Staff reporter
In a decisive move to protect consumers and stabilize the economy, Government is set to increase penalties for businesses engaging in unjust price hikes and other unfair trade practices.
This initiative aims to curb rampant price increases that have significantly eroded the consumers' purchasing power.
During a post-Cabinet media briefing this Tuesday, Minister of Information, Publicity, and Broadcasting Services, Dr Jenfan Muswere, outlined several measures designed to safeguard consumers.
“One key focus is the operationalization of the ZiG currency as a legal tender within the economy, supported by a de-dollarization roadmap presented by the Minister of Finance, Economic Development, and Investment Promotion.
“Government has observed that some retailers and manufacturers have been using unofficial exchange rates in their operations. To address this, the Reserve Bank of Zimbabwe will enhance mandatory licensing requirements under the Shop and Shop Licensing Act, ensuring all business operators have bank accounts and Point Of Sale (POS) machines.
“Additionally, inspectors will be deployed to monitor and curb practices undermining price stability and the availability of basic commodities,” said Minister Muswere.
Minister Muswere also highlighted that the Government was also tackling the proliferation of smuggled and counterfeit goods, which unfairly compete with local products by avoiding taxation and import duties.
“To combat this, border patrols will be increased, the number of inspectors will be boosted, and a Whole-of-Government Approach will be implemented to address these issues at border posts.
“Penalties for unjust price hikes, manipulation of the ZiG currency, smuggling, and other unfair trade practices are being enforced. The fines will range from a minimum of US$200 (Level 5) to a maximum of US$5,000 (Level 14) or the ZiG equivalent,” he said.
Furthermore, Minister Muswere emphasized that business licenses will be rationalized and consolidated to enhance efficiency, allowing them to be obtained from a single office.
“The Cabinet also noted the existence of significant idle and abandoned industrial spaces, including empty shells, rail infrastructure, and other properties owned by both private and public entities. To address this, an Inter-Ministerial Task Force will be established to coordinate the identification and utilization of these abandoned industrial infrastructures,” Minister Muswere explained.
These comprehensive measures reflect the Government’s commitment to restoring economic stability and protecting consumers from exploitative business practices.
By increasing penalties and enhancing regulatory frameworks, Government aims to create a fairer market environment and encourage responsible business conduct.
