake said the group would want to encourage the authorities to “stay the course” and remove the remaining legal and distortions in the area of corporate taxation.

Innscor’s operations span the various sectors of the economy including retail, agriculture, manufacturing, distribution, food and agro-industry. 

According to Mr Chinake, the group registered positive volume growth across all core businesses, which was achieved on the back of a sustained focus on diversifying and expanding product portfolios, and implementing affordable pricing policies.

He said careful consideration of monetary policy interventions in respect of money supply and currency stability, along with practical fiscal taxation policy, remained key determinants in fostering the necessary market confidence conducive for growth.

 ¬”The group remains hopeful that consistent, pro-business measures and policies will be employed, which in turn will encourage further expansion investment into local manufacturing initiatives, reduce the country’s reliance on imported goods in the long-term, and result in increased local job creation,” he said.

During the period under review, the group embarked on an ambitious US$70 million investment programme, with this initiative having reached completion during the year.