by Rudo Saungweme

President Emmerson Mnangagwa yesterday warned retailers who are charging exorbitant prices and pharmacies selling medical provisions in foreign currency that their licenses will soon be withdrawn if they continue doing so.

Addressing thousands who had gathered at Murombedzi ground in Zvimba West for a thank you rally, President Mnangagwa said, “Manufacturers are charging fair prices compared to retailers who are overcharging. I therefore warn retailers to stop it or risk their licences being withdrawn.

“Pharmacies are charging drugs in foreign currency, but the Reserve Bank of Zimbabwe (RBZ) is availing foreign currency to them to buy their drugs. This activity must stop.”

President Mnangagwa added that the maize seed price increased from $33 to more than $100 after RBZ Governor Dr John Mangudya’s monetary policy. The increase was, however, reversed after President`s intervention. The President said this showed that retailers were profiteering.

Minister of Industry and Commerce, Cde Mangaliso Ndlovu has been instructed by President Mnangagwa to meet the business people and discuss over the pricing issue. The President said those who would not comply with the resolutions after the meeting would have their licences withdrawn.

On the shortage of cooking oil that has hit the country, President Mnangagwa said Zimbabwe must be self-sufficient and avoid importing soya beans and other raw material needed to produce oil. He stated that the Government has given farmers 100 000 hectares of land for soya beans production. He added that this development will solve the shortage of cooking oil.

Zimbabwe requires 150 000 tonnes of soya beans per annum, five times more than the 30 000 the industry is getting annually. The country`s cooking oil manufacturers have over the years been forced to import their raw material owing to shortage of soya beans, cotton and sunflower. The provision of land for the production of these crops will reduce Government expenditure as well as the shortage of cooking oil.