admin
Business Reporter
THE country needs to embrace locally produced products to reduce the import bill and save the scarce foreign currency, economic analysts have said.
Economist Mr Edgeton Kwaramba said Government must tackle the key inflation drivers for the country to curb inflation and maintain a stable and competitive currency in the year 2022.
“Some of the key cost drivers in business today are the shortage of foreign currency and reliance by the economy on imports. This has resulted in businesses procuring the needed foreign currency on the black market, which is expensive. Adversely, this drives up the cost of goods and services denominated in the local currency.
“Companies, therefore, need to produce more as this will reduce the import bill with customers buying local and at cheaper prices,” he said.
Mr Kwaramba implored businesses to remain disciplined and uphold ethical practices that ensure that the consumer is not unfairly disadvantaged through profiteering.
According to the Zimbabwe National Statistics Agency, the annual inflation in 2021 dropped for the greater part of the year but, however, spiked in the last two months.
Online Reporter