Chronicle Editor
Government has warned that it might be forced to enforce new measures to deal with extortionate prices of basic commodities as moral suasion seems to have failed.
In his weekly column published yesterday, President Mnangagwa said Government might be forced to employ new tools to deal with the problem of exorbitant prices as businesses are not taking heed of the Government’s call for them to refrain from fleecing consumers.
President Mnangagwa said it is Government which is being blamed for the extortionate prices hence the need for Government to act to stop the malpractice.
“Indiscipline in the market place is now so entrenched and even obstinate that it is increasingly becoming a political challenge to the whole establishment.
New tools are now needed to deal with the problem,” said President Mnangagwa.
Most basic commodities are now beyond the reach of many consumers because businesses are constantly increasing the prices as they chase the black-market rates.
The price hike madness is causing untold consumer suffering as many people can no longer afford most basic commodities.
What has worsened the situation is that salaries of most workers have remained stagnant yet prices of basic commodities are being increased daily.
The volatile parallel market exchange rate is causing havoc in the marketplace and consumers have called on the Government to intervene.
The Reserve Bank of Zimbabwe has maintained that the widening of the mismatch between the official exchange rate and the black-market rate is not due to weak fundamentals but black market activities.
Many businesses are now pegging prices based on the black market rates thereby subjecting consumers to extortionate price hikes.
What is clear is that the economic problems we are facing which is causing the suffering of ordinary people, is as a result of our own making.
We totally agree with the President that there is indiscipline in the marketplace hence the need for the unscrupulous businesses to be whipped into line.
It is our fervent hope that businesses will not wait for Government to employ new tools to enforce discipline in the market place.
The consumers have called on the Government to introduce price controls and we have said in the past that this might be too drastic a measure but given the obtaining situation, Government might be persuaded to take such a measure.
We want at this juncture to appeal to businesses to uphold ethics and avoid speculative pricing system.
Businesses should stop profiteering at the expense of the suffering consumers.
Business and consumers should share the burden of the geopolitical developments in Europe that has seen prices of wheat, cooking oil, gas and fuel increasing.
Online Reporter