Staff Reporter

Government has blacklisted fifty-one contractors for unlawfully diverting payments received for goods and services to the illegal foreign currency parallel market.

In a press release, Minister of Finance, Economic Planning, Development, and Investment Promotion, Professor Mthuli Ncube, underscored Government’s unwavering commitment to creating a conducive business environment.

“Government has taken this action in pursuit of our continued efforts to improve economic stability and restore confidence in the financial system. We are committed to providing a conducive business environment,” Professor Ncube said

The blacklisted companies have been under intense scrutiny since July 18, 2022, when the Treasury tasked the Financial Intelligence Unit to monitor all payments related to high-value Government contracts.

“The goal was to identify and curb illegal foreign currency dealings, thereby aligning the macro-economy with the liberalised foreign exchange market. This market, characterized by exchange rates determined by the banking system based on demand and supply, aims to maintain economic stability,” Minister Ncube said

The implementation of the Value for Money principle in Government has also been highlighted as a key factor in realizing significant savings.

“The continued implementation of the Value for Money principle has realized savings that have enabled the implementation of programmes and projects benefiting our citizens,” Professor Ncube emphasized.

Furthermore, Minister Ncube emphasized that the continued vigilance and adherence to economic principles are vital for maintaining the positive trajectory achieved thus far.

“Government remains committed to improving the economy and will continue to monitor developments in the market. The backlisting of these companies is a necessary step to ensure accountability and transparency within our financial dealings,” Professor Ncube stated.

Meanwhile, economists have applauded this move as a step in the right direction. Dr. Tendai Mabasa, a leading economist, remarked, “This decisive action by the Government not only promotes transparency but also ensures that public funds are utilized efficiently. It sends a strong message that illegal financial activities will not be tolerated, thereby fostering a healthier economic environment.”

Citizens have also expressed their support for the Government’s actions. Tawanda Moyo, a small business owner, commented, “It’s reassuring to see the Government taking such strong measures against corruption. This move gives us hope that the economy will continue to stabilize and grow, providing better opportunities for all of us.”

Government’s proactive measures, including the blacklisting of errant contractors and the introduction of ZiG, demonstrate a robust commitment to economic stability and growth.