Staff Reporter
Government and key players in the business sector have united to address the nation's inflationary pressures and rising prices.
With concerns over the destabilisation of the economy, authorities are ramping up efforts to strengthen the Zimbabwean Gold (ZWG) and stabilise the cost of essential goods.
During a recent high-level meeting with Vice President Constantino Chiwenga and Industry and Commerce Minister Mangaliso Ndlovu, the Confederation of Zimbabwe Retailers (CZR) pledged to collaborate with the Government to curb the increasing prices.
CZR president, Denford Mutashu, shared the outcomes of the discussions in an interview, emphasising the importance of cooperation.
“The Confederation of Zimbabwe Retailers is pleased to inform its members and stakeholders of ongoing constructive engagements between the Government and the business community. Both Vice President Chiwenga and Minister Ndlovu acknowledged the difficulties businesses are facing, particularly in light of the exchange rate volatility, rising operational costs, and the growing imbalance between the formal and informal sectors,” said Mutashu.
He further highlighted that this collaboration marks a crucial step in stabilising the economic environment.
“Government reiterated its commitment to creating a stable and conducive environment for businesses to thrive. This engagement is critical in finding mutually beneficial solutions that will help stabilise the economy and restore confidence in the retail and wholesale sector,” he said.
The CZR also reaffirmed its support for the Government’s local content policy, aimed at boosting domestic production and reducing dependence on imports.
“We are committed to working closely with local suppliers and manufacturers to resolve supply chain impediments and improve the competitiveness of Zimbabwe’s economy. Through these efforts, we aim to contribute to the long-term sustainability of the retail sector,” Mutashu added.
On the monetary front, Reserve Bank of Zimbabwe (RBZ) monetary policy committee member Persistence Gwanyanya stated that the central bank is taking significant steps to stabilise the currency and address foreign currency shortages.
“Recently, the RBZ injected US$40 million into the interbank market, bringing the cumulative total for September to US$64 million. This intervention aims to reduce pressure on the Zimbabwean dollar and stabilise prices.
“The Reserve Bank is committed to ensuring the stability of ZiG through a ‘back-to-basics’ approach, ensuring price and currency stability. The temporary shock experienced was primarily due to foreign currency supply and demand mismatches, but the measures we have taken will ensure that all genuine foreign currency applications are honoured," said Gwanyanya.
The coordinated efforts between the Government, retailers, and the RBZ are expected to bring relief to the market by stabilising prices and ensuring the availability of essential goods.
