Staff Reporter

Some Pharmacies in Harare are continuing to flout Government regulations by refusing to accept the newly introduced Zimbabwe Gold (ZiG) currency as they exclusively opt for the United States Dollar (USD).

 Despite Government’s recent Gazette of Statutory Instrument 81A of 2024, compelling businesses to use the official exchange rate when pricing products, many pharmacies are still trading in USD and even charging higher than the prevailing exchange rate.

A recent survey conducted by this publication identified Link Pharmacy branches in the Central Business District (CBD), Chadcome, and Queensdale as among those not accepting ZiG.

 When a customer attempted to purchase medicine using ZiG at Link Pharmacy in Queensdale, they were informed that the CBZ Point of Sale (POS) machines were not working, whilst those in nearby shops like Pick n Pay were working.  

Furthermore, pharmacies such as Acacia, OrangeMed, and Bestzone are selling pharmaceuticals above the official rate, ranging from ZiG14.50 to ZiG16, while other pharmacies like Diamond and Greenwood sell in ZiG and use the recommended exchange rate.

Despite Government efforts to enforce compliance with the new regulations by eliminating the 10% mark-up previously accepted in the market, some businesses are still flouting the law. Statutory Instrument 81A of 2024 imposes a fixed penalty of ZiG200 000 or its equivalent in foreign currency for businesses found violating the regulations.

While it is relatively easy to follow up on formal businesses and hold them accountable, the informal sector poses a greater challenge. Many informal traders are also refusing to accept ZiG, indicating a broader issue that the Government needs to address to ensure widespread acceptance of the local currency.